Here are some highlights from last week's earnings coverage from BloggingStocks:

• Adobe Systems Inc. (NASDAQ: ADBE) just beat low Q3 earnings estimates but revenue also declined.
• Best Buy Co. Inc. (NYSE: BBY) earnings fell short of estimates but revenue was better than expected.
• Cracker Barrel Old Country Store Inc. (NASDAQ: CBRL) posted better-than-expected Q4 earnings.
• Discover Financial Services (NYSE: DFS) posted a surprise Q3 profit but shares rose slightly on the news.
• Dress Barn Inc. (NASDAQ: DBRN) reported modest growth in both net income and revenue in Q4.
• FedEx Corp. (NYSE: FDX) said that its Q1 earnings and revenue dropped but its cash flow has improved.

Dress Barn (NASDAQ: DBRN), a retailer that specializes in casual fashion, issued results for the fourth quarter on Wednesday after the bell. Net sales increased 4%, and adjusted income came in at 39 cents per diluted share versus 34 cents per diluted share one year ago.

The growth rates weren't all that notable, but Dress Barn, which counts Kohl's (NYSE: KSS) as a colleague, beat estimates, according to Reuters. The call was for 37 cents per share. The top line essentially met expectations.

Memphis-based package delivery giant FedEx Corp. (NYSE: FDX) is generally seen as an indicator of the state of commerce in the U.S. Last week, not only did the Fed's Beige Book report suggest that the economy had stabilized over the summer, with signs of recovery in some districts, But FedEx also boosted its earnings guidance due to stronger-than-expected volume in its international priority-delivery service. So a question going in to FedEx's fiscal first-quarter report this week is whether the company is still a bellwether.

For the three months that ended in August, when FedEx opened distribution hubs in Chicago and Toledo and declared a quarterly dividend, analysts surveyed by Thomson Reuters are looking for it to report that earnings fell 60.2% from a year ago to $0.49 per share. That's also down 23.4% from the previous quarter, as well as less than the recently updated outlook. First quarter revenue is expected to be down 18.3% from a year ago to $8.2 billion.

Analyst upgrades:

• JP Morgan upgraded shares of Amazon (NASDAQ:AMZN) to Overweight from Neutral as they believe the company's market share gains in the e-commerce sector will continue and that new product lines are adding diversification of revenue streams.
  
• Wachovia upgraded Leap Wireless (NASDAQ:LEAP) to Outperform from Market Perform citing new market launches that should drive subscriber growth and reduced ARPU deterioration.
  
• Deutsche Bank upgraded shares of Pride International (NYSE:PDE) to Buy from Hold as they believe investors will view the stock as a pure deepwater play beginning in Q2.
• PDL BioPharma (NASDAQ:PDLI) was upgraded to Neutral from Underweight at JP Morgan.
  
• Best Buy (NYSE:BBY) was raised to Buy from Neutral at Goldman.
  
• Altera (NYSE:ALTR) was upgraded at Wachovia to Outperform from Market Perform.

Analyst downgrades:

• Keefe Bruyette downgraded Southside Bancshares (NASDAQ:SBSI), Prosperity Bancshares (NASDAQ:PRSP), Cullen/Frost (NYSE:CFR) and BancFirst (NASDAQ:BANF) to Underperform from Market Perform on valuation and the weakening economic outlook in the Southwest.
  
• Oppenheimer cut Varian Medial (NYSE:VAR) to Perform from Outperform as they believe U.S. hospitals could reduce capital spending budgets by 15%-25% in 2009.
  
• Dress Barn (NASDAQ:DBRN) was lowered to Neutral from Buy at SunTrust based on valuation and lack of near-term catalysts.
• JetBlue (NASDAQ:JBLU) was downgraded at Jesup & Lamont to Hold from Buy.
  
• Credit Suisse cut Novellus (NASDAQ:NVLS) to Underperform from Neutral.
  
• Helen of Troy (NASDAQ:HELE) was downgraded to Underweight from Neutral at JP Morgan.

Analyst initiations:

• Merriman initiated Capstone Turbine (NASDAQ:CPST) with a Neutral rating and finds the stock fairly valued at current levels.
  
• Leerink sees a high likelihood that Momenta's (NASDAQ:MNTA) lead product candidates M-Enoxaparin and M-356 clear regulatory and legal hurdles. The firm has an Outperform rating and $16 fair value estimate on shares.
  
• NCI (NASDAQ:NCIT) was initiated with a Market Perform rating at Wachovia based on valuation.
• Teradyne (NYSE:TER) was assumed at Barclays with an Overweight rating and $6 target.

Last week, JA Solar Holdings Co. Ltd. (NASDAQ: JASO) posted a quarterly loss and lowered its guidance. But as interest in alternative energy continues to grow, analysts polled by Thomson Financial are still looking for good things from solar energy concerns scheduled to report earnings this week.

Strong growth at Trina Solar Ltd. (NYSE: TSL) in the third quarter prompted it to lift its guidance back in October. Analysts expect the Chinese company to post profits that are 76.3% higher than a year ago, or $1.18 per share on revenues of $268.4 million (+225.0%). Though Trina Solar missed estimates in the second quarter, analysts on average recommend buying TSL. Shares are down 81.4% from a year ago and trading near an all-time low.

Earnings of rival LDK Solar Co. Ltd. (NYSE: LDK) are expect to have risen 47.9% to $0.71 per share on revenues of $486.7 million (+206.6%). Also based in China, LDK has not missed estimates in recent quarters; in fact, it blew past expectations in the second quarter. Yet the consensus recommendation is to hold LDK. Like Trina Solar, LDK's shares are trading near an all-time low; the share price has fallen 50.0% in the past year.

Analysts anticipate third-quarter earnings for Canadian Solar Inc. (NASDAQ: CSIQ) to be a whopping 96.3% higher than a year ago, or $0.54 per share on revenues of $248.0 million (+154.5%). The company easily topped estimates in the previous quarter. ReneSola Ltd. (NYSE: SOL) and Suntech Power Holdings Co. Ltd. (NYSE: STP) are also expected to report earnings growth of 29.7% ($0.37 per share) and 23.8% ($0.42 per share), respectively. All three of these stocks reached 52-week lows last week, and all are considered buys.

Last week's preview raised the question of whether consumers were turning to comfort foods in these uncertain times, specifically in terms of second quarter earnings of Campbell Soup (NYSE: CPB) and Krispy Kreme (NYSE: KKD). Campbell's strong earnings growth topped expectations, while Krispy Kreme narrowed its loss, though it fell short of estimates.

This coming week should bring reports from more food-related companies, from cereal maker General Mills and food packager CongAgra to grocery chain Kroger, to the parent companies of restaurants Cracker Barrel, Olive Garden, Red Lobster, Carl's Jr., and Hardees. Also look for reports from tech-related companies such as Oracle, Adobe, and Palm, as well as from financials Morgan Stanley and Goldman Sachs, and from economic bellwether FedEx.

Here's what analysts surveyed by Thomson Financial are expecting from some of the companies reporting earnings this week, as compared to their results from the same period of last year:

US Airways (NYSE:LCC) is up 5% on rumors of merger talks with United (NASDAQ:UAUA).

Dress Barn (NASDAQ:DBRN) is up about 7% on good earnings.

Evergreen Solar (NASDAQ:ESLR) is off 6% on a downgrade by Merrill.

Sears Holdings (NASDAQ:SHLD) is down 5% after reporting a poor quarter.

Stocks may trade differently in the pre-market than they do in the regular session.

Douglas A. McIntyre is an editor at 247wallst.com.

Father's Day is around the corner. Why not spend some time looking at the coming earnings and how Dad's Day may have an impact. It is funny to see how many of the companies reporting earnings this week actually have links to Father's Day.

While this column has been obviously bearish of late, there are a few potential winners that may appear, just in time for the big day. Time to stock up on gifts for dear-ole-dad, or get farther away from stocks? You tell me... (by the way, comments and ideas are always appreciated)

Monday, May 26

Markets will be flat. I am certain that stocks on the U.S. Market will close at the exact price they closed last Friday. But what do I know!

Women's apparel retailer Dress Barn (NASDAQ: DBRN) took its turn in the earnings confessional this morning, reporting a 38% increase in fourth-quarter profit. The company posted a profit of $33.6 million, or 48 cents per share, up from $24.4 million (35 cents) in the year-ago period.

Excluding unique items, DBRN would have earned 45 cents per share, topping analysts' expectations of 42 cents. Sales were up 11% during the reporting period to $379.9 million - above the consensus view of $377.1 million - and same-store sales grew by 5%.

DBRN officials were realistic about the current economic environment, however. While the trendier maurices brand has continued to post strong sales, economic concerns have indirectly resulted in greater-than-expected inventory levels at the eponymous Dressbarn chain. As a result, first-quarter markdowns have increased. For fiscal 2008, Dress Barn expects to earn between $1.40 and $1.50 per share, below analysts' outlook of $1.54 per share (before items). Same-store sales are expected to rise 3% to 4%.

MOST NOTEWORTHY: Yahoo! (YHOO), Genzyme (GENZ) and Dress Barn (DBRN) were today's noteworthy upgrades:

• Yahoo! Inc. (NASDAQ: YHOO) was upgraded to Overweight from Neutral at JP Morgan as the firm believes the company has addressed weakness in display advertising with recent partnership announcements and the acquisition of Right Media. Additionally, the firm still sees upside to Panama.
• Genzyme Corp. (NASDAQ: GENZ) was upgraded to Buy from Neutral at Goldman Sachs, citing valuation and a favorable risk/reward.
• Merriman upgraded shares of Dress Barn (NASDAQ: DBRN) to Buy from Neutral to reflect the improved sales trends in May and sees the stock trading at the high end of its peer group average or in a range of $25.50-$27.00.

OTHER UPGRADES:

• Deutsche Telekom (NYSE: DT) was upgraded to Buy from Sell at Societe Generale, which also added shares to its Premium List.
• Lehman Brothers upgraded AvalonBay Communities (NYSE: AVB) to Equal Weight from Underweight, as the firm views AVB as a close comp to Archstone-Smith Trust (NYSE: ASN). Lehman also upgraded Post Properties (NYSE: PPS) to Equal Weight from Underweight, citing industry M&A activity, and China Life Insurance (NYSE: LFC) to Buy from Neutral, citing valuation.
• Deutsche Bank upgraded shares of BG Group plc (NYSE: BRG) to Buy from Hold to reflect expected growth in the company's liquefied natural gas business.
• Red Hat Inc. (NYSE: RHT) was upgraded to Outperform from Neutral at Robert W Baird, which expects improved performance at JBoss and a positive mix shift in the core O/S business following the release of RHEL 5.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Dress Barn (NASDAQ: DBRN) shares are trading nearly 6% higher this afternoon on the heels of its strong third-quarter earnings release. The retailer, which also parents the Maurice's chain of trendy apparel, said quarterly income reached $23.1 million, or 33 cents per share, up from $20 million (29 cents) last year. Sales were 6% higher at $347.9 million. Same-store sales rose 2% during the three-month period, while May same-store sales surged 10%.

Results were mixed in terms of Wall-Street estimates; analysts were expecting per-share earnings of 31 cents on $350 million in revenue.

The future looks bright, as Dress Barn officials lifted the company's full-year guidance to a range of $1.38 to $1.40 per share, up from previous targets of $1.30 to $1.35 per share. Analysts are currently targeting per-share earnings of $1.33.

MOST NOTEWORTHY: Three consumer financial services companies, CBS Corp (CBS) and Dress Barn, Inc (DBRN) were today's noteworthy initiations:

• Calyon initiated three consumer financial services companies:
  
• American Express Co (NYSE: AXP) was initiated with a Buy rating and $67 target, based on valuation.
  
• Capital One Financial Corp (NYSE: COF) was initiated with an Add rating, as the firm believes shares should be valued in-line with comparable banks, but feels the best investors should hope for is $90/share by year-end given the current market conditions.
  
• MasterCard Inc (NYSE: MA) was started with an Add rating and $123 target, as the firm believes shares should perform well in an environment in which concerns over credit risk remain paramount.

• CBS Corp (NYSE: CBS) was initiated with an Outperform rating at Wachovia, which expects accelerated growth in 2008.

• CIBC started Dress Barn Inc (NASDAQ: DBRN) with a Sector Performer rating, citing valuation.

OTHER INITIATIONS:

• Lazard initiated Terremark Worldwide, Inc (AMEX: TWW) with a Buy rating and $10 target.

• BB&T assumed coverage of Aaron Rents, Inc (NYSE: RNT) with a Buy rating and $30 target.

• Merrill Lynch reinstated Freeport-McMoRan Copper & Gold Inc (NYSE: FCX) with a Neutral rating.

• Jefferies started NYMEX Holdings, Inc (NYSE: NMX) with a Hold rating and $140 target on valuation.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).