Much of the focus this week will no doubt be on the FOMC meeting on interest rates and the subsequent decision, as well as on the G-20 meeting in Pittsburgh, were the agenda will include bonuses for bank executives among other things.

Things will be fairly quiet again on the earnings front as the next earnings season has yet to ramp up. However, analysts surveyed by Thomson Reuters do have high hopes for a handful of companies that will release results this week.

Well, last week's Beige Book report and other indicators didn't in fact make it clear whether economic recovery is underway. So what do we have to look forward to this week?

There's Treasury Secretary Timothy Geithner's testimony at the House Committee Hearing on the Financial Regulation Plan on Wednesday evening. Or how about the bankruptcy filings for the second quarter or Leading Indicators Index for May, scheduled to be released Monday afternoon and Thursday morning, respectively. Will they provide a clear signal about the direction of the economy? Probably not.

Analyst upgrades:

• Keefe Bruyette upgraded MF Global (NYSE: MF) to Outperform from Market Perform as it believes the company's liquidity position has improved and that it is well positioned to take market share. The firm raised its target on shares to $9.
  
• UBS upgraded Wynn Resorts (NASDAQ: WYNN) to Buy from Neutral and raised its target to $33 from $28 citing better than expected performance in Macau, valuation, and comfort with the balance sheet.
  
• Citigroup upgraded Brandywine Realty (NYSE: BDN) to Buy from Hold on valuation and believes progress on asset sales or financing could drive significant upside. The firm keeps a $4.50 price target on BDN.
• Joy Global (NASDAQ: JOYG) was raised to Neutral from Underweight at JP Morgan.
  
• Novo Nordisk (NYSE: NVO) was lifted to Hold from Sell at Societe Generale.
  
• Cimarex Energy (NYSE: XEC) was upgraded at Banc of America/Merrill to Buy from Underperform.

Earnings reports continue to dribble in as the quarter winds down. Much of the attention this week will be on homebuilders KB Home (NYSE: KBH) and Lennar Corp. (NYSE: LEN) as investors look for any sign that the housing sector has bottomed (home sales numbers are also due out this week; see below). Analysts surveyed by Thomson Financial anticipate that both companies will report that they narrowed their losses in the most recent quarter.

KB Home's expected $1.25 per share loss, on revenue of $725.5 million, compares to the previous quarter loss of $3.30 and to a year-ago loss of $6.19. However, KB Home's losses in the past few quarters have been deeper than expected. The Los Angeles-based homebuilder's long-range earnings growth forecast is 10.5%, less than the S&P 500. Analysts continue to recommend holding KB Home, and have for at least 120 days. Shares, however, reached a new 52-week high of $31.69 on Friday, and they are up 10.5% year to date.

Lennar is expected to post a loss of 52 cents per share, on revenue of $1.1 billion. That compares to the previous quarter's per-share loss of 76 cents and to a year-ago loss of $3.25. While Lennar also has tended in the past few quarters to miss expectations, the Miami-based company managed a positive surprise in the first quarter of 2008. Lennar's long-range earnings growth forecast is 10.3%, about the same as KB Home's. Analysts also recommend holding Lennar. Friday, shares of Lennar also reached a 52-week high, $27.75, but they are down 6.4% year to date.

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

• Best Buy Inc. (NYSE: BBY) beat Q1 estimates as consumers spent their government stimulus checks.
• Carnival Corp. (NYSE: CCL) posted better than-expected Q2 results but offered cautious Q3 guidance.
• Cyberonics Inc. (NASDAQ: CYBX) beat Q4 expectations and offered full-year guidance.
• FactSet Research Systems (NYSE: FDS) had better-than-expected Q3 results and 500 new subscribers.
• General Mills Inc. (NYSE: GIS) raised its full-year guidance, sending shares up near the 52-week high.
• Goldman Sachs Group Inc. (NYSE: GS) results beat the previous quarter and analysts' estimates.
• John Wiley & Sons Inc. (NYSE: JW.A) doubled its Q4 earnings due to an acquisition.
• Life Partners Holdings Inc. (NASDAQ: LPHI) lifted its Q1 outlook after "best quarter" in company history.
• Lindsay Corp. (NYSE: LNN) Q3 profits nearly doubled, but the share price plunged anyway.
• Meade Instruments Corp. (NASDAQ: MEAD) narrowed its full-year net loss due to restructuring.
• Pall Corp. (NYSE: PLL) beat Q1 expectations on sales growth that was broadly based across markets.
• Titan Machinery Inc. (NASDAQ: TITN) beat Q1 estimates on strong demand for agricultural equipment.
• Vermont Pure Holdings Ltd. (AMEX: VPS) posted strong Q2 results despite a bad debt write-off.
• Western Union Co. (NYSE: WU) said 2008 profits would beat estimates and announced share buyback.

More earnings highlights from this week: Morgan Stanley, FedEx, Ford, GE, Circuit City and others

FactSet Research Systems (NYSE: FDS) provides up to the minute financial data for the global investment community. Data drives investment decisions, and FactSet controls the flow of data. Reporting 3Q results on 17 June, FactSet posted a 22% gain in revenues, 22% gain in net income, and 20% increase in diluted EPS, beating estimates by $0.02 per share. Despite taking a $2.6 million hit with the loss of Bear Stearns as a client, FactSet added another 500 subscribers to its financial information data sets. Existing subscribers increased their data packages by 20% in average subscriber value. FactSet shows strong revenue growth in both domestic markets, up 18% to $102 million, as well as international markets, revenues up 30% to $45.7 million.

FactSet is all set to complete its purchase of Thomson Fundamentals database in July 2008. This database contains historical financial information back to 1980. Purchase price falls in the $67-80 million range. FactSet senior management estimates this historical information has a market value of approximately $100 million. Historical financial information will be available for purchase through the same distribution channels FactSet presently uses to distribute current financial data to its present global investment clients. FactSet anticipates revenues from this purchase will begin to accrue to the company in early 2010. Final regulatory approval for the purchase by the European Commission and the U.S. Department of Justice is due any day.

The stock currently trades around $65 and change. Patient investors will realize sizeable gains, but not until well into 2010.

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

• AAR Corp. (NYSE: AIR) posted record third-quarter earnings and revenue.
• Adobe Systems Inc. (NASDAQ: ADBE) posted better-than-estimated first-quarter results and raised its outlook.
• CKE Restaurants Inc. (NYSE: CKR) posted third-quarter results that missed estimates.
• ConAgra Foods Inc. (NYSE: CAG) third-quarter profit surged as strong sales offset commodity prices.
• Darden Restaurants Inc. (NYSE: DRI) beat third-quarter expectations and offered guidance.
• FactSet Research Systems Inc. (NYSE: FDS) second-quarter results beat estimates and it raised its outlook.
• Fortress Investment Group (NYSE: FIG) remained upbeat despite a fourth-quarter loss.
• Guess Inc. (NYSE: GES) record fourth-quarter results beat Wall Street expectations.
• Inter Parfums Inc. (NASDAQ: IPAR) posted better-than-estimated fourth-quarter results and raised its outlook.
• Jabil Circuit Inc. (NYSE: JBL) beat second-quarter expectations but lowered its guidance.
• JC Penney Co. Inc. (NYSE: JCP) lowered its first-quarter outlook on weaker-than-expected sales.
• KB Home (NYSE: KBH) swung to a larger-than-expected first-quarter loss on write-downs.
• Lennar Corp. (NYSE: LEN) posted a smaller-than-expected first-quarter loss.
• Monsanto Co. (NYSE: MON) raised its second-quarter and full-year guidance.
• Oracle Corp. (NASDAQ: ORCL) merely met earnings expectations, sending shares lower.
• Tiffany & Co. (NYSE: TIF) posted better-than-estimated fourth-quarter results and raised its outlook.
• Usana Health Sciences Inc. (NASDAQ: USNA) posted lower-than-expected first-quarter results.
• Walgreen Co. (NYSE: WAG) posted solid second-quarter results, including same-store sales growth.

Also, auction-rate securities issues may hurt some tech company results. Analysts keep cutting earings estimates for the big banks, but some are eyeing Yum! Brands (NYSE: YUM) earnings prospects as it expands in China, as well as Archer Daniels Midland (NYSE: ADM) on soaring demand for commodities.

Upcoming results to watch for include Best Buy (NYSE: BBY), Monsanto (NYSE: MON), and Research in Motion (NASDAQ: RIMM).

Visit AOL Money & Finance for more earnings coverage.

FactSet Research Systems (NYSE: FDS) provides economic and financial information on tens of thousands of companies worldwide. The firm offers data from hundreds of databases, focusing on such areas as broker research, financial summaries and newswires. The company also provides software for use in downloading, manipulating and presenting financial data for investment analysis. Clients include investment managers, bankers, lawyers and corporations at all levels. The firm employs over 1,000 people in North America, Europe and the Pacific Rim. Reuters Group (NASDAQ: RTRSY) is a major competitor.

FactSet pleased investors last week, when it reported fiscal Q2 EPS of 62 cents and revenues of $140.2 million. Analysts had been looking for 60 cents and $139.6 million. Management also predicted Q3 revenues of $145-$149 million, versus Street consensus of $143.58 million.

MOST NOTEWORTHY: Och-Ziff Capital, FactSet, Forest Labs and certain optical component maker and provider stocks were today's noteworthy initiations.

• Och Ziff Capital Management Group (NYSE: OZM) was initiated with an Overweight by JP Morgan, which believes the company should be able to better sustain and build its earnings power than traditional asset managers in the challenging market conditions.
  
• JP Morgan started FactSet Research Systems (NYSE: FDS) with a Neutral, as the firm is looking for a better entry point given the probability of an upcoming financial data and analytics spending slowdown.
  
• Forest Labs Inc. (NYSE: FRX) was initiated with a Buy by Roth Capital, which cited Lexapro and the company's near-term EPS as reasons for the rating.
  
• Thomas Weisel initiated optical component maker and provider companies Avanex Corp. (NASDAQ: AVNX), Bookham Inc. (NASDAQ: BKHM), Finisar (NASDAQ: FNSR), Optium Corp. (NASDAQ: OPTM), Opnext Inc. (NASDAQ: OPXT), and Oplink Communications Inc. (NASDAQ: OPLK) with Market Weight ratings, as the firm expects the unfavorable industry structure to create margin volatility.

OTHER INITIATIONS:

• JP Morgan assumed coverage of American Express Co. (NYSE: AXP) with an Overweight rating.
• Morgan Stanley initiated Eagle Bulk Shipping (NASDAQ: EGLE) with an Equal Weight.

When businesses need high volumes of precise financial information, they often turn to a specialist headquartered in Norwalk, Connecticut.

FactSet Research Systems (NYSE: FDS) provides economic and financial information on tens of thousands of companies worldwide. The firm offers data from hundreds of databases, focusing on such areas as broker research, financial summaries and newswires. The company also provides software for use in downloading, manipulating and presenting financial data for investment analysis. Clients include investment managers, bankers, lawyers and corporations at all levels. The firm employs over 1,000 people in North America, Europe and the Pacific Rim.

FactSet pleased investors earlier in the week, when it reported fiscal Q3 EPS of $0.52 (ex-items) and revenues of $121.1 million. Analysts had been looking for $0.51 and $120.4 million. Management also predicted Q4 revenues of $126-$130 million, versus Street consensus of $125.11 million. Friedman Billings subsequently reiterated its "outperform" recommendation and boosted its price target to $80.

Effective business decisions always require precise data and frequently require lots of it. When the data needed are financial in nature, there is a firm in Norwalk, Connecticut that has you covered on both precision and volume.

FactSet Research Systems (NYSE:FDS) provides financial and economic information on tens of thousands of companies worldwide. The firm offers data from hundreds of databases, focusing on such areas as broker research, financial summaries and newswires. The company also provides software for use in downloading, manipulating and presenting financial data for analysis. Clients include investment managers, bankers, lawyers and corporations. The firm employs over 1,000 people in North America, Europe and the Pacific Rim.

FactSet pleased investors last week, when it reported fiscal Q2 EPS of 49 cents (ex-items) and revenues of $116.3 million. Analysts had been looking for 48 cents and $113.9 million. Management also predicted Q3 revenues of $118-$121 million, versus Street consensus of $117.86 million. The Board of Directors approved doubling the quarterly cash dividend and declared an expansion of the existing share repurchase program by an additional $100 million. The news kept the issue cycling through a positive five-week trading channel. The price is currently consolidating near the base of that channel, where oversold Momentum, CCI, Stochastic and MACD technical parameters suggest the potential for a rise back toward the top. The approximate correspondence of the stock's 50-day moving average to the base of the channel backs the rebound notion.

Brokers recommend FDS with two "strong buys", two "buys" and four "holds". Analysts expect a nineteen percent average annual growth rate, through the next five years. The FDS Price to Free Cash Flow ratio (36.67), Operating Margin (32.02%), Net Profit Margin (22.08%), Return on Assets (21.45%), Return on Investment (25.36%) and Return on Equity (26.74%) compare favorably with industry, sector and S&P 500 averages.

Institutional investors hold about 80 percent of the outstanding shares. The stock is one of those used to calculate the S&P 600 SmallCap Index. Over the past 52 weeks, it has traded between $41.20 and $68.13. A stop-loss of $55.00 looks good here.

Larry Schutts is a contributing editor for Theflyonthewall.com and the Vice-President of Stockwinners.com.