Wall Street is cheering the latest earnings report from Costco Wholesale Corporation (NASDAQ: COST), with the shares adding more than 3% within the first hour of trading. This morning, as Tom Johansmeyer reported, the wholesale club reported a 6% slide in fiscal fourth-quarter earnings, but the results nevertheless exceeded analysts' expectations.

In the wake of COST's report, analyst Brian Sozzi of Wall Street Strategies reiterated his Buy rating and $66 price target on the equity. "In our view, 4Q09 will go a long way in supporting a higher valuation for Costco," wrote Sozzi in a research note this morning. "The company has managed to control costs, drive traffic to its warehouses consistently throughout the economic downturn, paid $300 million in annual dividends in FY09 (payout ratio of 26.0% second to only Wal-Mart in the sector), and has catalysts on the horizon to showcase earnings power above currently modeled for consensus EPS."

OmniVision Technologies, Inc. (NASDAQ: OVTI) stepped into the earnings spotlight last night, with the company reporting a fourth-quarter loss of $20.1 million, or 40 cents per share.

Excluding items, the quarterly loss would have been 30 cents per share. Revenue for the period fell 47% to $89.1 million, while gross margin contracted from 27.2% to 17%. Analysts were expecting a wider loss of 46 cents per share on slimmer revenue of $68.3 million.

Looking ahead, OVTI expects a fiscal first-quarter adjusted loss of seven cents to 16 cents per share, with revenue ranging between $90 million and $100 million. The forecast was unexpectedly upbeat; analysts surveyed by Thomson Reuters are expecting a first-quarter loss of 23 cents per share on $74 million in revenue.

Bermuda-based shipping company Excel Maritime Carriers Ltd. (NYSE: EXM) is scheduled to release its fourth-quarter earnings Thursday morning. Ahead of the report, Thomson First Call notes that analysts are expecting a profit of $1.04 per share, down from $1.71 per share in the year-ago quarter. Sales are expected to arrive at $124 million.

Judging by recent option activity, many investors are speculating on an earnings miss for EXM. On the International Securities Exchange (ISE), the stock carries a 10-day put/call volume ratio of 0.66, which ranks higher than 72% of other such readings taken during the past year. In other words, option traders have bought to open the stock's puts at a faster pace only 28% of the time.

Athens-based shipping issue DryShips Inc. (NASDAQ: DRYS) announced Monday that it will release its fourth-quarter and fiscal 2008 earnings results after the close of trading in New York today, March 24. Ahead of the report, buy-to-open call volume has been consistently heavy on the beaten-down stock.

During the past five days, traders on the International Securities Exchange (ISE) have bought to open 30,875 calls on DRYS, compared to jut 9,697 puts. In other words, bullish bets have been three times more popular than their bearish counterparts.

Defense firm Force Protection, Inc. (NASDAQ: FRPT; option chain) has tumbled more than 4% to slip below the $5 level today, despite reporting a stronger-than-expected quarterly profit last night. The company raked in a fourth-quarter profit of $11.7 million, or 17 cents per share, even as revenue tumbled 46% to $239.1 million. Ahead of the report, analysts surveyed by Reuters were expecting a profit of 11 cents per share on $211.7 million in revenue.

"The decline in revenues was primarily the result of lower revenues recognized on shipments of vehicles due to the substantial completion of production under the [Mine-Resistant Ambush Protected] program," said FRPT in a statement. "However, revenues related to the company's service and support business increased to $97.7 million," more than triple the year-ago figure of $27.5 million.

Shares of trendy retailer The Buckle, Inc. (NYSE: BKE) are climbing today, boosted by a better-than-expected fourth-quarter earnings report. Net income rose 18% to $34.3 million, or 74 cents per share, while gross margin swelled to 46.1%. Ahead of the report, analysts were expecting a quarterly profit of 73 cents per share.

The Buckle reported that net sales for the quarter increased by 22% to $251.4 million, thanks to a 14.3% spike in same-store sales. Sales at stores open for at least one year escalated 21% in February, marking the 19th consecutive month of double-digit same-store sales growth.

Chinese solar concern ReneSola Ltd. (NYSE: SOL) is trading sharply higher today after the company reported that fourth-quarter revenue will exceed analysts' expectations. SOL expects to rake in revenue of $157 million to $159 million, compared to the Street's consensus estimate of $154 million.

However, the rest of ReneSola's forecast wasn't quite as sunny. The alternative energy firm warned that it will swing to a fourth-quarter net loss of $125 million to $130 million, prompted by "significant downward pressure" on average selling prices and margins. ReneSola predicted quarterly writedowns of $130 million to $140 million, due to the rapid deterioration in the price and value of materials.

Virtualization specialist VMware, Inc. (NYSE: VMW) is scheduled to report its fourth-quarter earnings next Monday, Jan. 26, after the market closes. Ahead of the announcement, analysts are expecting a profit of 26 cents per share on sales of $516 million. The company has a mixed history in the earnings spotlight; during the past four reporting periods, VMW has matched estimates once, missed once, and surprised to the upside twice.

Prior to next week's release, Wall Street is aligned almost unanimously in the bearish camp. The stock sports 16 Holds and 3 Strong Sell ratings, according to Zacks, compared to just 2 Strong Buys. These skeptical analysts have placed an average 12-month price target of $26.33 on the shares, representing a reasonable 30% premium to Tuesday's closing price.

Elsewhere, short interest represents a whopping 14.6% of VMW's float. This accumulation of bearish bets would take nearly 10 trading days to fully repurchase at the stock's average daily volume. In the event of another upside earnings surprise, the shares could rally as these shorts rush to cover their positions.