Canadian banks are scheduled to step into the earnings spotlight this week, with third-quarter reports coming from Bank of Montreal (NYSE: BMO), Bank of Nova Scotia (NYSE: BNS), Canadian Imperial Bank of Commerce (NYSE: CM), Royal Bank of Canada (NYSE: RY), and Toronto-Dominion Bank (NYSE: TD). While Canadian banks on the whole held up better than their U.S. counterparts during the financial crisis, these five are expected to report that their earnings are still declining in the most recent quarter.

Analysts surveyed by Thomson Reuters are looking for EPS for these banks to have fallen from 15% to 25% from a year ago. Their long-term EPS growth forecast is for between 10% and 12%, which is in the same range as U.S. rivals JPMorgan Chase & Co. (NYSE: JPM) and Wells Fargo & Co. (NYSE: WFC), but better than Bank of America Corp. (NYSE: BAC) and Citigroup Inc. (NYSE: C). Earnings multiples for these Canadian banks are 10x to 12x, but none of them have a First Call consensus recommendation is to buy. The Motley Fool, though, considers TD as a value stock and RY a stock poised to pop. All of them are trading much closer to their 52-week highs than lows, and shares of all are up more than 100% since March lows.

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

• Aetna Inc. (NYSE: AET) lowered its 2009 earnings guidance, initially sending the share price lower.
• Ciena Corp. (NASDAQ: CIEN) reported a bigger-than-expected Q2 net loss as revenues sank.
• Collective Brands Inc. (NYSE: PSS) saw Q1 earnings and sales decline, but beat Wall Street estimates.
• Google Inc. (NASDAQ: GOOG) earnings prospects led Goldman Sachs analysts to increase its forecasts.
• Guess? Inc. (NYSE: GES) weak Q1 results topped estimates and it offered guidance that pleased investors.

Guess? Inc. (NYSE: GES), a fashion retailer that competes in the mall with companies like Abercrombie & Fitch (NYSE: ANF), Gap (NYSE: GPS), and JCPenney (NYSE: JCP), told the market how it did in Q1 on Thursday after the bell. As I write this during the early afternoon on Friday, shares of Guess? are up well over 6% on very good volume. Was there something to this earnings report?

I didn't think the numbers were particularly fetching. Revenues declined nearly 10%, thanks in part to the effects of currency translation (maybe that should be no thanks). Earnings per share came in at $0.35, a massive 30% decline. And same-store sales in North America dipped 10% (take out currency, and the dip was 6%, which still wasn't good).

Much of the attention this week will no doubt be on how the impending General Motors (NYSE: GM) bankruptcy will shake out, as well as the usual economic concerns: Has the housing market bottomed? Will oil prices keep rising? Is the employment situation getting any better? And so on (see highlights of the economic calendar below).

What probably won't get much attention are quarterly earnings, as the earnings season for this quarter winds down. But there are a few reports that analysts surveyed by Thomson Reuters have high hopes for.

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

• Aeropostale Inc. (NYSE: ARO) strong Q3 results beat estimates despite the dismal retail environment.
• Alpha Natural Resources Inc. (NYSE: ANR) lowered its full-year forecast due to lower demand for coal.
• America's Car-Mart Inc. (NASDAQ: CRMT) reported higher Q2 earnings and higher same-store sales.
• Beazer Homes USA Inc. (NYSE: BZH) losses in Q4 more than tripled as revenue declined.
• Collective Brands Inc. (NYSE: PSS) Q3 profits were in line with estimates, enough to send shares higher.
• General Electric Co. (NYSE: GE) cut its Q4 earnings forecast, which now falls in line with estimates.
• Goldman Sachs Group Inc. (NYSE: GS) warned that it may see its first quarterly loss ever in Q4.
• Guess? Inc. (NYSE: GES) strong Q3 results beat estimates but offered a conservative outlook.
• Infineon Technologies AG (NYSE: IFX) posted a wider Q4 loss on restructuring and warned of further losses.
• Johnson & Johnson (NYSE: JNJ) 2009 earnings are expected to be diluted by an acquisition.
• Marvell Technology Group Ltd. (NASDAQ: MRVL) reported strong Q3 numbers, sending shares higher.
• Medicis Pharmaceutical Corp. (NYSE: MRX) earnings prospects after a settlement led to an analyst's upgrade.
• Merck & Co. Inc. (NYSE: MRK) lowered its 2009 earnings guidance below analysts' expectations.
• Palm Inc. (NASDAQ: PALM) said that it expects Q2 revenues to come in below analysts' estimates.

Apparel maker Guess?, Inc. (NYSE: GES), competitor of Gap (NYSE: GPS), reported some fashionable stats for its third quarter on Thursday after the market close. Indeed, double-digit growth rates are always in style as far as Wall Street is concerned. Especially during this tough period for retail selling.

Guess? said that total net sales for Q3 increased over 12% to nearly $528 million. Diluted earnings per share expanded by over 11% to $0.69. This was a six-penny beat on the bottom line. You know, you can't really blame the analysts for missing this one by such a wide margin. Honestly, you would figure that a company like Guess? would have a difficult time moving its clothing and accessories with all the financial turmoil going on around it.

Management, apparently, wasn't asleep at the wheel. However, there are some important negatives to note. First, gross and operating margins slipped during the quarter. Second, comps at the company's retail locations dipped 0.8%. Third, guidance has changed to a lower range due to a conservative outlook. This is to be expected, certainly, since it is hard to believe that Guess? won't find some issues with its business model in the short-term considering that the brand premium associated with its jeans might not be viewed as the best value proposition out there by the struggling Christmas-shopping consumer.

While the earnings crunch for this quarter is all but over, there is still plenty of action in the earnings arena this coming week. For instance, analysts surveyed by Thomson Financial are expecting America's Car Mart Inc. (NASDAQ: CRMT) and Campbell Soup Co. (NYSE: CPB) to be among this week's top earnings gainers.

Bentonville, Ark.-based America's Car Mart is expected to post net income of 38 cents per share (up 52.6% from the same period a year ago) on revenue of $73.8 million (up 25.8%). The used car dealer chain has tended in recent quarters toward positive surprises -- by 21 cents per share, or 73.5%, in the previous quarter. The long-term EPS growth forecast is 15%, about the same as the S&P 500. The consensus recommendation of analysts is to buy CRMT.

Campell is tentatively scheduled to report this week, and the world's biggest soup maker is expected to post net income of 25 cents per share (up 44.0% from a year ago) on revenue of $1.7 billion (up 7.5%). The Camden, N.J.-based company has just missed earnings estimates in the past three quarters. Its long-term EPS growth forecast is 7.5%, which is less than the industry average, but about the same as rivals Kraft Foods (NYSE: KFT) and Heinz (NYSE: HNZ). The analysts' consensus recommendation is currently to buy Campbell.

Other anticipated double-digit earnings gainers scheduled to report this week include brand name apparel maker Guess Inc. (NYSE: GES), mining equipment maker Joy Global (NASDAQ: JOYG), and chip maker National Semiconductor (NYSE: NSM). And Take-Two Interactive Software (NASDAQ: TTWO) is expected to swing to a profit.

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

• ADC Telecommunications Inc. (NASDAQ: ADCT) beat Q2 estimates and raised its full-year guidance.
• Alcoa Inc. (NYSE: AA) near-term earnings prospects led to an analyst downgrade.
• Banco de Chile (NYSE: BCH) earnings prospects after an acquisition led to an analyst's upgrade.
• Benihana Inc. (NASDAQ: BNHN) posted lower Q4 profits but still beat earnings estimates.
• Bob Evans Farms Inc. (NASDAQ: BOBE) reported solid Q4 results due in part to cost management.
• Brown-Forman Corp. (NYSE: BF.B) easily beat Q4 estimates and offered full-year guidance.
• CMGI Inc. (NASDAQ: CMGI) lowered its guidance, sending shares tumbling 25%.
• Coca Cola Hellenic Bottling Co. (NYSE: CCH) warned of weaker earnings due to economic conditions.
• Conn's Inc. (NASDAQ: CONN) reported solid Q1 results and issued in-line guidance for the year.
• Dick's Sporting Goods Inc. (NYSE: DKS) earnings prospects impress analysts despite recent guidance.
• Guess? Inc. (NYSE: GES) topped Q1 expectations due to strong international expansion.
• Krispy Kreme Doughnuts Inc. (NYSE: KKD) swung to a Q1 profit despite falling revenues.
• Lehman Brothers Holdings Inc. (NYSE: LEH) posted a bigger-than-expected loss on further write-downs.

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

• Big Lots Inc. (NYSE: BIG) beat Q1 expectations and offered Q2 and full-year earnings guidance.
• Brown-Forman Corp. (NYSE: BF.B) beat Q4 estimates on demand for Jack Daniels and Finlandia vodka.
• Collective Brands Inc. (NYSE: PSS) reported strong Q1 results despite a litigation charge.
• Del Monte Foods Co. (NYSE: DLM) Q4 earnings surged 37% but fell short of analysts' estimates.
• Dollar Tree Inc. (NASDAQ: DLTR) beat Q1 earnings expectations and offered Q2 and full-year guidance.
• Dr Pepper Snapple Group Inc. (NYSE: DPS) Q1 earnings surged 38% but fell short of expectations.
• Guess Inc. (NYSE: GES) reported strong Q1 results on strength in Europe and Asia.
• National Semiconductor Corp. (NASDAQ: NSM) posted better-than-expected Q4 results.
• Nucor Corp. (NYSE: NUE) raised its earnings outlook for the coming Q2 report, sending shares higher.
• SeaChange International Inc. (NASDAQ: SEAC) reported better-than-expected Q1 results.
• Smithfield Foods Corp. (NYSE: SFD) Q1 profits fell 94% on rising grain costs and falling hog prices.
• Toll Brothers Inc. (NYSE: TOL) reported a smaller-than-expected Q2 loss, lifting shares.
• Wimm-Bill-Dann Foods (NYSE: WBD) reported strong Q1 results that beat Wall Street expectations.

See also: Earnings highlights: Wal-Mart, Lehman Bros., Take-Two, Ciena, Trina Solar and others

Also, continued real estate losses are expected to hurt the quarterly reports of banks such as like Wachovia (NYSE: WB), Wells Fargo (NYSE: WFC), and National City (NYSE: NCC). And Steven Mallas wonders why Playboy (NYSE: PLA) shares have tanked since its last earnings report.

Upcoming results to watch for include Krispy Kreme (NYSE: KKD), Pall Corp. (NYSE: PLL), Pep Boys (NYSE: PBY), Korn Ferry (NYSE: KFY), and Casey's General Stores (NASDAQ: CASY).

Visit AOL Money & Finance for more earnings coverage.

Restaurant operator Bob Evans Farms Inc. (NASDAQ: BOBE) and apparel designer and retailer Guess Inc. (NYSE: GES) both reported earnings growth on Tuesday that beat analysts' expectations.

Bob Evans said its fiscal fourth-quarter profit rose 5% from the year-ago period to $16.1 million, or 52 cents per share. Revenue rose 4% to $436.4 million. Analysts polled by Thomson Financial had estimated earnings of 41 cents per share on sales of $441.5 million.

The company said results were boosted by increases in both its restaurant and food products segments. Same-store sales at Bob Evans brand restaurants rose 1.7%. And the quarter included a pretax gain of $700,000 from the sale of real estate assets.

For the year, Bob Evans reported income of $64.9 million, or $1.95 per share, compared with $60.5 million, or $1.66 per share, in the prior year. Revenue rose 5% to $1.74 billion.

Shares rose 85 cents, or 3%, to close at $29.09. Shares are up 8.3% year to date.

Here's a peek at what analysts surveyed by Thomson Financial are expecting from companies scheduled to report quarterly results in the first week of June, 2008.

The following companies are expected to post earnings growth, compared to the same period in the previous year:

• Take-Two Interactive (NASDAQ: TTWO) up 136.6% (from a loss) to $1.12 per share, on $499.1 million in revenue
• Lululemon Athletica Inc. (NASDAQ: LULU) up 58.3% to 12 cents per share, on $71.8 million in revenue
• Vimpelcom Communications (NYSE: VIP) up 54.2% to 59 cents per share, on $2.1 billion in revenue
• Focus Media Ltd. (NASDAQ: FMCN) up 36.4% to 33 cents per share, on $161.3 million in revenue
• Ciena Corp. (NASDAQ: CIEN) up 29.7% to 37 cents per share, on $238.4 million in revenue
• Greif Inc. (NYSE: GEF) up 24.1% to 87 cents per share, on $839.9 million in revenue
• Vail Resorts Inc. (NYSE: MTN) up 18.4% to $2.44 per share, on $474.8 million in revenue
• Guess? Inc. (NYSE: GES) up 17.4% to 46 cents per share, on $451.6 million in revenue
• Del Monte Foods Co. (NYSE: DLM) up 15.4% to 26 cents per share, on $1.0 billion in revenue
• Cooper Companies Inc. (NYSE: COO) up 14.6% to 48 cents per share, on $256.7 million in revenue
• Jackson Hewitt Tax Service Inc. (NYSE: JTX) up 1.9% to $2.08 per share, on $161.6 million in revenue

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.

MOST NOTEWORTHY: Leap Wireless (LEAP), Cergaon Networks (CRNT), Cinemark (CNK), Regal Entertainment (RGC) and Ocean Power Tech (OPTT) were today's noteworthy initiations:

• Leap Wireless International Inc. (NASDAQ: LEAP) was initiated with an Outperform rating and $103 target at Pacific Crest, as the firm believes the company's long-term opportunity with new-market expansion is underappreciated.
• Pacific Crest also initiated shares of Ceragon Networks Ltd. (NASDAQ: CRNT) with an Outperform rating and $12 target, as the firm believes accelerating wireless data growth is driving backhaul demand.
• Cinemark Holdings Inc. (NYSE: CNK) was initiated with an Overweight rating at Morgan Stanley, a Buy rating and $21 target at Banc of America and a Buy rating at Merrill Lynch; Banc of America believes the current box office strength could drive upside to estimates.
• Morgan Stanley also initiated shares of Regal Entertainment Group (NYSE: RGC) with an Equal Weight rating.
• Ocean Power Technologies Inc. (NASDAQ: OPTT) was initiated with a Buy rating and $24 target at Banc of America and a Neutral rating at First Albany.

OTHER INITIATIONS:

• Telanetix Inc. (NASDAQ: TNXI) was initiated with a Buy rating and $8.50 target at Kaufman Bros, as the firm believes the company's market opportunity is significant and thinks it could be an interesting acquisition target if the telepresence market development accelerates.
• Banc of America initiated shares of OceanFreight Inc. (NASDAQ: OCNF) with a Buy rating and $23 target.
• Goldman Sachs initiated shares of Kinder Morgan Energy Partners (NYSE: KMP) with a Neutral rating and $54 target and shares of Kinder Morgan Management (NYSE: KMR) with a Neutral rating and $53 target.
• Deutsche Bank initiated shares of Guess Inc. (NYSE: GES) with a Buy rating and $49 target.

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

MOST NOTEWORTHY: Microsoft (MSFT), Dell (DELL), Hewlett-Packard (HPQ) and certain broker/dealers were some of today's notable initiations:

• Soleil initiated Microsoft (NASDAQ: MSFT) with a Buy rating and $33 target, expecting a strong upgrade cycle near-term and anticipates expanding addressable markets and its global footprint in the long-term.
• Dell Inc (NASDAQ: DELL) was initiated with an Above Average rating and $27 objective at Caris. The firm expects Dell to have 2-3 potentially "sloppy" quarters and believes investors will give it a "pass," as the company's current valuation reflects a majority of the near-term risk.
• Caris also started Hewlett-Packard Co (NYSE: HPQ) with an Above Average rating along with a $44 objective.
• Deutsche Bank initiated several broker/dealers with Buy ratings including Goldman Sachs Group (NYSE: GS), Merril Lynch & Co (NYSE: MER), Morgan Stanley (NYSE: MS) and Lehman Brothers Holdings Inc (NYSE: LEH).

OTHER INITIATIONS:

• Lehman Brothers started coverage on the U.S. ethanol sector with a Neutral rating. The firm initiated Aventine Renewable Energy Holdings, Inc (NYSE: AVR) with an Overweight rating and $23 target.
• Wedbush started Guess?, Inc (NYSE: GES) with a Buy rating and $49 target.
• Kaufman reinstated Covad Communications (AMEX: DVW) with a Buy rating and $2.00 target.
• Prudential started Leap Wireless International, Inc (NASDAQ: LEAP) with an Overweight rating and $90 target.
• RBC Capital initiated shares of TurboChef Technologies, Inc (NASDAQ: OVEN) with an Underperform rating and $13 target.

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

Analysis provided by Eric Buscemi of Theflyonthewall.com:

Earlier in the week we blogged about Wal-Mart's Same-Store Sales miss, saying this was not enough information to signal the awful holiday shopping season the market predicted from the indicator. With more information now available, we thought we would review:

• Wal-Mart Stores Inc. (NYSE:WMT) confirmed its preliminary SSS estimate of -0.1%, which at least did not drop further. Competitors Target Corp. (NYSE:TGT) and Costco Wholsesale Corp. (NASDAQ:COST) also announced their SSS numbers, with Target outperforming slightly [+5.9% vs. +5.7%] and Costco underperforming slightly [+5% vs. +5.7%]
• High-end retail looked good, with both Federated Department Stores Inc. (NYSE:FD) [+8.4% vs. +4.8%] and Saks Inc. (NYSE:SKS) [+7.2% vs. +6.8%] outperforming
• Clothing retailers were mixed, with Guess Inc. (NYSE:GES) [+12.1% vs. +5.6%], Pacific Sunwear of California Inc. (NASDAQ:PSUN) [-3.8% vs. -4.6%] and Hot Topic Inc. (NASDAQ:HOTT) [-4.3% vs. -6.8%] beating consensus estimates, while Abercrombie & Fitch Co. (NYSE:ANF) [-3% vs. +3%], Bebe Stores Inc. (NASDAQ:BEBE) [+5.8% vs. +7.9%] and perennial underperformer Gap Inc. (NYSE:GPS) [-8% vs. -5.4%] fell short of their estimates
• Speaking of perennial underperformers, Pier 1 Imports Inc. (NYSE:PIR) [-15.3% vs. -13.6%] and Sharper Image Corp. (NASDAQ:SHRP) [-27% vs. -18%] continued embarrassing their investors.

This adds up to a mixed bag for retailers, with the sector as a whole seeing a good deal of weakness today. This Fly maintains that it is still too early to predict doom and gloom for the whole season, however. The true telling sign for the holiday shopping season will be in consumer electronics, as CIBC World Markets channel checks predict that consumer electronics "won the day" on Black Friday.