• Baird upgraded Carlisle (NYSE:CSL) to Outperform from Neutral and lowered their target to $25 from $33 following the company's Q4 results citing attractive valuation and solid execution.
  
• Citigroup upgraded Talbots (NYSE:TLB) to Hold from Sell on valuation as they believe the company's cash flow is improving and does not expect the company to face bankruptcy in next three years.
  
• Jefferies upgraded shares of Spectra Energy (NYSE:SE) to Hold from Underperform on valuation following the company's Q4 results and raised their target price to $15 from $11.75.
• Costco (NASDAQ:COST) was upgraded to Buy from Neutral at UBS.
  
• AU Optronics (NYSE:AUO) and LG Display (NYSE:LPL) were upgraded to Buy from Neutral at Banc of America/Merrill.
  
• Alpha Natural (NYSE:ANR) was raised to Buy from Hold at Natixis.

While other earnings may have disappointed last week, the news was good for oil giant ConocoPhilips (NYSE: COP). In what some took as a good sign for big oil, the Houston-based company reported that third quarter net income surged 41% year over year to $3.39 per share, and that revenue also surged 52% to $70 billion. We'll see whether the good news extends to other petroleum giants scheduled to report quarterly results this week.

Analysts surveyed by Thomson Financial are looking for BP (NYSE: BP) profits to have grown 43.2% in the most recent quarter to $2.34 per share on revenue of $109.7 billion, and Chevron Corp. (NYSE: CVX) to post earnings up 39.4% to $3.25 per share on revenue of $86.8 billion. Marathon Oil Corp. (NYSE: MRO), ExxonMobil Corp. (NYSE: XOM), and Royal Dutch Shell (NYSE: RDS.A) likewise are expected to report higher net income of $2.33 per share (sales of $23.4 billion), $2.40 per share (sales of $131.4 billion), and $2.65 per share, respectively. Even Valero Energy Corp. (NYSE: VLO) is expected to post earnings slightly higher to $1.46 per share (sales of $36.4 billion), despite the effects of Hurricane Ike. Among these companies, only BP and Valero beat earnings expectations in the previous quarter. Not surprisingly, analysts on average recommend buying all except Valero, and shares of all of these companies have recently hit 52-week lows.

Alliant Energy Corporation (NYSE: LNT) is a Midwestern U.S. energy utility, serving approximately one million electric and 400,000 natural gas customers through regulated subsidiaries Interstate Power and Light and Wisconsin Power and Light. Nonregulated operations include rail and marine transportation services, independent power production and real estate. Alliant also provides engineering, consulting, and management services. Xcel Energy (NYSE: XEL) is a major competitor.

The company pleased investors last month, when it reported Q2 EPS of 47 cents and revenues of $827.4 million. Analysts had been looking for 39 cents and $770 million. The CEO noted that Alliant had secured 500 megawatts of wind turbine generators during the quarter, expecting wind to play an integral part in meeting future customer needs. Management also guided FY08 EPS to $2.60-$2.80, versus Street consensus of $2.57.