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

• Activision Blizzard Inc. (NASDAQ: ATVI) said its Q3 profit declined despite the popularity of Guitar Hero.
• Blackboard Inc. (NASDAQ: BBBB) said Q3 revenue surged and its offered impressive cash flow numbers.
• Boston Beer Co. Inc. (NYSE: SAM) easily beat Q3 earnings estimates and raised its full-year guidance.
• Cisco Systems Inc. (NASDAQ: CSCO) lower Q1 results topped estimates and sent shares higher.
• Cognizant Technology Solutions Inc. (NASDAQ: CTSH) was upgraded following its strong Q3 results.
• Corporate Executive Board (NASDAQ: EXBD) received an analyst's upgrade following the Q3 results.

After the Memorial Day holiday in the United States, the earnings spotlight turns to Canadian banks: Bank of Montreal (NYSE: BMO), Canadian Imperial Bank of Commerce (NYSE: CM), Royal Bank of Canada (NYSE: RY), and Toronto-Dominion Bank (NYSE: TD) are all scheduled to report their second-quarter results.

While banks north of the border of generally have held up better than their U.S. counterparts, analysts surveyed by Thomson Reuters expect the four listed above to report that earnings declined between 20% and 30% since the same period of last year. All four have P/E ratios around 10, and they are paying dividends. Shares of all four have surged 50% to 83% in the past three months, but are still 26% to 38% lower than a year ago.

Update Nov. 26, 2008: See all 2008 Black Friday deals.

This week, some apparel and accessory producers and retailers offer a look at how they've been doing between early summer's economic stimulus spending and the coming holiday season. While Polo Ralph Lauren Corp. (NYSE: RL) reported higher earnings last week, Coldwater Creek Inc. (NASDAQ: CWTR), Eddie Bauer Holdings Inc. (NASDAQ: EBHI), Kenneth Cole Productions Inc. (NYSE: KCP), and K-Swiss Inc. (NASDAQ: KSWS) all reported net losses as consumers pulled back on spending over the summer due to higher fuel prices and other economic worries. The expectations of analysts surveyed by Thomson Financial for such companies scheduled to report this week don't look much different; i.e., a bright spot or two among lower expectations overall.

Hip retailer Urban Outfitters Inc. (NASDAQ: URBN) is expected to post earnings 22.9% higher than a year ago, to $0.35 per share, on revenue of $475.9 million (+26.4%). The Philadelphia-based company already said that same-store sales in the quarter were 10% higher. Urban Outfitters has beat expectations in recent quarters, by 11.5% in the previous quarter, and analysts on average recommend buying URBN. Shares fell to a 52-week low of $16.61 per share on Friday, and are down 29.5% from a year ago. Other companies expected to report more modest earnings growth in the coming week include watch and accessory maker Fossil Inc. (NASDAQ: FOSL), retail giant Wal-Mart Stores Inc. (NYSE: WMT), and TJX Companies Inc. (NYSE: TJX), parent of such discount retail chains as T.J. Maxx and Marshalls. These three companies have tended to top analysts estimates in recent quarters, and Fossil and TJX ended the week near their 52-week lows.

While Los Angeles-based American Apparel Inc. (AMEX: APP) had a strong second quarter, the casual wear maker is expected to report $0.13 per share earnings for the third quarter, the same as in the year-ago period. And analysts anticipate that Kohl's Corp. (NYSE: KSS) will report that profits fell 16.4% to $0.51 per share on revenue of $3.9 billion (+1.9%). Though same-store sales for October fell 9%, the Menomonee Falls, Wis.-based company reaffirmed its third-quarter forecast. Kohl's has offered positive surprises in recent quarters, topping estimates by 5.6% in the previous quarter. The consensus recommendation remains to buy KSS. Shares have been climbing after reaching a 52-week low in late October, but are still down 32.8% from a year ago.

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

• Archer Daniels Midland Co. (NYSE: ADM) said Q4 profit plunged, missing analysts' expectations.
• Berkshire Hathaway Inc. (NYSE: BRK.A) posted yet another solid quarter and topped analysts' expectations.
• Cisco Systems Inc. (NASDAQ: CSCO) reported solid results and reaffirmed its revenue guidance.
• General Mills Inc. (NYSE: GIS) performance despite rising commodities costs impressed Jim Cramer.
• Hansen Natural Corp. (NASDAQ: HANS) Q2 earnings surged on popularity of Monster energy drink.
• Humana Inc. (NYSE: HUM) beat Q2 expectations, sending shares of health insurers higher.
• LeapFrog Enterprises Inc. (NYSE: LF) narrowed its Q2 loss, sending shares up near its 52-week high.
• MGM Mirage (NYSE: MGM) Q2 profit tumbled but revenues topped analysts' expectations.
• NetSuite Inc. (NYSE: N) cut its Q2 loss and revenues surged on 400 new customers.
• Orbitz Worldwide Inc. (NYSE: OWW) narrowed its net loss while revenues inched upward.
• Polo Ralph Lauren Corp. (NYSE: RL) easily topped Q1 expectations and raised its full-year guidance.
• Pzena Investment Management Inc's (NYSE: PZN) CEO admits that its Q2 was "awful, just terrible."
• 3Com Corp. (NASDAQ: COMS) raised its Q1 profit and sales forecasts due to gains in China.
• Toyota Motor Corp. (NYSE: TM) net income fell due to the strong yen and rising materials costs.
• Warner Music Group Corp. (NYSE: WMG) reported a smaller-than-expected Q3 net loss.
• World Wrestling Entertainment Inc. (NYSE: WWE) flat year-over-year earnings fell short of estimtates.

With a turn of the calendar page, we drift into the middle portion of the current quarter, but the earnings season rolls on. Among the many companies scheduled to report quarterly results this coming week are Time Warner Inc. (NYSE: TWX), Cisco Systems Inc. (NASDAQ: CSCO), News Corp. (NYSE: NWS), and Whole Foods Market International (NASDAQ: WFMI). Let's take a look at which companies Wall Street analysts are expecting to be among the top earnings gainers and decliners this week.

Analysts surveyed by Thomson Financial expect the following to report strong earnings growth when compared to the same period of the previous year.

• DRS Technologies Inc. (NYSE: DRS): $0.85 EPS (+95.3%) on revenue of $823.8 million (+12.0%)
• Integrys Energy Group Inc. (NYSE: TEG): $0.40 EPS (+70.0%) on revenue of $2.6 billion (+9.7%)
• Cimarex Energy Co. (NYSE: XEC): $2.53 EPS (+64.4%) on revenue of $599.9 million (+75.4%)
• Forest Oil Corp. (NYSE: FST): $1.51 EPS (+55.6%) on revenue of $456.1 million (+79.1%)
• Devon Energy Corp. (NYSE: DVN): $3.28 EPS (+48.5%) on revenue of $4.1 billion (+38.5%)
• CMS Energy Corp. (NYSE: CMS): $0.13 EPS (+46.2%) on revenue of $1.4 billion (+6.7%)
• Transocean Inc. (NYSE: RIG): $3.23 EPS (+43.0%) on revenue of $3.1 billion (+112.9%)
• Sara Lee Corp. (NYSE: SLE): $0.26 EPS (+38.5%) on revenue of $3.5 billion (+8.9%)
• Williams Companies Inc. (NYSE: WMB): $0.69 EPS (+37.7%) on revenue of $3.4 billion (+20.0%)
• Harris Corp. (NYSE: HRS): $0.99 EPS (+28.3%) on revenue of $1.4 billion (+18.0%)

Polo Ralph Lauren Corporation (NYSE: RL) is engaged in the design, marketing, and distribution of apparel, accessories, home furnishings and fragrances. These are offered under such brand names as Polo Ralph Lauren, Safari, Black Label, Club Monaco and Rugby. The company operates over 300 Ralph Lauren, Club Monaco, and Rugby retail stores, as well as a pair of e-commerce sites. Its products are also carried by upscale and mid-tier department stores. Macy's (NYSE: M) and Dillard's (NYSE: DDS) account for more than a third of all wholesale revenue. Jones Apparel Group (NYSE: JNY) and Liz Claiborne (NYSE: LIZ) are competitors.

The company pleased investors late last month, when it reported fiscal Q4 EPS of $1.00 and revenues of $1.24 billion. Analysts had been looking for 65 cents and $1.15 billion. Management also guided FY09 EPS to $3.95-$4.05 ($3.97 consensus). Needham subsequently reiterated its "buy" rating on the shares and boosted its price target to $79.

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!

While the earnings season is beginning to wind down for the current quarter, there are still plenty of results to come. Here's a peek at what analysts surveyed by Thomson Financial are expecting from companies scheduled to report results in the final week of May 2008.

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

• Omnivison Technologies (NASDAQ: OVTI) up 81.3% to 32 cents per share, on $178.20 million in revenue
• Lions Gate Entertainment (NYSE: LGF) up 48.6% to 37 cents per share, on $410.93 million in revenue
• Big Lots Inc. (NYSE: BIG) up 27.7% to 36 cents per share, on $1.14 billion in revenue
• Costco Wholesale Corp. (NASDAQ: COST) up 13.8% to 65 cents per share, on $16.32 billion in revenue
• Tiffany & Co. (NYSE: TIF) up 10.0% to 40 cents per share, on $648.87 million in revenue
• HJ Heinz Co. (NYSE: HNZ) up 9.8% to 61 cents per share, on $2.67 billion in revenue
• Dollar Tree Inc. (NASDAQ: DLTR) up 9.5% to 42 cents per share, on $1.05 billion in revenue

These companies are expected to report earnings declines:

• Sears Holdings Corp. (NASDAQ: SHLD) down 86.4% to 15 cents per share, on $11.41 billion in revenue
• Men's Wearhouse Inc. (NYSE: MW) down 70.6% to 22 cents per share, on $476.98 million in revenue
• Polo Ralph Lauren Corp. (NYSE: RL) down 4.4% to 65 cents per share, on $1.15 billion in revenue
• Dell Inc. (NASDAQ: DELL) down 2.9% to 33 cents per share, on $15.66 billion in revenue

TiVo Inc. (NASDAQ: TIVO) is expected to swing to a loss of a penny per share, compared to a penny profit a year ago, and report $55.62 million in revenue. And analysts expect Borders Group Inc. (NYSE: BGP) to narrow its loss 7.8% to 47 cents per share, on $801.11 million in revenue.

Visit AOL Money & Finance for more earnings coverage.

Determined to bring a more formal, stylish fashion to the U.S. Olympic team garb for the Beijing games later this year, the Olympic committee has dumped Roots Ltd. in favor of Polo Ralph Lauren Corp. (NYSE: RL). According to The Wall Street Journal [subscription], Tom Brokaw, former NBC news anchor, was asked by USOC COO Norman Bellingham to approach Ralph Lauren about the possible affiliation.

The deal, which also includes the Paralympics, builds on the company's growing affiliation with sports events, including the U.S. Open and Winbledon, and should result in a terrific boost to sales at both its own boutiques and other retailers with whom it is negotiating distribution.

The designs will supposedly evoke the styles of the film Chariots of Fire. The duds will be kept under wraps until the opening ceremonies in August, although the many Chinese who will probably sew the garments will have a good idea of what to expect. I'll be interested to see if the Chinese government's clampdown on counterfeit goods successfully keeps fake U.S. uniforms off of the streets of Beijing before the games even began.

The line of consumer clothing to be spun off the Olympic garb should dovetail nicely into Lauren's line and burnish its image, although it will be interesting to see at what price point this line will fall. The equalitarian nature of the Olympic sport may not be reflected in the cost of dressing like our champions.

So I'm looking at Liz Claiborne (NYSE: LIZ) and its latest earnings report. I don't currently have a retailer in my portfolio, so I'm thinking to myself, hey, maybe I'll want to buy Liz after I check out its latest numbers. Well, that didn't happen.

Net sales (excluding discontinued operations) dropped 3% for the fourth quarter, and adjusted net income declined dramatically, coming in at $0.20 per diluted share -- last year at this time, the metric was over four times as big at $0.94. For the year, net sales dropped over 1% (excluding discontinued operations), and adjusted net income was $1.30 per diluted share -- yet another huge drop, considering that Liz Claiborne took in $2.99 per diluted share of adjusted net income in 2006. Oh, and there are other things here that will make any prospective investor shudder -- operational cash flow was down, the dividend was stagnant, and the margins weren't anything to write home about. And comps at some of the company's stores have been challenged (Juicy Couture, however, did report a strong 25% increase in comparable sales in the fourth quarter).

This was an easy one for me -- I'll stay away from Liz Claiborne. The company, which competes with the likes of Jones Apparel Group (NYSE: JNY) and Polo Ralph Lauren (NYSE: RL), currently exists in the land of strategic reviews, cost reductions, and discontinued operations. I don't want to travel to such a land with this particular business.

Disclosure: Steven Mallas owns none of the companies mentioned.

The earnings crunch continues, and here are a few of the highlights of this past week's earnings coverage from BloggingStocks:

• Alcatel-Lucent (NYSE: ALU) posted its biggest quarterly loss since its creation in 2006.
• Archer Daniels Midland Co. (NYSE: ADM) missed earnings estimates despite revenue up 50%.
• Biogen Idec Inc. (NASDAQ: BIIB) fourth-quarter profit soared on strong sales of Avonex and Tysabri.
• Chevron Corp. (NYSE: CVX) reported record profits due to surging oil prices.
• CNET Networks Inc. (NASDAQ: CNET) revenue rose but the forecast was not encouraging.
• Data Domain Inc. (NASDAQ: DDUP) third-quarter revenues spiked due to aggressive overseas expansion.
• Elizabeth Arden Inc. (NASDAQ: RDEN) benefitted from overseas growth, which offset weak holiday sales.
• GlaxoSmithKline (NYSE: GSK) warned that 2008 earnings would be affected by competition from generics.
• Harris Corp. (NYSE: HRS) beat estimates and raised its guidance.
• Micros Systems (NASDAQ: MCRS) beat expectations and offered guidance in line with estimates.
• News Corp. (NYSE: NWS) fell short of earnings expectations despite strength in MySpace and Fox News.
• PepsiCo Inc. (NYSE: PEP) results met estimates and it announced further share buybacks.
• Polo Ralph Lauren Corp. (NYSE: RL) beat estimates and raised its guidance.
• SiRF Technology Holdings Inc. (NASDAQ: SIRF) missed expectations due to a seasonal decline.
• Toll Brothers Inc. (NYSE: TOL) expects to report its seventh straight quarterly revenue decline.
• Toyota Motor Corp. (NYSE: TM) attributed solid earnings to growth in China, Russia, emerging markets.
• Wendy's International Inc. (NYSE: WEN) missed earnings estimates, despite beating revenue forecast.
• Western Union Co. (NYSE: WU) posted results just ahead of Wall Street estimates.
• Yum! Brands (NYSE: YUM) posted solid results on overseas growth and share buybacks.

MOST NOTEWORTHY: Cisco Systems, Virgin Mobile and Polo Ralph Lauren were today's noteworthy downgrades:

• JP Morgan downgraded shares of Cisco Systems Inc (NASDAQ: CSCO) to Neutral from Overweight following its Q2 results, as they believe the company's international exposure is not enough to offset slowing in North America and Europe. Shares were also downgraded to Neutral from Outperform at Baird, citing the meaningful slowdown in fundamentals.
• Lehman downgraded Virgin Mobile USA Inc (NYSE: VM) to Equal Weight from Overweight based on reduced visibility following its Q4 report.
• Polo Ralph Lauren Corporation (NYSE: RL) was lowered to Hold from Buy at Citigroup, as they believe the company is facing fundamental challenges in key markets and a lack of visibility on the Japanese market. They see more upsideelsewhere.

OTHER DOWNGRADES:

• Bear Stearns downgraded BT Group Plc (NYSE: BT) to Peer Perform from Outperform.
• Think Equity lowered Napster Inc (NASDAQ: NAPS) to Accumulate from Buy.
• UBS downgraded Elbit Systems Ltd (NASDAQ: ESLT) to Neutral from Buy.

Polo Ralph Lauren Corp. (NYSE: RL) shares are rising today after the apparel maker posted a fourth-quarter profit of $112.7 million, or $1.08 per share, helped by higher wholesale sales and a lower tax rate. Analysts had been expecting a profit of 77 cents per share. Wholesale sales rose 17% to $627 million. RL also raised its 2008 guidance this morning, a move that investors generally love. If you think that the company won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on RL.

After hitting a one-year high of $102.58 in July, the stock hit a one-year low of $50.55 last month. RL opened this morning at $60.94. So far today the stock has hit a low of $60.11 and a high of $62.89. As of 10:45, RL is trading at $62.72, up $5.26 (9.2%). The chart for RL looks neutral and improving slightly, while S&P gives the stock a neutral 3 STARS (out of 5) hold rating.

Today's Wall Street Journal has an article about the cost-cutting measures going on retailer, JC Penney (NYSE: JCP). The article, essentially an interview with CEO and Chairman, Myron "Mike" Ullman III, details Ullman's changing of gears, from aggressive store expansion and online growth to scaling back in the face of a looming recession.

The CEO is expected to announce today plans to merge the buying and marketing operations for store and online sales, cutting as many as 200 jobs.

In the article, Ullman says he may scale back store expansion over the next two years.

Getting more of the consumer's wallet

Ullman says, "Half of the families in the U.S. shopped with us at least once last year. But we only get 7% of their spending. So, our biggest opportunity in the downturn is to make every visit they make to our store, Internet or catalog more productive by offering more innovation."

Luxury eyewear manufacturer and distributor Luxottica Group (NYSE: LUX) certainly has turned its eye towards profits. Despite the continuing erosion of the U.S. dollar against the Euro, Luxottica's July 26 2Q earnings report looks good. The only blind spot is Luxottica's inability to capitalize on its retail sector, particularly in the U.S. market. That is not to say Luxottica is not trying. The company has recently acquired 870 additional retail locations globally, and is aggressively establishing a retail presence in China and South Africa. In order to strengthen its brands in the U.S., Luxottica is unveiling a new line of eyewear products under a licensing agreement with Polo Ralph Lauren. Within the next several quarters, Luxottica intends to launch an ultra-luxury (obscenely overpriced?) eyewear brand named ILORI as part of a full luxury line. Perhaps the problem in its retail sector stems from Luxottica's inability to define precisely what type of eyewear distributor it is. While going after the vanity eyewear market of the uber-wealthy, Luxottica also owns LensCrafters and Sunglass Hut, the epitome of value-driven suburban mall retail demographics.

Despite problems in its retail sector, and being repreatedly hammered by exchange rate fluctuations, Luxottica continues to post good numbers. The company posted its ninth consecutive quarter of double-digit growth in its wholesale sector. In the most recent quarter, wholesale sales were up 17.5%. This gain follows 1Q 2007 wholesale gains of 20.4%. For the first half of 2007, wholesale sector operating income has increased 24.5%, which certainly helps to offset a 12% decline in retail operating income for the same period. Wholesale sales in emerging markets have increased by 50% during the previous quarter with so sign of a slowdown. On the basis of recent wholesale figures, Luxottica CEO Andrea Guerra raised FY guidance for growth in consolidated EPS to the 26-29% range, excluding the impact of exchange rate fluctuations, always a major concern to potential and current shareholders. For the first half of 2007, consolidated EPS stands at $0.83.

Luxottica stock is up over 15% from the beginning of the year, closing on 9 August at $35.50. Investors with a tolerance for currency volatility may wish to look into Luxottica.