The market giveth and the market taketh away -- all in the same day. I was looking at how Shaw Group (NYSE: SGR) performed on Thursday. The company, an engineering firm that provides services relating to the energy and environmental industry for both the government and the private sector, was up 5.6% at the close of trading yesterday, powered by superb volume. But, in the after-hours session, it went down nearly 6.4%.

And, yes, the sell-off was on the back of an earnings report. For the third quarter, Shaw Group made 57 cents per share, excluding its acquisition of Westinghouse. The company made 67 cents per share in last year's similar quarter, also adjusted for the acquisition. Net sales were essentially flat.

Analyst upgrades:

• Jefferies upgraded MDS Inc. (NYSE: MDZ) to Buy from Hold on valuation as it believes shares are pricing in a "worst case" scenario at current levels. The firm keeps a $6.50 target on the stock.
  
• JP Morgan upgraded Continental (NYSE: CAL) to Overweight from Neutral on valuation as it believes the recent sell-off is overdone. The firm keeps a $13 price target on the stock.
• Thomas Weisel is positive on Allergan's (NYSE: AGN) diverse product portfolio, global infrastructure, vertical integration, and deep pipeline. The firm upgraded shares to Overweight from Market Weight and has a $54 target on the stock.
• NetLogic (NASDAQ: NETL) was upgraded to Buy from Neutral at Piper.
  
• Dover (NYSE: DOV) was raised to Buy from Neutral at Banc of America/Merrill.
  
• Map Pharmaceuticals (NASDAQ: MAPP) was upgraded at Argus to Hold from Sell.

Analyst upgrades:

• Banc of America/Merrill upgraded Lincoln National (NYSE: LNC) to Buy from Underperform and raised its target to $17 from $10 citing expectations that the company will "qualify for and accept TARP funding."
  
• Credit Suisse upgraded AU Optronics (NYSE: AUO) to Outperform from Neutral as it believes inventory levels are low end demand is better than expected.
  
• JP Morgan upgraded Shaw Group (NYSE: SGR) to Overweight from Neutral. The firm views the recent pullback in shares as a buying opportunity given the company's attractive nuke position and expected ramp in government spending.
• Patterson-UTI Energy (NASDAQ: PTEN) was upgraded to Buy from Neutral at Goldman.
  
• Barrick Gold (NYSE: ABX) was raised to Overweight from Market Weight at Thomas Weisel.
  
• Stryker (NYSE: SYK) was lifted to Sector Perform from Underperform at RBC Capital.

A new earnings reporting season kicks off this coming week with the quarterly report from Alcoa, the first Dow Jones industrial to report. But investors looking for early signs about the first quarter will be disappointed in what they see from the aluminum producer, assuming that analysts surveyed by Thomson Reuters are neither too optimistic or too pessimistic about those results.

This post is part of a special report, A Dozen Ways to Play an Obama Building Boom.

"One theme that already seems likely to dominate the playbook for the Obama team is 'infrastructure plus' -- encompassing alternative energy, the environment, and health care," says Patrick DeSouza.

The contributing editor to Steven Leeb's The Complete Investor explains, "These priorities will translate into tremendous opportunities for well-situated firms in these areas." Here are some ideas:

"The Obama Administration is likely to link infrastructure with specific policy priorities such as alternative energies and environmental protection.

"In this way, it can launch public work ventures that create jobs while simultaneously fulfilling campaign promises to tackle climate change and resource degradation. Companies with crossover appeal-a foot in both infrastructure and environmental businesses– are the ones to look at.

"Fluor (NYSE: FLR) and General Electric (NYSE: GE) -- which are already holdings in our growth model portfolio -- both fit this bill, with diversified product lines that range from large-scale infrastructure engineering projects to alternative energy infrastructure to renewable power.

TheStreet.com's Jim Cramer says that we need to build up our reserves so the wild fluctuations can't happen again.

Memo to Barack Obama: Start building oil facilities right now -- tankers, tanks, whatever. Fill up every preserve you can. This is the time to buy oil for America even if you don't like carbon footprints.

The new president is being given a once-in-a-lifetime infrastructure opportunity to build enough tankers and tanks to sop up the supply. That's what is needed more than anything. We can't drill for these prices economically anymore, and oil is obviously overflowing everywhere. Right now, we are out of storage in this country. That's one reason the price has fallen so precipitously -- there is nowhere to put it. I don't think there is a soul who believes that oil will be down here two years from now. We should be filling and creating a strategic petroleum reserve that is big enough that this will never happen again. NEVER.

That ridiculous run-up that everyone says was caused by speculators must not occur again, as we see the disastrous results. We need to be able to bring oil down ourselves by buying reserves at these prices and making them available to beat the speculators next time this occurs. I think the low price is because of the big pension and endowments funds puking up their commodity exposure because they can't sell a lot of other investments they are locked into, including private equity.

TheStreet.com's Jim Cramer says eventually, the credit markets will thaw, and this one will take off like a rocket.

Cheap isn't always relative. Consider the case of Shaw Group (NYSE: SGR) (Cramer's Take), the infrastructure play with the nuclear bent that has tons of business around the world building nuke plants that are competitive with oil and nat gas even at these prices, but obviously are much better for the environment.

Shaw's doing great -- big order book, no cancellations or stretch-outs (unlike ABB (NYSE: ABB) (Cramer's Take) or McDermott (NYSE: MDR) (Cramer's Take)), and most important, its stock is trading a mere dollar and a half above its cash.

It's absurd, as the CEO told me last night on a pre-empted edition of the 6 p.m. "Mad Money." The valuation makes no sense.

This post is part of a series in which TheStockAdvisors.com asked financial experts to name their top stock pick if McCain or if Obama wins the election.

"John McCain has said that nuclear power must be part of a plan to address climate change and reduce our dependence on foreign oil; to benefit from this plan, buy Shaw Group (NYSE: SGR), which constructs and maintains nuclear power plants," says Paul Tracy in his Street Authority Market Advisor.

"Today, nearly half of U.S. electricity is created via conventional coal-fired plants. This made sense for us for decades -- coal is so cheap and plentiful here that the United States is often referred to as the Saudi Arabia of coal.

"However, in the past few years, the tide of public sentiment has shifted against the energy source. Primarily this is due to the emissions created by burning coal for electricity.

"In addition to the well known release of carbon dioxide, coal emissions also contain traces of mercury. On top of that, the rise of China and other emerging markets has led to higher costs for coal.

"So with a public that is increasingly interested in alternative sources of electricity and a president who is committed to increasing nuclear power usage, the companies that build and maintain nuclear plants sit in the perfect position to benefit.

"In particular, I think Louisiana-based Shaw Group is a stock to watch. SGR's largest end market is the construction and maintenance of power plants, including both plants fired by fossil fuels and nuclear facilities.

"The company also owns a 20% stake in Westinghouse Electric, one of the world's leading designers and builders of nuclear power plants.

Readers of this space know that in addition to oil / oil services, one of my preferred sectors is: infrastructure / public services. That's because despite the U.S. economic slowdown, global growth proceeds at a better-than-adequate pace, with infrastructure work playing a significant role. And with the aforementioned in mind, The Shaw Group is worth an evaluation.

The Shaw Group (NYSE: SGR) is a leading supplier of industrial piping systems, including engineering, pipe erection and construction / maintenance services.

Analysts really like the fact that Shaw Group has also positioned itself as one of the largest engineering and construction contractors for the power generation market and as a top environmental services company. Another positive: SGR's large geographic footprint.

Analysts see 7-11% revenue growth for F2008, and 9-12% for F2009, with adequate margins. The Reuters F2008/F2009 EPS consensus estimates for SGR are $2.30/$3.32.

TheStreet.com's Jim Cramer says this report highlighted where the success lies in this market: energy and petroleum.

Fluor's (NYSE: FLR) (Cramer's Take) a monster. It shows you that what has hurt the other companies, particularly Chicago Bridge & Iron (NYSE: CBI) (Cramer's Take), is pure execution.

This gigantic beat also serves to remind us of the big dichotomy. You are either in the energy and petroleum products game or you are in a lot of games that don't work.

It's not easy for these companies, some of which have lived off the duress of state and local governments, including Shaw (NYSE: SGR) (Cramer's Take) and to a certain extent Aecom (NYSE: ACM) (Cramer's Take) and URS (NYSE: URS) (Cramer's Take), to become oil-and-gas plays.

The only ones that have transcended it beside Fluor are Foster Wheeler (NASDAQ: FWLT) (Cramer's Take) and Jacobs Engineering (NYSE: JEC) (Cramer's Take), and the only reason you would really know that is longevity. I remember in the early 1980s when FLR and then FWC would compete directly for all of the huge projects after the second oil shock.

Here are a few highlights of this past week's earnings coverage from BloggingStocks:

• Acuity Brands Inc. (NYSE: AYI) missed estimates due to restructuring after the spin-off of Zep Inc.
• Alcoa Inc. (NYSE: AA) easily beat earnings estimates, due to the impeding sale of some businesses.
• American Express Co. (NYSE: AXP) warned that it would take a charge against fourth quarter earnings.
• Apollo Group (NASDAQ: APOL) posted a solid quarter on student enrollment and retention.
• AZZ Inc. (NYSE: AZZ) beat earnings expectations and offered revised guidance.
• Capital One Financial Corp. (NYSE: COF) lowered its fourth quarter and full year earnings forecast.
• Constellation Brands Inc. (NYSE: STZ) third quarter profit rose on growth in the domestic wine business.
• EI DuPont de Nemours & Co. (NYSE: DD) lifted its outlook on strength in agriculture and nutrition business.
• Family Dollar Stores (NYSE: FDO) earnings were in line with estimates, despite lower same-store sales.
• Great Atlantic & Pacific Tea Co. (NYSE: GAP) posted a strong quarter, helped by the sale of Metro Inc.

Here is a brief overview of some of Wednesday's earnings reports.

Alcoa Inc. (NYSE: AA): Fourth-quarter earnings soared 76 percent, boosted by the pending sale of the aluminum producer's packaging and consumer businesses. For the three months ended December 31, net income rose to $632 million, or 75 cents per share, from $359 million, or 41 cents per share, during the same period last year. Quarterly revenue fell to $7.39 billion from $7.84 billion last year, due to lower metal prices and the exclusion of results from a soft alloy extrusion business that is now part of a joint venture. Analysts surveyed by Thomson Financial had expected earnings of 33 cents per share on $6.92 billion in revenue. Shares rose in after-hours trading.

The Shaw Group Inc. (NYSE: SGR): The engineering, construction, and environmental contractor swung to a first-quarter profit on strong demand for fossil and nuclear power projects. For the three months ending November 30, Shaw earned $2.23 million, or 3 cents per share, compared to a year-ago loss of $12.3 million, or 15 cents per share. Revenue rose to $1.71 billion from $1.28 billion a year ago. Analysts surveyed by Thomson Financial had expected a profit of 49 cents per share on revenue of $1.68 billion. Shares fell 48 cents to $59.22.

Ruby Tuesday Inc. (NYSE: RT): The restaurant chain swung to a loss in its fiscal second quarter due to remodeling expenses and weak sales. For the quarter ended December 4, the company reported a loss of $10.4 million, or 20 cents per share, versus a profit of $16.7 million, or 28 cents per share, in same period of the previous year. Revenue fell about 5 percent to $320.9 million from $336.8 million last year. The earnings results matched the expectations of analysts polled by Thomson Financial, who had also expected revenue of $316.4 million for the quarter. Shares hit a multi-year low of $6.99 during the day.

Visit AOL Money & Finance for more earnings coverage.

TheStreet.com's Jim Cramer says there are some names that will work here, but they're a small slice of the total market pie.

Can someone, anyone, tell me why we can bank on this Fed? "The Fed has to cut 50 basis points or we are going to Dow 12,500."

Yeah, OK. I get it. Fed panicked and cut 50 last time we were shocked with a weak employment number. Maybe they will do it again.

But I look at it a different way. This Fed thinks it is smarter than all of us. It looks at ways to tinker to bring down the short-rates without attacking them head on. They are clever.

Clever's stupid.

Despite a probable U.S. economic slowdown, global growth is proceeding at a better-than-adequate pace (so far), with infrastructure work playing a significant role, and that's good news for The Shaw Group.

The Shaw Group Inc. (NYSE: SGR) is a leading supplier of industrial piping systems, including engineering, pipe erection, and construction/maintenance services.

Analysts really like the fact that Shaw Group has also positioned itself as one of the largest engineering and construction contractors for the power generation market and as a top environmental services company. Analysts also like SGR's large geographic footprint.

Further, in general Wall Street expects 15%-20% revenue growth for fiscal year (FY) 2008, and 12%-15% for 2009, with adequate margins. The Reuters FY 2007/FY 2008 EPS consensus estimates for SGR are $2.44 to $3.41

The risks? Analysts are monitoring potential cyclical declines in markets of SGR's customers, overall cost containment, and the company's order backlog.

The First Call mean rating for SGR is: Buy [12 firms]. Mean 2008 target: $74.00 [high: $90, low: $65].

Stock Analysis: The Shaw Group is a moderate-risk stock not suitable for low-risk investors. Investors with an investment horizon longer than 2 years should be rewarded from SGR's shares. Sell/Stop Loss if you were to purchase shares in this company: $44.

MOST NOTEWORTHY: Vodafone, Citrix Systems, STMicroelectronics, Symmetricom and Smith International were today's noteworthy upgrades:

• JP Morgan upgraded shares of Vodafone Group (NYSE: VOD) to Overweight from Neutral, as they believe the company is benefiting from increased data sales.
  
• Citrix Systems (NASDAQ: CTXS) was upgraded to Outperform from Market Perform at Friedman Billings. The firm's checks indicate that its clear communication strategy and a stronger technology platform behind the Enterprise and Platinum editions is spurring top line growth.
  
• Baird upgraded shares of STMicroelectronics (NYSE: STM) to Outperform from Neutral based on new product cycle, multiple design wins, valuation, and strong Q4 guidance.
  
• Cantor upgraded shares of Symmetricom (NASDAQ: SYMM) to Buy from Hold as they find the valuation compelling and are comfortable with Q1 estimates.
  
• Calyon Securities upgraded Smith International (NYSE: SII) to Add from Neutral following its Q3 report and guidance.

OTHER UPGRADES:

• Shaw Group (NYSE: SGR) was upgraded to Neutral from Sell at Goldman Sachs.
  
• RBC Capital upgraded QLogic Corporation (NASDAQ: QLGC) to Outperform from Sector Perform.
  
• Credit Suisse upgraded Amgen (NASDAQ: AMGN) and Weatherford (NYSE: WFT) to Outperform from Neutral.