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

• Abercrombie & Fitch Co. (NYSE: ANF) earnings prospects and declining sales resulted in a downgrade.
• America's Car-Mart Inc. (NASDAQ: CRMT) stronger-than-expected Q1 results led shares to a four-year high.
• ArcSight Inc. (NASDAQ: ARST) reported strong Q1 numbers on increasing demand for cyber security.
• Brown-Forman Inc. (NYSE: BF.B) Q1 results easily topped expectations despite a decline in revenue.
• Ciena Corp. (NASDAQ: CIEN) posted a Q3 loss but revenue improved sequentially, and shares rose.

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

• Aeropostale Inc. (NYSE: ARO) reported strong Q4 numbers as same-store sales increased.
• American Eagle Outfitters Inc. (NYSE: AEO) same-store sales fell in Q4 but earnings met expectations.
• ArcSight Inc. (NASDAQ: ARST) continued its growth in Q3 and it forecast continued growth.
• Buckle Inc. (NYSE: BKE) posted a better-than-expected Q4 profit and continued same-store sales growth.
• Citigroup Inc. (NYSE: C) CEO said in a memo that it earned a profit in the first two months of this quarter.
• Dick's Sporting Goods Inc. (NYSE: DKS) beat Q4 earnings estimates but same-store sales fell.

According to speculation in various news outlets and blogs, Activision Blizzard (NASDAQ: ATVI) may end up doing something with its huge cash position. The software publisher, most famous these days for its Guitar Hero property, has around $3 billion in its coffers. The question is, should Activision Blizzard spend its cash on an acquisition as opposed to doing other things with the money, like pay a special dividend or increase its buyback?

Considering that assets are cheap because of the recession, I'd say that a little shopping might not be such a bad idea. Here's an article that discusses the possibility of Activision Blizzard taking over Take-Two (NASDAQ: TTWO) distributor of Grand Theft Auto. Then there's the concept of buying up THQ (NASDAQ: THQI). Perhaps the company could take Mortal Kombat off the corporate hands of Midway Games.

It was a quiet week, but here are highlights from this past week's earnings coverage from BloggingStocks:

• Amgen Inc. (NASDAQ: AMGN) earnings growth prospects for 2009 make the stock worth a look.
• Big Lots Inc. (NYSE: BIG) offered no 2009 guidance but may benefit from bankruptcies of other retailers.
• Cal-Maine Foods Inc. (NASDAQ: CALM) Q2 earnings fell more than expected but revenue rose.
• Chevron Corp. (NYSE: CVX) said it will soon post preliminary Q4 results in the face of falling oil prices.
• Piedmont Natural Gas Co. Inc. (NYSE: PNY) reported a widened Q4 loss while revenue improved.
• Take-Two Interactive Software Inc. (NASDAQ: TTWO) earnings prospects may make the stock a bargain.

Also, a survey indicated that U.S. corporate profits in the fourth quarter probably fell for the sixth straight quarter. Interest cuts haven't helped bank earnings, will the Fed buying mortgage-backed securities do better? And, are food stocks still a defensive play?

Upcoming earnings releases include Bed Bath & Beyond (NASDAQ: BBBY), Constellation Brands (NYSE: STZ), Family Dollar (NYSE: FDO), and Monsanto (NYSE: MON).

Visit AOL Money & Finance for more earnings coverage.

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

• Adobe Systems Inc. (NASDAQ: ADBE) posted strong Q4 and full-year results, but with flat Q4 revenues.
• Best Buy Inc. (NYSE: BBY) beat Q3 expectations though earnings tumbled, and shares rose about 18%.
• Carnival Corp. (NYSE: CCL) announced that it had lowered its full-year earnings and revenue guidance.
• Discover Financial Services (NYSE: DFS) net income from continuing operations more than doubled in Q4.
• Eaton Corp. (NYSE: ETN) cut its Q4 earnings guidance on weakness in the American auto market.
• FedEx Corp. (NYSE: FDX) Q2 earnings topped expectations and it reaffirmed its guidance.
• General Electric Co. (NYSE: GE) declined to provide quarterly earnings guidance in its annual outlook.
• General Mills (NYSE: GIS) posted a higher-than-expected profit on cost cutting and increased marketing.
• Gilead Sciences Inc. (NASDAQ: GILD) strong earnings growth are expected by one analyst to continue.
• Goldman Sachs Group (NYSE: GS) swung to an anticipated Q4 loss and reported negative revenues.
• Healthcare Realty Trust Inc. (NYSE: HR) was downgraded due to its near-term earnings prospects.
• Honeywell International Inc. (NYSE: HON) affirmed a lower 2009 outlook and said it expects profits to fall.

Electronic Arts (NASDAQ: ERTS) is recently down $2.10 to $17.25 in pre-opening trading. ERTS lowered 2009 EPS & revenue targets. Smith Barney says: "ERTS is entering another period of negative earnings revisions with no positive catalysts on the horizon." ERTS overall option implied volatility of 81 is above its 26-week average of 62 according to Track Data, suggesting larger price movement.

Activision (NADAQ: ATVI), an online and console game producer, closed at $10.09. ATVI December option implied volatility is at 109, January is at 94; above its 26-week average of 69 according to Track Data, suggesting larger price movement.

THQ Inc (NASDAQ: THQI) closed at $5.03. THQI is a developer & publisher of interactive entertainment software. THQI January option implied volatility of 94 is above its 26-week average of 70 according to Track Data, suggesting larger movement.

Take-Two (NASDAQ: TTWO), publisher, developer and distributor of interactive entertainment, closed at $12.12. TTWO rejected ERTS unsolicited bid in February 2008, but subsequently faced opposition from shareholders wanting to cash in on the deal. TTWO December option implied volatility is at 94, January is at 79; above its 26-week average of 74 according to Track Data, suggesting larger price movement.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

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

• Boeing Co. (NYSE: BA) earnings prospects may have encouraged the machinist union to strike.
• Ciena Corp. (NASDAQ: CIEN) Q3 results and weak guidance led shares to a new 52-week low.
• Corning Inc. (NYSE: GLW) lowered its Q3 earnings guidance below previous and analysts' forecasts.
• Dollar Financial Corp. (NASDAQ: DLLR) beat Q4 estimates and posted record 2008 results.
• Ericsson Telephone Co. (NASDAQ: ERIC) was downgraded because it could miss Q3 earnings expectations.
• Esterline Technologies (NYSE: ESL) topped Q3 expectations due to robust aerospace and defense markets.
• Joy Global Inc. (NASDAQ: JOYG) posted strong Q3 results due to a sharp increase in orders.
• Kraft Foods Inc. (NYSE: KFT) backed away somewhat from its previous 2008 earnings guidance.
• Legg Mason Inc. (NYSE: LM) earnings prospects for the next several quarters led to an analyst downgrade.
• MEMC Electronic Materials Inc. (NYSE: WFR) mid quarter update warned of declining demand for chips.
• Navistar International Corp. (NYSE: NAV) was upgraded following a strong Q3 report.
• New York Times Co. (NYSE: NYT) ongoing losses haven't diminished Rupert Murdoch's interest in it.
• Nokia Corp. (NYSE: NOK) warned that it would miss earnings estimates due in part to weak sales.
• Shanda Interactive Entertainment Ltd. (NASDAQ: SNDA) better-than-expected Q2 led to an analyst upgrade.
• Staples Inc. (NASDAQ: SPLS) Q2 earnings slipped while revenues rose, beating expectations.
• Take-Two Interactive Software Inc. (NASDAQ: TTWO) Q3 results soared but cut its Q4 guidance.
• Tenet Healthcare Corp. (NYSE: THC) was upgraded on its prospects for beating expectations.
• Terex Corp. (NYSE: TEX) warned that earnings for Q3 and Q4 would be lower than estimates.
• Tiffany & Co. (NYSE: TIF) posted better-than-expected Q2 results and offered full-year guidance.
• Toll Brothers Inc. (NYSE: TOL) reported its fourth straight quarterly loss, but it was smaller than expected.

Also, Jim Cramer discusses a decline in earnings resulting from a collapse of oil and oil services.

Upcoming quarterly reports include Korn/Ferry (NYSE: KFY), Pep Boys (NYSE: PBY), Campbell Soup (NYSE: CPB), Krispy Kreme (NYSE: KKD), and Lululemon Athletica (NASDAQ: LULU).

Visit AOL Money & Finance for more earnings coverage.

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:

• Bob Evans Farms Inc. (NASDAQ: BOBE) posted stronger-than-expected Q4 earnings.
• Ciena Corp. (NASDAQ: CIEN) beat earnings expectations, but share prices slipped anyway.
• Daktronics Inc. (NASDAQ: DAKT) Q4 results beat expectations and it raised its revenue outlook.
• Diageo (NYSE: DEO) is recession-proof and should deliver solid results, predicts one adviser.
• Donaldson Company Inc. (NYSE: DCI) beat Q3 expectations and raised its full-year guidance.
• Ensco International Inc. (NYSE: ESV) was upgraded because of its earnings growth potential.
• Lehman Brothers Holdings Inc. (NYSE: LEH) earnings prospects don't impress Jim Cramer.
• Netezza Corp. (NYSE: NZ) beat Q1 expectations and offered full-year revenue guidance.
• Potash Corp. (NYSE: POT) earnings are "set to soar" says one analyst, due to rising demand and prices.
• Sherwin-Williams Co. (NYSE: SHW) lowered its Q2 and full-year forecasts, sending shares down.
• Take-Two Interactive Software Inc. (NASDAQ: TTWO) beat Q2 estimates on Grand Theft Auto IV demand.
• Trina Solar Ltd. (NYSE: TSL) beat Q1 estimates but shares fell on the disappointing Q2 outlook.
• Wal-Mart Stores Inc. (NYSE: WMT) was upgraded due to its earnings outlook and increased productivity.

See also: Earnings highlights: Toll Bros., National Semiconductor, Dr Pepper, Guess 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.

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

Take-Two Interactive (NASDAQ: TTWO) has launched its important new "Grand Theft Auto IV" franchise and it has done remarkably well. It did not cause a big bump in the firm's stock, which has only moved from $26.62 three weeks ago to $27.10.

The company's one suitor, Electronic Arts (NASDAQ: ERTS), had already taken the shares up from from under $18 with its buyout offer. Most analysts believe that the offer will be extended because Take-Two has resisted a buyout.

According to The Wall Street Journal, there is a "belief among Take-Two management and some of the company's shareholders that the company deserves a higher offer from EA. "

No matter what Take-Two believes, EA's best move now is probably not to extend the offer but, instead, to walk away. The Take-Two share price would be very likely to move back below $20, which would pressure the company's board to do something to move the share price back up again.

EA's shareholders are ill-served if the company extends its offer. Without a buyer, Take-Two might have to come to the negotiating table and Electronic Arts could get a better deal.

Douglas A. McIntyre is an editor at 247wallst.com and author of the Ten Stocks Under $10 letter.

No matter how you slice it, whether you look at GAAP or non-GAAP statistics, Activision, Inc. (NASDAQ: ATVI) kicked it during the quarter. And I mean really kicked it.

Net sales for Q4 set off at warp factor 11, rising 93% to $602.5 million. Earnings per diluted share on a reported basis came in at $0.14, reversing a year-ago loss of $0.05 per share. For the full fiscal year, Activision grew revenues by 92% -- again, sales growth in the 90's! -- to $2.9 billion. Earnings per diluted share were $1.10 in 2008 versus a measly $0.28 in 2007. Take that, Electronic Arts Inc. (NASDAQ: ERTS) and THQ Inc. (NASDAQ: THQI)! Activision is truly taking advantage of consoles from Microsoft Corporation (NASDAQ: MSFT), Sony Corporation (NYSE: SNE), and Nintendo Co. Ltd. (OTC: NTDOY). Titles such as Call of Duty 4, Guitar Hero, and Transformers drove the results -- like I always say, it's always about the quality of the slate. On an adjusted basis, earnings beat expectations by a whopping $0.12, according to Briefing.com.

I bet EA is really wishing its deal went through for Take-Two Interactive Software, Inc. (NASDAQ: TTWO) right about now! I believe Activision will continue to do well the rest of the year, and I love its fundamentals, but what about the stock? As of this writing, it's up about 3%. If you are looking to trade Activision, I'd probably wait until all the earnings excitement is over and be patient for pullbacks as the market may perceive that everything is priced in at the moment now that the news is out.

Disclosure: I own shares in Activision; positions can change at any time.

MOST NOTEWORTHY: EastGroup Properties, Take-Two and Calumet Specialty were today's noteworthy downgrades:

• After EastGroup (NYSE:EGP) reported slightly higher-than-expected Q1 FFO per share, Cantor Fitzgerald downgraded the stock to Hold from Buy on valuation. However, the firm still believes that the company's business model and dividend fundamentals are well-positioned.
  
• Citigroup downgraded Take-Two (NASDAQ:TTWO) to Hold from Buy citing balanced risk/reward as the firm does not expect an aggressive competing bid process.
  
• Raymond James downgraded Calumet (NASDAQ:CLMT) to Underperform from Market Perform following the company's reduction in distribution to 45c unit from 63c.

OTHER DOWNGRADES:

• Citigroup lowered XM Satellite (NASDAQ:XMSR) to Hold from Buy.
  
• Oppenheimer cut First Midwest Bancorp (NASDAQ:FMBI) to Perform from Outperform.
  
• Bernstein downgraded DirecTV (NASDAQ:DTV) to Market Perform from Outperform.

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

• America's Car-Mart Inc. (NASDAQ: CRMT) beat estimates by closing underperforming branches.
• Aristotle Corp. (NASDAQ: ARTL) fourth-quarter revenue edged up while earnings slipped.
• Blackstone Group (NYSE: BX) fourth-quarter profit plunged on bond insurance related write-downs.
• Boston Beer Co. Inc. (NYSE: SAM) fourth-quarter profit more than doubled as drinkers switch to craft beers.
• CAI International Inc. (NYSE: CAP) beat expectations fourth quarter and raised its guidance.
• Caterpillar Inc. (NYSE: CAT) offered encouraging guidance for the full year and long term.
• Consolidated Communications Holdings Inc. (NASDAQ: CNSL) beat estimates for the fourth quarter.
• Flow International Corp. (NASDAQ: FLOW) beat expectations, sending shares up sharply.
• Gehl Co. (NASDAQ: GEHL) fourth-quarter profit fell but beat expectations due to international growth.
• J. Crew Group Inc. (NYSE: JCG) raised its full-year outlook, sending shares higher.
• Kroger Co. (NYSE: KR) beat fourth-quarter expectations though profit slumped due to inflation.
• Maidenform Brands Inc. (NYSE: MFB) beat fourth quarter estimates due to sourcing initiatives.
• Smart Balance Inc. (NASDAQ: SMBL) nearly doubled its fourth-quarter loss despite strong revenue growth.
• Take-Two Interactive Software Inc. (NASDAQ: TTWO) posted a narrower-than-expected first-quarter loss.
• WellPoint Inc. (NYSE: WLP) cut its first-quarter and full-year forecasts on higher expenses.

Activision (NASDAQ: ATVI) can rock its shareholders just as hard as a blood-spitting Gene Simmons at a Kiss concert. And we all know why -- the Guitar Hero franchise is, simply put, one of the most popular videogames out there, and it is available for all the major console systems from Sony (NYSE: SNE), Microsoft (NYSE: MSFT) and Nintendo (OTC: NTDOY). It's also a pain in the neck for other publishers such as Electronic Arts (NASDAQ: ERTS), Take-Two (NASDAQ: TTWO) and THQ (NASDAQ: THQI), since they have to put up with the franchise's dominating power. But guess what, the inevitable has come to pass -- Activision is being accused of patent infringement!

Yes, you can't be very popular, you can't rake in millions and millions of dollars in profit for shareholders and expect to get away unscathed. Gibson Guitar, according to this Associated Press piece, believes Guitar Hero infringes on a patent it holds for a rock-concert simulator. The patent apparently goes back to 1999 and it contains a description for a system that uses a 3-D headset in conjunction with a musical playback. Activision decided to file a suit to get a court decision declaring that it is not infringing on any existing patent.