American Eagle Outfitters (NYSE: AEO), whose mall colleagues include Gap (NYSE: GPS), Abercrombie & Fitch (NYSE: ANF), and Urban Outfitters (NASDAQ: URBN), posted Q4 earnings on Wednesday.

The Christmas season was a difficult one for the chain. Sales decreased 9%, and same-store sales declined a whopping 16%. Ouch, sorry to hear that, American Eagle. Earnings came in at 19 cents per share, meeting analysts expectations.

It's the same old story: to move merchandise, things had to be marked down. And that affected profits. Big time.

Ann Taylor (NYSE: ANN) is not the darling of Wall Street today. As I write this, the retailer's shares have lost 30% of their value. Trading volume is heavy. The company missed Wall Street's estimates by a pretty wide margin.

The call, was for an adjusted loss of $0.55 per share in the fourth quarter. According to the press release, Ann Taylor lost $1.03 per share on an adjusted basis. Last year at this time, there was a profit of $0.19 per share. What a difference a year makes. By the way, if you include all the GAAP stuff in the current Q4, Ann Taylor lost an amount equal to the mark of the beast. I don't even want to write the evil number out, but it begins with a 6 if you want a hint.

Urban Outfitters (NASDAQ: URBN), as one might have expected, didn't report a great fourth quarter. It's a fashionable retailer, so you can imagine that consumers, who aren't in the mood to spend top dollar on clothes and accessories, forced the company to do a lot of discounting.

Sales, though, were healthy. The top line increased by 9%, and same-store sales at the Urban Outfitters brand rose 3%. Unfortunately, Q4 wasn't so kind to the Anthropologie and Free People brands. Their comps were down 6% and 13%, respectively. And the company missed earnings estimates. The call was for 28 cents per share, but the retailer was only able to deliver 24 cents per share.

Urban Outfitters (NASDAQ: URBN - option chain) shares are headed higher today after the company announced this morning same-store sales that fell 1 percent in January and fourth-quarter same-store sales that rose 3 percent. With so many retail outlets showing declining sales, investors are responding favorably to any gains and even some moderate declines in sales. If you think that the stock 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 URBN.

MOST NOTEWORTHY: Southwest Gas, Hittite Microwave and Repsol SA were today's noteworthy upgrades:

• Citigroup upgraded shares of Southwest Gas (NYSE: SWX) to Buy from Hold on valuation, as they believe the company's fundamentals have improved enormously over the last three years.
• Thomas Weisel upgraded shares of Hittite Microwave (NASDAQ: HITT) to Overweight from Market Weight, as they believe the company is executing on its strategy of increasing new product introductions and growing its global sales efforts. They believe shares are undervalued and maintain a $43 target.
  
• Repsol SA (NYSE: REP) was raised to Buy from Hold at Deutsche Bank as they expect good news to flow in 2008.

OTHER UPGRADES:

• Goldman upgraded CNOOC (NYSE: CEO) to Buy from Neutral and added shares to their Conviction Buy List.
  
• Urban Outfitters (NASDAQ: URBN) was raised to Equal Weight from Underweight at Morgan Stanley.
  
• Broadpoint raised Ultimate Software (NASDAQ: ULTI) to Buy from Neutral.

Urban Outfitters Inc. (NASDAQ: URBN) shares opened higher this morning but have slipped throughout the day after the company posted a fourth-quarter profit of $53.6 million, or 32 cents per share, helped by fewer markdowns and increased same-store sales. Analysts had been expecting URBN to post a profit of 29 cents per share. Today's weakness could be attributed to some bad retail reports from other companies, but comparatively, URBN's performance today is not too bad. 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 URBN.

After hitting a one-year low of $19.20 in July, the stock hit a one-year high of $31.32 in just this past month. URBN opened this morning at $30.01. So far today the stock has hit a low of $28.94 and a high of $30.45. As of 12:30, URBN is trading at $29.01, down $0.33 (1.1%). The chart for URBN looks bullish and deteriorating slightly, while S&P gives the stock a bullish 4 Stars (out of 5) Buy rating.

MOST NOTEWORTHY: Coca-Cola, Novo Nordisk and Equinix were today's noteworthy upgrades:

• Bear Stearns upgraded The Coca-Cola Company (NYSE: KO) to Outperform from Peer Perform, as they expect it to post solid earnings short-term with potential upside, and over the long-term due to its upgraded business model.
• Bernstein raised its rating on Novo Nordisk AS (NYSE: NVO) to Outperform from Market Perform, as they believe consensus estimates do not reflect the company's growth potential.
• Merriman upgraded shares of Equinix Inc (NASDAQ: EQIX) to Buy from Neutral on valuation following the recent sell-off. The firm expects strong Q4 results.

OTHER UPGRADES:

• BG Group Plc (OTC: BRGYY) was upgraded to Buy from Neutral at UBS.
• PetSmart Inc (NASDAQ: PETM) was raised to Buy from Neutral by Goldman Sachs.
  
• Bear upgraded Urban Outfitters Inc (NASDAQ: URBN) to Peer Perform from Underperform.

TheStreet.com's Jim Cramer says this stock won't quit, and it's beyond Bernanke's reach.

Urban Outfitters (NASDAQ: URBN) (Cramer's Take) is absolutely doing it right. This morning on "Squawk Box," I got to talking with Brad Stevens from Morgan Keegan and it hit me: URBN is making it because it is selling where the others guys aren't.

That makes for secular growth, not cyclical growth, and that also makes for a stock that won't quit.

There's a brand-new Urban Outfitters coming up in Brooklyn, and I think this will be a reminder when it opens in March that some chains are not going to be hostage to Bernanke. This is one of them.

Exciting stock for this environment and a way to shake off the Cisco (NASDAQ: CSCO) (Cramer's Take) blues.


RELATED LINKS:

• Cramer's Top Retail Buys: J.Crew, Jones Apparel
• Retail Stocks Perk Up

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. At the time of publication, Cramer had no positions in the stocks mentioned.

MOST NOTEWORTHY: Synthesis Energy, Lamar Advertising and Urban Outfitters were today's noteworthy initiations:

• Merriman believes Synthesis Energy Systems Inc (NASDAQ: SYMX) is well-positioned as it begins to leverage its exclusive global license for U-GAS technology and commences the deployment of its coal-to-methanol production facilities in China. The firm started shares with a Buy rating.
• Lamar Advertising Company (NASDAQ: LAMR) was initiated with a Buy rating and $51 target at Jefferies, as they believe shares are oversold at current levels.
• William Blair believes Urban Outfitters Inc (NASDAQ: URBN) will benefit from both strong sales and a steep margin recovery in the coming two years. The firm assumed coverage of Urban with an Outperform rating.

OTHER INITIATIONS:

• Lehman started United Rentals Inc (NYSE: URI) with an Equal Weight rating and $22 target.
• Credit Suisse assumed coverage of Mellanox Technologies (NASDAQ: MLNX) with a Neutral rating.
• EPIQ Systems Inc (NASDAQ: EPIQ) was initiated with a Market Perform rating at Wachovia.

Urban Outfitters Inc. (NASDAQ: URBN) shares are rising today after company representatives spoke at the 10th Annual ICR XChange Conference yesterday evening. Investors liked what they heard, based on the market's reaction today. 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 URBN.

After hitting a one-year low of $19.20 in July, the stock has hit a new one-year high today. URBN opened this morning at $24.60. So far today the stock has hit a low of $24.60 and a high of $25.36. As of 10:55, URBN is trading at $25.00, up $1.01 (4.2%). The chart for URBN looks bullish but deteriorating, while S&P gives the stock a positive 4 STARS (out of 5) buy rating.

MOST NOTEWORTHY: EMC Corp (EMC), NetEase.com, Inc (NTES), Wireless Ronin Technologies (RNIN), Activision (ATVI) and GameStop Corp (GME) were today's noteworthy initiations:

• BMO Capital expects upside to EMC Corp's (NYSE: EMC) June quarter estimates, but only sees limited share upside from current levels. The firm started shares with a Market Perform rating and $21 target.

• Pali Research believes NetEase.com (NASDAQ: NTES) must address the discontinuity in its growth and started shares off with a Neutral rating.

• Barrington expects Wireless Ronin (NASDAQ: RNIN) to benefit from growth towards broadcasting to the outdoor component of out-of-home and views the company as an emerging growth opportunity that is starting with a strong technological base and management team. The firm started shares with an Outperform rating.

• First Albany initiated shares of GameStop (NYSE: GME) with a Buy rating, citing upside potential to 2008 estimates.

• Activision (NASDAQ: ATVI) was also initiated at First Albany, with a Buy rating, as the firm is expecting strong results and guidance...

OTHER INITIATIONS:

• Jefferies initiated Polycom (NASDAQ: PLCM) with a Buy rating.

• Deutsche Bank started Zoran (NASDAQ: ZRAN) with a Buy rating.

• Stanford initiated Urban Outfitters (NASDAQ: URBN) with a Buy rating.

• Banc of America initiated Garmin (NASDAQ: GRMN) with a Neutral rating.

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

MOST NOTEWORTHY: Crocs, Inc (CROX), Plantronics, Inc (PLT), MasterCard Inc (MA) and American Express Co (AXP) top Wednesday's noteworthy list:

• JP Morgan started Crocs Inc (NASDAQ: CROX) with an Overweight rating based on the company's strong growth model.

• JMP Securities upgraded Plantronics Inc (NYSE: PLT) with a Market Perform citing price competition and visibility in the speaker market.

• MasterCard Inc (NYSE: MA) was started with an Underweight rating at Thomas Weisel citing concerns regarding increased pressure from bank issuing partners regarding fees and reduced cross border pricing benefits. Additionally,

• Thomas Weisel started American Express Co (NYSE: AXP) with an Overweight rating, expecting increased card issuance migration and merchant migration due to increased pressure on bank fees and increasing consumer demand for rewards...

OTHER INITIATIONS:

• Stifel started Microsemi Corp (NASDAQ: MSCC) with a Buy rating and $28 target.

• JP Morgan initiated shares of Deckers Outdoor Corp (NASDAQ: DECK) with an Overweight rating.

• Goldman started Eastman Kodak Co (NYSE: EK) with a Neutral rating.

• Soleil initiated shares of Urban Outfitters, Inc (NASDAQ: URBN) with a Buy rating.

• United Therapeutics Corp (NASDAQ: UTHR) was initiated with a Sector Outperformer rating and $83 target at CIBC.

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

Stock screeners are tools that let investors filter through a large number of stocks according to chosen criteria. While helping investors pick stocks and narrow down options, it is important to remember that a stock screener is just a tool and every investment should be analyzed on its own merits to make sure it fits with your personal portfolio and risk characteristics. This is my weekly column that finds interesting investment opportunities with the help of our Stock Screener.

Update: I've written the post before the recent rumors reported in the New York Post about Barneys New York possibly being bought by Dubai oil sheiks. While I did mention that I've noticed increased activity in JNY trading, the reason was unclear. I now expanded further on the matter at the end of the post.

Last Friday was Good Friday and like every good Canadian who lives along the U.S. border, we decided we couldn't handle one day without shopping (stores in Canada were closed). So we drove to Buffalo. Bargain huntin'. With the low U.S. dollar, bargains are even better. We went to the outlet mall and, as usual, I got stuck at Jones New York, hubby at Liz Claiborne.

Last week I came across an article in Forbes about the possibility of Gianni Versace S.p.A. going public. Versace had recently announced it swung a profit in 2006 and that it plans to further expand in Asia. A Versace IPO could be worth $1.2 billion. A Wall Street Journal article mentioned that a few other private fashion houses might also consider public offering [subscription] next year, including Prada SpA.

Naturally, with all this in my head, I wanted to see how the U.S. fashion stores are doing. In the Stock Screener, I chose the Women's Clothing industry and a minimum $1 billion market capitalization. Lo and behold, the stock screener returned Liz Claiborne Inc. (NYSE: LIZ) and Jones Apparel Group Inc. (NYSE: JNY).

MOST NOTEWORTHY: Chico's FAS, Inc (CHS), Live Nation (LYV) and Clear Channel Communications, Inc (CCU) were some of today's notable upgrades:

• Friedman, Billings, Ramsey upgraded shares of Chico's FAS Inc (NYSE: CHS) to Market Perform from Underperform and raised their target to $25 from $17 on valuation.

• Matrix USA upgraded Live Nation (NYSE: LYV) to Hold from Sell on valuation.

• Sanders Morris upgraded Clear Channel Communications (NYSE: CCU) to Hold from Sell, as the firm believes the disapproval by holders to sell the company will result in shares trading in the $34-$37 range.

OTHER UPGRADES:

• Lehman upgraded PPL Corp (NYSE: PPL) to Overweight from Equal-Weight.

• Friedman, Billings, Ramsey continued to recommend shares of Urban Outfitters, Inc (NASDAQ: URBN) with an Outperform rating as the firm has seen consistent progress at both the company's divisions throughout March. Friedman added Urban Outfitters to its Top Picks list.

• JP Morgan raised Sonic Corp (NASDAQ: SONC) to an Overweight rating from Neutral, and believes shares have priced in softer Q2 sales that were pre-announced late-February.

• Martha Stewart Living Omnimedia, Inc (NYSE: MSO) was upgraded at Bear Stearns to Peer Perform from Underperform.

• Morgan Stanley upgraded Mylan Laboratories (NYSE: MYL) to Neutral from Sell.

• Goldman Sachs upgraded the Mortgage Insurance sector to Neutral from Cautious.

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

MOST NOTEWORTHY: EMC Corp (EMC), Network Appliance, Inc (NTAP), ImClone Systems Inc (IMCL) and International Game Technology (IGT) were some of today's more notable upgrades:

• JP Morgan upgraded EMC Corp (NYSE: EMC) to Overweight from Neutral as the firm believes improved momentum in the second-half of 2007 will drive shares higher.

• Network Appliance (NASDAQ: NTAP) was also upgraded by JP Morgan, to Overweight from Neutral, as the firm believes storage will experience improving secular trends this year.

• Citigroup upgraded ImClone (NASDAQ: IMCL) to Hold from Sell and raised their target to $40 from $26 due to lower competitive threats from Amgen Inc's (AMGN) Vectibix.

• Prudential raised International Game Technology's (NYSE: IGT) rating to Neutral from Underweight, citing valuation.

OTHER UPGRADES:

• Goldman Sachs upgraded DreamWorks Animation SKG, Inc (NYSE: : DWA) to Buy from Neutral with a $36 target and added DWA to their Americas Investment Buy List. Goldman believes the company's new films should drive a higher valuation.

• Wachovia upgraded Urban Outfitters, Inc (NASDAQ: URBN) to Outperform from Market Perform after a meeting with management as they believe a turnaround is well in progress.

• Wachovia upgraded Northrop Grumman Corp (NYSE: NOC) to Market Perform from Underperform on valuation.

• AG Edwards upgraded Western Union Co (NYSE: WU) to Buy from Hold with a $36 target.

• Friedman, Billings, Ramsey upgraded shares of Progressive Corp (NYSE: PGR) to Market Perform from Underperform on valuation.

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