Auto parts retailer AutoZone Inc. (AZO) reported its fiscal second quarter results this morning, and the stock is trading up nicely after the company easily beat analyst estimates for the period.

As we noted in our earnings preview yesterday, analysts had been expecting to see the company post earnings of $3.06 per share. AutoZone shattered analyst estimates with reported earnings of $3.34 a share.

U.S. stock futures are higher Tuesday morning as investors await economic data. Futures for the Dow Jones Industrial Average surged 49 points to 12,263.00, while those for the S&P 500 index gained 6.10 points to 1,332.20. Futures for the Nasdaq 100 index climbed 14.25 points to 2,365.00.

The U.S. stock market closed higher on Monday, driven by an upbeat personal income report. The Dow Industrials gained 0.79% and the S&P 500 rose 0.56%.

U.S. ISM manufacturing data for February and construction spending data for January will be released at 10 a.m. ET. Auto sales data for February will also be released on Tuesday.

The earnings season is winding to a close, but there are still some big names left to report, including AutoZone Inc. (AZO), which will report its fiscal second quarter results before the market opens on Tuesday.

Going into tomorrow's earnings report, analysts are expecting to see Autozone announce earnings of $3.06 per share. During the same period last year the company had earnings of $2.46.

This week we turn the calendar page, and that change brings with it a raft of economic data. Scheduled for release on Monday are pending home sales and personal income numbers for January, as well as the Chicago PMI and car and truck sales data for February.

On Tuesday, look for the ISM Manufacturing Index for February and construction spending numbers for January. That's followed on Wednesday by the week's first employment data: the Challenger Job-Cuts announcement and the ADP employment report for February. Federal Reserve Chairman Ben Bernanke will deliver his semiannual monetary policy testimony before Congress on both days.

The shares of AutoZone Inc. (AZO) have pulled back slightly, but that's just a disguise: the shares of AZO are headed higher. And the reason is obvious enough: until monthly U.S. job growth averages about 200,000, new car auto sales will remain below 30-year averages.

The auto parts chain was first discussed here on March 30, 2009, at a price of $163.40.

AutoZone is benefiting from economic conditions as adults unable to buy a new car are maintaining their existing used cars; others are purchasing a used car instead of a new one. Each trend is bullish for AZO.

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Auto parts retailer Autozone Inc. (AZO) reported its fiscal first quarter results this morning, beating analyst estimates for the quarter.

Going into this morning's earnings report, analysts were expecting to see Autozone report earnings of $3.40 per share, but the company easily beat out estimates with a reported $3.77.

After a week full of mixed economic data taking its toll on the markets, things will settle down somewhat this coming week.

• Monday: Fed releases October data on consumer credit outstanding.
• Tuesday: TIPP Economic Optimism Index is due.
• Wednesday: Labor Dept. offers initial jobless claims numbers for last week, EIA's crude oil inventory last week, October wholesale trade numbers from the Census Bureau.
• Friday: Trade balance data for October, Bureau of Labor Statistics releases its Import Price Index for November, preliminary Michigan Consumer Sentiment Index is due, and the Treasury Dept. releases the federal budget balance in November.

AutoZone Inc. (AZO) is scheduled to release its fiscal fourth-quarter earnings before the market opens Tuesday, Sept. 21. The retailer has a solid track record in the earnings spotlight, having exceeded analysts' per-share profit predictions in each of the past four reporting periods -- and AZO has managed to surpass Wall Street's consensus estimate by an increasingly wide margin in each sequential quarter.

Ahead of the report, analysts surveyed by Thomson Reuters are anticipating AutoZone to bank a profit of $5.42 per share, up from $4.45 per share in the year-ago period. Sales are expected to arrive at $2.39 billion.

Housing steps into the spotlight again this coming week. The release of the National Association of Homebuilders Housing Market Index starts out the week on Monday morning. Then on Tuesday morning, look for housing starts data from August. Release of the July FHFA House Price Index is scheduled for Wednesday. And numbers for existing home sales and for new home sales in August are due out Thursday and Friday, respectively. Overall, the housing market is expected to have continued to lose momentum in August, but less dramatically than in July.

Also on the economic calendar this week: Tuesday's FOMC meeting on interest rates, the Conference Board's Leading Economic Indicators Index for August on Thursday, initial jobless claims for last week, and durable goods orders data for August on Friday. No significant changes from the Fed are anticipated, but the leading economic indicators may rise a bit.

Analyst Upgrades

• Citigroup upgraded OpenTable (OPEN) to buy from hold, citing stronger than expected near-term trends and traction for the company's Spotlight offering. Citi upped its price target for shares to $70 from $46.
• Wells Fargo upgraded Werner (WERN) to outperform from market perform, citing valuation, the company's reduction in cost, and its above peer exposure to the pricing cycle.
• Goldman upgraded CarMax (KMX) to neutral from sell based on valuation and higher used car profitability. The firm has a $24 target on the stock.
• Apollo Group (APOL) was upgraded to overweight from equal weight at Morgan Stanley.
• Nokia (NOK) was upgraded to overweight from equal weight at Barclays.
• Zions Bancorp (ZION) was upgraded to outperform from market perform at Bernstein.

Analyst Upgrades

• BMO Capital upgraded Noble Energy (NE) to outperform from market perform and raised its target to $85 from $78. The firm upgraded Noble based on Niobrara field potential and record-breaking reserve potential at the Leviathan prospect.
• Wells Fargo upgraded Raytheon (RTN) to outperform from market perform based on relative valuation, strong balance sheet and International sales exposure.
• ThinkEquity upgraded Cerner (CERN) to buy from hold based on valuation and EMR momentum. The firm raised its price target on shares to $86 from $80.
• Sanofi-Aventis (SNY) was upgraded to buy from hold at Societe Generale.
• Cavium Networks (CAVM) was upgraded to outperform from market perform at JMP Securities.
• CSG Systems (CSGS) was upgraded to outperform from perform at Oppenheimer.

A U.S. economic recovery in doubt means new car auto sales forecasts are in doubt, which is good news if you own shares of auto parts chain AutoZone Inc. (AZO). I first discussed AutoZone here on March 30, 2009, at a price of $163.40.

AutoZone is benefiting from a recession-related trend: Adults unable to buy a new car are maintaining their existing used cars; others are purchasing a used car instead of a new one. Each trend is bullish for AutoZone.

As a result, look for AutoZone to post revenue growth of 5% to 7%, boosted by both same-store sales growth and about 200 new stores. Margins should widen.

If you're looking for a stock that you can ride higher even if the market can't sustain a bullish rally, you might want to take a look at AutoZone, Inc. (AZO).

AutoZone has been on a tear since November 2009 -- rising at a 45-degree angle on its chart from $135 to $200. Whenever the overall market has pulled back, AutoZone has withstood the bearish pressure and moved higher.

Analyst Upgrades

• UBS upgraded JPMorgan (JPM) to buy from neutral and has a $50 price target on the stock. The firm cites valuation for the upgrade.
• Morgan Joseph upgraded Deere (DE) to buy from hold, citing strong U.S. demand for combines and tractors, favorable fundamentals in Brazil, and expectations for improved domestic construction-equipment demand. The firm has a $75 price target on the stock.
• Wells Fargo upgraded Venoco (VQ) to outperform from market perform to reflect increased confidence in the company's Monterey Shale potential.
• GlaxoSmithKline (GSK) was upgraded to buy from hold at Jefferies.
• Tenet Healthcare (THC) was upgraded to positive from neutral at Susquehanna.
• Agnico-Eagle (AEM) was upgraded to outperform from sector perform at RBC Capital.