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

• American Eagle Outfitters Inc. (NYSE: AEO) Q2 profit fell short of estimates as same-store sales declined.
• Ann Taylor Stores Corp. (NYSE: ANN) Q2 earnings beat very low expectations and same-store sales fell.
• Big Lots Inc. (NYSE: BIG) reported better-than-expected numbers for Q2, sending shares upward.
• Burger King Holdings Inc. (NYSE: BKC) posted a better-than-expected Q4 profit though revenue declined.
• China Petroleum & Chemical Corp. posted a record Q2 profit after restrictions on fuel prices were lifted.
• Dell Inc. (NASDAQ: DELL) said its Q2 earnings declined, but they still topped analysts' expectations.

Big Lots (NYSE: BIG - option chain) shares are rising today after the company posted a second-quarter profit of $28.4 million, or 34 cents per share, on revenue of $1.09 billion. BIG's adjusted profit of 35 cents per share topped analysts' forecasts of 30 cents per share on revenue of $1.08 billion. This amount is up from last year at the same time, when BIG posted EPS of 0.32. 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 BIG.

BIG opened this morning at $25.38. So far today the stock has hit a low of $25.38 and a high of $26.70. As of 11:40, BIG is trading at $25.95, up $1.92 (8.1%). The chart for BIG looks bullish and S&P gives BIG a positive 4 STARS (out of 5) buy ranking.

Canadian banks are scheduled to step into the earnings spotlight this week, with third-quarter reports coming from Bank of Montreal (NYSE: BMO), Bank of Nova Scotia (NYSE: BNS), Canadian Imperial Bank of Commerce (NYSE: CM), Royal Bank of Canada (NYSE: RY), and Toronto-Dominion Bank (NYSE: TD). While Canadian banks on the whole held up better than their U.S. counterparts during the financial crisis, these five are expected to report that their earnings are still declining in the most recent quarter.

Analysts surveyed by Thomson Reuters are looking for EPS for these banks to have fallen from 15% to 25% from a year ago. Their long-term EPS growth forecast is for between 10% and 12%, which is in the same range as U.S. rivals JPMorgan Chase & Co. (NYSE: JPM) and Wells Fargo & Co. (NYSE: WFC), but better than Bank of America Corp. (NYSE: BAC) and Citigroup Inc. (NYSE: C). Earnings multiples for these Canadian banks are 10x to 12x, but none of them have a First Call consensus recommendation is to buy. The Motley Fool, though, considers TD as a value stock and RY a stock poised to pop. All of them are trading much closer to their 52-week highs than lows, and shares of all are up more than 100% since March lows.

This morning, discount retailer Big Lots (NYSE: BIG) announced that same-store sales dropped 2.4% during the second quarter. The company's sales were pulled lower by weakness in its home and furniture categories, but still fell in range of its earlier forecast for a decline of 1% to 3%.

While furniture and home acted as an anchor on sales, the company's consumables, hardlines, and seasonal categories performed well. Total retail sales for the quarter fell 2.3% to $1.07 billion while year-to-date same-store sales fell $2.2 billion.

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

• American Eagle Outfitters Inc. (NYSE: AEO) reported better-than-expected Q1 earnings, lifting shares.
• AutoZone Inc. (NYSE: AZO) posted a better-than-expected Q3 profit said it will continue to buy back shares.
• Bank of Montreal (NYSE: BMO) reported lower Q2 earnings and also announced 1,100 layoffs.
• Big Lots Inc. (NYSE: BIG) higher Q1 earnings topped estimates even though same-store sales fell.
• BioMed Realty Trust Inc. (NYSE: BMR) earnings prospects after the recent capital raise led to a downgrade.

Early this morning, discount retailer Big Lots (NYSE: BIG) reported first-quarter earnings of 44 cents per share. These results are up from 42 cents a year ago, and are four cents better than the consensus estimate. BIG tallied quarterly sales of $1.14 billion, down from $1.15 billion a year ago. Comparable-store sales slipped 0.5% during the quarter.

BIG forecast second-quarter earnings of 26 to 32 cents per share. On average, analysts expected 30 cents per share. This outlook assumes that BIG's same-store sales will fall 1% to 3% during the quarter.

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.

Sears Holding (NASDAQ: SHLD) is recently trading at $62.10 in pre-open trading, above its close of $50.19. SHLD secured a new $2.4 billion line of credit to help finance purchases through 2012. SHLD reported Q1 of $10.1 billion, versus $11.1 billion in the same quarter a year ago. SHLD June call option volatility is at 64, puts is are at 77 verses its 26-week average of 64, according to Track Data. SHLD puts are priced higher than calls because SHLD is difficult to borrow.

Big Lots (NYSE: BIG) closed at $24.14. BIG is scheduled to report Q1 EPS on May 28. BIG June option implied volatility is at 58; October is at 56; below its 26-week average of 72, according to Track Data, suggesting decreasing 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:

• American International Group Inc. (NYS: AIG) posted a record loss even as it asks for more taxpayer funds.
• AnnTaylor Stores Corp. (NYSE: ANN) shares sank after it missed Q4 expectations by a wide margin.
• AutoZone Inc. (NYSE: AZO) reported strong Q2 results, sending shares upward toward its 52-week high.
• Big Lots Inc. (NYSE: BIG) shares soared after it reported better-than-expected numbers for Q4.
• Chico's FAS Inc. (NYSE: CHS) Q4 loss widened on impairment charges and severance costs.

Discount retailer Big Lots Inc. (NYSE: BIG) saw its shares surge higher in Wednesday trading after it posted a fourth-quarter profit from continuing operations that came in ahead of analysts expectations and offered a better-than-expected outlook.

Clearly, investors view BIG as a recession stock to own.

Earnings from continuing operations totaled a dollar per share, ahead of the 93 cents per share analysts were expecting, and 3 cents higher than the year-ago quarter. Revenue fell to $1.37 billion from $1.41 billion last year, but beat expectations of $1.36 billion. Same-store sales fell a mild 3.2%, as sales of discretionary items, such as furniture and toys, were challenging.

While the release of economic data doesn't stop next week (see economic schedule highlights below), the earnings season does wind down dramatically. Most of the S&P 500 companies already have reported on the past quarter, which means dismal earnings news is largely behind us, at least for a while. About the only companies of note expected by analysts surveyed by Thomson Reuters to report falling earnings this week are Costco Wholesale Corp. (NASDAQ: COST), Wendy's/Arby's Group Inc. (NYSE: WEN), Foot Locker Inc. (NYSE: FL), Bank of Montreal (NYSE: BMO), and Steinway Musical Instruments Inc. (NYSE: LVB).

While PetSmart Inc. (NASDAQ: PETM) and Big Lots Inc. (NYSE: BIG) quarterly profits are expected to be about the same as a year ago, Liz Claiborne Inc. (NYSE: LIZ), Kenneth Cole Productions Inc. (NYSE: KCP), Ciena Corp. (NASDAQ: CIEN), and Trina Solar Ltd. (NYSE: TSL) are expected to have swung to losses in the most recent quarter.

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.

I grew up in the 1970s and recall fondly watching the TV series "Dallas" with my family on Friday nights. Everything on the culturally sensational show was big, including its storylines.

Of course, one of my favorites was "who shot J.R.?" But another favorite was the return of Bobby Ewing after a supposed death that was resolved by stating the entire season was a dream.

I like to use the dream analogy for stocks that have made a round trip journey in a short period of time. If a stock goes up only to return to the level previously, it is as if the investor woke from a dream and the stock never actually moved up.

Such is the story of closeout retailer Big Lots (NYSE: BIG).

Shares started the year around $15 per share. Enthusiasm over profits and performance as consumers in a struggling economy sought lower-priced options fueled a gain in BIG.

Shares more than doubled in value, but hit a roadblock in late August. At that time, earnings that beat estimates were not enough to keep the momentum going. I wrote about the company at that time and suggested that investors in BIG should take money off the table.

When the Bureau of Economic Research declared that the recession had officially begun in December 2007, the entire retail sector shrugged its shoulders and said, "No kidding."

Shares of companies that deal directly with the consumer, except for the deep discount retailers, have known for some time that the economy was struggling. Sales have been declining steadily and, with the deteriorating operating environment, shares of the retail stocks have been absolutely crushed.

The entire retail group is one of the biggest losers in the market this year, with some stocks down 80% to 90%.

That said, those retailers that offer big discounts, including Wal-Mart (NYSE: WMT) and Big Lots (NYSE: BIG), are doing much better on a relative basis.

With the end of the year fast approaching, it's time to start putting together "best of" and "worst of" lists for 2008. This entry is a little bit of both, but it's admittedly heavy on the "worst of." Among the current members of the S&P 500 Index (SPX), just 11 were sitting on a year-to-date gain as of the close of trading on Monday, November 24. Since Big Lots (NYSE: BIG) is unchanged, that means we have a whopping 488 securities sitting on a loss for the year.

Let's start with the bad news first. Among the worst-performing stocks on the SPX, the six top spots are claimed by stocks in the Insurance and Real Estate sectors. General Growth Properties (NYSE: GGP) has the dubious honor of dropping nearly 98% on the year, and -- not surprisingly -- American International Group (NYSE: AIG) isn't far behind.