The impressive equity appreciation story with Chicago Bridge & Iron (CBI), which I first wrote about on April 6, 2009 at a price of $7.31, continues, as the stock is testing psychological resistance at $40.

Further, obviously, if you haven't already, if you're in at/near $7.31 or at a dollar-cost-average below $14, now may be a good time to consider taking some profits off the table with CBI.

However, those investors who can tolerate the risk can maintain their full position to go for a possible larger gain, as CBI will likely trade above $45 by the end of 2011.

Steady as she goes with Chicago Bridge & Iron (CBI), which I first wrote about on April 6, 2009, at a price of $7.31, which has pushed through psychological resistance at $30.

Further, obviously if you're in near $7.31 or at a dollar-cost-average below $14, now may be a good time to consider taking some profits off the table with CBI.

However, those investors who can tolerate the risk can hold on to their full position in CBI go for a possible larger gain. I'd also raise the sell/stop loss to $22 from $18 at this stage.

Analyst Upgrades

• Amgen (AMGN) to overweight from neutral at Piper Jaffray.
• Goodrich Petroleum (GDP) to outperform from market perform at Wells Fargo.
• Tutor Perini (TPC) to buy from neutral at UBS.
• Covidien (COV) to buy from neutral at Goldman.
• Sara Lee (SLE) and Comcast (CMCSA) to outperform from market perform at Bernstein.
• Research In Motion (RIMM) to outperform from sector perform at FBN Securities.

If you took the opportunity to scoop-up more shares of Chicago Bridge & Iron (CBI), which I first wrote about on April 6, 2009, at a price of $7.31, during its summer dip to about $16, you made the correct move, as CBI has reaccelerated, as forecast, and is now testing $30.

In fact, if you're in at $7.31 or at a dollar-cost-average below $14, if you haven't already, now may be a good time to consider taking some profits off the table with CBI. However, those who can tolerate the risk can hold on to their full position to go for a possible larger gain.

I'd also raise the sell/stop loss to $18 from $14.

The shares of Chicago Bridge & Iron (CBI), which I first wrote about on April 6, 2009 at a price of $7.31, pulled-back as expected this spring, on a projected roughly 10% revenue decline in 2010, but just look on that stock retreat as an opportunity to scoop up shares of a premiere company.

Chicago Bridge & Iron specializes in projects that produce, process, store, and distribute the world's natural resources. Liquid natural gas and refining project revenue will likely decline in 2010, offset somewhat by Canadian oil sands and shale gas/unconventional gas project revenue.

The shares of Chicago Bridge & Iron (CBI), which I first wrote about on April 6, 2009 at a price of $7.31, are expected to pull-back this year, on a projected revenue dip.

With the above in mind, it's reasonable for those who bought CBI in April 2009 to take some profits off the table at this juncture, as the stock is up more than 200% since that time.

More-assertive investors can go for even greater gains on the calculation that 2010 revenue may not drop as much as the projected 3-7% decline.

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

• Alcatel-Lucent (ALU) received an analyst's downgrade following its disappointing earnings report and guidance.
• Chicago Bridge & Iron Co. (CBI) improved earnings prospects prompted one analyst to upgrade the stock.
• Cintas Corp. (CTAS) lower Q3 earnings topped analysts' expectations, and it reiterated its Q4 earnings guidance.
• CRA International Inc. (CRAI) received an analyst's downgrade following its earnings results for Q1.
• Discover Financial Services (DFS) reported a net loss for Q1 due to a needed boost to its loan loss reserves.

Analyst Upgrades

• UBS upgraded Starbucks (SBUX) to buy from neutral, citing expectations for sales momentum. The firm raised its price target to $29 from $27.
• Piper Jaffray upgraded Sonic (SONC) two notches to overweight from underweight on expectations the company's sales and margin trends are set to improve. The firm raised its target price for shares to $12 from $8.
• BMO Capital upgraded Chicago Bridge & Iron (CBI) to outperform from market perform, citing its outlook for earnings growth. The firm has a $30 target on the stock.
• Clorox (CLX) was upgraded to overweight from equal weight at Barclays.
• Alexion Pharma (ALXN) was upgraded to conviction buy from buy at Goldman.
• Compellent (CML) was upgraded to buy from hold at ThinkEquity.

Chicago Bridge & Iron (CBI) just keeps rolling along, and I'm obviously reiterating my buy rating for the company's shares, first recommended on April 6, 2009 at a price of $7.31.

If you bought CBI in April 2009, you're up about 200%, and there's more ahead in 2010. Look for better days and quarters in FY2010 CBI: widening margins, and a rebound in the U.S. refining and Canadian oil sands segments, all amid strong Middle East orders, should produce a very good year for CBI.

In April, the call was that Chicago Bridge & Iron (NYSE: CBI) was undervalued at $7.31. If you bought CBI in April, you're up 178%. Not bad.

Moreover, it goes without saying that I'm reiterating my Buy rating for CBI, first recommended on April 6, 2009.

Analyst upgrades:

• Citigroup upgraded Schlumberger (NYSE: SLB) to Buy from Hold on valuation and the company's exposure to a potential upturn in international drilling. The firm raised its target on shares to $80 from $56.
• UBS upgraded Allegheny Tech (NYSE: ATI) to Buy from Neutral and raised its target to $43 from $31 and believes the end of jet engine and other destocking will result in an initial recovery into 2010, even before an order ramp into 2011.
• Merriman upgraded Acorda Therapeutics (NASDAQ: ACOR) to Buy from Neutral based on the favorable FDA panel outcome and set a $30-$33 target range on the stock. Baird upgraded Acorda to Outperform from Neutral and raised its target to $28 from $24. Following the panel review, Baird expects Amaya to be approved in 1H10 and would be buyers into the mid/high $20s.
• Chicago Bridge & Iron (NYSE: CBI) was upgraded to Buy from Neutral at Goldman.
• PG&E (NYSE: PCG) was upgraded to Buy from Neutral at UBS.
• Newfield Exploration (NYSE: NFX) was upgraded to Outperform from Market Perform at Wells Fargo.

I'm reiterating my Buy rating for Chicago Bridge & Iron (NYSE: CBI), first recommended on April 6, 2009 at a price of $7.31.

Did you have a chance to get in on CBI in April? If you did, you're up more than 90%. But the good run is hardly over.

It's a market than remains the province of those who make astute calculations and who can tolerate moderate risk (or high risk). This market has demonstrated that it can certainly frustrate -- and humble -- institutional investor and individual investor alike.

Moreover, perhaps the most memorable dimension to the bear market that began in October 2007 will be its ability to take down the stocks of healthy companies with demonstrated business models.

Chicago Bridge & Iron (NYSE: CBI) is one such business model. A global, engineering, procurement and construction company that specializes in turnkey projects for customers that produce, process, store and distribute the world's natural resources, the market hammered CBI as it became clear that emerging markets, a key CBI customer, had entered a recession. The First Call F2009/F2010 EPS estimates for CBI are $1.64 / $1.42.

Analyst upgrades:

• ING believes BHP Billiton (NYSE: BHP) will grow through acquisitions and is in a good position relative to peers. Shares were upgraded to Buy from Hold.
  
• KeyBanc upgraded Kaman (NASDAQ: KAMN) to Buy from Hold based on valuation, higher foreign 2009 sales, and exposure to the military helicopter market, among other reasons.
  
• Merck (NYSE: MRK) was upgraded to Buy from Neutral at Banc of Amerca/Merrill on valuation.
• J Crew (JCG) was upgraded to Market Perform from Underperform at Keefe Bruyette.
  
• UBS upgraded Expeditors (NASDAQ: EXPD) to Neutral from Sell.
  
• CVB Financial (NASDAQ: CVBF) was raised to Hold from Sell at Sandler O'Neill.

Analyst downgrades:

• Morgan Stanley downgraded Petrobras (NYSE: PBR) to Equal Weight from Overweight and lowered their target to $25 from $26 based on valuation and high Street estimates given lower oil prices and weaker currency.
  
• CIBC downgraded Louisiana Pacific (NYSE: LPX) to Sector Performer from Outperformer. The analyst believes LPX may have to issue equity at these depressed levels given the tight credit markets and ongoing cash losses.
  
• Calyon downgraded Southwest Airlines (NYSE: LUV) to Sell from Underperform and lowered their target to $7 from $8. The firm recommends taking profits in Southwest due to unit cost challenges given slowing growth and its reduced fuel hedging program.
• CME Group (NASDAQ: CME) was downgraded to Market Perform from Outperform at Bernstein.
  
• Keefe Bruyette downgraded shares of Amcore Financial (NASDAQ: AMFI) to Market Perform from Outperform.
  
• Anglo American (NASDAQ: AAUK) was downgraded to Hold from Buy at Royal Bank of Scotland.

Analyst initiations:

• Citigroup believes MasterCard (NYSE: MA) is vulnerable to the consumer spending slowdown and expects a more cautious outlook from management when the company reports earnings. Shares were initiated with a Sell rating and $110 target.
  
• Janney Montgomery initiated GameStop (NYSE: GME) with a Buy rating and $34.50 target and expects GameStop to benefit from the secular growth in gaming, potential hardware cuts, international expansion, and 2009 title visibility.
  
• Jefferies assumed Chicago Bridge & Iron (NYSE: CBI) with a Hold rating and $13 target and expects shares to be range-bound until the company shows progress on project execution and margin performance.
• Gran Tierra Energy (GTE) was initiated at Wunderlich with a Buy rating.
  
• Coverage of CME Group (AMEX: CME) was resumed with an Underweight rating at JP Morgan.
  
• Shanda (NASDAQ: SNDA) was initiated with a Hold rating and $30 target at Roth Capital.

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.