Hoping to finish the year on a positive note, stocks opened slightly higher this morning, then gained a bit of steam from tech and energy shares. Silver closed a near-30-year high and gold topped $1,413. The US dollar has weakened against the euro and the yen, and oil prices have stayed above $91/barrel. No economic data was scheduled for release today, but high unemployment numbers still weigh on consumers.

Here are the numbers for late afternoon trading today:

Dow Jones 11,585.38 +9.84 (0.09%)
S&P 500 1,259.78 +1.27 (0.10%)
Nasdaq 2,666.93 +4.05 (0.15%)

The bulls were firmly in control today. A solid Consumer Sentiment revision helped and managed to dwarf any concerns about GDP revisions. But a mid-day news report about a South Korean ship being sunk near North Korea took the wind out of the sails. Fortunately, that appears to be an accident or internal incident rather than anything sinister from the North Koreans. This was another day where the red/black line was not going to be known until the final minutes.

Here are today's unofficial closing bell levels:

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

• Aeropostale Inc. (ARO) strong Q3 results topped analysts expectations, and it offered Q4 earnings guidance.
• Cascade Corp. (CASC) reported a surprise Q3 profit but lower revenue fell short of expectations.
• Collective Brands Inc. (PSS) reported strong Q3 earnings as well as same-store sales growth.
• Cost Plus Inc. (CPWM) narrowed its net loss in Q3 but revenue and same-stores sales declined.
• Del Monte Foods Co. (DLM) posted strong Q2 results and raised its earnings outlook for the full year.
• Diamond Foods Inc. (DMND) posted better-than-expected Q1 earnings, but said that revenue declined.

Cost Plus Inc. (CPWM) reported Thursday that its net loss from continuing operations for the third quarter of fiscal 2009 came to $22.3 million, or $1.01 per share, compared to a net loss of $24.0 million, or $1.09 per share, last year. Analysts surveyed by Thomson Reuters had expected a loss of $1.10 per share. Cost Plus also said net sales for the quarter totaled $181.9 million, a 10.4% decrease from the year-ago period. Same store sales for the quarter decreased 9.1% due in part to lower furniture sales and a relatively flat customer count.

Diamond Foods Inc. (DMND) reported a record profit of $0.88 per share for the first quarter of fiscal 2010. That was 38% higher than a year ago and topped the analysts' consensus forecast of $0.81 per share. Net sales for the quarter came to $180.6 million, 8% lower than in the prior year, due in part to a late walnut crop harvest. Diamond's forecast for the fiscal year are EPS of $1.72 to $1.82 and revenue of $585 million to $605 million, which is in line with analysts' expectations.

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.

Last week, JA Solar Holdings Co. Ltd. (NASDAQ: JASO) posted a quarterly loss and lowered its guidance. But as interest in alternative energy continues to grow, analysts polled by Thomson Financial are still looking for good things from solar energy concerns scheduled to report earnings this week.

Strong growth at Trina Solar Ltd. (NYSE: TSL) in the third quarter prompted it to lift its guidance back in October. Analysts expect the Chinese company to post profits that are 76.3% higher than a year ago, or $1.18 per share on revenues of $268.4 million (+225.0%). Though Trina Solar missed estimates in the second quarter, analysts on average recommend buying TSL. Shares are down 81.4% from a year ago and trading near an all-time low.

Earnings of rival LDK Solar Co. Ltd. (NYSE: LDK) are expect to have risen 47.9% to $0.71 per share on revenues of $486.7 million (+206.6%). Also based in China, LDK has not missed estimates in recent quarters; in fact, it blew past expectations in the second quarter. Yet the consensus recommendation is to hold LDK. Like Trina Solar, LDK's shares are trading near an all-time low; the share price has fallen 50.0% in the past year.

Analysts anticipate third-quarter earnings for Canadian Solar Inc. (NASDAQ: CSIQ) to be a whopping 96.3% higher than a year ago, or $0.54 per share on revenues of $248.0 million (+154.5%). The company easily topped estimates in the previous quarter. ReneSola Ltd. (NYSE: SOL) and Suntech Power Holdings Co. Ltd. (NYSE: STP) are also expected to report earnings growth of 29.7% ($0.37 per share) and 23.8% ($0.42 per share), respectively. All three of these stocks reached 52-week lows last week, and all are considered buys.

Pier 1 Imports (NYSE: PIR) withdrew its proposal to acquire Cost Plus (NASDAQ: CPWM).

Deutsche Bank has a Buy rating with a $7.25 price target on PIR.

PIR overall option implied volatility of 93 is above its 26-week average of 84 according to Track Data, suggesting larger price movement.

Volatility Index NASDAQ 100-VXN at 28.13; 10-day moving average is 26.27.

Things are getting hostile in the furniture business. That is, Pier 1 Imports (NYSE: PIR) has announced a $4 unsolicited bid for rival Cost Plus (NASDAQ: CPWM). That comes to about $88 million. On news of the deal, Cost Plus' shares rose 13% to $3.47.

Although, the folks at Cost Plus are skeptical, calling the deal "highly conditional." Of course, the board will meet to discuss the proposal.

With the recession and real estate bust, it's a good bet we'll see more consolidation in the furniture business. Simply put, it will be a way to cut capacity as well as reduce cost structures.

No doubt, Cost Plus will want to get a higher price, but in light of the challenging environment, that's probably going to be tough. Besides, Cost Plus and Pier 1 have many common shareholders, who may pressure for a transaction. What's more, Cost Plus's "poison pill" will expire on June 30th.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.

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

• Analogic Corp. (NASDAQ: ALOG) easily beat expectations, sending shares higher.
• Ciena Corp. (NASDAQ: CIEN) posted a loss and forecast sales for 2008 below estimates.
• Coca-Cola Enterprises Inc.'s (NYSE: CCE) earnings outlook led shares to a 52-week high.
• Cooper Cos. (NYSE: COO) swung to a loss on acquistion costs and litigation.
• Copart Inc. (NASDAQ: CPRT) beat expectations, sending shares to a new high.
• Costco Wholesale Corp. (NASDAQ: COST) posted a solid quarter, in line with expectations.
• Cost Plus Inc. (NASDAQ: CPWM) posted a smaller-than-expected net loss.
• Fleetwood Enterprises Inc. (NYSE: FLE) narrowed its loss through improved efficiency.
• General Electric Co. (NYSE: GE) reaffirmed its 4Q forecast, but the forward outlook disappointed investors.
• H&R Block Inc. (NYSE: HRB) warned of a deep loss due to the mortgage meltdown.
• Korn/Ferry International (NYSE: KFY) beat estimates and revised its guidance.
• Leap Wireless International Inc. (NASDAQ: LEAP) posted a loss, but share prices rose anyway.
• Lehman Brothers Holdings Inc. (NYSE: LEH) earnings fell for the third quarter in a row.
• Methode Electronics Inc. (NYSE: MEI) beat estimates, spurred by international sales.
• Novell Inc. (NASDAQ: NOVL) swung to a loss, surprising Wall Street.
• Synopsys Inc. (NASDAQ: SNPS) beat expectations and offered guidance.
• Texas Instruments Inc. (NYSE: TXN) raised its guidance for the fourth quarter.

MOST NOTEWORTHY: Toyota Motor Corp (TM), J.B. Hunt Transport Services (JBHT), SourceFire (FIRE), Kohl's Corp (KSS) and Millennium Pharmaceuticals (MLNM) were today's noteworthy upgrades:

• Goldman upgraded shares of Toyota Motor Corp (NYSE: TM) to Buy from Neutral to reflect expectations for greater operating profits and margin expansion in 2007.

• Keybanc upgraded shares of J.B. Hunt Transport (NASDAQ: JBHT) to Buy from Hold based on increased conviction in JBHT's ability to increase intermodal volumes, easier 2H and 2008 comps, buybacks and valuation.

• Jefferies upgraded SourceFire Inc (NASDAQ: FIRE) to Buy from Hold after their checks indicated better Federal IT spending and solid sales activity.

• Kohl's Corp (NYSE: KSS) was raised to Outperform from Neutral at Baird on valuation.

• Millennium Pharmaceuticals (NASDAQ: MLNM) was upgraded to Market Perform from Underperform at Friedman Billings, citing recent monthly Velcade prescription trends for the move higher...

OTHER UPGRADES:

• Credit Suisse upgraded Arch Capital Group (NASDAQ: ACGL) to Buy from Neutral.

• Bear Stearns raised Parexel International Corp (NASDAQ: PRXL) to Peer Perform from Underperform.

• Morgan Joseph upgraded West Marine (NASDAQ: WMAR) to Buy from Hold.

• Morgan Keegan raised Cost Plus Inc (NASDAQ: CPWM) to Market Perform from Underperform.

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