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

• Best Buy Inc. (NYSE: BBY) beat Q1 estimates as consumers spent their government stimulus checks.
• Carnival Corp. (NYSE: CCL) posted better than-expected Q2 results but offered cautious Q3 guidance.
• Cyberonics Inc. (NASDAQ: CYBX) beat Q4 expectations and offered full-year guidance.
• FactSet Research Systems (NYSE: FDS) had better-than-expected Q3 results and 500 new subscribers.
• General Mills Inc. (NYSE: GIS) raised its full-year guidance, sending shares up near the 52-week high.
• Goldman Sachs Group Inc. (NYSE: GS) results beat the previous quarter and analysts' estimates.
• John Wiley & Sons Inc. (NYSE: JW.A) doubled its Q4 earnings due to an acquisition.
• Life Partners Holdings Inc. (NASDAQ: LPHI) lifted its Q1 outlook after "best quarter" in company history.
• Lindsay Corp. (NYSE: LNN) Q3 profits nearly doubled, but the share price plunged anyway.
• Meade Instruments Corp. (NASDAQ: MEAD) narrowed its full-year net loss due to restructuring.
• Pall Corp. (NYSE: PLL) beat Q1 expectations on sales growth that was broadly based across markets.
• Titan Machinery Inc. (NASDAQ: TITN) beat Q1 estimates on strong demand for agricultural equipment.
• Vermont Pure Holdings Ltd. (AMEX: VPS) posted strong Q2 results despite a bad debt write-off.
• Western Union Co. (NYSE: WU) said 2008 profits would beat estimates and announced share buyback.

More earnings highlights from this week: Morgan Stanley, FedEx, Ford, GE, Circuit City and others

Cyberonics (NASDAQ: CYBX) designs and develops medical devices that provide vagus nerve stimulation (VNS) therapy for the treatment of epilepsy and other neurological disorders. The VNS therapy system features an implantable generator that delivers electrical signals to the brain to control seizures. It is the first medical device to be cleared by the U.S. FDA for treating epilepsy. It is also approved for use in Australia, Canada, and the European Union.

Cyberonics pleased investors last week, when it reported fiscal Q4 EPS of four cents and revenues of $33.9 million. Analysts had been looking for breakeven earnings and sales of $31.6 million. Management also guided FY09 revenues to $134-$138 million, versus Street consensus of $134.40 million. Canaccord Adams subsequently reiterated its "buy" rating on the shares and boosted its price target to $28.75.

At best it was a week that was difficult; at worst it was a very concerning sign about what is to come. We have finally seen a significant drop in the overall sentiment due to extraordinarily high oil prices mixed with an unemployment level at 5.5%. The mixture of these and other troubling economic projections has finally come to cause investors to pause and realize that this is no place to be accepting risk beyond what is absolutely necessary.

This week will show a significant amount of reservation by investors not accepting of any shortfalls on earnings or even outlooks that are not significantly rosy. The current picture and the economic outlook was the focus of The Disciplined Investor Podcast this week, with help from money manager and economist, Michael "Mish" Sheldock.

Monday, June 9

Shuffle Master Inc. (NASDAQ: SHFL) will be reporting earnings that are expected to be $.07 per share. This has continued to be a difficult market for them even as casino construction has been rising around the world and the use of many of the products of this company are beneficial to the net profits of their customers. The stock has suffered dramatically over the past 12 months and, unless there is a product shift or new technology announced, there should be no reason that we see a catalyst for growth. Look for revenues of $45.55 million.

Ashworth Inc. (NASDAQ: ASHW) is a high-brow retailer that is expected to show a significant turn toward the negative this quarter. First Call estimates are looking for a negative $.06 per share while a year ago they were earning $.03 per share. Once again, there doesn't seem to be any reason why this company should see a beneficial upside unless investors are willing to short cover at this point. Even if that is the case, that will probably end up being temporary anyway.

MOST NOTEWORTHY: Equitable Resources, Allied Capital and Apria Healthcare were today's noteworthy initiations:

• RBC Capital is positive on Equitable Resources' (NYSE:EQT) Appalachian Basin exposure and valuation. Shares were started with an Outperform rating and $78 target.
  
• Morgan Keegan views Allied Capital's (NYSE:ALD) valuation and outlook as attractive, starting shares with an Outperform rating.
  Credit Suisse assumed Apria Healthcare (NYSE:AHG) with a Neutral rating and $20 target, citing the challenging Medicare backdrop.

OTHER INITIATIONS:

• Keefe Bruyette initiated Zions Bancorp (NASDAQ:ZION) with a Market Perform rating and $47 target.
  
• Thomson Reuters (NASDAQ:TRIN) was started with a Sell rating at ABN Amro.
  
• Canaccord Adams initiated Cyberonics (NASDAQ:CYBX) with a Buy rating and $20.50 target.

MOST NOTEWORTHY: CyberSource, Century Casinos, Spectrum Pharm and Winnebago were today's noteworthy upgrades:

• JMP Securities upgraded shares of CyberSource (NASDAQ: CYBS) to Market Outperform from Market Perform citing valuation, positive management comments regarding BidPay, and incrementally positive industry checks on its fraud product.
  
• Brean Murray upgraded shares of Century Casinos (NASDAQ: CNTY) to Buy from Hold based on continued progress at recently opened properties, reduced Street expectations, and potential catalysts.
  
• Brean Murray also upgraded Spectrum Pharmaceuticals (NASDAQ: SPPI) to Buy from Hold. The firm is highly confident that Spectrum's ozarelix will demonstrate similar efficacy and safety in the current U.S. Phase IIb trial and expects statistical significant. The firm expects Ph III initiations by year-end 2007 and Ph IIb data to be released on 2Q08.
  
• Winnebago Industries (NYSE: WGO) was upgraded to Outperform from Sector Perform at RBC Capital. The firm expects Winnebago to begin to post better earnings from more favorable mix and pricing in the 2008 model year.

OTHER UPGRADES:

• Merrill Lynch upgraded Cardinal Health (NYSE: CAH) to Buy from Neutral.
  
• Goldman upgraded shares of US Airways (NYSE: LCC) to Buy from Neutral.
  
• Avocent Corporation (NASDAQ: AVCT) was upgraded to Accumulate from Source the Funds at Think Equities.
  
• Collins Stewart raised Cyberonics (NASDAQ: CYBX) to Buy from Market Perform.

It may be Independence Day week, but it appears that there are a number of companies willing to sell their independence to the highest bidder.

• XM SATELLITE RADIO HOLDINGS INC (NASDAQ: XMSR)

Word is that there's more than one bid out for the satellite radio company. We know about the merger agreement with Sirius Satellite Radio Inc's (NASDAQ: SIRI), so who's the other party? Or, is there another party? Some are convinced it's just talk. No names are even floating around. But for XM to walk away from Sirius would cost them a $175M break-up fee. They'd have to really be serious about another offer to do that.


• BUILDING MATERIALS HOLDING CORPORATION (NYSE: BLG)

In May, Robert L .Chapman of Chapman Capital, the "activist investor", said Building Materials Holding Corp. should consider selling all or parts of itself. Then he upped his stake to 8.1% in the residential construction services provider. Now comes word that the company may have hired, or be in the process of hiring, a strategic advisor.

On tonight's episode of "Mad Money," host Jim Cramer discussed options backdating. He said when a CEO gets fired over this, he thinks that is a good time to buy the stock.

Now that has happened to Cyberonics Inc. (NASDAQ: CYBX) after Skip Cummins resigned over stock options. The company makes a nerve stimulator for severely depressed people. Skip Cummins is a CEO that made himself hated and was a weight on the company, particularly after he has acted out brashly against Congressional oversight and toward the FDA, Cramer believes. Cramer said Cummins turned away takeover offers, but now such deals may be doable since only the caretakers are in charge.

Outside of Cramer touting the stock today, it has been trading up on its own. After Carl Icahn bought in, the stock ran up. Yesterday after the close, the CEO and CFO left over the options inquiry. Today the stock rose 1.9% to $24.63 in normal trading, but shares rose an additional 5.5% to $26 in after-hours activity.