This may have been Black Friday for the retailers, but the shortened Friday session felt like a Red Friday for investors. Continuing concern about Irish banks, Portuguese debt, and tension in Korea all weighed on investors. The National Federation of Retailers predicted some 138 million shoppers will be trolling for bargains this weekend, up from 134 million last year. The U.S. dollar continues to gain strength against the euro, the yen, and the British pound. Here are the unofficial closing bell levels:

DJIA: 11,092.00, -95.29, -0.85%
S&P 500: 1,189.40. -8.95, -0.75%
NASDAQ: 2,534. -8.56, -0.34%

Top Analyst Calls

Del Monte (DLM - option chain) shares are rising today on reports that the company is in advanced discussions with KKR (KKR) regarding a possible takeover of DLM. KKR is offering $18.50 per share for DLM, according to a Reuters report. 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 DLM.

DLM opened this morning at $17.46. So far today the stock has hit a low of $17.07 and a high of $17.72. As of 12:05, DLM is trading at $17.20 up $1.49 (9.5%). The chart for DLM looks bullish.

Analyst Upgrades

• Intel (INTC) was upgraded to buy from neutral at UBS.
• Wells Fargo upgraded MetroPCS (PCS), Coventry Health (CVH) and Scientific Games (SGMS) to outperform from market perform.
• Estee Lauder (EL) was upgraded to overweight from equal weight at Barclays.
• Simon Property (SPG) was upgraded to buy from hold at Jefferies.
• Citigroup upgraded BreitBurn Energy (BBEP) to buy from hold.

Del Monte Food Company's (DLM) stock wasn't one you wanted to be in today. Especially at a time when the bulls are in charge. The company, whose colleagues include ConAgra Foods, Inc. (CAG) and Kraft Foods Inc. (KFT), was down 2.1% to $12.56 about thirty minutes before the close of the session.

First-quarter data was reported by the business this morning. The market obviously wasn't too pleased. According to an article over at TheStreet.com, profit from continuing operations was 29 cents per share. This figure was two pennies above the estimate generated by the analysts. No matter what the traders are doing to the stock, at least shareholders can be happy about that aspect of the period.

The Federal Reserve's next Beige Book report is scheduled to be released this week. This report is a compilation of anecdotal information on current economic conditions from each of the 12 Federal Reserve Bank districts, and it is released eight times a year. The data comes from interviews with business contacts, economists, market experts, and other sources. The June report is expected to show strengthening signs of expansion, though results could be mixed across the 12 districts.

Economic data due out this week include:

Analyst Upgrades

• FBR Capital upgraded Digital River (DRIV) to outperform from market perform on expectations the company's business activity is improving. The firm raised its price target for shares to $36 from $25.
• Cowen upgraded Carpenter Technology (CRS) to outperform from neutral, citing expectations for a restocking turnaround for the upgrade.
• Och-Ziff Capital (OZM) was upgraded to outperform from market perform at William Blair.
• Wellpoint (WLP) was upgraded to outperform from market perform at BMO Capital.
• Kohlberg Capital (KCAP) was upgraded to hold from sell at Stifel Nicolaus.

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.

Del Monte (DLM) had a fine second quarter. Net sales went up by over 6%. Earnings per share more than doubled to 31 cents. Analysts were expecting only 21 cents of per-share profit, according to Earnings.com.

Management seems to be striking a proper balance between pricing strategies and the need for volume growth. That's a tough thing to do, and it can't always be done, but Del Monte is obviously utilizing its brand equity to full advantage. Smart marketing campaigns have helped to highlight the company's trademarks and communicate product value.

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

• Abercrombie & Fitch Co. (NYSE: ANF) earnings prospects and declining sales resulted in a downgrade.
• America's Car-Mart Inc. (NASDAQ: CRMT) stronger-than-expected Q1 results led shares to a four-year high.
• ArcSight Inc. (NASDAQ: ARST) reported strong Q1 numbers on increasing demand for cyber security.
• Brown-Forman Inc. (NYSE: BF.B) Q1 results easily topped expectations despite a decline in revenue.
• Ciena Corp. (NASDAQ: CIEN) posted a Q3 loss but revenue improved sequentially, and shares rose.

Del Monte Foods (NYSE: DLM), a supermarket brand whose colleagues include ConAgra (NYSE: CAG) and Kraft (NYSE: KFT), was way up in afternoon trading. When a stock like Del Monte gains 9% on great volume, you know something big must have happened. Well, it was the company's fiscal Q1 results that made investors want to buy today. After checking over the news, I can honestly say that I see the market's point.

Sales increased 12% during the quarter, and earnings from continuing operations calculated out to 30 cents per share, a huge improvement over the loss observed in the comparable period. According to Earnings.com, Wall Street was only looking for a measly four pennies for the bottom line.

A study just released by the CMO Council and Pointer Media Network concludes that brand loyalty in the consumer packaged goods sector is taking a severe hit during this recession. Among its conclusions- 52% of customers who were considered highly loyal to a brand in 2007 either cut back or quit buying the brand in 2008. Less than half of the brands kept 50% or more of their highly loyal customers during that interval.

A full third of loyal customers of the average brand abandoned that brand altogether in 2008. One might say today's customers are fickle as well as frugal! The recession is also impeding the ability of leading brands to recruit new customers, meaning that the overall customer base of many contracted in 2008.

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

• Barnes Group Inc. (NYSE: B) withdrew its 2009 earnings guidance due to uncertainty in transportation.
• Brown-Forman Corp. (NYSE: BF.B) Q4 profit beat estimates and it offered guidance for next year.
• Del Monte Foods Co. (NYSE: DLM) posted strong Q4 results on price increases and a better tax situation.
• FuelCell Energy Inc. (NASDAQ: FCEL) posted lower Q2 sales but announced a big order from South Korea.
• Men's Wearhouse Inc. (NYSE: MW) lower Q1 profit topped estimates but the outlook was in line.
• National Semiconductor Corp. (NYSE: NSM) Q4 net loss and fiscal-year profit both beat estimates.

Shares of Del Monte (NYSE: DLM) are up over 9% in early afternoon trading. And the volume is doing gangbusters business. The market is responding to the company's fourth-quarter results. The numbers did tell an overall fun story.

To begin with, revenues saw a big jump of 20%. As many news items have pointed out, price increases helped out. It should also be pointed out that the company's press release indicated that an extra week skewed things a bit. That's okay, though, it was still a good top-line performance. Earnings per share from continuing divisions came in at $0.35, which meant that Del Monte grew the bottom line by 75% (a couple elements affecting the perception of this profit expansion was a better tax situation linked to a positive change in California tax code and a $0.04 per-share transformation expense recorded in Q4 2008). Analysts said the company might earn $0.26 per share. That's a pleasant difference, isn't it?

The Federal Reserve is scheduled to release its next Beige Book report of economic conditions on Wednesday, offering perhaps the best glimpse yet whether the recession has bottomed in the United States. The Beige Book report in March suggested that, by most measures, the economy was continuing to deteriorate and that prospects for near-term improvement was poor. But the April report showed that the deterioration was beginning to slow in some regions. Also, the TIPP Economic Optimism Index is scheduled to be released Tuesday, and the University of Michigan Consumer Sentiment Index comes out Friday. So by the end of the week, we could have a good gauge of the mood over the U.S. economy.

Analysts surveyed by Thomson Reuters expected the parade of earnings declines to continue into the final week of February, with Martha Stewart Living Omnimedia Inc. (NYSE: MSO), Nordstrom Inc. (NYSE: JWN), Home Depot Inc. (NYSE: HD), Wynn Resorts Ltd. (NASDAQ: WYNN), Macy's Inc. (NYSE: M), DreamWorks Animation SKG Inc. (NYSE: DWA), Limited Brands Inc. (NYSE: LTD), Target Corp. (NYSE: TGT), Royal Bank Of Canada (NYSE: RY), Del Monte Foods Co. (NASDAQ: DLM), Kohl's Corp. (NYSE: KSS), Washington Post Co. (NYSE: WPO), Dell Inc. (NASDAQ: DELL), Gap Inc. (NYSE: GPS), Campbell Soup Co. (NYSE: CPB), RadioShack Corp. (NYSE: RSH), and H.J. Heinz Co. (NYSE: HNZ) all expected to post lower earnings for the most recent quarter. Office Depot Inc. (NYSE: ODP), Saks Inc. (NYSE: SKS), and Cooper Tire & Rubber Co. (NYSE: CTB) are expect to have swung to a loss.