Analyst Upgrades

• Cree (CREE) and Rubicon Technology (RBCN) to buy from neutral at Merriman.
• Children's Place (PLCE) to outperform from market perform at BMO Capital.
• Lockheed Martin (LMT) to neutral from underperform at BofA/Merrill.
• Copano Energy (CPNO) to outperform from market perform at Morgan Keegan.
• Motorola Mobility (MMI) to neutral from reduce at Nomura.
• Parker-Hannifin (PH) to buy from hold at KeyBanc.
• Akamai (AKAM), ShoreTel (SHOR), AMB Property (AMB) and ProLogis (PLD) to buy from hold at Stifel Nicolaus.

U.S. stock futures are higher this morning as investors are awaiting economic data. Futures for the Dow Jones Industrial Average gained 51 points to 11,629.00 and futures on the S&P 500 stock index climbed 8.30 points to 1,262.20. Nasdaq 100 futures rose 10.25 points to 2,218.75.

The weekly jobless claims are expected at 8:30 a.m. ET, as well as February's consumer price index. The Federal Reserve will issue industrial production figures for February, and the Philadelphia Federal Reserve Bank will report on regional economic activity.

Guess? (GES - option chain) shares are rising today after the company reported earnings last night, posting a Q3 profit of $69.1 million, or 75 cents per share, on revenue of $613.9 million. Analysts had forecast a profit of 59 cents per share on revenue of $580.4 million. 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 GES.

GES opened this morning at $48.59. So far today the stock has hit a low of $47.80 and a high of $49.15. As of 12:05, GES is trading at $49.07 up 3.73 (8.2%). The chart for GES looks bullish and S&P gives GES a positive 4 STARS (out of 5) buy ranking.

Guess (GES) looked like an investment idea worthy of consideration back in March. Since then, the stock, like many others, has taken a tumble, as the following chart will explain. As expected, I've become a bit bearish on the shares.

But should I be? You can't always judge an equity by its chart. I had enjoyed the fourth-quarter results. And now, here I am highlighting the Q2 numbers. They were good, too. According to Bloomberg BusinessWeek, the company made 72 cents per share on the bottom line. Management beat the analyst call by four pennies.

U.S. stock futures edged higher Friday, as bargain hunters continue to seek oversold stocks. With concerns over eurozone debt woes receding and improved confidence about global economic outlook, investors await several economic indicators due out this morning.

U.S. stocks rallied Thursday after China denied it was going looking into its eurozone debt holdings. Market climbed from nine-month low as the Dow Jones Industrial Average surged 284 points, or 2.9%, and the Nasdaq Composite finished the day 3.7% higher. For May, however, the Dow is still 6.8% lower.

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

• FBR Capital upgraded Nike (NKE) to outperform from market perform. The firm believes the company's momentum is building following the better-than-expected Q3 report and raised its target for the stock to $84 from $67.
• Thomas Weisel upgraded Corning (GLW) to overweight from market weight, citing improving profitability and cash flow trends. The firm has a $24 price target for shares.
• Deutsche Bank upgraded Burger King (BKC) to buy from hold, citing valuation and potential positive catalysts from the bottoming of sales trends and easy comparisons. The firm raised its price target on shares to $24 from $19.
• Broadcom (BRCM) was upgraded to buy from neutral at Goldman.
• Energizer (ENR) was upgraded to overweight from neutral at JPMorgan.
• Guess (GES) was upgraded to buy from hold at Lazard Capital.

Guess (GES), a fashion concept whose related companies include Abercrombie & Fitch (ANF), Gap (GPS), and Polo Ralph Lauren (RL), posted fourth-quarter results Wednesday after the bell. Adjusted income went up well over 40% to 96 cents per diluted share. According to Earnings.com, Wall Street believed 81 cents per share would be the bottom-line number.

Total net sales increased 14%. Same-store sales were up 5.3% (they were better by 2% if you look at the metric in constant dollars). Net cash from operating activities over the last twelve months experienced significant expansion.

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.

It is no secret that the recession took its toll on retailers, and Guess Inc. (GES) was no exception. For the past three quarters the apparel retailer has posted lower year over year earnings, but the company broke the trend today posting third quarter earnings that were higher than the same period last year.

The stock is trading sharply higher in after hours trading after the company posted 69 cents per share, which was in-line with analyst estimates. While the 69 cents was not able to beat out analyst estimates, it did mark a 2 penny increase over the 67 cents that it reported for the same period last year, and marked a record for third quarter earnings for the company.

Shares of Guess Inc. (GES) rose in after hours trading following its report of financial results for the third quarter of its 2010 fiscal year, which ended October 31, 2009.

The Los Angeles-based apparel and accessory maker reported record net earnings of $64.1 million, compared to $64.0 million in the year-ago period. Diluted earnings rose 3.0% from a year ago to $0.69 per share, which topped the consensus forecast of $0.51 per share by analysts surveyed by Thomson Reuters.

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.

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

• Aetna Inc. (NYSE: AET) lowered its 2009 earnings guidance, initially sending the share price lower.
• Ciena Corp. (NASDAQ: CIEN) reported a bigger-than-expected Q2 net loss as revenues sank.
• Collective Brands Inc. (NYSE: PSS) saw Q1 earnings and sales decline, but beat Wall Street estimates.
• Google Inc. (NASDAQ: GOOG) earnings prospects led Goldman Sachs analysts to increase its forecasts.
• Guess? Inc. (NYSE: GES) weak Q1 results topped estimates and it offered guidance that pleased investors.

Guess? Inc. (NYSE: GES), a fashion retailer that competes in the mall with companies like Abercrombie & Fitch (NYSE: ANF), Gap (NYSE: GPS), and JCPenney (NYSE: JCP), told the market how it did in Q1 on Thursday after the bell. As I write this during the early afternoon on Friday, shares of Guess? are up well over 6% on very good volume. Was there something to this earnings report?

I didn't think the numbers were particularly fetching. Revenues declined nearly 10%, thanks in part to the effects of currency translation (maybe that should be no thanks). Earnings per share came in at $0.35, a massive 30% decline. And same-store sales in North America dipped 10% (take out currency, and the dip was 6%, which still wasn't good).

Much of the attention this week will no doubt be on how the impending General Motors (NYSE: GM) bankruptcy will shake out, as well as the usual economic concerns: Has the housing market bottomed? Will oil prices keep rising? Is the employment situation getting any better? And so on (see highlights of the economic calendar below).

What probably won't get much attention are quarterly earnings, as the earnings season for this quarter winds down. But there are a few reports that analysts surveyed by Thomson Reuters have high hopes for.