Analyst Upgrades

• Expedia (EXPE) to buy from hold at Citigroup.
• Weatherford (WFT) to outperform from market perform at Wells Fargo.
• Abercrombie & Fitch (ANF) to buy from neutral at BofA/Merrill.
• MDC Holdings (MDC) to outperform from neutral at Credit Suisse.
• AutoNavi (AMAP) to buy from neutral at Goldman.
• Ciena (CIEN) and Nvidia (NVDA) to neutral from underweight at JPMorgan.
• Canadian Pacific (CP) to outperform from market perform at Raymond James.
• First Midwest (FMBI) and Quiksilver (ZQK) to buy from hold at Jefferies.
• Sonic (SONC) to neutral from negative at Susquehanna.
• MIPS Technologies (MIPS) to buy from hold at Benchmark Co.
• Arrow Electronics (ARW) and Avnet (AVT) to buy from hold at Stifel Nicolaus.

Analyst Upgrades

• Heico (HEI) to outperform from market perform at FBR Capital.
• Eaton (ETN), Silgan Holdings (SLGN), MYR Group (MYRG) and Shaw Group (SHAW) to outperform from neutral at RW Baird.
• Infosys (INFY) to buy from Neutral at Nomura.
• Isle of Capri (ISLE) to buy from neutral at Merriman.
• NovaGold (NG) to sector perform from underperform at RBC Capital.
• CarMax (KMX) and Rockwell Collins (COL) to outperform from neutral at Credit Suisse.
• DHT Holdings (DHT) to overweight from neutral at JPMorgan.
• Cabot Oil & Gas (COG) to overweight from underweight at Morgan Stanley.

Isle of Capri Casinos (ISLE) took a nosedive right out of the gate Tuesday morning, as traders reacted to the gaming guru's surprise first-quarter loss. Ahead of the open, Isle of Capri confessed that it lost $2.7 million, or 8 cents per share, during the first quarter, down from its year-ago profit of $0.9 million, or 3 cents per share. Revenue for the quarter backpedaled 2.3% to $251.9 million.

Analysts were expecting a much stronger earnings report from Isle of Capri, with Thomson Reuters noting that the average forecast called for a profit of 11 cents per share on $262.5 million in revenue.

Analyst Upgrades

• RBC Capital upgraded Brookfield Infrastructure (BIP) to outperform from sector perform with a $20 target. The firm thinks the units' valuation is compelling, while the company's proposed acquisition of assets is positive.
• Stifel upgraded First Horizon (FHN) to buy from hold based on valuation and its path towards normalized profitability. The firm has a $15 price target on the stock.
• KeyBanc upgraded Isle of Capri (ISLE) to buy from hold based on improved earnings growth and valuation. The firm has a $13 target on the stock.
• ATA Inc. (ATAI) was upgraded to neutral from underweight at Piper Jaffray.
• Buckeye Partners (BPL) was upgraded to neutral from sell at Goldman.
• Sinopec (SNP) was upgraded to overweight from neutral at HSBC.

Analyst upgrades:

• Oppenheimer upgraded Goldman Sachs (GS) to Outperform from Perform following the company's $550M settlement with the SEC. Opco has a $213 price target for Goldman shares. BofA/Merrill upgraded Goldman Sachs to Buy from Neutral and raised its price target to $182 from $160.
• Wells Fargo upgraded JP Morgan (JPM) to Outperform from Market Perform following the company's Q2 results citing valuation and lower credit costs. The firm keeps a valuation range for shares of $48-$51.
• Goldman upgraded Murphy Oil (MUR) to Buy from Neutral and has a $61 price target on the stock. The firm cites Murphy's Eagle Ford growth and valuation for the upgrade.
• Precision Cast (PCP) was upgraded to Outperform from Neutral at Credit Suisse.
• Pride International (PDE) was upgraded to Buy from Hold at Jefferies.
• BHP Billiton (BHP) was upgraded to Overweight from Neutral at HSBC.

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.

Isle of Capri Casinos Inc. (ISLE) said Tuesday that it returned to a profit in its fiscal second quarter, due in part to lower operating expenses and reimbursed development costs.

The casino operator reported a $1.6 million profit, or 5 cents per share, exceeding the 5 cents per share loss forecast by analysts surveyed by Thomson Reuters. The result compares with a loss of $13.5 million, or 43 cents per share, in the year-ago period.

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

• American Eagle Outfitters Inc. (NYSE: AEO) Q2 profit fell short of estimates as same-store sales declined.
• Ann Taylor Stores Corp. (NYSE: ANN) Q2 earnings beat very low expectations and same-store sales fell.
• Big Lots Inc. (NYSE: BIG) reported better-than-expected numbers for Q2, sending shares upward.
• Burger King Holdings Inc. (NYSE: BKC) posted a better-than-expected Q4 profit though revenue declined.
• China Petroleum & Chemical Corp. posted a record Q2 profit after restrictions on fuel prices were lifted.
• Dell Inc. (NASDAQ: DELL) said its Q2 earnings declined, but they still topped analysts' expectations.

Isle of Capri Casinos (NASDAQ: ISLE) is getting hammered today in the wake of its latest earnings report. This morning, the company reported that it swung to a fiscal first-quarter profit of $900,000, or 3 cents per share, while revenue for the period slipped 6.3% to $259.9 million. The results were far worse than expected, with consensus estimates on Wall Street predicting a profit of 13 cents per share on $273 million in revenue.

On the cost-cutting front, ISLE's previously planned departure from the international market is on pace, reported Chairman and CEO James B. Perry. "... we remain on track to exit our international operations in the near term, as we will exit the Bahamas no later than October 31, and expect to exit our remaining UK operations by the end of the calendar year."

Analyst upgrades:

• Oppenheimer upgraded shares of Cree (NASDAQ: CREE) to Outperform from Perform as they believe LEDs are beginning to gain traction in general lighting applications.
  
• Jefferies upgraded Constellation Energy (NYSE: CEG) to Hold from Underperform following the acquisition by MidAmerican Energy. The company's target was increased to $25 from $20.
  
• RBC upgraded the Banking sector to Overweight from Underweight following the governments "massive assault" on the financial crisis. RBC believes government actions that include the potential creation of a Resolution Trust Corporation, the creation of federal insurance for money market fund investors and the ban on short selling will result in higher bank stock prices through year end; Wilmington Trust (NYSE: WL), KeyCorp (NYSE: KEY) and Pacific Capital Bancorp (NASDAQ: PCBC) were upgraded to Sector Perform from Underperform.
  
• Oracle (NASDAQ: ORCL) was raised to Buy from Neutral at Piper.
  
• UBS upgraded Murphy Oil (NYSE: MUR) to Neutral from Sell.
  
• Gap (NYSE: GPS) was upgraded to buy from Neutral at Goldman Sachs.

Analyst downgrades:

• Deutsche Bank downgraded shares of Thomson Reuters (NASDAQ: TRIN) to Sell from Buy as they believe uncertainty in the financial sector will hinder growth.
  
• Piper cut MIPS Technologies (NASDAQ: MIPS) to Neutral from Buy as they believe estimates are at risk following the departure of ChipIdea's co-founder. The company's target was lowered to $3.70 from $8.
  
• Jefferies downgraded GSI Commerce (NASDAQ: GSIC) to Hold from Buy on valuation as they view the risk/reward less compelling following the recent rally.
• Host Hotels (NYSE: HST) was downgraded at Baird to Neutral from Outperform.
  
• Wachovia downgraded Accenture (NYSE: ACN), Cognizant (NASDAQ: CTSH) and Infosys (NASDAQ: INFY) to Market Perform from Outperform.

Analyst initiations:

• Jefferies initiated Abercrombie & Fitch (NYSE: ANF) with an Underperform rating and $38 target and thinks the company's sales and margins are at risk with negative comp trends getting worse.
  
• Cantor believes Lawson Software (NASDAQ: LWSN) has a powerful franchise while the stock trades at a 33% discount to peers. Shares were assumed with a Buy rating and $8 target.
  
• Stanford started Mentor (NYSE: MNT) with a Buy rating and $32 target and thinks the company is poised to benefit from growing global demand for products and services that make people look younger and more attractive.
• Scripps Networks (NYSE: SNI) was initiated at UBS with a Neutral rating and $43 target.
  
• BMO Capital initiated Costco (NASDAQ: COST) and BJ's Wholesale (NYSE: BJ) with Market Perform ratings and a $72 target and $42 target, respectively.
  
• Isle of Capri (NASDAQ: ISLE) was initiated at Goldman with a Sell rating and $6 target.

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

• Andersons Inc. (NASDAQ: ANDE) lifted its outlook on improved performance of its Plant Nutrient Group.
• BP Plc (NYSE: BP) was upgraded by Societe Generale due in part to its earnings prospects.
• Citigroup Inc. (NYSE: C) has developed an earnings improvement plan based on collective bonuses.
• Corel Corp. (NASDAQ: CREL) solid Q2 results did not address a buyout offer from Vector Capital.
• Discover Financial Services (NYSE: DFS) Q2 earnings were boosted by dumping its Goldfish card division.
• Fortune Brands Inc. (NYSE: FO) lowered its earnings outlook on challenging consumer environment.
• Isle of Capri Casinos Inc. (NASDAQ: ISLE) blamed dismal results on floods and smoking bans.
• MSCI Inc. (NYSE: MXB) strong Q2 results didn't save it from being dumped by Morgan Stanley (NYSE: MS).
• PAREXEL International Corp. (NASDAQ: PRXL) lifted its Q4 and full-year guidance, leading to an upgrade.
• Texas Industries Inc. (NYSE: TXI) was downgraded due to fears about its earnings prospects.
• Taleo Corp. (NASDAQ: TLEO) reaffirmed its outlook as an acquisition would boost results.
• WD-40 Co. (NASDAQ: WDFC) posted solid Q3 results and offered conservative guidance.

More highlights from this past week: Apollo Group, Family Dollar, Kroger, Deutsche Bank and others

Also, while Jim Cramer ponders what will signal the bottom, many investors will be looking at next week's earnings results for General Electric (NYSE: GE), the world's largest conglomerate, as a sign of the direction of the global market. And BusinessWeek reminds us that cheap stocks -- even with big names such as Ford Motor Co. (NYSE: F), Sprint Nextel Corp. (NYSE: S), and Northwest Airlines (NYSE: NWA) -- are no bargain if they have no earnings.

Upcoming results to watch for include Alcoa (NYSE: AA), Pepsi Bottling Group (NYSE: PBG), Marriott International (NYSE: MAR), and General Electric (NYSE: GE).

Visit AOL Money & Finance for more earnings coverage.

There is something rotten in Denmark, to quote from Hamlet, Act I, as well as in Las Vegas, Louisiana, Mississippi, Colorado, Iowa, and Florida. Gambling havens, once thought recession proof, are in trouble. Customer numbers are down, as are gambling, gift shop, hotel, and restaurant revenues. Casinos in Las Vegas have been hard hit, according to a recent article in the Wall Street Journal, because of billions of dollars of debt to finance overambitious expansion plans. Tropicana Entertainment filed for Chapter 11 in May, defaulting on $2.67 billion in bank and bond debt. But smaller casinos are also feeling the pain.

Isle of Capri Casinos Inc. (NASDAQ: ISLE) recently reported 4Q and FY2008 results. Snake eyes. Investors know they are not in for good news when the CEO spends the first few paragraphs of an earnings release discussing what a "transformational period" the last year has been. That's corporate-speak for "money losing," beginning with a $78.7 million write down in the value of some of the company's international assets and ending with a $51.3 million loss from continuing operations in 4Q 2008. All told, Isle of Capri Casinos lost $96.9 million from continuing operations in FY2008.The company cited increased competition in riverboat gambling in Biloxi, a smoking ban in casinos in Colorado, and a flood in Natchez as reasons for the lackluster performance. The company admits it needs to renovate 1,200 of its hotel rooms in order to attract customers back to the slots and tables.

The stock is currently trading at $4.23, near its 52-week low of $3.97.

MOST NOTEWORTHY: The U.S. food industry, Mylan Labs, Amerigroup and Isle of Capri were today's noteworthy upgrades:

• BMO Capital upgraded the U.S. food industry sector to Outperform from Market Perform to reflect the group's defensive nature, the recent valuation contraction, and predictable earnings growth. General Mills (NYSE: GIS) is the firm's top pick in packaged food, and they raised Kellogg Company's (NYSE: K) target to $59 and Kraft Foods' (NYSE: KFT) to $36.
  
• Credit Suisse upgraded Mylan Laboratories (NYSE: MYL) to Outperform Underperform, as the firm believes investors are "too negative" on the Merck transaction. The firm said the company is well-positioned long-term to be a leader in the global generics industry.
• Credit Suisse also upgraded shares of Amerigroup Corporation (NYSE: AGP) to Outperform from Underperform, as they believe the company is poised for better than expected margin improvement in 2007 and 2008.
• Isle of Capri Casinos Inc's (NASDAQ: ISLE) rating was upped to Buy from Hold at Morgan Joseph, citing indications of progress in the company's turnaround.

OTHER UPGRADES:

• Epic Bancorp (NASDAQ: EPIK) was upgraded to Buy from Hold at Sandler.
• Aruba Networks Inc (NASDAQ: ARUN) was upgraded to Outperform from Sector Perform at Pacific Crest.
• Lazard upgraded shares of Amylin Pharmaceuticals (NASDAQ: AMLN) to Buy from Hold.
  
• BMO Capital upped shares of Goodrich Petroleum (NYSE: GDP) to Outperform from Market Perform.

Monday September 10

• Illinois District Court: Merck & Co Inc (NYSE: MRK) Vioxx trial to start.
• Advanced Micro Devices Inc (NYSE: AMD) to webcast the launch of the Quad-Core AMD Opteron processor.

Tuesday September 11

• Fed Reserve Chairman Bernanke to speak at Bundesbank Conference in Berlin.
• Lions Gate Entertainment Corp (NYSE: LGF) to hold shareholder meeting at 10am.

Wednesday September 12

• Brady Corporation (NYSE: BRC) to report Q4 earnings; conference call at 10am.
• Select Comfort Corporation (NASDAQ: SCSS) to hold Q3 Business Update conference call at 4pm.

Thursday September 13

• Symantec Corporation (NASDAQ: SYMC) to hold shareholder meeting at 11:30am.

Friday September 14

• W.W. Grainger Inc (NYSE: GWW) to hold August sales conference call at 8am.
• Isle of Capri Casinos Inc (NASDAQ: ISLE) to report Q1 earnings; conference call at 9am.
• Interlink Electronics Inc (OTC: LINK) to hold a conference call to discuss asset sale at 1pm.

MOST NOTEWORTHY: YRC Worldwide (YRCW), BEA Systems (BEAS), Isle of Capri Casinos (ISLE), Assured Guaranty Ltd (AGO) and Avaya (AV) were today's more noteworthy downgrades:

• Wachovia downgraded YRC Worldwide (NASDAQ: YRCW) to Market Perform from Outperform citing the challenging LTL freight environment and continued integration issues.

• UBS downgraded shares of BEA Systems (NASDAQ: BEAS) to Neutral from Buy on valuation as they believe expectations for a takeover or investor activism is already priced into shares.

• Matrix believes Isle of Capri (NASDAQ: ISLE) is expensive on a performance-adjusted basis and recommends investors sell shares into the recent rally, downgrading shares to Sell from Hold.

• JP Morgan cut Assured Guaranty (NYSE: AGO) to Underweight from Neutral on valuation.

• JMP Securities downgraded Avaya (NYSE: AV) to Market Perform from Strong Buy, as the firm doesn't expect a superior offer to the Silver Lake/TPG bid...

OTHER DOWNGRADES:

• MicroChip Technology (NASDAQ: MCHP) was cut to Market Perform from Outperform at Piper Jaffray.

• Morgan Stanley downgraded Wynn Resorts (NASDAQ: WYNN) to Equal Weight from Overweight.

• Baird downgraded Authorize.net Holdings (NASDAQ: ANET) to Neutral from Outperform.

• Morgan Keegan downgraded Inter-Tel Inc (NASDAQ: INTL) to Market Perform from Outperform.

• Stifel cut Dover Downs Gaming & Entertainment (NYSE: DDE) to Sell from Hold.

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