J. Crew Group (NYSE: JCG) issued a Q4 report that the market seemed to like. The retailer posted a loss of 22 cents per share on Tuesday after the bell. As I said in my earnings preview, Wall Street was bracing for a loss of 27 cents per share. That five-penny beat helped to send J. Crew's shares up by well over 10% in the after-hours session.

I think the buying was a bit overdone. Sure, I'll give credit where credit is due. Management did beat the analysts and their precious earnings models. How much credit should I give beyond that?

It is tough to be a retailer in this climate. It's especially tough to be a retailer like J. Crew Group, Inc. (NYSE: JCG). After all, if you're a Wal-Mart Stores, Inc. (NYSE: WMT) or a Family Dollar Stores (NYSE: FDO), at least you can entice consumers with your low prices, and at least you stock things that people need. Not so with J. Crew. It's a fashion retailer that you don't have to visit during the recession. Apparently, many people indeed haven't been visiting lately. That's why shareholders will most likely be nervous when fourth-quarter numbers are issued after the bell on Tuesday, March 10.

According to this source, J. Crew should report an earnings loss of $0.27 per share. How ugly! This compares to a profit of $0.41 per share in the year-ago period. I expect to hear the same stuff that we've been hearing from retailers such as Urban Outfitters (NASDAQ: URBN) and Kohl's (NYSE: KSS): things are tough, the rest of the year is going to be a huge challenge, we're doing everything we can to navigate the business through the treacherous times, etc. Such rhetoric probably won't be comforting to shareholders, especially considering that J. Crew's stock isn't too far from a 52-week low.

J Crew Group (NYSE: JCG) shareholders are big Obama fans.

Shares of the retailer jumped more than 10% yesterday on the news that much of the clothing worn by the new first family on inauguration day came from J Crew. According to The Associated Press, "While the items were made specifically for the Obamas, J. Crew said customers can see highlights or similar items in upcoming seasons."

Of course, it's been a long time since a politician and his family had the star power to sell clothing. Traffic to the website soared on Wednesday, overwhelming the company's server at times. The Obamas "asked for invoices for everything that was submitted to them," Tom Mora, the company's head of women's design told The New York Times.

The Obama camp reportedly told J. Crew designers that they wanted clothing that evoked a "happy, approachable warm mood" and given the doting press they've gotten in their first day in the White House, J Crew appears to have delievered the goods.

The earnings season is beginning to wind down as we have passed the halfway mark of the quarter and the holiday season begins in earnest next week with Thanksgiving in the United States.

Bermuda-based Frontline Ltd. (NYSE: FRO) is anticipated by analysts surveyed by Thomson Reuters to be one of the biggest earnings gainers among companies scheduled to report quarterly results this coming week. The oil tanker fleet operator is expected to post third-quarter earnings of $1.97 per share, 86.8% higher than in the same period a year ago, on revenues of $399.5 million (+44.6%). Frontline missed estimates by 6.4% in the previous quarter, and the consensus recommendation by analysts is to hold FRO. While Motley Fool likes its robust dividend, Jim Cramer said in a recent Lightning Round that he prefers rival Nordic American Tanker Shipping Ltd. (NYSE: NAT). Shares have fallen 52.9% in the past three months, and reached a 52-week low of $25.00 on Friday.

Analog Devices Inc. (NYSE: ADI) is also expected to be among the week's biggest earnings gainers. Analysts are looking for the semiconductor chip maker to report a fiscal fourth-quarter profit of $0.44 per share, 31.8% higher than a year ago, on revenues of $661.7 million (+2.0%). Analog Devices has beat estimates in three of the past five quarters, but only missed by 1.3% in the previous quarter. Analysts on average recommend buying ADI, which has a forecast long-term EPS growth rate of 17.3%, which better than the S&P 500 and that of rival Texas Instruments Inc. (NYSE: TXN). Shares sank to a multiyear low of $16.23 on Friday, and are down 41.1% in the past three months.

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

• Big Lots Inc. (NYSE: BIG) Q1 earnings rose 20%, driven by cash-strapped bargain hunters.
• Borders Group Inc. (NYSE: BGP) narrowed its loss in the first quarter though same-store sales fell.
• Costco Wholesale Corp. (NASDAQ: COST) Q3 profits climbed 32%, beating analysts' estimates.
• Dell Inc. (NASDAQ: DELL) posted solid Q1 results that beat analysts' expectations (see the transcript).
• DSW Inc. (NYSE: DSW) Q1 earnings declined, hurt by weak same-store sales.
• H.J. Heinz Co. (NYSE: HNZ) better-than-expected Q4 results sent the stock to a 52-week high.
• Integra LifeSciences Holdings Corp. (NASDAQ: IART) beat Q4 estimates and offered Q1 guidance.
• J. Crew Group Inc. (NYSE: JCG) lowered its full-year forecast, leading to analyst downgrades.
• Joy Global Inc. (NASDAQ: JOYG) Q2 results beat expectations, and it raised its full-year guidance.
• Lions Gate Entertainment Corp. (NYSE: LGF) posted record Q4 revenues but a bigger-than-expected loss.
• Marvell Technology Group (NASDAQ: MRVL) Q1 profits beat estimates and led to analyst upgrades.
• Medtronic Inc. (NYSE: MDT) beat Q4 estimates and offered full-year guidance.
• Novell Inc. (NASDAQ: NOVL) swung to a profit that was in line with analysts estimates.
• Salesforce.com Inc. (NYSE: CRM) Q1 revenues surged on new customers and demand in Asia.

J Crew (NYSE: JCG) is recently down $10 to $36.91. JCG sees Q2 EPS of 31c-33c versus consensus of 40c. Smith Barney says "Downgrade to Sell; Expect multiple compression on slowing sales." JCG call option volume of 5,651 contracts compares to put volume of 10,076 contracts. JCG June option implied volatility of 42 is below its 26-week average of 54 according to Track Data, suggesting decreasing price movement.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

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

• America's Car-Mart Inc. (NASDAQ: CRMT) beat estimates by closing underperforming branches.
• Aristotle Corp. (NASDAQ: ARTL) fourth-quarter revenue edged up while earnings slipped.
• Blackstone Group (NYSE: BX) fourth-quarter profit plunged on bond insurance related write-downs.
• Boston Beer Co. Inc. (NYSE: SAM) fourth-quarter profit more than doubled as drinkers switch to craft beers.
• CAI International Inc. (NYSE: CAP) beat expectations fourth quarter and raised its guidance.
• Caterpillar Inc. (NYSE: CAT) offered encouraging guidance for the full year and long term.
• Consolidated Communications Holdings Inc. (NASDAQ: CNSL) beat estimates for the fourth quarter.
• Flow International Corp. (NASDAQ: FLOW) beat expectations, sending shares up sharply.
• Gehl Co. (NASDAQ: GEHL) fourth-quarter profit fell but beat expectations due to international growth.
• J. Crew Group Inc. (NYSE: JCG) raised its full-year outlook, sending shares higher.
• Kroger Co. (NYSE: KR) beat fourth-quarter expectations though profit slumped due to inflation.
• Maidenform Brands Inc. (NYSE: MFB) beat fourth quarter estimates due to sourcing initiatives.
• Smart Balance Inc. (NASDAQ: SMBL) nearly doubled its fourth-quarter loss despite strong revenue growth.
• Take-Two Interactive Software Inc. (NASDAQ: TTWO) posted a narrower-than-expected first-quarter loss.
• WellPoint Inc. (NYSE: WLP) cut its first-quarter and full-year forecasts on higher expenses.

On Tuesday, apparel retailer J. Crew Group Inc. (NYSE: JCG) suggested that 2008 income would come in above analyst estimates.

For the full year, the company forecast a profit of $1.85 to $1.87 per share. The consensus estimate of analysts polled by Thomson Financial is for full-year earnings of $1.52 per share. In after-market trading yesterday, J. Crew shares rose $1.36, or 3.2%, to $43.96, and they continued to rise in morning trading to $46.17.

During a presentation to analysts and investors, heavy machinery maker Caterpillar Inc. (NYSE: CAT) forecast that the company's earnings per share will rise 5% to 15%, to between $5.64 and $6.18 per share, and that revenue will climb between 5% and 10% from the $44.96 billion it reported in 2007. On average, analysts polled by Thomson Financial expect profit of $5.89 per share on revenue of $48.2 million.

Caterpillar also said that the company's profit will rise between 15% and 20% from 2005 through 2012, and that sales will approach $60 billion by 2010. Caterpillar shares were up about 4% to $75.59 in morning trading.

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

• Astec Industries Inc. (NASDAQ: ASTE) beat expectations and raised its guidance.
• Blockbuster Inc. (NYSE: BBI) fourth-quarter profit fails to offset the full-year loss.
• China Techfaith Wireless Communication Technology (NASDAQ: CNTF) beat analysts' expectations.
• Costco Wholesale Corp. (NASDAQ: COST) met analysts' estimates, buoyed by higher fuel prices.
• FTI Consulting Inc. (NYSE: FCN) beat expectations and raised its full-year guidance.
• H&R Block Inc. (NYSE: HRB) narrowed its loss due to higher sales and smaller subprime losses.
• Jackson Hewitt Tax Service Inc. (NYSE: JTX) missed estimates as third-quarter profits declined sharply.
• LifeCell Corp. (NASDAQ: LIFC) beat fourth-quarter estimates and offered full-year guidance.
• Marvell Technology Group (NASDAQ: MRVL) lowered its first-quarter forecast , sending shares lower.
• Porsche AG (OTC: PSEPF) profit soared on strong sales of its Cayenne.
• S1 Corp. (NASDAQ: SONE) beat expectations and offered full-year guidance.
• Saks Inc. (NYSE: SKS) fourth-quarter profit nearly doubled, but full-year profit declined.
• Urban Outfitters Inc. (NASDAQ:URBN) beat expectations on strength in same-store sales.
• Walgreen Co. (NYSE: WAG) reports strong same-store sales ahead of its quarterly results.

Also, see Timothy Sykes's take on Warren Buffett's annual letter to Berkshire Hathaway (NYSE: BRK.A) shareholders. Zac Bissonnette is interested in where earnings actually come from. And Saks, Costco, and other retailers saw stronger February same-store sales despite recession concerns, but JC Penney Co. (NYSE: JCP) didn't feel the love.

Upcoming results to watch for include Kroger Co. (NYSE: KR), Boston Beer Co. (NYSE: SAM), J. Crew Group Inc. (NYSE: JCG), Jones Soda Co. (NASDAQ: JSDA), Blackstone Group (NYSE: BX), and Men's Wearhouse Inc. (NYSE: MW).

Visit AOL Money & Finance for more earnings coverage.

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

• Big Lots Inc. (NYSE: BIG) reported a record quarter due in part to improved distribution.
• Blyth Inc. (NYSE: BTH) trounced EPS estimates and raised its guidance.
• ConAgra Foods Inc. (NYSE: CAG) raised its earnings forecast for Q2 on strength in merchandising.
• Donaldson Co. (NYSE: DCI) beat estimates due to strength in international markets.
• J. Crew Group (NYSE: JCG) posted a solid quarter due to strength in both store and direct sales.
• Krispy Kreme Doughnuts Inc. (NYSE: KKD) narrowed its loss, but foresees further store closures.
• Liquidity Services Inc. (NASDAQ: LQDT) posted a strong quarter, benefiting from the sluggish economy.
• Merck & Co. Inc.'s (NYSE: MRK) earnings forecasts for 2007 and 2008 fall short of expectations.
• Netezza Corp. (NYSE: NZ) beat expectations of both earnings and revenue.
• Palm Inc. (NASDAQ: PALM) forecast a loss for the current quarter due to product delays.
• Royal Bank of Scotland's (NYSE: RBS) better-than-expected forecast buoyed European banks.
• SeaChange International (NASDAQ: SEAC) reported a profit when analysts expected a loss.
• Sigma Designs (NASDAQ: SIGM) had a "blowout" quarter, beating even the most optimistic analyst.
• SkillSoft (NASDAQ: SKIL) beat expectations of both earnings and revenue.
• Toll Brothers Inc. (NYSE: TOL) posted a lower-than-expected loss, its first quarterly loss in 21 years.

Also, Brian White looks at how loss of market share contributed to Dell Inc.'s (NASDAQ: DELL) recent results. Both Douglas McIntyre and Jim Cramer mull the effect on the cable industries of Comcast Corp.'s (NASDAQ: CMCSA) lowered guidance. And Target Corp. (NYSE: TGT) is among retailers warning about earnings in the current quarter.

Upcoming results to watch for include: H&R Block (NYSE: HRB), Kroger Co. (NYSE: KR), Costco (NASDAQ: COST), and Lehman Bros. (NYSE: LEH).

Visit AOL Money & Finance for more earnings coverage.

MOST NOTEWORTHY: PhotoChannel Networks, BioMarin Pharmaceutical, Double-Take and Leapfrog Enterprises were today's noteworthy initiations:

• Merriman believes PhotoChannel Networks (OTC: PNWIF) is positioned to become a leading provider to the digital photofinishing market through its offering of a fully-integrated solution to retailers. The firm started shares with a Buy rating.
  
• Jefferies resumed coverage of BioMarin Pharmaceutical (NASDAQ: BMRN) with a Buy rating and $33 target, as they expect strong long-term growth from Aldurazyme and Naglazyme and is optimistic for Kuvan approval and a strong market launch.
  
• ThinkEquity is positive on Double-Take's (NASDAQ: DBTK) impressive operating leverage and valuation and started shares off with a Buy rating and $28 target.
  
• Needham initiated Leapfrog Enterprises (NYSE: LF) with a Strong Buy rating and $11 target. The firm expects Leapfrog to benefit from its turnaround initiatives in 2008 and for shares to be driven by improving sales and profits.

OTHER INITIATIONS:

• UBS started J Crew (NYSE: JCG) and American Eagle (NYSE: AEO) with Neutral ratings and targets of $40 and $25, and Gap (NYSE: GPS) and Abercrombie & Fitch (NYSE: ANF) with Buy ratings and targets of $23 and $97.
  
• Goldman initiated The9 (NASDAQ: NCTY) with a Neutral rating. Broadpoint initiated Vocus Inc (NASDAQ: VOCS) with a Strong Buy rating.

MOST NOTEWORTHY: Centene, Brinker International, Harmonic, Idex and Royal Dutch Shell were today's noteworthy upgrades:

• Jefferies upgraded shares of Centene Corporation (NYSE: CNC) to Buy from Hold as they expect the company is benefiting from above 20% revenue growth next year and SG&A leverage opportunity over the next 12–18 months.
  
• Bear Stearns upgraded shares of Brinker International (NYSE: EAT) to Outperform from Peer Perform as they believe Brinker's turnaround efforts can enhance shareholder value.
  
• Friedman Billings raised shares of Harmonic (NASDAQ: HLIT) to Outperform from Market Perform based on the favorable outlook for cable and satellite spending on HD video and other projects.
  
• The firm also upgraded Idex Corporation (NYSE: IEX) to Outperform from Market Perform, citing the company's positive 2008 outlook and solid end markets.
  
• Goldman upgraded Royal Dutch Shell (NYSE: RDS.A) to Neutral from Sell on valuation.

OTHER UPGRADES:

• CIBC upgraded J. Crew Group (NYSE: JCG) to Sector Outperformer from Sector Performer and Parker Hannifin (NYSE: PH) to Sector Performer from Sector Underperformer.
  
• Sprint Nextel Corporation (NYSE: S) was upgraded to Outperform from Neutral at Credit Suisse.
  
• RBC Capital Markets upgraded LaSalle Hotel Properties (NYSE: LHO) to Top Pick from Outperform.

MOST NOTEWORTHY: Aeropostale (ARO) and Halliburton (HAL) top today's initiations.

• Caris initiated Aeropostale, Inc. (NYSE:ARO) with an Above Average rating and said Aeropostale's strong inventory, management and same-store sales growth should bring significant upside to margins.
• Credit Suisse started Halliburton Company (NYSE:HAL) with a Neutral and $43 target.

OTHER INITIATIONS:

• Medcath Corp (NASDAQ:MDTH) was initiated by Citigroup with a Buy and $35 target, citing a solid portfolio, strong core operating results and valuation.
• Credit Suisse initiated J Crew Group, Inc. (NYSE:JCG) with an Outperform rating and $42 target. The firm said J Crew was an attractive turnaround story with opportunity for margin expansion.

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