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.

TheStreet.com's Jim Cramer says the demand for homes is real because they are affordable.

Sometimes the misdirection in the media's interpretation of the mortgage/foreclosure market simply drives me up a wall. Take Thursday's fret story, "Loans That Looked Easy Pose Threats to Recovery," in The New York Times. This one is played big online, much bigger than another story, "Signs of Life as Sales of New Homes Improve." The gist of the big story? Option rate ARMs are going to crimp anything good that could happen from the housing recovery.

But you know what? The amazing thing here is the number of option ARMs that they say we are in trouble on: 500,000 homes. Sorry, I know that number is meant to scare people, but it is truly small, especially when you consider that 17 million homes traded during the period from 2005 to the first quarter of 2007, when the reckless lending set in. Given the charges we have taken in the banking system, the reserves we have, the bottom in housing and the robust market we have -- and it isn't just for first-time homebuyers, and it isn't just for low-dollar homes, despite the impressions made by the media -- you have to take this worry and throw it out.

J. Crew Group Inc. (NYSE: JCG), the fashion retailer that is reportedly a favorite of the Obamas and which has been publically traded since 2006, is scheduled to discuss its second-quarter 2009 results today in a conference call at 4:30 PM ET. You can catch the live webcast of the call on the company's website.

For the three months that ended in July, analysts surveyed by Thomson Reuters expect the New York-based company to report that its earnings fell 46.4% from a year ago to $0.15 per share. But revenue for the quarter is expected to be 3.0% higher to $346.4 million.

We all know the impact that celebrities have on businesses. One of the most obvious instances of this phenomenon comes from the Oprah Winfrey Show. For example, when a title makes it into her book club, millions of loyal followers immediately take action, and sales follow.

These days, Michelle Obama is giving Oprah a run for her money. The First Lady is being closely watched by millions, and she too has a loyal following. She also appears to have a fashion sense that resonates with consumers around the globe. We all saw the number of stories and speculation about her gown during the inauguration.

J. Crew Group (NYSE: JCG), a retailer that shares space at the mall with Abercrombie & Fitch (NYSE: ANF), Gap (NYSE: GPS), and American Eagle Outfitters (NYSE: AEO), has, as a stock, been doing extremely well.

As of this writing, shares of J. Crew have doubled over the last six months. It certainly hasn't hurt the company to see that the Obama family wears its clothes.

Analyst upgrades:

• Citigroup upgraded Lennar (NYSE: LEN) to Buy from Hold as it believes the company's near-term liquidity profile is improved following the $400M debt issuance. The firm raised its target price to $12 from $11.
• Jefferies upgraded Rowan Companies (NYSE: RDC) to Buy from Hold as it believes jack-up drillers will continue to outperform deepwater names. The firm raised its target price to $27 from $20.
• Keefe Bruyette upgraded First Financial (NASDAQ: FFIN) to Market Perform from Underperform to reflect more positive loan data for the Texas banks. The firm raised its target price on shares to $44 from $38.
• MGM Mirage (NYSE: MGM) was upgraded to Overweight from Neutral at JP Morgan.
• Morgan Stanley (NYSE: MS) was upgraded to Outperform from Market Perform at JMP Securities.
• Brinker (NYSE: EAT) was upgraded to Overweight from Equal Weight at Barclays.

After testifying before a Senate committee about AIG (NYSE: AIG) last week, the Fed's Ben Bernanke participates in a Council of Foreign Relations event Monday evening.

Economic data due to be released this week include wholesale trade and job vacancies for January on Tuesday morning, the U.S. Treasury budget for February on Wednesday, retail sales for February and business inventories for January on Thursday morning, and the U.S. trade balance for January on Friday morning.

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

• Big Lots Inc. (NYSE: BIG) Q2 profits topped expectations, but it warned of weak sales in the second half.
• China Petroleum and Chemical Corp. (NYSE: SNP) first-half profits tanked due to government price controls.
• Dell Inc. (NASDAQ: DELL ) fell short of Q2 earnings estimates, surprising even Jim Cramer.
• Dillard's Inc. (NYSE: DDS) beat analysts' expectations despite widening its Q2 net loss.
• Gilat Satellite Networks Ltd. (NASDAQ: GILT) missed Q2 expectations and a merger fell through.
• J. Crew Group Inc. (NYSE: JCG) Q2 net income slipped on lower sales and gross margins.
• JP Morgan & Chase Co. (NYSE: JPM) earnings have been hurt by investments in Fannie Mae/Freddie Mac.
• LDK Solar Co. (NYSE: LDK) raised its 2009 revenue guidance on reaching peak silicon wafer capacity.
• Marvell Technology Group (NASDAQ: MRVL) beat Q2 expectations but gave a conservative Q3 outlook.
• Rio Tinto Group (NYSE: RTP) first-half profits more than doubled on its acquisition of Alcan.
• Sanderson Farms Inc. (NASDAQ: SAFM) swung to a Q3 loss due in part to rising commodities prices.
• Sears Holdings Corp. (NASDAQ: SHLD) Q2 earnings plunged more than expected on further sluggish sales.
• SkillSoft PLC (NASDAQ: SKIL) beat Q2 expectations and offered Q3 and full-year guidance.
• Smithfield Foods Inc. (NYSE: SFD) swung to a Q1 loss due in part to rising commodities prices.
• Talbots Inc. (NYSE: TLB) nearly doubled its Q2 loss due to lower sales and restructuring charges.
• Thornburg Mortgage Inc. (NYSE: TMA) posted a Q2 profit but warned of possible collapse on margin calls.
• Tiffany & Co. (NYSE: TIF) doubled its Q2 profit on strong international sales, and raised its guidance.
• TiVo Inc. (NASDAQ: TIVO) unexpectedly swung to a Q2 profit but forcast another loss in Q3.

Upcoming quarterly reports include Guess (NYSE: GES), Collective Brands (NYSE: PSS), H&R Block, (NYSE: HRB), Staples (NASDAQ: SPLS), Ciena (NASDAQ: CIEN), Toll Brothers (NYSE: TOL); and National Semiconductor (NASDAQ: NSM).

Visit AOL Money & Finance for more earnings coverage.

A mixed day in many stocks, though this actually worked out to be an acceptable day despite the end of day selling that took away many of the gains. To show how the markets were mixed continually, the S&P 500 Index closed up marginally for May while the DJIA closed slightly down for the month. We also saw income and spending fall, although the numbers weren't quite as bad as expectations. This was also when the University of Michigan gave the crummiest reading in 28 years. Here are the unofficial closing bell levels:

• DJIA 12,619.92 (-26.30)
• S&P500 1,398.97 (+0.92)
• NASDAQ 2,522.66 (+14.34)
• 52-WEEK LOWS
• Top 10 Analyst Calls
• Oil & Gas Upgrades/Downgrades

Anheuser-Busch Companies Inc. (NYSE: BUD) saw highly unusual options activity and strong equity trading as more speculators believe a deal with Belgium's InBev may be imminent. Shares rose almost 2% and were up at $57.58 in the final minutes of the day.

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

• BJ's Wholesale Club Inc. (NYSE: BJ) beat fourth-quarter estimates on lower costs and strong sales.
• Ciena Corp. (NASDAQ: CIEN) first-quarter profit doubled on strong sales, lifting the sector.
• Clean Harbors Inc. (NASDAQ: CLHB) trounced expectations as it completes acquisitions.
• Del Monte Foods Co. (NYSE: DLM) beat estimates on cost cutting and raised its guidance.
• HSBC Holdings PLC ADS (NYSE: HBC) profit soared in 2007, beating analysts' expectations.
• Intel Corp. (NASDAQ: INTC) lowered its first quarter earnings forecast, citing weak chip prices.
• LeapFrog Enterprises Inc. (NYSE: LF) narrowed its losses for the fourth quarter and full year.
• LKQ Corp. (NASDAQ: LKQX) beat fourth-quarter estimates and raised its guidance.
• Midway Games Inc. (NYSE: MWY) widened its losses in both the fourth quarter and full year.
• Staples Inc. (NASDAQ: SPLS) reported a solid fourth quarter and increased its annual dividend.
• TiVo Inc. (NASDAQ: TIVO) posted a smaller-than-expected fourth-quarter loss due to licensing deals.
• Trump Entertainment Resorts Inc. (NASDAQ: TRMP) fourth-quarter and full-year losses widened.
• Universal Health Services (NYSE: UHS) beat earnings expectations but matched revenue estimates.

Also, Dell Inc. (NASDAQ: DELL) struggles to maintain profitability against competitor Hewlett-Packard Co. (NYSE: HPQ). See Timothy Sykes's take on Warren Buffett's annual letter to Berkshire Hathaway (NYSE: BRK.A) shareholders. And Zac Bissonnette is interested in where earnings actually come from.

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.

J.Crew Group, Inc. (NYSE: JCG) announced that one of its major shareholders would sell roughly 9 million shares of its common stock at $37.81 per share. The reason? Its private equity investor, Texas Pacific Group, is continuing to cash-out its position. The sale will not directly benefit J. Crew.

No doubt, J. Crew has had a strong performance lately, with same-store sales growth of 8.5% during the Christmas season.

All in all, it's been a smart deal for Texas Pacific Group, which apparently has made about a 7X return on its investment. (This is according to a story in TheDeal.com [subscription].) It certainly helped that J. Crew hired Millard Drexler, who once served as the CEO of Gap (NYSE: GPS).

But this deal was not a quick flip for Texas Pacific Group. It took a lot of work and was a nine year process.

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.

The New York Times has an excellent article on the growing allure of private equity for CEOs. Basically, top-notch corporate executives are seeing more opportunity for huge paydays running companies that have been bought out.

That was the case with David Calhoun, who was the vice chairman of GE. Last year, he took the post as CEO of VNU, which went private in a $11.1 billion transaction.

Why this shift toward privately owned companies? First of all, the regulations for running a public company are much more rigorous because of Sarbanes-Oxley. Also, a privately-run business has the advantage of not dealing with the quarter-by-quarter demands of Wall Street.

But probably the biggest reason is money. Keep in mind that a CEO can get about 5% to 10% of the equity in a company that is backed by private equity. And as the debt is paid down, the equity percentage will also increase.

In other words, there could be some massive paydays. Who knows, it may even make Home Depot's former CEO Robert L. Nardelli's pay package of $210 million look like chump change.

For example, Millard S. Drexler came on board J. Crew after its buyout. Because of its recent IPO, he now has a nest egg of more than $300 million.

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.