Analyst upgrades:

• JPMorgan upgraded Barrick Gold (NYSE: ABX) and Goldcorp (NYSE: GG) to Overweight from Neutral following its gold valuation analysis. The firm set a $54 price target on Barrick shares and a $47 price target on Goldcorp shares.
• Thomas Weisel upgraded EMC Corp. (NYSE: EMC) to Overweight from Market Weight and raised its target to $24 from $15, citing the company's improving end market demand, competitive position, and valuation.
• Barclays upgraded AMR Corp. (NYSE: AMR) to Overweight from Equal Weight, citing the company's improved liquidity position and what they believe to be the beginning of a multi-year profit cycle for the sector. Despite the upgrade, the firm lowered its target to $14 from $20.
• Harley-Davidson (NYSE: HOG) was upgraded to Outperform from Market Perform at Wells Fargo.
• Toshiba (OTC: TOSBF) was upgraded to Overweight from Neutral at JPMorgan.
• Sanofi-Aventis (NYSE: SNY) was upgraded to Neutral from Sell at UBS.

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

• Best Buy Inc. (NYSE: BBY) was downgraded by one analyst ahead of next week's Q2 earnings report.
• Campbell Soup Co. (NYSE: CPB) better-than-expected Q4 and full-year profit failed to impact the share price.
• FedEx Corp. (NYSE: FDX) boosted its Q1 earnings guidance ahead of next week's quarterly report.
• JoS. A. Bank Clothiers Inc. (NASDAQ: JOSB) saw its Q2 earnings jump higher than expected.
• Korn/Ferry International (NYSE: KFY) swung to a Q1 net loss as revenue plunged despite cost cuts.
• lululemon athletica inc. (NASDAQ: LULU) strong Q2 numbers topped estimates and drove shares higher.

lululemon athletica (NASDAQ: LULU - option chain) shares rose Thursday after the company reported a second-quarter profit of $9.24 million, or 13 cents per share, on revenue of $97.72 million. Analysts had forecast a profit of 10 cents per share on revenue of $88.20 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 LULU.

LULU opened Thursday at $22.49. So far the stock has hit a low of $21.97 and a high of $23.00. As of 11:25, LULU is trading at $22.28 up 0.67 (3.1%). The chart for LULU looks bullish.

Investors and analysts may be wondering whether the market rally is really over, and whether this signals more trouble ahead for the economy. Well, the Federal Reserve is scheduled to release its next Beige Book report of economic conditions on Wednesday, offering a glimpse of where things stand. The Beige Book report in July suggested that, in some of the 12 Fed districts, the economy appeared to be stabilizing, suggesting that the recession may have reached its bottom, but offering little sign of a recovery. Retail activity remained weak and employment numbers were not good. Yet the minutes of the FOMC August meeting seemed a bit more optimistic about the economy.

In addition to the Beige Book report, 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 about the U.S. economy.

Analyst upgrades:

• Oppenheimer upgraded Gymboree (NASDAQ: GYMB) to Outperform from Perform following the company's Q2 results to reflect valuation and square footage growth from Crazy 8. The firm has a $52 target on the stock.
• KeyBanc upgraded Lululemon (NASDAQ: LULU) to Buy from Hold on expectations sales and margins will improve in the near-term due to clean inventory levels. The firm recommends a pair trade of long Lululemon, short Under Armour (NYSE: UA).
• Keefe Bruyette upgraded Allied Capital (NYSE: ALD) to Market Perform from Underperform following the company's Q2 results and raised its target on shares to $3.50 from $1.
• Jack in the Box (NASDAQ: JACK) was upgraded to Overweight from Neutral at JPMorgan.
• LogMeln (NASDAQ: LOGM) was upgraded to Overweight from Neutral at Piper Jaffray.
• Barclays (NYSE: BCS) was reinstated with an Outperform from Neutral at Credit Suisse.

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

• American Capital Agency Corp. (NASDAQ: AGNC) earnings prospects earned it an analyst's upgrade.
• Broadpoint Securities Group Inc. (NASDAQ: BPSG) earnings prospects improved with recent acquisitions.
• Clorox Co. (NYSE: CLX) was upgraded on the belief that its fiscal year outlook is too conservative.
• Deutsche Bank (NYSE: DB) earnings prospects resulted in an upgrade from JPMorgan.
• Lululemon Athletica Inc. (NASDAQ: LULU) Q1 profit and same-store sales fell and it offered a weak outlook.
• Movado Group Inc. (NYSE: MOV) bested Q1 expectations and forecast a considerable profit for the full year.

Athletic apparel company Lululemon Athletica Inc. (NASDAQ: LULU) struck a pose in the earnings confessional today, announcing revenue and earnings per share for the fiscal first quarter.

Net revenue jumped 6% to $81.7 million, while same-store sales slipped 8% lower. Profit, meanwhile, fell to $6.5 million, or nine cents per share, down from 12 cents in the year-earlier period but one penny ahead of analysts' estimates.

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

• Analogic Corp. (NASDAQ: ALOG) Q1 earnings plunged well below expectations due to costs.
• CKE Restaurants Inc. (NYSE: CKR) solid Q3 earnings were in line with analysts expectations.
• Costco Wholesale Corp. (NASDAQ: COST) beat Q1 expectations and same-stores sales increased.
• Dow Chemical Co. (NYSE: DOW) lowered its guidance and announced layoffs and factory closings.
• Eastman Kodak Co. (NYSE: EK) withdrew its guidance due in part to weak consumer spending.
• Electronic Arts Inc. (NASDAQ: ERTS) lowered its outlook due to weaker-than-expected holiday sales.
• Eli Lilly & Co. (NYSE: LLY) offered a full-year profit forecast that missed analysts' expectations.
• FedEx Corp. (NYSE: FDX) lowered its earnings guidance and announced price increases.
• FuelCell Energy Inc. (NASDAQ: FCEL) reported a deeper-than-expected loss but topped sales estimates.
• H&R Block Inc. (NYSE: HRB) Q2 net loss was in line with expectations but revenue fell short.
• Hartford Financial Services Group (NYSE: HIG) raised its full-year forecast, doubling the share price.
• Hooker Furniture Corp. (NASDAQ: HOFT) shares sold off following disappointing Q3 results and outlook.
• Krispy Kreme Doughnuts Inc. (NYSE: KKD) reported a deeper-than-expected Q3 loss on increased costs.

Stocks fell today as financials were hit hard after a report from UBS predicted losses in the banking sector again in 2009. Jamie Dimon's interview comments didn't give any massive confidence boost either. This was the first day that there was a major move to the upside in what feels like forever, as oil was up $3.49 per barrel at $47.01 on last look. Today's weekly jobless claims data was also the worst we have seen in this part of the cycle.

Here are today's closing bell levels:
DJIA: 8,565.09 (-2.24)
S&P 500: 873.58 (-2.85)
NASDAQ: 1,507.88 (-3.68)

52-Week Lows

Amylin Pharmaceuticals, Inc. (NASDAQ: AMLN) announced that the US FDA gave feedback on the DURATION-1 study for once/week diabetes treatment that will allow it to file a new drug application later in the first half of 2009. Shares were up 19% at $10.18 right before the close.

Costco Wholesale Corp. (NASDAQ: COST) beat earnings with $0.65 EPS vs. $0.62 estimates. Revenues were a tad light. The company said its sales were hurt by a slowdown in non-food discretionary sales and related reductions in margins associated with these sales in the latter half of the quarter.

U.S. stock futures were much lower Thursday, indicating a tough start for Wall Street today -- the seventh anniversary of the 9/11 attacks. Investors sentiment was mired by concerns over the financial sector as Lehman and WaMu continue to have difficulties and braced themselves for a slew of economic reports including weekly initial claims, trade deficit for July and inflation figures for international trade for August. Meanwhile, oil declined as Saudi Arabia broke ranks on OPEC.

Lehman Brothers Holdings Inc. (NYSE: LEH) tried to calm investors Wednesday when it presented its rescue plan including the sale of its investment arm. But investors don't seem convinced and are frustrated with the company and its CEO, the longest serving CEO on Wall Street. Too much planning and intent, not enough action. After plunging 45% Tuesday, LEH stock was down another 7% or so Wednesday to $7.25 on Wednesday. They are shedding another 14.5% in pre-market trading at 7:32 am.
[Update 9:00 a.m.: Following the several downgrades, Lehman shares are plunging over 40% in pre-market trading. Stock futures are drastically lower as well, indicating stock will likely open much lower.]

Washington Mutual (NYSE: WM) shares have been sharing the same fate as Lehman's lately, as they plunged to their lowest point in nearly two decades Wednesday, diving 29.7% to close at $2.32 - a 17-year low. As of 7:33 a.m., shares are declining another 2.6% in pre-market trading. WaMu is expected to have losses in its mortgage portfolio expected of $19 billion, and some believe it could be Wall Street's next casualty.

And as if that wasn't enough, The Wall Street Journal reports that there will be hearings on alleged tax shelters provided to hedge funds by investment banks including Citigroup (NYSE: C) and Merrill Lynch (NYSE: MER).

Two days before its second-quarter earnings report, lululemon athletica inc. (NASDAQ: LULU) was hit this morning with a steep price-target cut. RBC slashed its price target on LULU from $47 to $30, noting "a 200 basis-point increase in our cost of equity assumption." The analysts tempered their bearish note by reiterating an Outperform rating on the shares.

The brokerage firm's downwardly revised target represents a 64% premium to the stock's closing price Monday. By contrast, the average 12-month price target on LULU is $39.72, according to Thomson Financial. This consensus estimate is 117% higher than yesterday's close, which seems to indicate that further price-target cuts could be in the offing, particularly if second-quarter earnings fail to impress.

During the past four quarters, First Call reports that lululemon has met or exceeded analysts' per-share profit expectations every time. However, it's safe to say that nobody on Wall Street was particularly impressed by LULU's last quarterly earnings report. Since the company announced inline earnings of 12 cents per share on June 2, its shares have shed 43% of their value. Even more compelling, institutional investors have reduced their stake in LULU by a net total of 5% since last quarter.

In last week's preview we took a peek at expectations for Campbell Soup earnings, but now the company is scheduled to report fiscal fourth quarter results this coming Thursday. With Krispy Kreme also among the handful of companies scheduled to report this week, we may yet see whether consumers are turning to comfort foods in these uncertain times.

Campbell Soup Co. (NYSE: CPB), the world's biggest soup maker, is still expected by analysts surveyed by Thomson Financial to post net income of 25 cents per share (up 44.0% from a year ago) on revenue of $1.7 billion (up 7.4%). The Camden, N.J.-based company has just missed earnings estimates in the past few quarters. Its long-term EPS growth forecast is 7.9%, which is less than the industry average, but about the same as rivals Kraft Foods (NYSE: KFT) and HJ Heinz (NYSE: HNZ). The analysts' consensus recommendation is currently to buy Campbell.

Hip, Canadian apparel retailer Lululemon Athletica Inc. (NASDAQ: LULU) is also anticipated to be a big earnings gainer when it reports this week. Net income is expected to come in at 13 cents per share (up 46.2% from a year ago) on revenue of $88.2 million (up 50.3%). Lululemon met expectations when it reported 12 cents per share in the previous quarter. Its long-term EPS growth forecast is a healthy 40.2%, which is better than the industry average and that of rival Under Armour Inc. (NYSE: UA). The analysts' consensus recommendation is currently to buy Lululemon.

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

• Boeing Co. (NYSE: BA) earnings prospects may have encouraged the machinist union to strike.
• Ciena Corp. (NASDAQ: CIEN) Q3 results and weak guidance led shares to a new 52-week low.
• Corning Inc. (NYSE: GLW) lowered its Q3 earnings guidance below previous and analysts' forecasts.
• Dollar Financial Corp. (NASDAQ: DLLR) beat Q4 estimates and posted record 2008 results.
• Ericsson Telephone Co. (NASDAQ: ERIC) was downgraded because it could miss Q3 earnings expectations.
• Esterline Technologies (NYSE: ESL) topped Q3 expectations due to robust aerospace and defense markets.
• Joy Global Inc. (NASDAQ: JOYG) posted strong Q3 results due to a sharp increase in orders.
• Kraft Foods Inc. (NYSE: KFT) backed away somewhat from its previous 2008 earnings guidance.
• Legg Mason Inc. (NYSE: LM) earnings prospects for the next several quarters led to an analyst downgrade.
• MEMC Electronic Materials Inc. (NYSE: WFR) mid quarter update warned of declining demand for chips.
• Navistar International Corp. (NYSE: NAV) was upgraded following a strong Q3 report.
• New York Times Co. (NYSE: NYT) ongoing losses haven't diminished Rupert Murdoch's interest in it.
• Nokia Corp. (NYSE: NOK) warned that it would miss earnings estimates due in part to weak sales.
• Shanda Interactive Entertainment Ltd. (NASDAQ: SNDA) better-than-expected Q2 led to an analyst upgrade.
• Staples Inc. (NASDAQ: SPLS) Q2 earnings slipped while revenues rose, beating expectations.
• Take-Two Interactive Software Inc. (NASDAQ: TTWO) Q3 results soared but cut its Q4 guidance.
• Tenet Healthcare Corp. (NYSE: THC) was upgraded on its prospects for beating expectations.
• Terex Corp. (NYSE: TEX) warned that earnings for Q3 and Q4 would be lower than estimates.
• Tiffany & Co. (NYSE: TIF) posted better-than-expected Q2 results and offered full-year guidance.
• Toll Brothers Inc. (NYSE: TOL) reported its fourth straight quarterly loss, but it was smaller than expected.

Also, Jim Cramer discusses a decline in earnings resulting from a collapse of oil and oil services.

Upcoming quarterly reports include Korn/Ferry (NYSE: KFY), Pep Boys (NYSE: PBY), Campbell Soup (NYSE: CPB), Krispy Kreme (NYSE: KKD), and Lululemon Athletica (NASDAQ: LULU).

Visit AOL Money & Finance for more earnings coverage.

Analyst upgrades:

• Citigroup upgraded shares of Amgen Inc. (NASDAQ: AMGN) to Buy from Hold and raised the target price to $70 from $50 following AMGN's better-than-expected Q2 results and positive Dmab results.
• Credit Suisse upgraded Electronic Data Systems (NYSE: EDS) to Neutral from Underperform and expects the Hewlett-Packard (NYSE: HPQ) transaction to close at the $25/share price.

Analyst downgrades:

• JP Morgan downgraded OmniVision (NASDAQ: OVTI) to Neutral from Overweight citing slowing growth and increased competition, as well as the impact on margins.
• Constellation Energy (NYSE: CEP) was downgraded at Lehman to Equal Weight from Overweight.
  
• International Game Tech (NYSE: IGT) was downgraded to Market Perform from Outperform at Wachovia.

Analyst initiations:

• KeyBanc said Visa's (NYSE: V) strengths are its recurring revenue model, significant pricing power, no consumer credit risk, operating leverage, expense flexibility, and considerable free cash flow, among other reasons. The firm initiated shares with a Buy rating and $94 target.
  
• Regal Entertainment (NYSE: RGC) was assumed at Caris with an Average rating and $18 target. The firm sees tough comps ahead for the company and does not expect any meaningful price increases.
  
• Caris also initiated Marvel Entertainment (NYSE: MVL), as they are positive on the company's new financing vehicle. Shares were initiated with a Buy rating and $45 target.
• Goldman initiated textile, apparel and footwear stocks. Aeropostale (NYSE: ARO) and Urban Outfitters (NASDAQ: URBN) were initiated with Buy ratings, Lululemon (NASDAQ: LULU) and Abercrombie & Fitch (NYSE: ANF) were started with Neutral ratings and American Eagle (NYSE: AEO) was initiated with a Sell rating.

Here's a peek at what analysts surveyed by Thomson Financial are expecting from companies scheduled to report quarterly results in the first week of June, 2008.

The following companies are expected to post earnings growth, compared to the same period in the previous year:

• Take-Two Interactive (NASDAQ: TTWO) up 136.6% (from a loss) to $1.12 per share, on $499.1 million in revenue
• Lululemon Athletica Inc. (NASDAQ: LULU) up 58.3% to 12 cents per share, on $71.8 million in revenue
• Vimpelcom Communications (NYSE: VIP) up 54.2% to 59 cents per share, on $2.1 billion in revenue
• Focus Media Ltd. (NASDAQ: FMCN) up 36.4% to 33 cents per share, on $161.3 million in revenue
• Ciena Corp. (NASDAQ: CIEN) up 29.7% to 37 cents per share, on $238.4 million in revenue
• Greif Inc. (NYSE: GEF) up 24.1% to 87 cents per share, on $839.9 million in revenue
• Vail Resorts Inc. (NYSE: MTN) up 18.4% to $2.44 per share, on $474.8 million in revenue
• Guess? Inc. (NYSE: GES) up 17.4% to 46 cents per share, on $451.6 million in revenue
• Del Monte Foods Co. (NYSE: DLM) up 15.4% to 26 cents per share, on $1.0 billion in revenue
• Cooper Companies Inc. (NYSE: COO) up 14.6% to 48 cents per share, on $256.7 million in revenue
• Jackson Hewitt Tax Service Inc. (NYSE: JTX) up 1.9% to $2.08 per share, on $161.6 million in revenue