Analyst Upgrades

• Disney (DIS) to buy from hold at Wunderlich.
• Pike Electric (PIKE) to outperform from market perform at FBR Capital.
• Kindred Healthcare (KND) to overweight from equal weight at Barclays.
• UBS (UBS) to hold from sell at Canaccord.
• Avery Dennison (AVY) and Take-Two (TTWO) to buy from neutral at BofA/Merrill.
• Mercer (MERC) to outperform from market perform at Raymond James.

Analyst Upgrades

• SunTrust upgraded American Express (AXP) to buy from neutral with a $47 price target based on valuation.
• Argus upgraded Verizon (VZ) to buy from hold, with a $39 price target, citing valuation and the company's aggressive 4G LTE network upgrade. However, Bernstein downgraded the stock.
• BMO Capital upgraded Canadian Pacific (CP) to outperform from market perform, citing the company's cost reduction efforts, and raised its target for shares to $74 from $67.
• Agrium (AGU) was upgraded to sector outperformer from sector performer at CIBC.
• Novatel Wireless (NVTL) was upgraded to hold from sell at Canaccord.
• Essex Property Trust (ESS) was upgraded to neutral from sell at Goldman.

Jack Adamo looks to Novatel Wireless (NVTL) as a new buy. In his Insiders Plus newsletter, he assesses the firm's newest products and recent insider buying.

"Novatel provides wireless broadband access solutions for the mobile communications market worldwide. The company offers third generation (3G) wireless PC card and ExpressCard modems, embedded modems, USB modems and other fixed-mobile convergence solutions. It also provides many related support services.

"Novatel recently pulled back from a huge run-up to a near-term high of $14 after announcing a mixed shelf-offering. The market did not like the possibility of earnings dilution from more shares.

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

• Aetna Inc. (NYSE: AET) reported better-than-expected Q3 earnings and revenue, sending shares higher.
• Allergan Inc. (NYSE: AGN) reported better-than-expected Q3 numbers, sending shares higher.
• Bare Escentuals Inc. (NASDAQ: BARE) Q3 profit easily topped analysts' estimates, and shares surged.
• Cabot Oil & Gas Corp. (NYSE: COG) received an upgrade following the release of its Q3 numbers.
• Estee Lauder Companies Inc. (NYSE: EL) reported strong Q1 results, sending shares higher.
• E*Trade Financial Corp. (NASDAQ: ETFC) reported a smaller-than-expected net loss for Q3.
• Goodyear Tire & Rubber Co. (NYSE: GT) Q3 earnings topped estimates and revenue was up sequentially.

Today was mired by awful spending and income data as many are actually now not believing that high GDP figure from yesterday. Earnings were virtually the same as earnings tend to beat estimates but because of cost cutting.

Here were today's unofficial closing bell levels:

Dow 9,710.54 -252.04 (-2.53%)
S&P 500 1,036.01 -30.10 (-2.82%)
Nasdaq 2,045.11 -52.44 (-2.50%)

Top 10 Analyst Calls
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Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Aeropostale Inc. (NYSE: ARO) strong Q2 results were in line with analysts' expectations.
• BHP Billiton Ltd. (NYSE: BHP) reported a record annual profit on demands for commodities in China.
• Burger King Holdings Inc. (NYSE: BKC) beat Q4 expectations despite struggling with commodities costs.
• Foot Locker Inc. (NYSE: FL) reported that it easily beat earnings expectations for the second quarter.
• GameStop Corp. (NYSE: GME) reported strong Q2 results despite a decline in gross margins.
• Hershey Co. (NYSE: HSY) narrowed its 2008 guidance due to rising costs of commodities.
• HJ Heinz Co. (NYSE: HNZ) Q1 results topped analysts' estimates and raised its full-year guidance.
• JDS Uniphase Corp. (NASDAQ: JDSU) offered disappointing quarterly results and Q1 guidance.
• Limited Brands Inc. (NYSE: LTD) reported better-than-expected Q2 results and boosted its forecast.
• Novatel Wireless Inc. (NASDAQ: NVTL) fell short of estimates, leading to a new 52-week low.
• Saks Inc. (NYSE: SKS) reported a smaller-than-expected Q2 loss and forecast lower operating margins.
• Staples Inc. (NASDAQ: SPLS) warned of lower profits due to continued challenging market conditions.
• Zumiez Inc. (NASDAQ: ZUMZ) warmed of weakness in the second half, including lower same-store sales.

For more earnings highlights from this week, see: Home Depot, Lehman, Hewlett-Packard, Gap, BJ's and others

Upcoming quarterly reports include Big Lots (NYSE: BIG), Borders (NYSE: BGP), Rio Tinto (NYSE: RTP), Tivo (NASDAQ: TIVO), Novell (NASDAQ: NOVL), Dell (NASDAQ: DELL), Sears (NASDAQ: SHLD), and Tiffany (NYSE: TIF).

Visit AOL Money & Finance for more earnings coverage.

Today started out as though we were going to break the losing streak. After a mixed trading day we markets indeed ended up higher to gain ground rather than posting a third day of triple-digit losses. Oil started out higher this morning, getting back over $116 per barrel before coming back down slightly.

Below are today's unofficial closing bell levels:
DJIA 11,482.33 (+69.78)
S&P500 1274.81 (+8.12)
NASDAQ 2,389.85 (+5.49)
10YR T-Note 3.799% (-0.043%)
52-Week Lows
Top Analyst Upgrades
Top Analyst Downgrades

Hewlett-Packard Co. (NYSE: HPQ) came out with strong earnings last night and guided inline to higher without the EDS integration. Shares were up almost 6% at $46.29 at the end of the day. This name alone is probably responsible for more cheers than any today as 32 million shares changed hands.

Rival home improvement chains Home Depot Inc. (NYSE: HD) and Lowe's Companies Inc. (NYSE: LOW) are scheduled to report quarterly results this week. Not surprisingly, given the ongoing housing slump, analysts surveyed by Thomson Financial on average expect both companies to post earnings lower than in the same period a year ago. For Home Depot, that's 61 cents per share, down 20.8%, and for Lowe's, 56 cents per share, down 16.4%. Meanwhile, cabinet maker American Woodmark Corp. (NASDAQ: AMWD), for whom Home Depot and Lowe's are major distributors, is also expected to report lower earnings: 11 cents per share, down 67.6%.

The presidential campaigns have prompted much discussion of energy policy and alternative energy sources. Some solar-energy-related concerns are scheduled to report this week, and expectations seem to be high. Trina Solar Ltd. (NYSE: TSL) is expected to report 81 cents per share earnings, up 67.9%; ReneSola Ltd. (NYSE: SOL) is expected to post earnings of 32 cents per share, up 62.5%; and Suntech Power Holdings Co. (NYSE: STP) is expected to have earnings of 32 cents per share, up 21.9%. Even China Sunergy Co. Ltd. (NASDAQ: CSUN) is expected to have swung to a profit of 3 cents per share, from a per-share loss of 14 cents a year ago.

Producer prices rose almost twice as much as forecast in March, reflecting higher fuel and food costs that show more signs of a pickup in inflation. The 1.1% gain followed a 0.3% increase in the prior month. U.S. foreclosure filings jumped 57% and bank repossessions more than doubled in March from a year earlier as adjustable mortgages increased and more owners gave up their homes to lenders. May crude oil even came within one penny of $114 per barrel today.

Below are the unofficial closes for major US index levels:

• DJIA 12,368.01 (+65.95; +0.54%)
• S&P500 1,335.00 (+6.68; +0.50%)
• NASDAQ 2,286.04 (+10.22; +0.45%)
• 10YR-TBond 3.57% (+0.067%)
• Full Pre-Market analyst calls.
• Big list of 52-week lows today.

Wednesday, and maybe even the rest of the week, will probably be dominated by Intel Corporation (NASDAQ: INTC), with shares up 0.7% at $20.84 right before the close ahead of its major earnings report.

MOST NOTEWORTHY: Target, Novatel Wireless and Emageon were today's noteworthy downgrades:

• Citigroup downgraded shares of Target (NYSE:TGT) to Sell from Hold as they believe the company could continue to face macro headwinds, credit deterioration, and merchandising pressures. They also see increased risk with Target's credit card portfolio.
  
• JMP Securities cut Novatel Wireless (NASDAQ:NVTL) to Market Perform from Outperform citing mixed Q4 results and guidance.
  
• Emageon (NASDAQ:EMAG) was downgraded to Market Perform from Outperform at Friedman Billings following its weak Q4 report and guidance.

OTHER DOWNGRADES:

• Goldman downgraded Norsk Hydro (NHYDY) to Neutral from Buy and removed shares from their Pan-Europe Buy List.
  
• Oppenheimer lowered SunTrust Banks (NYSE:STI) to Underperform from Perform.
  
• PetMed Express (NASDAQ:PETS) was downgraded to Sell from Neutral at Piper Jaffray.

MOST NOTEWORTHY: Sunoco, Valero Energy, UBS AG, Lehman Brothers and Supertex were today's noteworthy upgrades:

• Citigroup upgraded both Sunoco (NYSE: SUN) and Valero (NYSE: VLO) to Buy from Hold, as they believe both companies will benefit from the collapse of ethanol prices since refiners are mainly supplied under term contracts struck above current levels.
  
• Merrill upgraded shares of UBS (NYSE: UBS) to Buy from Neutral to reflect the company's lack of exposure to fixed income.
  
• Credit Suisse upgraded shares of Lehman Brothers (NYSE: LEH) to Outperform from Neutral citing improved performance prospects.
  
• Supertex (NASDAQ: SUPX) was raised to Buy from Neutral at Oppenheimer. The firm expects a rebound in all business segments, Medical is entering a seasonally strong September quarter, and notes Motorola (NYSE: MOT) shipments are growing.

OTHER UPGRADES:

• CIBC upgraded Novatel Wireless (NASDAQ: NVTL) to Sector Outperformer from Sector Performer.
  
• Suntrust upgraded American Reprographics (NYSE: ARP) to Buy from Neutral.
  
• Taiwan Semiconductor (NYSE: TSM) was upgraded to Overweight from Neutral at JP Morgan.
  
• Jefferies upgraded Dover Downs (NYSE: DDE) to Buy from Hold.

Wireless communications is fast becoming a necessity, on both the business and personal levels. A San Diego, California company is among the leaders in designing the wireless modems that enable anytime, anywhere communications.

Novatel Wireless (NASDAQ: NVTL) provides wireless broadband access solutions for the mobile communications market. Its PC card modems, embedded wireless modules, desktop wireless gateway consoles and associated software programs connect mobile devices with wireless wide area networks and the Internet. The firm serves wireless network operators, infrastructure providers, distributors, original equipment manufacturers, and vertical markets. It has strategic relationships with Alcatel-Lucent (NYSE: ALU), Dell (NASDAQ: DELL), Microsoft (NASDAQ: MSFT), Qualcomm (NASDAQ: QCOM), Sprint Nextel (NYSE: S) and Verizon Communications (NYSE: VZ).

The company pleased investors last week, when it reported Q1 EPS of 40 cents (ex-items) and revenues of $109.8 million. Analysts had been looking for 35 cents and $101.9 million. Management also guided Q2 EPS to 20-22 cents (16 cent consensus), Q2 revenues to $90.0 million ($83.2 M consensus), FY07 EPS to $1.00-$1.05 (89 cent consensus) and FY07 revenues to $380-$390 million ($369.2M consensus). In detailing the solid results, the CEO pointed to strong momentum in the newly introduced ExpressCards and Ovation USB devices. NVTL shares popped into a bullish "pennant" consolidation pattern on the news. Prices frequently leave pennants moving in the same direction they were traveling when they entered them. In this case, that would be to the upside.

Brokers recommend the shares with four "strong buys," three "buys" and eight "holds." Analysts see a 20% average annual growth rate, through the next five years. The NVTL Price to Sales ratio (2.80), Sales Growth rate (173.41%), EPS Growth rate (-0.05 to +0.40 yr/yr) and Revenue per Employee ($908.22k) compare favorably with industry, sector and S&P 500 averages.

Institutions hold about 92% of the outstanding shares. The stock is one of those used to calculate the S&P 600 SmallCap Index. Over the past 52 weeks, it has traded between $8.11 and $20.25. A stop-loss of $17.50 looks good here.

Larry Schutts is a contributing editor for Theflyonthewall.com and the Vice-President of Stockwinners.com.

"Anytime, anywhere communications" is fast becoming a hallmark of civilization. A San Diego, California, company is among the leaders in designing the wireless devices that enable worldwide mobile communications.

Novatel Wireless, Inc. (NASDAQ:NVTL) designs and develops the wireless modems that let users access the internet from anywhere. It delivers a broad range of high-quality, 3G wireless PC cards, ExpressCards, embedded modules, fixed mobile convergence modems and communications software to wireless network operators, distributors and original equipment manufacturers worldwide. The firm holds 30 technology patents and has established partnerships with leading telecom operators, infrastructure providers and device manufacturers.

The company surprised the Street earlier in the week, when it issued upside guidance for fourth quarter results. Management now sees Q4 EPS of 13-14 cents (6-7 cents prior) and Q4 revenues of $76 million ($61-$63 prior). The new numbers top Street consensus estimates of seven cents and $62.46 million. The firm also said it expects FY07 EPS of 55-65 cents (41 cent consensus) and sales of $330-$350 million ($257.73M consensus). Officials remarked that Q4 growth was driven by increased demand across its entire range of offerings. The company ended the quarter with record backlog levels. Shares jumped on the news and are now consolidating the gain in a bullish "flag" pattern. Equities frequently exit flags moving in the same direction they were traveling when they entered them. In this case, that would be to the upside.