If you've checked out the option chains on Daily Finance lately, you might notice that the option symbols look a little... different than usual. That's because brokerage firms, data processors, and other market players are now in the process of converting the traditional five-character option symbols to a new format as part of the Options Symbology Initiative (OSI).

The purpose of the OSI was to promote a more user-friendly depiction of the traditional option symbols -- a noble endeavor, to be sure. For example, under the old symbology, Best Buy's (BBY) February 35 call would have been represented by "BYY BG" -- with B denoting a February-dated call and G denoting the strike price of 35. Not the most confusing thing ever, necessarily, but most traders would need a chart to decode it at a glance.

Results for the tech stocks in last week's preview were a mixed bag, some beats, some misses, some in line. By and large, expectations for tech companies reporting results this week remain high, though. Here's what analysts surveyed by Thomson Financial are anticipating in the way of earnings, as compared to the same period of the previous year.

• Solarfun Power Holdings Co. Ltd. (NASDAQ: SOLF): $1.48 EPS (+73.0%) on sales of $1.3 billion (+171.0%)
• Marvell Technology Group Ltd. (NASDAQ: MRVL): $0.21 EPS (+71.4%) on sales of $836.7 million (+27.4%)
• Solera Holdings Inc. (NYSE: SLH): $0.29 EPS (+51.7%) on sales of $137.0 million (+11.8%)
• Applied Signal Technology Inc. (NASDAQ: APSG): $0.14 EPS (+42.9%) on sales of $46.4 million (+17.4%)
• China Finance Online Co. Ltd. (NASDAQ: JRJC): $0.14 EPS (+42.6%) on sales of $13.3 million (+131.5%)
• OSI Systems Inc. (NASDAQ: OSIS): $0.38 EPS (+36.8%) on sales of $162.0 million (+6.0%)
• LaBarge Inc. (AMEX: LB): $0.27 EPS (+33.3%) on sales of $71.6 million (+10.4%)
• Esterline Technologies Corp. (NYSE: ESL): $0.69 EPS (+11.6%) on sales of $374.6 million (+14.8%)
• Dell Inc. (NASDAQ: DELL): $0.36 EPS (+11.1%) on sales of $15.9 billion (+7.8%)
• HEICO Corp. (NYSE: HEI): $0.46 EPS (+13.0%) on sales of $147.1 million (+10.5%)
• Daktronics Inc. (NASDAQ: DAKT): $0.17 EPS (flat) on sales of $141.5 million (+17.0%)
• Novell Inc. (NASDAQ: NOVL): $0.05 EPS (flat) on sales of $241.4 million (-0.7%)
• Omnivision Technologies Inc. (NASDAQ: OVTI): $0.29 EPS (-17.1%) on sales of $172.5 million (-0.4%)
• Sigma Designs Inc. (NASDAQ: SIGM): $0.39 EPS (-18.8%) on sales of $58.7 million (+37.9%)

MOST NOTEWORTHY: Websense (WBSN), OSI Pharma (OSIP), Gap (GPS), Tiffany & Co (TIF) and Callaway Golf (ELY) were today's more noteworthy upgrades:

• Jefferies upgraded Websense (NASDAQ: WBSN) to Hold from Underperform to reflect the strong recent results from SurfControl as well as the possibility for 2H software seasonality.

• Lehman upgraded shares of OSI Pharma (NASDAQ: OSIP) to Overweight from Underweight on valuation as well as expectations for price increases and growth in Europe.

• Susquehanna upgraded shares of Gap (NYSE: GPS) to Positive from Neutral citing management's ability to control costs & manage inventories, share buybacks, and streamlining of organizational structure.
  

• Tiffany & Co (NYSE: TIF) was upgrade to Accumulate from Neutral at Buckingham based on valuation and strong worldwide luxury trends outside of Japan.

• Matrix upgraded shares of Callaway Golf (NYSE: ELY) to Strong Buy from Hold to reflect positive fundamentals and the recent share weakness...

OTHER UPGRADES:

• Valueclick (NASDAQ: VCLK) was upgraded to Buy from Hold at Needham.

• WestLB raised Swisscom (NYSE: SCM) to Add from Hold and Ericsson (NASDAQ: ERIC) to Buy from Hold.

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

OSI Pharma (NASDAQ: OSIP) implied volatility of 30 below 26-week average of 38. OSIP develops and commercializes products to improve the quality of life for cancer and diabetes patients. OSIP is recently up .60 to $34.85. Wachovia says "solid earnings growth from unexpected strength of European Tarceva sales and thoughtfully implemented cost controls, we upgrade OSIP to Market Perform from Underperform." OSIP September & October option implied volatility of 30 is below its 26-week average of 38 according to Track Data, suggesting decreasing risks.

Flamel Technologies (NASDAQ: FLML) put volume & volatility Spike on disappointing trial data. FLML, a biopharmaceutical company, is recently down $2.10 to $10.58. Merriman Curhan says "disappointing results for the CASPER trial, a head-to-head study comparing twice daily Coreg IR vs. once-daily Coreg CR, with Coreg CR demonstrating no statistically significant improvement in compliance and/or adverse events relative to Coreg IR." Third Point, an activist hedge fund, announced on 7/16 a 9.2% stake in FLML. FLML September 10 puts have traded 111 times on transaction volume of 2,063 contracts, above its open interest of 137 contracts. FLML September option implied volatility is at 115 above its 26-week average of 57 according to Track Data, suggesting larger risk.

Volatility Index S&P 500 Options-VIX down .21 to 22.68; 10-day moving average is 27.12.

Six trading days in the next eleven days; Options will have no movement during five days.

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

MOST NOTEWORTHY: Countrywide Financial (CFC), Toll Brothers (TOL), United Parcel Service (UPS) and OSI Pharma (OSIP) were today's noteworthy upgrades:

• Both Friedman Billings and Wachovia upgraded Countrywide Financial (NYSE: CFC) to Market Perform from Underperform following the $2 billion investment by the Bank of America (BAC).

• JMP Securities upgraded Toll Brothers (NYSE: TOL) to Market Perform from Underperform and believes the worst news on housing is reflected and that fears over a disappearing jumbo loan market are overblown.

• Matrix upgraded United Parcel Service (NYSE: UPS) to Buy from Hold to reflect strong demand from overseas shipping.

• Wachovia raised OSI Pharma (NASDAQ: OSIP) to Market Perform from Underperform on valuation...

OTHER UPGRADES:

• UBS raised Joy Global (NASDAQ: JOYG) to Buy from Neutral.

• China Netcom (NYSE: CN) was raised to Neutral from Sell at UBS.

• Roth Capital upgraded IMAX Corp (NASDAQ: IMAX) to Buy from Hold.

• WedBush raised InfoSpace (NASDAQ: INSP) to Buy from Hold.

• Tyson Foods (NYSE: TSN) was upgraded to Hold from Sell.

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

Heading to Memorial Day, there's certainly no moratorium on the number of talked about potential deals. Receiving a fair amount of attention over the last few days include the companies below. There's more, of course, but hey, it's a three-day weekend.

LAM RESEARCH CORPORATION (NASDAQ: LRCX)

This supplier of tools that makes microchips keeps seeing its stock move up. Up about 13% over the last few months. And it may be more than speculation that it will soon be acquired. Investors looking for a deal are snapping up equity calls, some are then selling them, and keeping both eyes on the stock price. Others are looking out to see which private equity firms or "strategic" buyers come calling.

AMDOCS LIMITED (NYSE: DOX)

As Alltel Corporation (NYSE: AT) goes, so goes Amdocs? Well, not quite. Yes the Alltel sale has pushed Amdocs' stock upward. Some say this maker of software products for telecom services firms may want to continue to go forward by themselves. But that hasn't stopped that list of potential buyers from being passed around. Best bet: International Business Machines Corporation (NYSE: IBM).

CIRCUIT CITY STORES (NYSE: CC)

Again, here we go: Is it going to take a buyout? (Read: private equity buyer.) Or a miracle? (Read: new management) There are profit warnings. (Read: red flags everywhere) The stock is in miserable shape. (Read: cheap) Tough competition. (Read: Wal-Mart Stores Inc (NYSE: WMT)). Think there's a book to be written about all of this? (Read: who'd want to?).

APPLEBEE'S INTERNATIONAL INC (NASDAQ: APPB)

Food for thought. Kangaroo Holdings wants to buy OSI Restaurant Partners Inc (NYSE: OSI). Not surprisingly, Applebee's stock goes up. Are they cooking up a sale price for themselves as they "evaluate" offers? You betcha.

PALM INC (NASDAQ: PALM)

Going, going...almost gone. Even we're beginning to tire of this one. But it never gets old if you like to watch. Now, they're canceling conferences. The CEO is selling shares. The CFO has a bad back. Come on! The latest product review - Palm Treo 755p - is terrible. Market share is going down the tubes. R&D? Forgetaboutit. Sound like a company on the go? Right. Right into someone else's lap. And to think what they once were. Great job all around, everybody.

MOST NOTEWORTHY: Burger King Holdings, Inc (BKC), Supertel Hospitality Inc (SPPR), OSI Pharmaceuticals, Inc (OSIP), Brown-Forman Corp (BF.B) and NGAS Resources, Inc (NGAS) were today's noteworthy initiations:

• CIBC considers shares of Burger King Holdings (NYSE: BKC) to still be attractive and has above-consensus estimates, starting shares with an Sector Outperformer rating. The firm believes increased operating hours and breakfast value meals will drive results, while cost savings should help margins.

• JMP Securities believes there is plenty of room for growth at Supertel Hospitality (NASDAQ: SPPR) via acquisitions, leading to strong FFO upside, initiating shares with an Outperform rating and $8 target.

• ThinkEquity sees additional upside for Tarceva and started OSI Pharmaceuticals (NASDAQ: OSIP) with a Buy rating and $50 target.

• AG Edwards believes Brown-Forman (NYSE: BF.B) is well-positioned to benefit from new trends in spirits and wine, starting shares with a Buy rating and $74 target.

• RBC Capital is positive on NGAS Resources' (NASDAQ: NGAS) growth potential and high quality assets, starting shares with an Outperform rating and $11 target...

OTHER INITIATIONS:

• CIT Group (NYSE: CIT) was started with a Market Perform rating at Keefe Bruyette.

• Oppenheimer started shares of Watsco, Inc (NYSE: WSO) with a Buy rating.

• ThinkEquity started Coley Pharmaceutical Group, Inc (NASDAQ: COLY) with an Accumulate rating and $10 target.

• Goldman initiated shares of Northwest Airlines Corp (OTC: NWACQ) with a Neutral rating and $26 target.

• Duetsche Bank initiated PPL Corp (NYSE: PPL) with a Buy rating and $51 target.

• Citigroup initiated Comverge, Inc (NASDAQ: COMV) with a Hold rating and $26 target.

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

MOST NOTEWORTHY: OSI Restaurant Partners (OSI), D.R. Horton (DHI) and Microsoft (MSFT) top today's list of downgrades.

• OSI Restaurant Partners, Inc. (NYSE:OSI) was downgraded to Sell from Neutral at Oppenheimer.
• The firm believes the $40 bid is fair and the risk/reward of waiting for a deal outweighs the potential modest increases of other bids. D.R. Horton, Inc. (NYSE:DHI) was downgraded to Sell from Buy at Merrill Lynch. They expect 2007's outlook to be a negative catalyst for the homebuilder.
• Bank of America resumed coverage of Microsoft Corp. (NASDAQ:MSFT) with a Neutral, below their previous rating of Buy. They believe Microsoft's core earnings drivers are not all Vista-related and that given the company's valuation, sees few near-term catalysts to drive shares higher.

OTHER DOWNGRADES:

• C.E. Unterberg downgraded Netease.com, Inc. (NASDAQ:NTES) to Market Perform from Buy, citing a lack of near-term growth drivers after reporting weak Q3 results.
• Himax Technologies, Inc. (NASDAQ:HIMX) was downgraded to Sell from Buy at Merrill Lynch also following the company's Q3 results.
• Tribune Company (NYSE:TRB) was downgraded at A.G. Edwards to Hold from Buy. The firm said shares are trading based on a sale of the company. They believe downside risk is valued at $26-$29 with no sale and upside as much as $40 a share if the company was sold.

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

Yes, private equity firms are very hungry. And they are bulging with cash. This year alone, private equity funds have raised a stunning $178 billion.

Well, today, the private equity firms of Bain Capital Partners and Catterton Partners agreed to take OSI Restaurant Partners Inc. (NYSE: OSI) private. This is the parent company for the popular restaurant, Outback Steakhouse.

The deal comes to roughly $3 billion.

The timing is good. This year, OSI's stock has dropped from about $40 to $32 per share. It seems that high oil prices have put a crimp in people's dining budgets.

Interestingly enough, OSI announced that it will take a bigger charge for its recent gift card problem. Instead of reserving $20 million to $40 million, the amount will likely be $50 million to $70 million.

Why deal with this mess as a public company?

Tom Taulli is the author of various books, including the Complete M&A Handbook and operates InvestorOffering.com.