U.S. stock futures are slightly lower this morning, as investors await data on jobless claims and consumer prices. Futures on the Dow Jones Industrial Average dropped 2 points to 12,250, while S&P 500 futures dropped 0.90 point to 1,332. Nasdaq 100 futures fell 1.50 points to 2,391.

European markets were mixed today. STOXX Europe 600 Index has gained 0.07%, while London's FTSE 100 Index moved down 0.09%.

Asian markets ended higher, with Japan's Nikkei Stock Average gaining 0.26%, Australia's S&P/ASX 200 moving up 0.15% and China's Shanghai Composite gaining 0.11%.

We're well into the quarter now and the earnings reports continue to roll out.

This week, Dell (DELL) highlights a handful of results from tech companies. Analysts surveyed by Thomson Reuters are looking for fourth-quarter earnings of 37 cents per share from the one of the world's top PC purveyors. That's up from 28 cents per share during the same period a year ago. Dell also is expected to report its revenue grew 5.5% year over year to $15.7 billion, for the three months that ended in January.

Coca-Cola (KO) has more than $13 billion in cash.

The top five companies (according to market cap) are:

• Exxon Mobil (XOM): $398.3 billion
• Apple (AAPL): $309.0 billion
• Microsoft (MSFT): $237.5 billion
• General Electric (GE): $215.0 billion
• Berkshire Hathaway (BRK.A): $202.5 billion

Yes, you can expect to pay more for your cup of coffee. Supplies of prized Arabica beans are in short supply, driving prices to a 12-year high. Prices for December delivery jumped 3% to $1.852 per pound. Retail prices can be more than double that price.

J.M. Smucker (SJM), distributor of Dunkin Donuts, Millstone and Folgers, already raise prices by 9%. Kona Haque, commodities analyst for Macquarie, was quoted in the Financial Times, saying: "The coffee futures market had attracted speculative buying. It's completely dominated by funds right now."

Analyst Upgrades

• JPMorgan upgraded Coca-Cola (KO) to overweight from neutral due to valuation and expectations that developed market volume should improve. The firm raised its target price for shares to $66.
• BB&T upgraded Nordson (NDSN) to buy from hold and has an $82 price target on the stock. The firm believes certain drivers of Nordson's Advanced Tech unit are becoming more secular vs. cyclical and that the company's EBIT margins can go higher.
• Credit Suisse upgraded Embraer (ERJ) to outperform from underperform, citing the positive announcements from the Famborough Air Show. The firm raised its price target to $37 from $21.
• Universal Health (UHS) was upgraded to outperform from sector perform at RBC Capital.
• Mead Johnson (MJN) was upgraded to conviction buy from buy at Goldman.
• Coventry Health (CVH) was upgraded to outperform from market perform at Leerink.

Ostensible bellwether FedEx Corp. (FDX) is scheduled to step into the earnings spotlight this week. Analysts surveyed by Thomson Reuters on average expect this Memphis-based transportation and package delivery giant to report that its fiscal fourth-quarter earnings more than doubled from a year ago to $1.32 per share.

FedEx's revenue for the three months that ended in May is expected to total $9.0 billion, which is 15.2% higher than the same period of last year. FedEx's per-share earnings have not fallen short of consensus estimates in the past four quarters. The First Call recommendation of 23 analysts is to buy FDX and has been for more than 90 days. Shares have retreated from April's 52-week high of $97.75 and closed last week at $80.63.

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

• American Public Education Inc. (APEI) received an analyst upgrade following the Q4 report and guidance.
• Autodesk Inc. (ADSK) traded higher after it reported swinging to a profit in Q4, but revenue declined year over year.
• Blackstone Group (BX) reported adjusted Q4 earnings, compared to a year-ago loss, and postive renvenue too.
• Campbell Soup Co. (CPB) higher Q2 earnings beat estimates, but shares fell on so-so revenue results.
• DreamWorks Animation SKG Inc. (DWA) lower Q4 earnings beat expectations but net income for the full year rose.
• Garmin Ltd. (GRMN) topped analysts' Q4 earnings expectations but shares fell after it warned of lower margins.

This afternoon, I'm going to take a look at earnings releases from two companies in the food industry. One is a maker of a very famous ketchup product, and the other is instrumental in supplying consumers with the tools they need to put together a delicious peanut-butter-and-jelly sandwich.

Let's start with the company responsible for the crimson condiment. H.J. Heinz Company (HNZ) delivered one heck of a report. The summary (of continuing operations), proudly trumpeted at the top of the Q3 release, is indicative of a business hitting on many, if not all, cylinders. Sales grew nearly 13%. Emerging markets were robust. Earnings came in at 83 cents per share, which was 9% higher than the comparable period's bottom line.

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

• Aeropostale Inc. (NYSE: ARO) strong Q2 results beat expectations due to rising same-store sales.
• Agilent Technologies Inc. (NYSE: A) Q3 earnings topped low expectations and revenue declined.
• Analog Devices Inc. (NYSE: ADI) posted better-than-expected Q3 results but shares fell on weaker margins.
• Baidu Inc. (NASDAQ: BIDU) CEO said its new advertising efforts will boost sales over the long run.
• Barnes & Noble Inc. (NYSE: BKS) had a better-than-expected Q2 profit but same-store sales fell.
• BJ's Wholesale Club Inc. (NYSE: BJ) reported solid Q2 numbers and raised its full-year guidance.

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

• Adobe Systems Inc. (NASDAQ: ADBE) Q2 earnings were in line with expectations but sales beat.
• Best Buy Inc. (NYSE: BBY) beat earnings estimates for Q1, but on horrible metrics, sending shares lower.
• Carnival Corp. (NYSE: CCL) lower Q2 earnings beat expectations and previous guidance, boosting shares.
• CarMax Inc. (NYSE: KMX) Q1 profit and sales dropped, but still beat expectations, sending shares higher.
• Discover Financial Services (NYSE: DFS) posted a smaller-than-expected Q2 net loss and shares rose.

Both J.M. Smucker Co. (NYSE: SJM) and Carnival Corp. (NYSE: CCL) topped earnings expectations in their respective quarterly reports Thursday, and shares of both ended the day higher.

Smucker said results for the fourth quarter and fiscal year ended April 30, 2009, included the operations of Folgers Coffee Co. since the completion of the merger in November. Adjusted income per share for the quarter was $1.02, a year-over-year increase of 40%. For the full year, it was $3.77 per share, an increase of 20%.

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

• Bidz.com Inc. (NASDAQ: BIDZ) Q4 earnings release included notice about an SEC investigation.
• Dell Inc. (NASDAQ: DELL) saw net income drop by almost 50%, falling short of estimates.
• Ducommun Inc. (NYSE: DCO) received an analyst's downgrade after its Q4 earnings release.
• Gap Inc. (NYSE: GPS) said Q4 earnings fell due to weakness at Gap and Old Navy stores.
• General Motors Corp. (NYSE: GM) worse-than-expected results prompted speculation about its survival.

Analysts surveyed by Thomson Reuters expected the parade of earnings declines to continue into the final week of February, with Martha Stewart Living Omnimedia Inc. (NYSE: MSO), Nordstrom Inc. (NYSE: JWN), Home Depot Inc. (NYSE: HD), Wynn Resorts Ltd. (NASDAQ: WYNN), Macy's Inc. (NYSE: M), DreamWorks Animation SKG Inc. (NYSE: DWA), Limited Brands Inc. (NYSE: LTD), Target Corp. (NYSE: TGT), Royal Bank Of Canada (NYSE: RY), Del Monte Foods Co. (NASDAQ: DLM), Kohl's Corp. (NYSE: KSS), Washington Post Co. (NYSE: WPO), Dell Inc. (NASDAQ: DELL), Gap Inc. (NYSE: GPS), Campbell Soup Co. (NYSE: CPB), RadioShack Corp. (NYSE: RSH), and H.J. Heinz Co. (NYSE: HNZ) all expected to post lower earnings for the most recent quarter. Office Depot Inc. (NYSE: ODP), Saks Inc. (NYSE: SKS), and Cooper Tire & Rubber Co. (NYSE: CTB) are expect to have swung to a loss.

This post is part of a series featuring bargain stocks that are worth a look now. See more Cheap Stocks.

If peanut butter-and-jelly sandwiches are comfort food, then The J.M. Smucker Company (NYSE: SJM) is a comfort stock. You're probably familiar with the firm's trademark jams and jellies, but Smucker also peddles foodstuffs under the brand names Jif, Crisco, Hungry Jack, Pillsbury, and Carnation, to name just a few. In short, you'd be hard-pressed to find any aisle in your local grocery store that doesn't display Smucker's wares.

In its most recent earnings report, SJM proved that it's good to be a consumer-staples company in today's tumultuous economy. Chairman Tim Smucker observed, "The number of meals prepared and consumed at home, as recent market data indicate, continues to be trending upward in this challenging economic environment, and are currently at levels not seen since 1994."

Not only did this positive fundamental catalyst allow Smucker to beat analysts' earnings-per-share estimates, the firm absolutely crushed Wall Street's revenue expectations. The jam giant boasted second-quarter sales of $843.1 million, up 19% from the year-ago period, while analysts had expected revenue of just $796.1 million.

Despite the company's fundamental advantage, short sellers are overwhelmingly betting against SJM. Short interest on the stock has ballooned by an eye-popping 397% during the past month, and now represents 10.7% of the equity's available float. In light of Smucker's strong earnings report and its ensuing surge on the charts, SJM could bounce higher as the shorts are forced to cover their bearish bets.