Analyst Upgrades

• Expedia (EXPE) to buy from hold at Citigroup.
• Weatherford (WFT) to outperform from market perform at Wells Fargo.
• Abercrombie & Fitch (ANF) to buy from neutral at BofA/Merrill.
• MDC Holdings (MDC) to outperform from neutral at Credit Suisse.
• AutoNavi (AMAP) to buy from neutral at Goldman.
• Ciena (CIEN) and Nvidia (NVDA) to neutral from underweight at JPMorgan.
• Canadian Pacific (CP) to outperform from market perform at Raymond James.
• First Midwest (FMBI) and Quiksilver (ZQK) to buy from hold at Jefferies.
• Sonic (SONC) to neutral from negative at Susquehanna.
• MIPS Technologies (MIPS) to buy from hold at Benchmark Co.
• Arrow Electronics (ARW) and Avnet (AVT) to buy from hold at Stifel Nicolaus.

Fast-food entity Sonic (SONC) closed Tuesday's regular session at a quote of $10.10. That represented a gain of a mere two pennies going into the after-the-bell earnings release. I guess investors weren't too excited by the prospects of the data.

Shares didn't do much in the extended session either, but popped about 4% at the opening bell Wednesday. For a longer-term perspective, take a look at the one-year chart. The stock seems to be doing its best to climb back to higher levels. Returning to the 52-week high of $13.11 would be nice.

Analyst Upgrades

• Oracle (ORCL) to outperform from perform at Oppenheimer.
• Accenture (ACN) to buy from hold at Jefferies.
• Advanced Energy (AEIS) and Applied Materials (AMAT) to overweight from equal weight at Barclays.
• Spreadtrum (SPRD) to buy from hold at Auriga.
• Healthcare Realty Trust (HR) and Tortoise Energy Capital (TYY) to outperform from neutral at RW Baird.
• Global Payments (GPN) to equal weight from underweight at Morgan Stanley.
• CBS (CBS) to buy from neutral at BofA/Merrill.
• Sonic (SONC) to outperform from neutral at Cowen.

Analyst Upgrades

• Wells Fargo upgraded PG&E (PCG) to outperform from market perform and raised its range for shares to $50 to $52 from $44 to $46, citing the proposed settlement in the company's 2011 General Rate Case.
• Jefferies upgraded Huntsman (HUN) to buy from hold and raised its price target for shares to $17 from $12, citing valuation and the likelihood for favorable earnings revisions.
• RBC Capital upgraded Jack in the Box (JACK) to outperform from sector perform with a $28 target, citing checks showing improved fast food sales in recent months and easy comps.
• Sonic (SONC) was upgraded to outperform from sector perform at RBC Capital and $12 price target.
• Synaptics (SYNA) was upgraded to overweight from neutral at JPMorgan and $40 price target.
• Excel Maritime (EXM) was upgraded to buy from hold at Cantor and raised its price target to $7 from $5.

Not satisfied to wear the crown among fast-food companies, McDonald's (MCD) continues to strive toward new ways to attract customers into its establishments in the off-peak hours. The company has already launched a salvo at Starbucks (SBUX) with its McCafe concept of lattes and cappuccinos, and now it is moving into the smoothie market. You may remember the company first unveiled the concept at the Winter Olympics, with familiar faces such as Picabo Street endorsing the frozen beverages.

After roughly a year of research and iteration, the smoothies are coming to a McDonald's near you next month, in two flavors -- Strawberry Banana and Wild Berry. Meanwhile, MCD is using some of its Austin and Michigan stores to test "frozen juice blends."

Sonic Corporation (SONC) is down this afternoon by over 5%. At the time I was checking quotes on the stock, I came up with a price of $8.80. Not too encouraging for shareholders, especially considering that the volume was active.

Shares of the fast-food entity have traded in a narrow range over the last twelve months. The 52-week low is $8.07; the 52-week high is $13.11. The one-year chart shows an all-over-the-place situation; there's no smooth uptrend here. So, we need some fundamental guidance. The third-quarter report was released yesterday after the bell. What do the numbers say?

Rollerskates: they give a new meaning to "getting a burger to go," doesn't they?

Carhops on roller skates are making a comeback as Sonic (SONC) forges ahead with plans to revive wheeled waitstaff at its drive in restaurants across the U.S. Sonic is planning a new TV ad campaign that will highlight this nostalgic feature of Sonic stores that many diners may have forgotten -- or that younger customers didn't even know existed -- in an effort to reconnect with consumers.

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

• Adobe Systems Inc. (ADBE) reported that Q1 revenue was up but earnings declined sharply, and it offered guidance.
• Best Buy Inc. (BBY) shares rallied after it topped Q4 earnings expectations and offered encouraging guidance.
• Brinker International Inc. (EAT) raised its outlook for fiscal 2010 and also increased its quarterly dividend.
• China Automotive Systems Inc. (CAAS) reported that its revenue had doubled and it beat earnings expectations.
• ConAgra Foods Inc. (CAG) Q3 earnings matched estimates and revenue was flat, and it reaffirmed its outlook.
• Finish Line Inc. (FINL) shares rallied after it reported that Q4 earnings came in better than analysts' expected.

I've never been to a Sonic (SONC) joint. I'm sure I would love the food; however, I can definitively state that I did not like the company's current earnings report, which was released yesterday after the bell.

For the second quarter, Sonic lost one penny per share. Last year, the business brought in 14 cents per share of positive profit, helped along by a gain of 6 cents attributable to a debt purchase. The current performance was unfortunately below estimates; the market wanted 2 cents of income to show up on the bottom line.

Analyst Upgrades

• UBS upgraded Starbucks (SBUX) to buy from neutral, citing expectations for sales momentum. The firm raised its price target to $29 from $27.
• Piper Jaffray upgraded Sonic (SONC) two notches to overweight from underweight on expectations the company's sales and margin trends are set to improve. The firm raised its target price for shares to $12 from $8.
• BMO Capital upgraded Chicago Bridge & Iron (CBI) to outperform from market perform, citing its outlook for earnings growth. The firm has a $30 target on the stock.
• Clorox (CLX) was upgraded to overweight from equal weight at Barclays.
• Alexion Pharma (ALXN) was upgraded to conviction buy from buy at Goldman.
• Compellent (CML) was upgraded to buy from hold at ThinkEquity.

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

• Ark Restaurants Corp. (ARKR) shares declined after Q4 earnings fell short of consensus expectations.
• Azz Inc. (AZZ) Q3 net income fell more than expected but the company reaffirmed its earnings outlook.
• Bed Bath & Beyond Inc. (BBBY) reported strong Q3 results, sending shares to a new 52-week high.
• Best Buy Inc. (BBY) declined to lift its earnings forecast despite strong December sales, send shares lower.
• Constellation Brands Inc. (STZ) lower Q3 earnings topped expectations and revenue declined as well.

Analyst Upgrades

• Goldman upgraded 3M Company (MMM) to conviction buy from buy, citing positive global industrial data, underappreciated organic growth and earnings momentum, among other reasons. The firm raised its target to $105 from $100.
• Citigroup upgraded Manpower (MAN) to buy from hold to reflect improvements in the temporary employment sector. The firm raised its target price on shares to $69 from $61.
• Baird upgraded Cerner (CERN) to outperform from neutral and raised its target to $104 from $89 based on Q4 bookings momentum, positive newsflow and reasonable valuation.
• Dow Chemical (DOW) was upgraded to overweight from equal weight at Barclays.
• Magna International (MGA) was upgraded to outperform from market perform at Wells Fargo.

Sonic (SONC), a fast-food joint that competes with McDonald's (MCD), Burger King (BKC) and Yum! Brands (YUM), reported Q1 results on Tuesday after the bell. The market didn't like the numbers. At one point, shares were down about 9.5%.

Total sales saw a huge decline of 26%, but this fall was driven by a refranchising strategy. Perhaps a better way to look at the situation is through the company's same-store sales metrics. On a system-wide basis, comps dropped 6.5%. On a partner drive-in basis, comps plunged 9.1%.

In the restaurant business, Troy Smith is a giant. He is the founder of Sonic Corp. (NASDAQ: SONC). Now, the company has a chain of about 3,600 units across 42 states.

Unfortunately, Smith died this week. He was 87.

Like many great entrepreneurs, Smith got experience in his industry before he started his business. After serving in the Army Air Corps in World War II, he got a job as a truck driver for some cafes and restaurants. From this, he started to brainstorm business ideas.

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

• Accenture Ltd. (NYSE: ACN) beat earnings expectations but revenue was hurt by currency effects.
• Bed Bath & Beyond Inc. (NASDAQ: BBBY) strong Q1 results beat estimates but same-store sales fell.
• CKE Restaurants Inc. (NYSE: CKR) lower Q1 earnings and strong sales both topped expectations.
• ConAgra Foods Inc. (NYSE: CAG) higher Q4 earnings were in line with expectations, and shares slipped.
• Darden Restaurants Inc. (NYSE: DRI) Q4 results were higher, but it warned of continuing challenges.
• Hennes & Mauritz (OTC: HMRZF) reported strong Q2 numbers, though same-stores sales slipped.