Office furniture maker Steelcase (SCS) spiked higher right out of the gate Thursday morning, as traders cheered the company's solid second-quarter earnings. Steelcase swung to a quarterly profit of $2.8 million, or 2 cents per share; excluding items, earnings arrived at $13 million, or 8 cents per share. Sales for the quarter rose 4% to $599.8 million.

The results topped Wall Street's expectations, as analysts had anticipated a profit of just 5 cents per share on revenue of $576.2 million. This marks the third consecutive quarter where Steelcase has exceeded analysts' consensus profit estimates.

There's not a whole lot on the economic calendar this coming week, as Thursday is Christmas day. But things are not entirely silent either.

As this is Christmas card season, it's somehow appropriate that American Greetings Corp. (NYSE: AM) is scheduled to report fiscal third-quarter results. Analysts surveyed by Thomson Reuters expect the nation's number two producer of greeting cards to report earnings of $0.52 per share, essentially the same as a year ago. Estimated revenue for the quarter is $474.5 million, down 2.3% from a year ago. American Greetings missed analysts' estimates in three of the past four quarters -- by 55.4% in the first quarter. After falling to a multiyear low of $7.85 per share in late November, the price closed Friday at $9.92. But the share price is 53.8% lower than a year ago.

Drugstore chain Walgreen Co. (NYSE: WAG), where one may find American Greetings cards, is expected to also report earnings the same as a year ago, or $0.46 per share, on revenue of $15.1 billion (+7.5%). Walgreen reported a modest increase in sales in October and again in November. The company only missed profit estimates in one of the past four quarters, and that by only a penny. The consensus recommendation remains to buy WAG, which has a long-term EPS growth rate forecast of 12.5%, better than the S&P 500 but less than that of rival CVS Caremark Corp. (NYSE: CVS). Walgreen's share price has been creeping upward since reaching a multiyear low of $21.28 in October and closed Friday at $26.08. (For more on Walgreen, see Steven Mallas's earnings preview.)

Even if the national headlines weren't already providing enough focus on the economy, plenty of economic data is due out as the month and the quarter wind down. U.S. economic data scheduled to be released this week include:

• Personal income (Aug. 2008): Monday 8:30 AM
• Consumer confidence index (Sept, 2008): Tuesday 10:00 AM
• Challenger job cut announcement (Sept, 2008): Wednesday 7:30 AM
• ISM manufacturing survey (Sept. 2008): Wednesday 10:00 AM
• Construction spending (Aug. 2008): Wednesday 10:00 AM
• New motor vehicle sales (Sept. 2008): Wednesday 4:00 PM
• Monster employment index (Sept. 2008): Thursday 6:00 AM
• Factory orders (Aug. 2008): Thursday 10:00 AM
• Employment situation (Sept. 2008): Friday 8:30 AM
• ISM nonmanufacturing survey (Sept. 2008): Friday 10:00 AM

Other economic events scheduled for this week include:

• Fed's Hoenig speaks on "The Economy and Monetary Policy": Monday 9:45 PM
• Fed's Lockhart speaks on the economic outlook: Tuesday 1:00 PM
• Ford Motor Co. September 2008 Sales Conference Call: Wednesday 1:00 PM
• AMETEK Inc. at Oppenheimer Industrials Conference: Thursday 8:00 AM
• DuPont at Citigroup Ethanol on the Cob Conference: Thursday 12:50 PM
• Fed's Evans speaks at Agricultural Markets and Food Price Inflation conference: Thursday 1:00 PM
• Fed's Bullard speaks at Indiana University Department of Economics: Thursday 7:00 PM
• Fed's Hoenig speaks on "The Economy and Monetary Policy": Thursday 9:45 PM
• National Association for Business Economics 50th Annual Meeting to address Future Economic Challenges: Friday 9:00 PM

Monday, March 24

• Walgreen Company (NYSE: WAG) to report Q2 earnings; conference call at 8:30am.
• Tiffany & Co (NYSE: TIF) to report Q2 earnings; conference call at 8:30am.
• Glu Mobile Inc. (NASDAQ: GLUU) to hold a conference call at 5:00pm to discuss the acquisition of Superscape VR PLC (PINK: SCPDF).

Tuesday, March 25

• Jabil Circuit, Inc. (NYSE: JBL) to report Q2 earnings; conference call at 4:30pm.
• FDA Pediatric Advisory Committee at 8:00am on AstraZeneca PLC (ADR) (NYSE: AZN)'s Toprol XL, Baxter
  International, Inc. (NYSE: BAX) Brevibloc and Suprane, Novartis AG (ADR) (NYSE: NVS)'s Lotensin, GlaxoSmithKline plc (ADR) (NYSE: GSK)'s Coreg, Salix Pharmaceuticals, Ltd. (NASDAQ: SLXP)'s Colazal, Sanofi-Aventis SA (ADR) (NYSE: SNY) 's Eloxatin, and Pfizer Inc. (NYSE: PFE)'s Celebrex.

Wednesday, March 26

• Oracle Corporation (NASDAQ: ORCL) to report Q3 earnings; conference call at 5:00pm.
• Response Genetics, Inc. (NASDAQ: RGDX) to give strategic update at 5:00pm.

Thursday, March 27

• TECO Energy, Inc. (NYSE: TE) to give updated 2008 outlook at 8:00am.
• Valeant Pharmaceuticals International (NYSE: VRX) to hold conference call at 12:00pm to review Taribavirin's Phase IIb results and the company's strategy.

Friday, March 28

• Steelcase Inc. (NYSE: SCS) to report Q4 earnings; conference call at 11:00am.
• Fed Reserve Bank St Louis: 8th Annual Conference in Columbia, MO.
• PDUFA date for QLT Inc. (USA) (NASDAQ: QLTI)'s Aczone Gel for the treatment of moderate to severe acne vulgaris.

MOST NOTEWORTHY: Mattel, Volvo, PMI Group, Mosaic and Diamond Foods were today's noteworthy upgrades:

• Oppenheimer upgraded shares of Mattel Inc (NYSE: MAT) to Buy from Neutral citing valuation, strong 2008 product line-up, and expected organic sales growth.
  
• Goldman upgraded shares of Volvo (NASDAQ: VOLV) to Buy from Neutral on valuation as they believe the company's prospects for earnings are not priced into shares. Volvo was added to the firm's Conviction Buy List.
  
• PMI Group's (NYSE: PMI) rating was raised to Outperform from Market Perform at Piper Jaffray on valuation.
  
• Citigroup upgraded shares of Mosaic Company (NYSE: MOS) to Hold from Sell to reflect their increased commodity price forecasts.
  
• Diamond Foods Inc (NASDAQ: DMND) was upgraded to Buy from hold at BB&T Capital on valuation.

OTHER UPGRADES:

• Bear Stearns upgraded Diana Shipping Inc (NYSE: DSX) to Outperform from Peer Perform.
  
• Morgan Stanley upgraded Telephone and Data Systems Inc (NYSE: TDS) to Equal Weight from Underweight.
  
• Targa Resources Partners (NASDAQ: NGLS) was upgraded to Outperform from Market Perform at Wachovia.
  
• Steelcase Inc (NYSE: SCS) was upgraded to Neutral from Sell at Goldman.

MOST NOTEWORTHY: J.B. Hunt Transport Services, Inc (JBHT), QLogic Corp (QLGC), General Motors (GM), Big 5 Sporting Goods Corp (BGFV) and Biogen Idec Inc (BIIB) were today's more noteworthy downgrades:

• Wachovia downgraded shares of J.B. Hunt Transport Services (NASDAQ: JBHT) to Market Perform from Outperform citing a more tempered outlook for the U.S. Intermodal market.

• QLogic Corp's (NASDAQ: QLGC) downgrade to Market Perform from Outperform at Friedman Billings was based on weaker then planned HBA and switch revenue and low gross margins on new Infiniband products that spiked up in the mix.

• Buckingham cut General Motors (NYSE: GM) to Underperform from Neutral.

• Oppenheimer downgraded Big 5 Sporting Goods (NASDAQ: BGFV) to Neutral from Buy believing current trends suggest a lagging west coast customer.

• RBC Capital Markets cut Biogen Idec Inc (NASDAQ: BIIB) to Sector Perform from Outperform citing mixed feedback at AAN that indicates longer-term safety data will be needed to drive adoption of Tysabri and lingering long-term concerns over Rituxan royalties and profit share.

OTHER DOWNGRADES:

• Goldman downgraded Steelcase Inc (NYSE: SCS) to sell from Neutral.

• MeadWestvaco Corp (NYSE: MWV) was downgraded to Underweight from Neutral at Prudential.

• Jefferies cut Ista Pharmaceuticals, Inc (NASDAQ: ISTA) to Underperform from Hold.

• Lazard downgraded Talbots, Inc (NYSE: TLB) to Hold from Buy.

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