Analyst Upgrades

• SuperValu (SVU) to buy from hold at Hapoalim.
• Constellation Energy (CEG) to buy from hold at Citigroup.
• Doral Financial (DRL) to neutral from sell and ABB (ABB) to buy from neutral at Sterne Agee.

Analyst Downgrades

• American Eagle (AEO) to neutral from buy at SunTrust.
• Tenet Healthcare (THC) to market perform from outperform at Wells Fargo.

This was one of those long weeks that had many days down to the wire with bond yields and currencies impacting commodities and stocks more than most would care to think. The tax-cut extension compromise is also now under threat of change. A better than expected U.S. trade deficit helped bolster the mood of investors and markets were up late in the day after faltering initially. Bullish strategist calls for 2011 from PIMCO and elsewhere also helped out this Friday.

Here were today's unofficial closing bells:

Dow Jones 11,410.32 +40.26 (0.35%)
S&P 500 1,240.40 +7.40 (0.60%)
Nasdaq 2,637.54 +20.87 (0.80%)

Top Analyst Calls
Next Week's Top Earnings on Deck

Option traders appear to be setting up for a bullish move on ProLogis (PLD). Traders plowed into 1,067 new call option contracts -- 2.81 times the average volume -- on the stock on Thursday. And we know that traders were eager to get into this trade because 95% of the trades came in on the ask price.

ProLogis looks like it formed a bottom in early July and has since formed a higher low in August. The stock closed Thursday at $10.92, down 0.18% during the past month.

Option traders are pushing up call option prices in the Security Software & Services industry as well as pushing up put option prices in the Diversified Utilities industry today.

Any time the volatility skews above 1.00, it is an indication that calls are more expensive than puts. Typically, when calls are more expensive than puts, it means the demand for calls is greater than the demand for puts because investors believe the stock is going to rise in the future and they want to take advantage of that movement by buying calls.

Tenet Healthcare (THC) has admitted that it is in talks to acquire Healthscope -- the second-largest hospital corporation in Australia -- which is also being courted by Kohlberg Kravis Roberts (KKR) and a group of private equity firms that includes TPG, Carlyle and Blackstone (BX).

Tenet did not disclose what it was considering offering for Healthscope, but the other two offers from the private-equity bidders came in at approximately A$5.80 per share -- or A$1.84 billion total -- so it would be safe to assume that Tenet's offer would have to be somewhere close to that level.

Analyst Upgrades

• UBS upgraded JPMorgan (JPM) to buy from neutral and has a $50 price target on the stock. The firm cites valuation for the upgrade.
• Morgan Joseph upgraded Deere (DE) to buy from hold, citing strong U.S. demand for combines and tractors, favorable fundamentals in Brazil, and expectations for improved domestic construction-equipment demand. The firm has a $75 price target on the stock.
• Wells Fargo upgraded Venoco (VQ) to outperform from market perform to reflect increased confidence in the company's Monterey Shale potential.
• GlaxoSmithKline (GSK) was upgraded to buy from hold at Jefferies.
• Tenet Healthcare (THC) was upgraded to positive from neutral at Susquehanna.
• Agnico-Eagle (AEM) was upgraded to outperform from sector perform at RBC Capital.

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

• American International Group Inc. (AIG) posted a big loss and warned it may require additional assistance.
• Athenahealth (ATHN) shares sank after it delayed earnings and its annual report, and warned of restatements.
• Barnes & Noble Inc. (BKS) Q3 sales jumped on popularity of the Nook reader but same-store sales declined.
• Brocade Communications Systems Inc. (BRCD) disappointing report and guidance caused a sell-off in shares.
• Dell Inc. (DELL) acquisitions and better-than-expected earnings may not be enough to stop shrinking market share.
• Gap Inc. (GPS) rose after it beat earnings estimates, raised its dividend and announced stock buybacks.

Analyst Upgrades

• Barclays upgraded Schlumberger (SLB) to overweight from equal weight based on its deep management team, financial strength and increased exploration activity. The firm raised its target to $73 from $64.
• ThinkEquity upgraded SanDisk (SNDK) to buy from hold based on expectations for a solid 2010 with better NAND pricing trends, leaner channel inventories and lack of new fabs slated in 2010, among other reasons. The firm has a $35 target on the stock.
• Keefe Bruyette upgraded Pinnacle Financial (PNFP) to outperform from market perform, citing the company's strong management and balance sheet. The firm has a $16.50 price target on the stock.
• Watson Pharma (WPI) was raised to neutral from underperform at BofA/Merrill.
• New York Times (NYT) was upgraded to market perform from underperform at Wells Fargo.
• Tenet Healthcare (THC) was upgraded to outperform from market perform at Leerink.

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

• CBS Corp. (NYSE: CBS) reported that Q3 revenue was flat while earnings and cash flow declined.
• Clorox Co. (NYSE: CLX) reported better-than-expected Q1 earnings, helped by healthy gross margins.
• Comcast Corp. (NASDAQ: CMCSA) posted better-than-expected Q3 earnings with modest revenue growth.
• Dean Foods Co. (NYSE: DF) Q3 revenue missed estimates but earnings came in better than expected.
• Expeditors International of Washington Inc. (NASDAQ: EXPD) traded lower after its Q3 earnings miss.
• Garmin Ltd. (NASDAQ: GRMN) beat earnings estimates in the week after the Google Navigation launch.

While the debate over health care reform rages on, hospital operator Tenet Healthcare Corp. (NYSE: THC) said Tuesday it swung to a loss in the third quarter, one day after health insurer Humana Inc. (NYSE: HUM) posted a 65% jump in its third-quarter profit.

Tenet said it lost $3 million, or a penny per share. That compares with a profit of $104 million, or 22 cents per share, a year earlier. But, Tenet reported a one-time gain of $140 million a year ago after selling investments.

Analyst upgrades:

• Keefe Bruyette upgraded Popular (NASDAQ: BPOP) to Outperform from Market Perform as it believes the issuance of new common stock in exchange for outstanding preferred and trust preferred stock is a net positive. The firm has a $3.50 target on the stock.
• Merriman upgraded Super Micro Computer (NASDAQ: SMCI) to Buy from Neutral as if finds the currrent valuation compelling and believes the company should directly benefit from improving IT budgets. The firm thinks fair value is in the $9.11-$11.13 range.
• Kaufman Bros. upgraded Netflix (NASDAQ: NFLX) to Buy from Hold after its proprietary survey indicated the company is well positioned longer term. The firm finds the valuation on shares attractive at current levels and raised its target price to $53 from $48.
• Taleo (NASDAQ: TLEO) was upgraded to Buy from Neutral at Janney Montgomery.
• Boardwalk Pipeline (BWP) was upgraded to Neutral from Underperform at BofA/Merrill.
• Lloyds Banking (NYSE: LYG) was upgraded to Buy from Hold at RBS.

Analyst upgrades:

• Baird upgraded Tenet Healthcare (NYSE: THC) to Outperform from Neutral and raised its target to $6 from $5 based on cost trends, valuation, and expectations the company can beat expectations over the next six months.
• Oppenheimer upgraded E-House (NYSE: EJ) to Outperform from Perform following the company's better-than-expected Q2 results. The firm has a price target of $27 on shares.
• JPMorgan upgraded Avery Dennison (NYSE: AVY) to Overweight from Neutral and has a $33 target on the stock. The firm cites valuation for the upgrade following the recent underperformance and expects the company's margins to expand as demand rebounds.
• Citigroup (NYSE: C) was upgraded to Buy from Underperform at BofA/Merrill.
• Taubman Centers (NYSE: TCO) was upgraded to Conviction Buy from Buy at Goldman.
• First Niagara (NASDAQ: FNFG) was upgraded to Buy from Neutral at Janney Montgomery.

Analyst upgrades:

• Jefferies upgraded Sonus Networks (NASDAQ: SONS) to Buy from Hold on valuation as they find the risk/reward compelling at current levels. Jefferies has a $2 target on the stock.
  
• Dresdner upgraded HSBC (NYSE: HBC) to Buy from hold on valuation as they believe the dividend cut is fully priced in at current levels.
  
• JP Morgan upgraded Barnes & Noble (NYSE: BKS) to Neutral from Underweight on valuation as they recommend short positions take profits at current levels.
• Kellogg (K) was raised to Buy from Neutral at UBS.
  
• RPM, Inc (NYSE: RPM) and Valspar (NYSE: VAL) were upgraded at KeyBanc to Buy from Hold.
  
• Omnicare (NYSE: OCR) was upgraded to Overweight from Equal Weight at Barclays.

Analyst downgrades:

• Jefferies downgraded Dune Energy (AXE: DNE) to Underperform from Hold to reflect weak commodity prices and the company's reduced financial flexibility. The firm lowered its target price to 10c from 30c.
• Baird downgraded NeuStar (NYSE: NSR) to Neutral from Outperform and lowered their target to $20 from $22 based on 2009 revenue concerns and the CFO's departure.
  
• UBS cut Viacom (NYSE: VIA) to Neutral from Buy and lowered its target to $18 from $27. The firm believes advertising declines will be worst than expected and that Film expectations are too high.
• Goldcorp (NYSE: GG) was lowered to Neutral from Overweight at JP Morgan.
  
• Kindred Healthcare (NYSE: KND) and Tenet Healthcare (THC) were downgraded at Barclays to Equal Weight from Overweight.
  
• Cynosure (NASDAQ: CYNO) was downgraded to Hold from Buy at Citigroup.

Analyst initiations:

• Keefe Bruyette believes Blackstone's (NYSE: BX) operating results and cash flow generation are likely to remain depressed well into 2009 given the weakening economy. The firm started shares with a Market Perform rating and $6 target.
  
• Oppenheimer views Brinks (NYSE: BCO) as a pure-play secure logistics company and feels it is well positioned to take advantage of a recent decline in acquisition prices. The firm has an Outperform rating and $32 target on the stock.
• Kellogg (NYSE: K) was initiated with a Buy rating and $52 target at Janney Montgomery.
• Avery Dennison (NYSE: AVY) was started at Barclays with an Equal Weight rating.
• Medco Health (NYSE: MHS) was initiated with a Market Perform rating and $59 target at Bernstein.

Analyst upgrades:

• Barclays upgraded the Integrated Oil sector to Positive from Neutral citing valuations. Note that Exxon Mobil (NYSE: XOM) was upgraded to Overweight from Equal Weight based on valuation.
  
• After Force Protection (NASDAQ: FRPT) reported that its 1H08 sales increased more than 200%, Stanford thinks that Force Protection could be poised for several new opportunities in 2009 and they believe the company's risk is already priced into the stock; the firm raised Force Protection to Hold from Sell.
  
• Cowen expects eHealth (NASDAQ: EHTH) to benefit from the steady decline in employer-sponsored health insurance offered by small businesses and reduced regulatory risk, among other reasons. The firm upgraded shares to Outperform from Neutral.
• Allied Capital (NYSE: ALD) was upgraded to Market Perform from Underperform at BMO Capital.
  
• Caris upgraded Carmike Cinemas (NASDAQ: CKEC) to Above Average from Average.
  
• International Flavors & Fragrances (NYSE: IFF) was upgraded to Neutral from Underweight at JP Morgan.

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

• Boeing Co. (NYSE: BA) earnings prospects may have encouraged the machinist union to strike.
• Ciena Corp. (NASDAQ: CIEN) Q3 results and weak guidance led shares to a new 52-week low.
• Corning Inc. (NYSE: GLW) lowered its Q3 earnings guidance below previous and analysts' forecasts.
• Dollar Financial Corp. (NASDAQ: DLLR) beat Q4 estimates and posted record 2008 results.
• Ericsson Telephone Co. (NASDAQ: ERIC) was downgraded because it could miss Q3 earnings expectations.
• Esterline Technologies (NYSE: ESL) topped Q3 expectations due to robust aerospace and defense markets.
• Joy Global Inc. (NASDAQ: JOYG) posted strong Q3 results due to a sharp increase in orders.
• Kraft Foods Inc. (NYSE: KFT) backed away somewhat from its previous 2008 earnings guidance.
• Legg Mason Inc. (NYSE: LM) earnings prospects for the next several quarters led to an analyst downgrade.
• MEMC Electronic Materials Inc. (NYSE: WFR) mid quarter update warned of declining demand for chips.
• Navistar International Corp. (NYSE: NAV) was upgraded following a strong Q3 report.
• New York Times Co. (NYSE: NYT) ongoing losses haven't diminished Rupert Murdoch's interest in it.
• Nokia Corp. (NYSE: NOK) warned that it would miss earnings estimates due in part to weak sales.
• Shanda Interactive Entertainment Ltd. (NASDAQ: SNDA) better-than-expected Q2 led to an analyst upgrade.
• Staples Inc. (NASDAQ: SPLS) Q2 earnings slipped while revenues rose, beating expectations.
• Take-Two Interactive Software Inc. (NASDAQ: TTWO) Q3 results soared but cut its Q4 guidance.
• Tenet Healthcare Corp. (NYSE: THC) was upgraded on its prospects for beating expectations.
• Terex Corp. (NYSE: TEX) warned that earnings for Q3 and Q4 would be lower than estimates.
• Tiffany & Co. (NYSE: TIF) posted better-than-expected Q2 results and offered full-year guidance.
• Toll Brothers Inc. (NYSE: TOL) reported its fourth straight quarterly loss, but it was smaller than expected.

Also, Jim Cramer discusses a decline in earnings resulting from a collapse of oil and oil services.

Upcoming quarterly reports include Korn/Ferry (NYSE: KFY), Pep Boys (NYSE: PBY), Campbell Soup (NYSE: CPB), Krispy Kreme (NYSE: KKD), and Lululemon Athletica (NASDAQ: LULU).

Visit AOL Money & Finance for more earnings coverage.