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

• Aetna Inc. (NYSE: AET) said its profit fell due to higher expenses and warned the trend may continue.
• Avon Products Inc. (NYSE: AVP) topped Q2 earnings expectations, which sent shares higher.
• ConocoPhillips (NYSE: COP) lower Q2 earnings topped expectations, but revenue was also down.
• DreamWorks Animation Inc. (NYSE: DWA) posted flat Q2 earnings as it waits for the next big DVD release.
• First Solar Inc. (NASDAQ: FSLR) posted a better-than-expected profit but guidance sent shares lower.
• Jacobs Engineering Group Inc. (NYSE: JEC) Q3 revenue missed estimates and it lowered its outlook.

Solid performance in the earnings spotlight from Under Armour (NYSE: UA), as the company reported a surprising profit of three cents per share. Under Armour's earnings topped the consensus estimate for a loss of two cents per share and matched the company's year-ago results. Quarterly revenue increased to $164.6 million from $156.7 million a year ago.

The results were driven by a 16.5% increase ($112 million) in clothing revenue, which compensated for an 18.4% drop ($37.5 million) in footwear from a year ago. Looking ahead, Under Armour forecast 2009 earnings between 80 and 82 cents per share, better than the consensus estimate for earnings of 79 cents per share. As far as revenue is concerned, the Maryland-based firm expects $810 million compared to $804.9 from the Street.

Analyst upgrades:

• Citigroup upgraded Lennar (NYSE: LEN) to Buy from Hold as it believes the company's near-term liquidity profile is improved following the $400M debt issuance. The firm raised its target price to $12 from $11.
• Jefferies upgraded Rowan Companies (NYSE: RDC) to Buy from Hold as it believes jack-up drillers will continue to outperform deepwater names. The firm raised its target price to $27 from $20.
• Keefe Bruyette upgraded First Financial (NASDAQ: FFIN) to Market Perform from Underperform to reflect more positive loan data for the Texas banks. The firm raised its target price on shares to $44 from $38.
• MGM Mirage (NYSE: MGM) was upgraded to Overweight from Neutral at JP Morgan.
• Morgan Stanley (NYSE: MS) was upgraded to Outperform from Market Perform at JMP Securities.
• Brinker (NYSE: EAT) was upgraded to Overweight from Equal Weight at Barclays.

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

• Bristol-Myers Squibb Co. (NYSE: BMY) Q1 profit fell despite strong sales of Plavix and Abilify.
• Check Point Software Technologies Inc. (NASDAQ: CHKP) was downgraded based on its guidance.
• Domino's Pizza Inc. (NYSE: DPZ) strong Q1 results were boosted by early debt retirement.
• DreamWorks Animation SKG Inc. (NYSE: DWA) strong Q1 results were driven by Madagascar 2.
• Endo Pharmaceuticals Holdings Inc. (NASDAQ: ENDP) Q1 results led to an analyst's downgrade.
• E*Trade Financial Corp. (NASDAQ: ETFC) widened its Q1 loss, sending shares sharply lower.

Athletic apparel maker Under Armour (NASDAQ: UA) has been heroic of late, with strong earnings on its increasingly ubiquitous polyester tough-guy sports apparel, and sneakers that defied the crushing consumer spending slowdown.

But even tough products can crack. Apparently that was the fault the U.S. Consumer Products Safety Commission found with Under Armour's athletic cups when it issued a recall for over 200,000 protective cups bearing Under Armour's logo. Manufactured in China, the cups could shatter if hit, potentially resulting in serious injuries to cup-wearer.

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Top Analyst Upgrades
Top Analyst Downgrades

Bank of America Corp. (NYSE: BAC) is expected to win control over Merrill Lynch as today is the shareholder vote on the merger. Shares rose over 7% to $15.35 on the news.

In last week's preview we took a peek at expectations for Campbell Soup earnings, but now the company is scheduled to report fiscal fourth quarter results this coming Thursday. With Krispy Kreme also among the handful of companies scheduled to report this week, we may yet see whether consumers are turning to comfort foods in these uncertain times.

Campbell Soup Co. (NYSE: CPB), the world's biggest soup maker, is still expected by analysts surveyed by Thomson Financial to post net income of 25 cents per share (up 44.0% from a year ago) on revenue of $1.7 billion (up 7.4%). The Camden, N.J.-based company has just missed earnings estimates in the past few quarters. Its long-term EPS growth forecast is 7.9%, which is less than the industry average, but about the same as rivals Kraft Foods (NYSE: KFT) and HJ Heinz (NYSE: HNZ). The analysts' consensus recommendation is currently to buy Campbell.

Hip, Canadian apparel retailer Lululemon Athletica Inc. (NASDAQ: LULU) is also anticipated to be a big earnings gainer when it reports this week. Net income is expected to come in at 13 cents per share (up 46.2% from a year ago) on revenue of $88.2 million (up 50.3%). Lululemon met expectations when it reported 12 cents per share in the previous quarter. Its long-term EPS growth forecast is a healthy 40.2%, which is better than the industry average and that of rival Under Armour Inc. (NYSE: UA). The analysts' consensus recommendation is currently to buy Lululemon.

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

• Archer Daniels Midland Co. (NYSE: ADM) Q3 profits soared, beating analysts' expectations.
• Buffalo Wild Wings Inc. (NASDAQ: BWLD) strong Q1 results met analysts' expectations.
• Burger King Holdings Inc. (NYSE: BKC) reported solid Q3 results that beat Wall Street estimates.
• Chesapeake Energy Corp. (NYSE: CHK) beat expectations for the first quarter, sending shares up.
• Colgate-Palmolive Co. (NYSE: CL) posted better-than-expected Q1 results on the weak dollar.
• Corning Inc. (NYSE: GLW) beat earnings expectations and raised its guidance.
• Corn Products International (NYSE: CPO) posted record sales for the ninth consecutive quarter.
• Duke Energy Corp. (NYSE: DUK) Q1 profits met expectations but revenues beat them.
• ExxonMobil Corp. (NYSE: XOM) missed Q1 expectations due to narrower margins.
• Garmin Ltd. (NYSE: GRMN) reported lower-than-expected earnings due to slowed demand.
• General Motors Corp. (NYSE: GM) posted a smaller-than-expected loss for the first quarter.
• Herbalife Ltd. (NASDAQ: HLF) posted Q1 results and announced the resignation of the president and COO.
• Kellogg Co. (NYSE: K) beat Q1 expectations and announced a 10% dividend increase.
• Kraft Foods Inc. (NYSE: KFT) Q1 profits declined but beat analysts' expectations.
• Procter & Gamble Co. (NYSE: PG) reported better-than-expected Q1 results and raised its 2008 outlook.

After hitting a one-year high of $73.40 in August, the stock hit a one-year low of $25.32 in January. This morning, UA opened at $34.54. So far today the stock has hit a low of $33.80 and a high of $36.87. As of 11:55, UA is trading at $34.89, down $3.69 (-9.6%). The chart for UA looks neutral and deteriorating, while S&P gives the stock its highest 5 STARS (out of 5) strong buy rating.

For a bearish hedged play on this stock, I would consider a June bear-call credit spread above the $45 range. A bear-call credit spread is an options position that combines the purchase and sale of call options to hedge risk in case the stock doesn't do what you think but still leverage nice returns. For this particular trade, we will make a 4.2% return in seven weeks as long as UA is below $45 at June expiration. Under Armour would have to rise by more than 29% before we would start to lose money. Learn more about this type of trade here.

This post is part of our Battle of the Brands feature. Let us know which brand you prefer, and check out other Battle of the Brands posts.

The story of Nike Inc. (NYSE: NKE) and Under Armour (NYSE: UA) is just one more David and Goliath scenario. Just like in the biblical story, David's battle (UA) was more one of survival against the odds, while Goliath (NKE) truly did want to vanquish the diminutive challenger. Under Armour is capitalized at $1.28 billion while the long-established and legendary Nike has a capitalization more than 20 times the size at $26.38 billion.

NIKE, the world's #1 shoemaker, does more dominating than assisting, to capture more than 20% of the U.S. athletic shoe market. It designs and sells shoes for a variety of sports, including baseball, cheer-leading, golf, volleyball, hiking, tennis, and football. Under Armour is proving its mettle as an apparel warrior. Since its foray into the sporting goods market, the maker of performance athletic undies and apparel has risen to the top of the industry pack, boasting a big portion of the compression garment market.

In addition to playing a dominant role in the shoe market, Nike has retail and wholesale outlets that sell a broad range of branded sports gear, including clothes, watches, balls, hats, and an expanding array of accessories. Under Armour is expanding as well, trying to get a foot-hold (could not resist) in the shoe market starting with a series of cross-trainers. They hope to capture perhaps 10% of the market as they promote their up-and-coming brand.

"Under Armour (NYSE: UA) and VMware (NYSE: VMW) both have the potential for a short squeeze in coming months," says Paul Tracy in StreetAuthority Market Advisor.

"VMware is a market leader in software virtualization. Companies typically do not use the full computing power of their servers, and when not in use, that server sits idle.

"Virtualization technology allows IT managers to use that underutilized capacity -- running software across the organization's entire base of servers. Thus, virtualization is a key cost-cutting technology.

"VMware has a short interest ratio of 11.7 and a freely traded float of just 50 million shares. If all those shorts try to cover, the stock looks likely to be in short supply. Meanwhile, trading at 36 times 2009 earnings estimates with a long-term growth rate of 45%, VMW doesn't look overpriced.

"Under Armour (NYSE: UA) makes clothing (along with sports equipment) targeting the athletic and outdoor-oriented market. Specifically, the company makes clothes designed to wick moisture away from the skin and keep the wearer at a comfortable temperature, regardless of weather conditions.

"Meanwhile, the stock has seen strong earnings growth despite the slowdown in consumer spending -- earnings surged 42% in the fourth quarter. And management recently announced its looking for revenues to reach $765-775 million in 2008, representing around a 27% increase over 2007 levels.

"With a forward P/E of 23 and a long-term growth rate of 25%, UA looks inexpensive. With a float of less than 32 million shares and a short interest ratio approaching 12, Under Armour looks like a prime short-squeeze candidate."

Each day, Steven Halpern's TheStockAdvisors.com offers the latest market commentary and favorite investment ideas from the nation's leading financial newsletter advisors.