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

• AK Steel Holding Corp. (NYSE: AKS) reported better-than-expected Q3 results but shares fell anyway.
• Baidu Inc. (NASDAQ: BIDU) posted strong Q3 results but shares sold off on a disappointing guidance.
• Burger King Holdings Inc. (NYSE: BKC) said lower Q1 earnings fell short of analysts expectations.
• Dreamworks Animation SKG Inc. (NYSE: DWA) topped Q3 profit and revenue estimates, lifting shares.
• Geron Corp. (NASDAQ: GERN) posted a narrower-than-expected Q3 loss, sending shares sharply higher.
• Honda Motor Co. Ltd. (NYSE: HMC) reported lower Q2 earnings and sales on weak demand for cars.

Analyst upgrades:

• Target (NYSE: TGT) was upgraded two ratings to Buy from Sell at Citigroup, and it raised its price estimate on shares to $61 from $44. The firm sees significant earnings upside as the company's same-store sales improve and finds the valuation attractive at current levels.
• Motorola (NYSE: MOT) was upgraded to Outperform from Sector Perform at RBC Capital citing valuation, new product launches, and expectations that the Mobile Devices division will be profitable. The price target is $11.
• AK Steel (NYSE: AKS) was upgraded to Buy from Hold at Citigroup as it believes the company's Q3 results were solid and the China steel market is stabilizing. The firm raised its target to $21 from $17.
• Ceradyne (NASDAQ: CRDN) was upgraded at Wells Fargo to Market Perform from Underperform. The firm thinks that earnings expectations for the company have now reached more reasonable levels, limiting risk.
• FormFactor (NASDAQ: FORM) was upgraded to Outperform from Market Perform at FBR Capital ahead of the company's Q3 results due to valuation as it views the risk/reward on shares compelling. The firm raised its price target to $25 from $19.
• Texas Instruments (NYSE: TXN) was upgraded at Goldman to Buy from Neutral, citing 2H10 margin expansion and analog share gains. Target was raised to $29 from $27.
• Barrett Business Services (NASDAQ: BBSI) was upgraded to Buy from Hold at Roth Capital as the firm thinks the company will benefit from a labor market recovery next year. Roth notes that the stock's valuation has lagged behind most of its peers in recent months and it set an $18 target.

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

• American Eagle Outfitters Inc. (NYSE: AEO) Q2 profit fell short of estimates as same-store sales declined.
• Ann Taylor Stores Corp. (NYSE: ANN) Q2 earnings beat very low expectations and same-store sales fell.
• Big Lots Inc. (NYSE: BIG) reported better-than-expected numbers for Q2, sending shares upward.
• Burger King Holdings Inc. (NYSE: BKC) posted a better-than-expected Q4 profit though revenue declined.
• China Petroleum & Chemical Corp. posted a record Q2 profit after restrictions on fuel prices were lifted.
• Dell Inc. (NASDAQ: DELL) said its Q2 earnings declined, but they still topped analysts' expectations.

Winn-Dixie Stores (NASDAQ: WINN), a grocery chain that competes with Wal-Mart (NYSE: WMT), reported Q4 earnings on Monday after the bell. Shareholders should appreciate the net-income turnaround. The business produced a profit of 17 cents per share, a figure that was one penny ahead of estimates. Winn-Dixie was dealing with a loss of 10 cents per share a year ago.

Same-store sales weren't terribly exciting. They advanced 1.6% (they were driven by the timing of the Easter holiday, it should be noted). Gross margin, however, did increase. And cash flow from operating activities for the twelve-month frame wasn't bad.

TheStreet.com's Jim Cramer says the bulls have the upper hand over the bears now, and history is on their side.

When I hear "light week of earnings" and "light week of data" as I foresee this week, I get excited, because you get to see a full-bore battle between hopeful bulls and desperate bears.

A week in which the biggest earnings announcements are from Winn-Dixie (NASDAQ: WINN) (Cramer's take, Dell (NASDAQ: DELL) Cramer's take and Chico's FAS (NYSE: CHS) Cramer's take, and the biggest report is the Case-Shiller Index, which is sure to give the housing bears a fresh sense of no-bottom/foreclosure-heaven stories regardless of the facts, is a week in which I expect intense skirmishing between mutual funds that want to take stocks higher to generate performance and hedge funds that need stocks lower because they are so far behind the market.

Canadian banks are scheduled to step into the earnings spotlight this week, with third-quarter reports coming from Bank of Montreal (NYSE: BMO), Bank of Nova Scotia (NYSE: BNS), Canadian Imperial Bank of Commerce (NYSE: CM), Royal Bank of Canada (NYSE: RY), and Toronto-Dominion Bank (NYSE: TD). While Canadian banks on the whole held up better than their U.S. counterparts during the financial crisis, these five are expected to report that their earnings are still declining in the most recent quarter.

Analysts surveyed by Thomson Reuters are looking for EPS for these banks to have fallen from 15% to 25% from a year ago. Their long-term EPS growth forecast is for between 10% and 12%, which is in the same range as U.S. rivals JPMorgan Chase & Co. (NYSE: JPM) and Wells Fargo & Co. (NYSE: WFC), but better than Bank of America Corp. (NYSE: BAC) and Citigroup Inc. (NYSE: C). Earnings multiples for these Canadian banks are 10x to 12x, but none of them have a First Call consensus recommendation is to buy. The Motley Fool, though, considers TD as a value stock and RY a stock poised to pop. All of them are trading much closer to their 52-week highs than lows, and shares of all are up more than 100% since March lows.

Analyst upgrades:

• Keefe Bruyette upgraded Morgan Stanley (NYSE: MS) to Outperform from market Perform after transferring coverage to a new analyst. The firm expects Morgan to benefit from the pending joint venture with Smith Barney and improvements in its operating environment.
• FBR Capital upgraded Winn-Dixie (NASDAQ: WINN) to Outperform from Market Perform as it believes the company is executing well and shares are cheap at current levels. The firm keeps a $16.50 target on the stock.
• Baird believes Polaris's (NYSE: PII) consensus expectations and valuation are too low and that the company will expand beyond powersports. The firm upgraded shares to Outperform from Neutral and raised their target to $37 from $32.
• J. Crew (NYSE: JCG) was upgraded to Neutral from Sell at Goldman.
• Lexmark (NYSE: LXK) was upgraded to Equal Weight from Underweight at Barclays.
• Global Hunter upgraded Big Lots (NYSE: BIG) to Buy from Neutral.

As earnings season begins to wind down, some apparel retailers are scheduled to report quarterly results this week. Analysts polled by Thomson Reuters anticipate that Walmart Stores Inc. (NYSE: WMT), the 800-pound gorilla in the space, will report that it earned $0.77 per share in the first quarter, about the same as in the first quarter of last year. But JCPenney Co. (NYSE: JCP), Kohl's Corp. (NYSE: KSS), Nordstrom Inc. (NYSE: JWN), and Urban Outfitters Inc. (NASDAQ: URBN) are expected to report lower profits for the first quarter as consumers continued to hold off on spending. Macy's Inc. (NYSE: M) and Abercrombie & Fitch Co. (NYSE: ANF) are expected to have swung to a loss year over year.

Whole Foods Market Inc. (NASDAQ: WFMI) and Winn Dixie Stores Inc. (NASDAQ: WINN) are likewise expected to report declining earnings, while the Great Atlantic & Pacific Tea Co. (NYSE: GAP), parent of the A&P supermarket chain, is expected to have narrowed its net loss 68.9% to $0.28 per share.

Analyst upgrades:

• Citigroup upgraded shares of Liberty Property Trust (NYSE:LRY) to Hold from Sell to reflect the company's capital raises and progress on leasing over the past quarter. The firm raised their target price to $21 from $16.
  
• UBS upgraded shares of Lonmin (Other OTC:LNMIY) to Neutral from Sell as they believe Xstrata may make an offer for the company.
  
• Cantor Fitzgerald upgraded RadiSys (NASDAQ:RSYS) to Buy from Hold after the company reported better-than-expected Q4 results and provided Q1 guidance which the firm believes indicates that fiscal 2009 results will be better than expected. The firm set a target of $8.50.
• Duke Energy (NYSE:DUK) and PG & E (NYSE:PCG) were raised to Outperform from Sector Perform at RBC Capital.
  
• Techne (NASDAQ:TECH) was upgraded at Baird to Outperform from Neutral.

Oh no, one of my favorite fruits in the world (yes, a tomato is a fruit) is being taken off the shelf for fear of salmonella contamination.

Three types of raw tomatoes -- red plum, red Roma and round red tomatoes -- grown in 17 states are voluntarily being pulled of the shelves and menus of McDonald's (NYSE: MCD), Wal-Mart (NYSE: WMT), Burger King (NYSE: BKC), Kroger (NYSE: KR), Outback Steakhouse, Winn-Dixie (NYSE: WINN) and Taco Bell, among others. In fact, "McDonald's has stopped serving sliced tomatoes on its sandwiches as a precaution, but will continue serving grape tomatoes in its salads because no problems have been linked to that variety."

Similarly, Burger King, Yum Brands Inc. (NYSE: YUM) restaurants, Darden Restaurants (NYSE: DRI), and Chipotle Mexican Grill Inc. (NYSE: CMG) have also removed the contaminated brands from their menus across the U.S., and some, like Burger King, in Canada, Puerto Rico and some other Caribbean islands as well. Many left the non-contaminated brands on the menu.

Grocery store chain Winn Dixie Stores Inc. (NASDAQ: WINN) is emerging from bankruptcy with remodeled stores, better shopping conditions and product mix, improved customer service, and strict attention to cost management. Same store sales for 1Q 2008 are essentially flat, but the company posted a huge reduction in net loss, $800,000, down from $24.6 million net loss one year ago, a $23.8 million improvement. Net income for 1Q 2008 was $1.6 billion, up $11 million. Gross profits increased $22 million to $446.4 million, and the 30 remodeled stores have registered increased foot traffic. Winn Dixie plans to remodel a total of 75 stores in 2008.

Winn Dixie is also focusing on cost control as it emerges from Chapter 11. Administrative and promotional expenses have been slashed, as have costs at the company's distribution facilities. Winn Dixie still faces significant capital expenditures for store remodeling, at least $140 million. Legal costs to emerge from bankruptcy will run in the $5 million to $7 million range.

Even in the midst of a difficult and complex multi-year turnaround, Winn Dixie has acted to gain the goodwill of consumers and investors. Winn Dixie remodeled and reopened one of the first full-service grocery stores in lower east side New Orleans to help the city rebuild. The company is on the front lines in the fight against breast cancer, providing educational materials in its stores and sponsoring free mammograms for women without access to health care services.

The stock currently trades around $19. Given the success of the company's turnaround thus far, this is a stock for bargain hunters to investigate.

MOST NOTEWORTHY: Winn-Dixie Stores (WINN), TIB Financial Corp (TIBB), Energy East Corp (EAS), Baidu.com, Inc (BIDU) and SINA Corp (SINA) were today's noteworthy upgrades:

• Friedman Billings upgraded shares of Winn-Dixie Stores (NASDAQ: WINN) to Outperform from Market Perform citing valuation, sustainable Q3 margins, and share gains from both Wal-Mart Stores (WMT) and Publix.

• Sandler raised TIB Financial Corp (NASDAQ: TIBB) off the ground, to Hold from Sell, citing valuation.

• Jefferies upgraded shares of Energy East (NYSE: EAS) to Hold from Sell after Iberdrola agreed to acquire the company.

• Pacific Crest upgraded both Baidu.com (NASDAQ: BIDU) and SINA Corp (NASDAQ: SINA) to Outperform from Sector Perform following their trip to Asia, citing China's strong online ad market. They believe Baidu.com is benefiting from its sales-force integration and SINA Corp's brand strength should lead to further market-share gains...

OTHER UPGRADES:

• Lehman upgraded Celgene Corp (NASDAQ: CELG) and Genzyme Corp (NASDAQ: GENZ) to Overweight from Equal Weight.

• Matrix USA upgraded Jo-Ann Stores (NYSE: JAS) to Sell from Strong Sell.

• Dolby Laboratories (NYSE: DLB) was upgraded to Overweight from Neutral at JP Morgan.

• Wachovia raised U-Store-It Trust (NYSE: YSI) to Market Perform from Underperform.

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

MOST NOTEWORTHY: Dow Chemical (DOW), Smart Modular (SMOD), Wolverine World Wide (WWW), Win-Dixie Stores (WINN) and Blue Nile (BLUE) were today's noteworthy initiations:

• UBS is positive on the ethylene cycle over the next two years and believes Dow Chemical (NYSE: DOW) can beat 2008 consensus estimates, initiating shares with a Buy rating.

• JMP Securities started Smart Modular (NASDAQ: SMOD) with a Strong Buy as a unit volume growth theme without much dependence on commodity memory chip pricing.

• Citigroup expects further upside given Wolverine World Wide's (NYSE: WWW) strong portfolio of brands, further growth opportunities through line extensions and international growth. The firm started Wolverine World Wide with a Buy rating and $33 target.

• Winn-Dixie Stores (NASDAQ: WINN) was started with a Market Perform rating, citing low levels of profitability and unproven ability to drive sustainable profitable sales.

• American Technology believes the valuation of Blue Nile (NASDAQ: NILE) leaves little room for upside, despite a highly attractive business model and strong fundamentals, and started shares with a Sell rating and $45 target...

OTHER INITIATIONS:

• Susquehanna started King Pharma (NYSE: KG), Sepracor (NASDAQ: SEPR) with Neutral ratings and Sciele Pharma (NASDAQ: SCRX) with a Positive rating.

• Citigroup initiated shares of Quicksilver Inc (NYSE: ZQK) with a Hold rating.

• Longbow started Mips Tech (NASDAQ: MIPS) with a Buy rating and $12 target.

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

According to a federal indictment alleging 25 counts of coupon-redemption fraud, nine executives from International Outsourcing Services (IOS), the nation's largest clearinghouse for grocery- and retail-related coupons, have been accused of involvement in an ongoing coupon-redemption scheme that is claimed to have injured a laundry list of companies, including SC Johnson, Kimberly-Clark Corp.(NYSE:KMB), and Winn-Dixie Stores (NASDAQ:WINN). Federal attorneys claim that Wisconsin firms alone have been bilked as much as $15 million by fraudulent redemption practices. Coupon redemption program assistance organizations estimate that fraudulent coupon redemption costs product manufacturers as much as a half billion dollars a year.

A news story reports that in answering the indictment, IOS denied the allegations and said the company plans to "vigorously defend against these charges." IOS takes a firm stand that through a 40 year history of providing its services, it has never faced tort action in regard to its coupon-redemption practices, even in the face of routine audits performed by the many of the manufacturers it serves.

U.S. attorneys maintain that the indictment is the result of a long-standing and intensive investigation by members of the U.S. Attorney's office, with additional resources and support provided by the FBI and others. Already, 17 individuals have been charged and convicted in Wisconsin, 10 in Ohio, and 3 in Mississippi in connection with this investigation. Law enforcement indicates that the previous convictions involved an independent broker and an IOS sales manager.