Analyst upgrades:

• Baird upgraded Dicks Sporting Goods (NYSE: DKS) to Outperform from Neutral based on valuation.
  
• Home Depot (NYSE: HD) was raised to Market Perform from Underperform by Morgan Keegan.
  
• Southwest Airlines (NYSE: LUV) was upgraded to Outperform from Market Perform by Avondale.

• BMO Capital downgraded Hasbro (NYSE: HAS) to Underperform from Market Perform due to valuation and macro headwinds.
  
• UBS dropped Darden Restaurants (NYSE: DRI) to Neutral from Buy because of slowing casual dining trends.
• Goldman Sachs dropped Affiliated Computer (NYSE: ACS) to Neutral from Buy.
  
• Goldman also downgraded Automatic Data Processing (NYSE: ADP) to Neutral from Buy.

• CIBC initiated Nortel Networks (NYSE: NT) with a Sector Performer rating based on what they see as the company's limited growth and margin prospects.
  
• Needham initiated Juniper (NASDAQ: JNPR) with a Hold rating, citing valuation.
  
• Blockbuster (NYSE: BBI) was initiated with a Hold by Needham, which would like to see if the company's turnaround is sustainable before becoming more constructive on the shares.

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RadiSys Corporation (NASDAQ: RSYS) makes system products for embedded computer applications used in the manufacturing automation, medical, transportation, telecommunications, gaming and test equipment markets. Products include embedded boards, board-level modules and chip-level components. The company also offers system integration and repair services. Clients include Nokia (NYSE: NOK), Nortel Networks (NYSE: NT) and IBM (NYSE: IBM).

The firm pleased investors last week, when it reported Q2 EPS of 14 cents and revenues of $97.6 million. Analysts had been expecting six cents and $87.8 million. The CEO attributed success to strong demand for the company's wireless and IP media server products. Management also guided Q3 EPS to 16-22 cents (nine cent consensus) and Q3 revenues to $98-$103 million ($91.2M consensus).

RSYS shares popped on the news and then moved into a bullish "flag" consolidation pattern. Stocks frequently exit flags moving in the same direction they were traveling on entry. In this case, that would be to the upside.

Brokers recommend the issue with one "strong buy", one "buy" and one "hold". Analysts see a 15% average annual growth rate, through the next five years. The RSYS Price to Sales ratio (0.71), Price to Book ratio (1.27), Price to Cash Flow ratio (9.53), Price to Free Cash Flow ratio (7.72), Sales Growth rate (29.61%) and EPS Growth rate (-0.09 to +0.14) compare favorably with industry, sector and S&P 500 averages. Institutional investors hold about 95% of the outstanding shares. The stock is one of those used to calculate the S&P 600 SmallCap Index. Over the past 52 weeks, it has traded between $8.02 and $17.48. A stop-loss of $9.90 looks good here.

Larry Schutts is a contributing editor for Theflyonthewall.com and the Vice-President of Stockwinners.com. He does not hold positions in any of the stocks mentioned above.

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Analyst upgrades:

• Jefferies upgraded shares of Akamai (NASDAQ: AKAM) to Buy from Hold on valuation, as they see a long-term buying opportunity following the recent correction. The firm maintains a $29 target.
• Moody's (NYSE: MCO) was upgraded to Overweight from Underweight at Lehman.
  
• Boyd Gaming (NYSE: BYD) was upgraded to Neutral from Underperform at Merrill Lynch.

• Jefferies downgraded shares of Nortel Networks (NYSE: NT) to Hold from Buy on concerns about the company's ability to hit expectations and drive margin expansion in the face of an eroding CDMA revenue stream. The firm lowered their target to $7.25 from $11.
  
• B. Riley cut Charlotte Russe (NASDAQ: CHIC) to Neutral from Buy on concerns about how well the company can perform with the interim management team, especially in light of the current retail environment. The firm lowered their target to $14 from $17. Roth Capital downgraded shares to Sell from Hold to reflect the management uncertainty and lowered their target to $9 from $14.
  
• Goldman cut Warner Music (NYSE: WMG) to Sell from Neutral and Deere (NYSE: DE) to Neutral from Buy.

• Banc of America expects top-line growth at Amgen (NASDAQ: AMGN) to be driven by Denosumab and for investors to look to the stock for biotech exposure following the potential acquisition of Genentech (NYSE: DNA). The firm started shares with a Buy rating and $70 target.
• Sirius Satellite (NASDAQ: SIRI) was initiated at JP Morgan with a Neutral rating.
  

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Diodes Incorporated (NASDAQ: DIOD) is engaged in the design, manufacture and marketing of semiconductor products, including diodes, transistors, and rectifiers. The firm focuses on devices with end user applications in the consumer electronics, computing, industrial, communications and automotive sectors. Customers include Intel (NASDAQ: INTC) and Nortel Networks (NYSE: NT).

The firm is expanding its reach, via the acquisition route. It completed its purchase of British chip maker Zetex, on June 9th. That led management to increase its guidance for Q2 revenues from $100-$106 million to $114-$117 million. The Street had been looking for $104.27 million. Guidance for gross profit was boosted from a sequential increase of 4-9% to a sequential increase of 18-21%.

The stock popped on the news and has since been defining a bullish "pennant" consolidation pattern. Prices frequently exit pennants moving in the same direction they were traveling on entry. In this case, that would be to the upside.

Brokers recommend the issue with six "strong buys". Analysts see a 24% growth rate, through the next year. The DIOD PEG ratio (1.18), Price to Book ratio (3.16), Price to Cash Flow ratio (13.14), Operating Margin (14.84%), Net Profit Margin (15.67%), Return on Assets (9.43%) and Return on Investment (10.79%) compare favorably with industry, sector and S&P 500 averages. Institutional investors hold about 83% of the outstanding shares. The stock is one of those used to calculate the S&P 600 SmallCap Index. Over the past fifty-two weeks, it has traded between $19.51 and $35.00. A stop-loss of $25.90 looks good here. Note that the firm is expected to report Q2 results at the end of July.

Larry Schutts is a contributing editor for Theflyonthewall.com and the Vice-President of Stockwinners.com. He does not hold positions in any of the stocks mentioned above.

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

• ADC Telecommunications Inc. (NASDAQ: ADCT) beat Q2 estimates and raised its full-year guidance.
• Alcoa Inc. (NYSE: AA) near-term earnings prospects led to an analyst downgrade.
• Banco de Chile (NYSE: BCH) earnings prospects after an acquisition led to an analyst's upgrade.
• Benihana Inc. (NASDAQ: BNHN) posted lower Q4 profits but still beat earnings estimates.
• Bob Evans Farms Inc. (NASDAQ: BOBE) reported solid Q4 results due in part to cost management.
• Brown-Forman Corp. (NYSE: BF.B) easily beat Q4 estimates and offered full-year guidance.
• CMGI Inc. (NASDAQ: CMGI) lowered its guidance, sending shares tumbling 25%.
• Coca Cola Hellenic Bottling Co. (NYSE: CCH) warned of weaker earnings due to economic conditions.
• Conn's Inc. (NASDAQ: CONN) reported solid Q1 results and issued in-line guidance for the year.
• Dick's Sporting Goods Inc. (NYSE: DKS) earnings prospects impress analysts despite recent guidance.
• Guess? Inc. (NYSE: GES) topped Q1 expectations due to strong international expansion.
• Krispy Kreme Doughnuts Inc. (NYSE: KKD) swung to a Q1 profit despite falling revenues.
• Lehman Brothers Holdings Inc. (NYSE: LEH) posted a bigger-than-expected loss on further write-downs.

• National Semiconductor Corp. (NYSE: NSM) beat estimates on cost efficiencies and improved product mix.
• Nortel Networks Corp. (NYSE: NT) reaffirmed its revenue guidance for the full year.
• Pall Corp. (NYSE: PLL) reported strong Q3 results that beat Wall Street expectations.
• Pep Boys (NYSE: PBY) reported that Q1 earnings jumped due to real estate transactions.
• PepsiCo Inc. (NYSE: PEP) plans to reiterate its full-year earnings guidance despite market conditions.
• Qualcomm Inc. (NASDAQ: QCOM) earnings prospects for the second half of 2008 impress one adviser.
• Quality Systems Inc. (NASDAQ: QSII) Q4 profits grew 32%, in line with analysts' expectations.
• Shuffle Master Inc. (NASDAQ: SHFL) topped Q2 expectations, sending shares higher.
• Smith & Wesson Holding Corp. (NASDAQ: SWHC) Q4 profits fell but still beat analysts' estimates.
• Talbots Inc. (NYSE: TLB) reaffirmed its better-than-expected 2008 earnings guidance.
• Texas Instruments Inc. (NYSE: TXN) warned that weak demand for chips could hurt Q2 results.
• UBS (NYSE: UBS) warned "further write-downs may hit earnings" and some assets classes had deteriorated.

Also, Barron's likes the prospects for ethanol producers such as VeraSun Energy Corp. (NYSE: VSE). Kiplinger's includes Best Buy (NYSE: BBY) and Dick's Sporting Goods among its Father's Day stock picks. Could rancor over Vista hurt Microsoft's (NASDAQ: MSFT) bottom line?

Upcoming results to watch for include Adobe Systems (NASDAQ: ADBE), La-Z-Boy (NYSE: LZB), Best Buy (NYSE: BBY), CarMax (NYSE: KMX), Goldman Sachs (NYSE: GS), FedEx (NYSE: FDX), JM Smucker (NYSE: SJM), and Winnebago (NYSE: WGO).

Visit AOL Money & Finance for more earnings coverage.

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In a reorganization of China's telecom industry, which will change the face of the wireless industry, the country plans to merge two of its largest mobile companies, China Netcom (NYSE: CN) and China Unicom (NYSE: CHU). The new firm will be issued on of the three high-speed wireless licenses that the government plans to grant.

China's two largest phone companies, China Mobile (NYSE: CHL) and China Telecom, will receive the other two contracts.

According to Reuters, the 3G development will "unleash billions of dollars in spending for network gearmakers." Those companies would include Nokia (NYSE: NOK), Nortel (NYSE: NT), Ericsson (NASDAQ: ERIC),and Motorola (NYSE: MOT).

The news may also be a benefit to handset makers as they rush to offer products for the new 3G networks. Apple (NASDAQ: AAPL) has still not found a home for the iPhone in China.

More competition among carriers will give it a greater chance to strike a good deal. A new market could also give some aid to Motorola's flagging handset sales and to rivals Samsung and Sony Ericsson.

Douglas A. McIntyre is an editor at 247wallst.com.

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Nortel (NYSE:NT) is up over 8% on strong earnings.

Force Protection (NASDAQ:FRPT) is trading higher 14% on a new contract from the UK.

Investools (NASDAQ:SWIM) is off almost 26% on news that the SEC is conduting an informal inquiry.

NetSuite (NYSE:N) is down over 15% after posting weak quarterly numbers.

Stocks may trade differently in the pre-market than they do in the regular session.

Douglas A. McIntyre is an editor at 247wallst.com.

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Nortel Networks (NYSE: NT) is scheduled to report Q1 EPS before the market open on May 2.

NT will be a participant at Networld-Interop 2008, beginning on May 4.

NT May option implied volatility of 74 is above its 26-week average of 58 according to Track Data, suggesting larger price uncertainty.

Options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

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Next week is sure to be filled with fun and volatile market conditions. The highlight will be the Fed decision on key rates, due on Wednesday, April 30, following a two-day meeting. Anytime the Fed has the floor, the markets listen. Tuesday and Wednesday will be filled with speculation up until the time of the announcement of a cut or pause.

There are many possible outcomes for this meeting, as we have seen a substantial change in investor sentiment regarding the potential need for further rate cuts. The buzz on the street is for a cut of 25 basis points and then a wait-and-see attitude from there. I think that is the most likely direction.

There has been a great deal of concern that all the recent rate cuts have not provided the benefit to consumers the economy needs. Clearly, there is a fatty clog within our financial circulatory system. Traditionally, the Fed likes to see how its actions trickle into the economy before it continues too far down one path, which would argue for a pause now. Plus, the Fed does not want to run out of ammunition by cutting rates too far too fast. But there is no question that we are dealing with a more aggressive Fed than we have seen in decades, so I think we will see another small rate cut.

After the Fed announcement, earnings will again take center stage. Watch out for surprises as investors have been bidding up stocks with a vengeance. Misses have been taken in stride as investors don't seem worried about large bank failures anymore. The truth is, the Fed has created a monster with its bailout policy and I'm worried stocks are getting overpriced here.

It is going to be a busy week for earnings as the season is in full swing. Here is a day-by-day look at the week ahead at some of the opportunities investors may want to consider.

Monday April 28

Tyson Foods (NYSE: TSN) will be reporting. While this is not an exceptionally exciting report, it is one that will help to provide insight of just how bad the food crisis is and how the corn shortage is effecting profits. Last week we saw a considerable take-down for Chipotle Mexican Grill Inc. (NYSE: CMG) after it explained its outlook. First Call is expecting only $.01 EPS on $6.69 billion revenue as compared to EPS of $.19 for the same quarter last year.

Fair Issac Corp. (NYSE: FIC) has been in the hot seat as it is the company that created the FICO score. You know, the beloved company that provides lenders your credit rating/score. There has been quite a fallout over the ability of this company to properly gauge credit risk. The chart shows a recovery pattern filling toward the January gap-down. This is similar to what we have seen for many others that have rocketed on earnings lately.

If FIC manages to hit earnings, shares could get a nice pop. Shares are down 40% or so since November, and this report will show us how many lenders are looking to other companies to provide the data. Competitors taking over some of FIC's business may include the likes of Equifax Inc. (NYSE: EFX) and Experian Group Ltd. (LSE: EXPN). First Call is expecting $.43 per share on revenue of $204 million.

With that in mind, the credit card business is booming! Why you ask? People who are having trouble getting money these days are spending in a reckless manner with plastic. The winners here are Visa Inc. (NYSE: V) and Mastercard Inc. (NYSE: MA). Remember, neither of these companies has exposure to default as they are only processors of the transactions. There has been some talk about the negative effects that will be felt due to the Delta-Northwest merger as they will probably look to consolidate the card offering. What that really means to Visa is anyone's guess at this point.

On deck today are both Visa and Mastercard. The estimates are looking for an EPS of $1.99, up from a year ago of $1.57. Revenues are expected to come in at $1.06 billion. Visa is reporting its first earnings since it went public in March. There is a great deal of positive buzz on this name. Watch out as expectations are for a good number which could just as easily sink the stock if investors are disappointed. First Call estimates $.46 for the period.

Tuesday April 29

Food costs are out of control. Pizza inflation is the new buzzword and Archer Daniels Midland (NYSE: ADM) may continue to benefit from this new paradigm. It is expected to show a 50% increase in EPS to $.70 this quarter and revenues will rise to $12.45 billion. That is a lot of food product.

The theme continues on with Panera Bread (NASDAQ: PNRA) reporting. As mentioned above, food costs are eating away at restaurant profits and there could be a big disappointment brewing for this name. Remember, the extraordinary wheat prices will hit right in their gut as margin (and margarine) compression will hurt their costs.

Wednesday April 30

All eyes will be on the Fed decision this day. Greg Ip, from The Wall Street Journal, regularly writes about the Fed outlook as well as many of the factors that go into the Fed's decision. On this subject I invited him to be a guest this week on The Disciplined Investor Podcast. This episode will be available Monday.

In other earnings, investors are looking towards the darling, now scorned, Garmin (NASDAQ: GRMN) for direction on its future earnings path. Estimates for an increase of $.11 over same quarter last year will need to be met for investors to once again look kindly on this name. Shares have been beaten down with ferocity since January and stand at about 1/3 their value since the November 2007 high.

Thursday, May 1

Automatic Data Processing (NYSE: ADP) will report and give us a good look at the employment situation from a corporate standpoint. The ADP report will provide a look back, but there may be some tidbits within the conference call that may give us a look ahead. Estimates are for $.75 per share and $2.4 billion of revenue.

Exxon Mobile Corp. (NYSE: XOM) also reports today. The last few earnings releases have been whoppers. There is no reason to think that the total revenue number won't be gigantic. The street is looking for $124.43 billion for the period. Did someone say windfall tax?

Friday May 2

A lighter earnings day by far. Con Ed, Nortel, Viacom, take your pick. Nothing too exciting. Stay at home in your PJs.

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Disclosure: Horowitz & Company clients may hold positions of some of the stocks mentioned as of the publish date.

Andrew Horowitz is a money manager and author of the bestseller The Disciplined Investor: Essential Strategies for Success. See The Disciplined Investor Blog.

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MOST NOTEWORTHY:

• Thomas Weisel downgraded Seagate (NYSE: STX) to Market Weight from Overweight as they believe the company's growth will be more muted given high existing market share and overall industry growth.
  
• Baird downgraded Nortel (NYSE: NT) to Neutral from Outperform citing checks that indicate deteriorating US Enterprise sales in the last few weeks of Q1. The firm now expects companies to guide flat QoQ instead of up and to make cautious 2H08 comments.
  
• Ann Taylor (NYSE: ANN) was cut to Neutral from Buy at Piper to reflect concerns over the LOFT division as well as consumer spending.

• Citigroup lowered TJX Cos (NYSE: TJX) to Hold from Buy.
  
• WestLB downgraded to Hold from Add Novartis (NYSE: NVS).
  
• Hartford Financial (NYSE: HIG) was downgraded to Neutral from Buy at UBS.

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EXFO Electro-Optical Engineering (NASDAQ: EXFO) specializes in the design and manufacture of equipment used by telecommunications carriers, cable television companies and public utilities operators to test and monitor their networks. It also provides light-based systems used in medical device and opto-electronics assemblies, as well as fluorescence microscopy and electrophysiology instruments used in the life sciences sector. Customers include AT&T (NYSE: T) and Nortel Networks (NYSE: NT). Agilent Technologies (NYSE: A) is a major competitor.

The company pleased investors last week, when it reported fiscal Q2 EPS of six cents and revenues of $43.3 million. Analysts had been expecting two cents and $42.3 million. Management also guided Q3 EPS to between four and seven cents (five cent consensus) and Q3 revenues to between $45 million and $48 million ($46.93 million consensus). Further, the firm announced a deal to acquire Internet Protocol applications tester Brix Networks for $28.5 million in cash. RBC Capital Markets and Roth Capital subsequently reiterated "buy" ratings on the stock and declared price targets in the $7-$8 range

The issue popped on the news and has since been consolidating the gain in a bullish "flag" pattern. Prices frequently exit flags moving in the same direction they were traveling on entry. In this case, that would be to the upside.

Altogether, brokers now recommend the shares with nine "buys" and one "hold". Analysts see a 28% average annual growth rate, through the next five years. The EXFO Price to Sales ratio (2.53), Price to Book ratio (1.50), Price to Cash Flow ratio (9.01), EPS Growth rate (50.00%), Net Profit Margin (24.40%), Return on Assets (15.16%) and Return on Investment (16.48%) compare favorably with industry, sector and S&P 500 averages. Institutional investors hold about 17% of the outstanding shares. Over the past 52 weeks, the stock has traded between $3.75 and $7.83. A stop-loss of $5.00 looks good here.

Larry Schutts is a contributing editor for Theflyonthewall.com and the Vice-President of Stockwinners.com. He does not hold positions in any of the stocks mentioned above.

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

• American International Group Inc. (NYSE: AIG) posted a big loss and warned of more to come.
• CBS Corp. (NYSE: CBS) beat expectations even though its fourth-quarter profit fell.
• DreamWorks Animation Inc. (NYSE: DWA) 2007 earnings and revenue soared, lifted by Shrek the Third.
• HJ Heinz Co. (NYSE: HNZ) posted solid third-quarter earnings and revenue.
• Koppers Holdings Inc. (NYSE: KOP) beat fourth-quarter expectations and approved a share buyback plan.
• Netflix Inc. (NASDAQ: NFLX) raised its first-quarter and full-year guidance on subscriber growth.
• Nortel Networks Corp. (NYSE: NT) missed expectations due to rising operating costs.
• Origin Agritech Ltd. (NASDAQ: SEED) 2007 earnings sank, missing analysts' expectations.
• Salesforce.com Inc. (NYSE: CRM) beat fourth-quarter estimates and offered revised guidance.
• Sirius Satellite Radio Inc. (NASDAQ: SIRI) narrowed its loss due to a surge in subscribers.
• Swiss Reinsurance Co. (OTC: SWCEY) quarterly EPS plunged but 2007 decline was less than expected.
• Viacom Inc. (NYSE: VIA) reported strong fourth-quarter and full-year results.

Also, analysts predict that bank losses will be the highest in 20 years. Timothy Sykes recommends investors not become starstruck by superstar companies such as Apple Inc. (NASDAQ: AAPL) and Google Inc. (NASDAQ: GOOG).

Upcoming results to watch for include Staples, Inc. (NASDAQ: SPLS), Costco Wholesale (NASDAQ: COST), and Blockbuster Inc. (NYSE: BBI).

Visit AOL Money & Finance for more earnings coverage.

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After hitting a one-year high of $30.27 last February, the stock hit a one-year low of $10.28 in January. This morning, NT opened at $10.28. So far today the stock has hit a low of $9.67 and a high of $10.28. As of 10:45, NT is trading at $9.76, down 1.69 (-14.8%). The chart for NT looks bearish and steady, while S&P gives the stock a positive 4 STARS (out of 5) buy rating.

For a bearish hedged play on this stock, I would consider a June bear-call credit spread above the $12.50 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 an 11.1% return in four months as long as NT is below $12.50 at June expiration. Nortel would have to rise by more than 36% before we would start to lose money. Learn more about this type of trade here.

NT hasn't been above $12.50 by more than a few cents since early January and has shown resistance around $11.70 recently. This trade could be risky if the US economy rebounds quickly, but even if that happens, this position could be protected by resistance NT might find at its 50 day moving average, which is currently around $12.50 and falling.

Brent Archer is an options analyst and writer at Investors Observer.

DISCLOSURE: Mr. Archer owns and/or controls diversified portfolios of long and short stock and option positions that may include holdings in companies he writes about. At publication time, Brent neither owns nor controls positions in NT.

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MAJOR PAPERS:

• The active ingredient in Baxter International Inc's (NYSE: BAX) generic version of the anticlotting drug heparin, under investigation for four deaths and hundreds of bad reactions, was made in China, the Wall Street Journal reported.
• Structured investment vehicles that provide short term debt to fund the purchases of municipal bonds and student loans are under increasing pressure, according to the Wall Street Journal's "Heard on the Street". Citigroup Incorporated (NYSE: C), JP Morgan Chase & Co (NYSE: JPM) and Merrill Lynch & Co Inc (NYSE: MER) are among the banks that could be affected.

• The New York Times reported that Hewlett-Packard Company (NYSE: HPQ) has settled with The New York Times Company (NYSE: NYT) and McGraw Hill Companies Incorporated's (NYSE: MHP) BusinessWeek journalists related to a spying scandal that stemmed from obtaining telephone records. The involved parties did not disclose the amount of the settlement.

• Mike Zafirovski, CEO of Nortel Networks Corporation (NYSE: NT), said the company would examine possible opportunities to be taken over "when they arise." Mr. Zafirovski did not comment on rumors of a Motorola Inc (NYSE: MOT) merger, Reuters reported.

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MAJOR PAPERS:

• A slowdown in growth in the telecommunications equipment industry may result in a joint venture between Motorola Inc (NYSE: MOT) and Nortel Networks Corporation (NYSE: NT), that would have combined sales of about $10B, the Wall Street Journal reported.
• The Wall Street Journal also reported that Yahoo! Inc's (NASDAQ: YHOO) board is planning to reject the Microsoft Corporation (NASDAQ: MSFT) bid of $31 per share, feeling that Microsoft would be taking advantage of a deteriorated Yahoo! share price. Sources said Yahoo! will not consider any offer under $40 per share.
• Sony Ericsson, a joint venture between Sony Corporation (NYSE: SNE) and