The unofficial closing bells put the DJIA up more than 46 points to 12,984.91 (0.36%), the NASDAQ rose nearly 24 points (0.81%) to 2,956.98, and the S&P 500 rose 0.43% or nearly 6 points to 1,363.46.

There were several analyst upgrades and downgrades today, including Chesapeake Energy Corp. (NYSE: CHK) reiterated as ‘neutral’ at Credit Suisse; Level 3 Communications Inc. (NASDAQ: LVLT) raised to ‘overweight’ at Morgan Stanley; TJX Companies Inc. (NYSE: TJX) reiterated as ‘hold’ at Argus; Hewlett-Packard Co. (NYSE: HPQ) reiterated as ‘neutral’ at Credit Suisse; and Juniper Networks Inc. (NASDAQ: JNPR) cut to ‘market perform’ at FBR.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: Angie’s List Inc. (NASDAQ: ANGI) is up 10.10% at $15.92; Boston Beer Company Inc. (NYSE: SAM) is down -4.5% at $99.88; Caribou Coffee Co. Inc. (NASDAQ: CBOU) is down -1.8% at $17.28; DryShips Inc. (NASDAQ: DRYS) is up 6.7% at $3.67; Flowserve Corp. (NYSE: FLS) is up 2.8% at $121.08; Fluor Corp. (NYSE: FLR) is up 6.2% at $64.11; Goodrich Petroleum Corp. (NYSE: GDP) is down -4.4% at $16.07; Hewlett Packard is down -6.4% at $27.08; KBR Inc. (NYSE: KBR) is up 9.1% at $36.01; American Tower Corp. (NYSE: AMT) is up 0.68% at $63.69; Bill Barrett Corp. (NYSE: BBG) is down -0.5% at $27.77; Charles & Colvard Ltd (NASDAQ: CTHR) is up 22.3% at $3.73 after posting a new 52-week high of $3.99 earlier today; Dillard’s Inc. (NYSE: DDS) is up 10.6% at $57.73; Dish Network Inc. (NASDAQ: DISH) is up 1.5% at $29.60 (more coverage here); Foster Wheeler AG (NASDAQ: FWLT) is up 7.5% at $25.58; Officemax Inc. (NYSE: OMX) is up 7.25% at $5.92; and Target Corp. (NYSE: TGT) is up 3.5% at $54.80 (more coverage here).

Other standouts from today include the following stocks:

Vivus Inc. (NASDAQ: VVUS) is up nearly 80% at $18.93 after posting a new 52-week high of $21.44 earlier. The drug maker yesterday received an FDA panel approval for its obesity drug. More coverage here, here, and here.

Onvia Inc. (NASDAQ: ONVI) is up about 34% at $4.21. The government contractor service provider has rejected a buyout bid at $4.25/share, boosting hopes of a bidding war.

Sears Holdings Corp. (NASDAQ: SHLD) is up nearly 19% at $61.93. The retailer reported an enormous loss, but also announced plans to pare down the company. More coverage here.

Penn Virginia Corp. (NYSE: PVA) is down nearly -15% at $4.92. The independent oil & gas company missed EPS estimates badly, and lowered its production forecast for 2012.

GrafTech International Ltd. (NYSE: GTI) is down more than -15% at $13.07. Volume is more than 10x the daily average of 1 million shares traded. The industrial products company reported a big revenue miss this morning.

Stay tuned for Friday. St. Louis Fed president James Bullard and New York Fed president William Dudley are giving speeches. We have noted the following events on the schedule (all times Eastern):

• 9:55 a.m. – Reuters/University of Michigan consumer sentiment index
• 10:00 a.m. – New home sales

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Paul Ausick

Included in the previews are some pricing data and color on each preview.  Estimates are the consensus targets from Thomson Reuters.

Analog Devices Inc. (NYSE: ADI) is now up 35% from last year’s low and within about 6% of a 52-week high after many of the chip names have had phenomenal 2012 moves.  Estimates are $0.48 EPS on $662.3 million in sales.

Angie’s List Inc. (NASDAQ: ANGI) is set to see its first public earnings release.  We have always wondered about its lack of earnings as sort of unacceptable, but so far Wall Street has stayed by it.  Estimates are -$0.11 EPS on $25.38 million in sales.  At $15.20, the post-IPO range is $10.77 to $18.75.

Boston Beer Co. (NYSE: SAM) remains at a premium value on its earnings at 24-times expected 2012 earnings estimates. Estimates are $1.12 EPS and $131.6 million in sales.

Chico’s FAS Inc. (NYSE: CHS) is still trying to get its ship back in order.  Estimates are $0.11 EPS and $546.66 million in sales.

Clean Harbors Inc. (NYSE: CLH) has remained highly valued and it has recently split its stock after an incredible share move in recent years.  Estimates are $0.48 EPS and $506.04 million in sales.      4Q   0.49

Express Scripts Inc. (NASDAQ: ESRX) is still pending a review by the FTC in its attempt to acquire Medco.  Many feel that the deal could be blocked.  Earnings estimates are $0.85 EPS on sales of $11.6 billion.

Fluor Corp. (NYSE: FLR) still remains well off of its highs and is still at a premium at 16.5-times expected 2012 earnings for this infrastructure design leader.  Estimates are $0.82 EPS and $6.38 billion in sales.

Garmin Ltd. (NASDAQ: GRMN) is expected to report $0.66 EPS on $769.9 million in sales.  The turnaround continues here as it continues to move away from being dependent upon Garmin sales for in-car navigation.

Hewlett-Packard Co. (NYSE: HPQ) is still just getting a plan underway for its Meg Whitman-lead turnaround.  Estimates are $0.87 EPS on $30.7 billion in sales.

Limited Brands Inc. (NYSE: LTD) is expected to post $1.46 EPS and $3.47 billion in sales.

Pan American Silver Corporation (NASDAQ: PAAS) is expected to report earnings of $0.51 EPS on $229.59 million in revenues.  We will be looking for its cost per ounce of production in silver.

SINA Corp. (NASDAQ: SINA) is expected to report $0.21 EPS on $129.34 million in sales. This stock remains down by more than half from last-year’s highs.

TJX Companies, Inc. (NYSE: TJX) remains at a premium valuation and shares hit a new all-time high on Tuesday.  Estimates are $0.62 EPS on $6.72 billion in sales.

Toll Brothers Inc. (NYSE: TOL) is expected to report $0.02 EPS on $360.8 million in sales.  Home builders are profitable again, often from ‘other’ activities.  Shares just hit a new 52-week high on Tuesday.

Zale Corporation (NYSE: ZLC) is expected to post its “money quarter” that includes the holiday sales.  Estimates are $0.77 EPS on $657.38 million in revenue.  Keep in mind that this company is still expected to lose money for its full year ending in July.

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CF Industries Holdings, Inc. (NYSE: CF) reported a key beat on its earnings expectations after the close as its profits literally tripled.  The company also said it is not selling an operation to Mosaic and it is multiplying its dividend rate.  CF shares closed down over 8% today and the stock is up about 6% at $150.00 in the after-hours session.

Fluor Corporation (NYSE: FLR) is not your normal earnings gainer.  Shares were down more than 9% today but the engineering and design firm exceeded earnings estimates with a 5% profit gain as backlog rose over 30%.  Shares are indicated up 3.3% at $56.42 in the after-hours session against a 52-week trading range of $44.04 to $75.76.

Kodiak Oil & Gas Corp. (NYSE: KOG) reported in-line earnings and it beat on revenues with $0.04 EPS and revenues rose some 260% to $22.1 million (above $700K higher than estimates).  Shares are trading up 5.7% at $6.09 in the after-hours session against a 52-week range of $2.43 to $7.70.

LinkedIn Corporation (NYSE: LNKD) fell by over 9.5% today with the market, but the company now said it has over 120 million members as it posted not just a beat on earnings but positive earnings as sales more than doubled to $121 million.  Shares are now indicated up over 4% at $99.00 in the after-hours.

priceline.com Incorporated (NASDAQ: PCLN) tanked by more than 7% ahead of earnings, but the online travel site is gaining back all of its losses and then some.  The company beat earnings as revenues rose 44%.  Bookings rose and even a trend of deceleration on growth did not upset William Shatner and friends.  Shares are up over 9.5% at $531.25 in the after-hours.

Spreadtrum Communications Inc. (NASDAQ: SPRD) was hit by more than 7% but the results have it way up.  Earnings were $0.10 above estimates at $0.65 EPS and revenue was up over 15% at $160.2 million vs. $155+ million expected.  It also raised guidance to $172 to $178 million versus almost $166 million expected.  Shares are up over 13% at $15.00 in the after-hours session.

Web.com Group, Inc. (NASDAQ: WWWW) had a solid day as one of the few great winners after it beat earnings and said it is making an accretive buyout of Network Solutions for some $560 million.  Shares were up 19% today to $10.37 and the stock is up 7% at $11.13 in the after-hours session because the CEO is supposed to speak to Jim Cramer.  Where this really ends up tonight is anyone’s guess, but this one is a winner from that deal.

It is possible that some of the gains will dry up if the panic continues.  After all, the NASDAQ: was down over 100 points and the DJIA fell more than 500 points today.  It happens, and we have the key unemployment non-farm payrolls data that could drive the markets even that much more in the morning.

JON C. OGG

Shaw also lowered its revenue estimates for the full year from analysts’ expectations of $6.55 billion to $6.3 billion, while raising full-year EPS estimates from expectations of $1.77 to $1.86-$1.91, excluding its stake in Westinghouse. Shaw’s P/E ratio for the trailing twelve months is around 31, while its forward P/E for the fiscal year ending in August 2012 is 13.50. The company is the first of its sector to report, and this downward trend could put some weight on competitors URS Corp. (NYSE: URS), The Babcock & Wilcox Co. (NYSE: BWC), Fluor Corp. (NYSE: FLR), EnergySolutions Inc. (NYSE: ES).  The big fear remains what happens to nuclear policy in many nations going forward.

URS Corp. reports quarterly earnings on May 9th, and analysts are expecting EPS of $0.85 on revenue of $2.43 billion. A year ago, URS posted EPS of $1.17 on revenue of $2.21 billion. For the full year, analysts expect EPS of $3.67 on $9.93 billion, a rise of about 4% in EPS while revenue rises from $9.18 billion to $9.93 billion. The company’s trailing P/E ratio is 12.79, and its forward P/E is 11.31, for the year ending December 2012.

Babcock & Wilcox is scheduled to release quarterly earnings on June 10th, and analysts are expecting EPS of $0.39 on revenue of $731.3 million. For the full year, EPS is expected to be $1.67 on $2.99 billon in revenue. In 2010, Babcock & Wilcox posted EPS of $1.30 on revenue of $2.69 billion. The company’s trailing P/E ratio is 24.49 and its forward P/E is 16 for the year ending in December 2012.

Fluor is set to announce quarterly earnings on May 5th, with analysts expecting EPS of $0.76 on revenue of $5.59 billion. EPS expectations are flat with the same period a year ago, but revenue is projected to be 14% higher. That’s not a good sign for margins. For the full year, EPS  is forecast at $3.28 on $23.9 billion in revenue, substantially better than a year ago’s EPS of $2.30 on $20.9 billion in revenue. The company’s trailing P/E ratio is 35.63 and its forward P/E is 18.09 for the year ending in December 2012.

EnergySolutions reported its fourth-quarter and full-year earnings about 10 days ago, and the company posted a quarterly EPS loss of -$0.25 on revenue of $1.75 billion. For 2010, the company posted EPS of $0.07 on revenue of $450 million. For the first quarter of 2011, the company is expected to post EPS of $0.04 on revenue of $483.43 million, both lower than the same period last year. The company’s trailing P/E ratio is non-existent, and its forward P/E is 16.

Of the five companies, Fluor and EnergySolutions have the highest P/E ratios going forward. Fluor’s trailing P/E is the highest in the group as well, probably indicating that investors think that Fluor is doing something right and will continue to do so. EnergySolutions, given its tepid performance, could be valued the same as Fluor going forward because investors believe that it is a likely takeover target. There’s certainly not much else for the company to look forward to.

In it’s outlook for 2011, EnergySolutions noted that it expects EBITDA in the range of $130-$140 million. For 2010, the company reported EBITDA of $153 million, and EBITDA in 2009 was $143.5 million. A potential buyout is about the only thing investors can be looking forward to.

Shaw stock is down more than -2%, to $34.64, after opening down more than -5%. The 52-week range is $27.61-$41.62.

Paul Ausick

24/7 Wall Street has decided to take a look at the biggest companies which will lead in the rebuilding of America’s ailing infrastructure.  A recent report from Infrastructurereportcard.org gave the United States a grade of a “D” and said that the 5-year investment need was $2.2 trillion. What the real tally is may not matter, but America has to rebuild.

In October, Amtrak rolled out a $100+ billion plan to rebuild its network.  President Obama is expected to call for a transportation infrastructure plan in the coming weeks. Finding all of the nation’s infrastructure winners is too long and too daunting of a task. General Electric and many of the nation’s largest diversified companies are all beneficiaries, and some of the key winners are likely to be foreign entities which employ thousands of workers in America.

The companies featured are the ones behind the design, testing, manufacturing, consulting, engineering, and construction of major projects.  We wanted players that will rebuild the water systems, roads, highways, bridges, airports, rail, levees, waterways, utilities, and buildings around the major infrastructure projects ahead.

These are the companies that 24/7 all Street is most focused on for the American infrastructure revival.

1. AECOM Technology Corporation (NYSE: ACM) offers architecture and engineering design services.   Target markets are transportation, environmental, energy, and it serves projects in key infrastructure areas like highways, airports, bridges, wastewater facilities and power transmission and distribution.  AECOM has a market value of about $3.5 billion and it is expected to have 2011 revenues of close to $8.4 billion. It as 50,000 employees.

2. Chicago Bridge & Iron (NYSE: CBI) is technically Dutch now but is a key infrastructure player with 16,000 employees worldwide that executes more than 600 projects a year with a focus in oil & gas infrastructure, steel plate structures in storage and containment and plant manufacturing.  The company has a market value of more than $3.3 billion and it recently forecast that 2011 revenues are expected to reach $4.3 billion to $4.7 billion.  If America is going to get serious on its energy infrastructure ahead, CB&I stands to greatly win.

3. Emerson Electric Co. (NYSE: EMR) might sound like an electric utility but it is in engineering and project management services for many industries and many government agencies.  It manufactures major equipment for utilities and industry, power and telecom, heating and air-conditioning, network power, climate technologies, and more.  It also has well over 100,000 employees.  The company has a market value of roughly $44 billion and it just recently gave a forecast of 14% to 17% growth to $24 to $24.5 billion in 2011 revenues.

Altera Corporation (NASDAQ: ALTR) Cut to Hold at Citigroup.
Baker Hughes Inc. (NYSE: BHI) Raised to Outperform at BMO.
Chimera Investment Corporation (NYSE: CIM) Started as Overweight at Barclays.
F5 Networks, Inc. (NASDAQ: FFIV) Raised to Buy at Gleacher & Co.; Raised to Outperform at Credit Suisse.
Fluor Corporation (NYSE: FLR) Raised to Buy at BofA/ML.
The Goldman Sachs Group, Inc. (NYSE: GS) Cut to Neutral at Ticonderoga.
Hudson City Bancorp, Inc. (NASDAQ: HCBK) Cut to Underperform at FBR; Cut to Equal-Weight at Barclays.
MannKind Corp. (NASDAQ: MNKD) Cut to Underperform at BofA/ML.
Massey Energy Co. (NYSE: MEE) Cut to Hold at Stifel Nicolaus.
Micron Technology Inc. (NASDAQ: MU) Raised to Buy at UBS.
Shaw Group Inc. (NYSE: SHAW) Raised to Buy at BofA/ML.
Tyco International Ltd. (NYSE: TYC) Cut to Hold at Citigroup.

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JON C. OGG

Abercrombie & Fitch Co. (NYSE: ANF) Cut to Sell at Brean Murray.
Apple Inc. (NASDAQ: AAPL) raised target to $390 at Susquehanna.
Brinker International (NYSE: EAT) Cut to Neutral at Susquehanna.
Cree Inc. (NASDAQ: CREE) Started as Equal-Weight at Barclays.
Dollar Tree, Inc. (NASDAQ: DLTR) Raised to Neutral at JPMorgan.
Aixtron AG (NASDAQ: AIXG) Started as Equal-Weight at Barclays.
Fluor Inc. (NYSE: FLR) Cut to Neutral at Goldman Sachs.
Hecla Mining (NYSE: HL) Cut to Neutral at UBS.
Intel Corporation (NASDAQ: INTC) Cut to Market Perform at First Global.
Quest Diagnostics Inc. (NYSE: DGX) Cut to Market Perform at William Blair.
The Andersons, Inc. (NASDAQ: ANDE) Cut to Hold at BB&T.
Veeco Instruments Inc. (NASDAQ: VECO) Started as Overweight at Barclays.
VMware Inc. (NYSE: VMW) Cut to Market Perform at William Blair.

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JON C. OGG

The project uses 140 turbines from Siemens AG (NYSE:SI), of which Fluor has installed 53 to date. When the Greater Gabbard project is completed it will be the largest offshore wind farm in the world. But probably not for long as the UK has issued licenses for nine additional North Sea wind farms ranging in size from 600 megawatts up to a staggering 9,000 megawatts. Siemens, General Electric Co. (NYSE:GE), and other turbine makers have committed to locating plants in the UK to build the thousands of turbines that will be needed for this effort.

Fluor attributed $163 million charge to “a variety of execution challenges.” These included material and equipment deliveries related mostly to installing generators and cabling. The charge comprises “substantial costs” for additional marine vessels and related subcontractor costs, equipment repairs, and an estimated charge for “schedule impact”. The company says it “has taken a number of remedial actions to mitigate further cost escalation and delays to the schedule.”

As more and more offshore wind is developed, especially in the North Sea, competition for the sea-going vessels required to build the platforms and install the turbines will increase, as will competition for materials like cables to connect to the several turbines in a project to a central platform and then to the onshore grid. Governments will want to work from fixed-price contracts and construction companies will seek cost-plus contracts in an effort to prevent the cost overruns and delays that just hit Fluor.

Turbine makers like Siemens, GE, Vestas, and, very likely, Chinese companies like China Longyuan Power Group and Xinjiang Goldwind that are quickly ramping up manufacturing capability and technological expertise will all compete for these projects. Wire providers like American Superconductor Corp. (NASDAQ:AMSC) and General Cable Corp. (NYSE:BGC) and construction companies like Fluor and ABB Ltd. (NYSE:ABB) with experience in grid connections will also be in big demand.

Fluor’s shares have lost more than 5% this morning on very heavy volume.

Paul Ausick

AGA Medical Holdings, Inc. (NASDAQ: AGAM) is surging after St. Jude Medical acquired the company for $1.4 billion or $20.80 per share versus a $14.71 close Friday and 52-week range of $11.61 to $18.95.  As with many deals, there is a premium to the premium merger in hopes of a better deal.  Shares are up 41% at $20.75 this morning.

Apple Inc. (NASDAQ: AAPL) is up this morning before tonight’s earnings report.  We have a full analyst outlay ahead of the numbers.  Shares are up 1.5% at $319.60 or so this morning.

Ambac Financial Group, Inc. (NYSE: ABK) is not seeing another big gap-up after last week’s mortgage/foreclosure-related win as the banks got hit.  Shares are down 1% at $1.04 on 350,000 shares.

Fluor Corporation (NYSE: FLR) is taking a hit after a $163 million charge in part to a offshore wind project.  Shares are down 5.1% at $49.21.

ISTA Pharmaceuticals, Inc. (NASDAQ: ISTA) received FDA approval for its BROMDAY eye drop for the treatment of postoperative inflammation and reduction of ocular pain in patients who have undergone cataract extraction.  Shares are up 14% at $5.10 but the shares were up 20% earlier.

Lululemon Athletica Inc. (NASDAQ: LULU) is lower after Barron’s reported that the stock seemed to be overvalued.  Shares are down 2.2% at $45.01.

PetMed Express, Inc. (NASDAQ: PETS) posted $0.22 EPS vs. $0.26 estimates as sales rose 4.1%.  Shares are lower by over 12% at $13.93.

Seagate Technology PLC (NYSE: STX) is trading up again on word that Bain may join buyout talks over the pending Seagate acquisition that is reportedly coming.  Shares are up another 7.5% at $16.70 pre-market and this was a $12.69 stock before the rumors surfaced last week.

Western Digital Corp. (NYSE: WDC) is up in Seagate-hype and after Barron’s noted it as a potential LBO candidate.  Western was up Friday with Seagate as well.  Shares are up 2% at $32.55 and Western Digital was at $29.49 before the rumors came on Seagate.

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JON C. OGG

BP plc (NYSE: BP) Raised to Outperform at Oppenheimer.
CKE Restaurants Inc. (NYSE: CKR) Cut to Sell at Roth.
CSX Corp. (NYSE: CSX) Cut to Market Perform at BMO Capital Markets.
Foster Wheeler Ltd. (NASDAQ: FWLT) Cut to Neutral at Goldman Sachs.
Fluor Corp. (NYSE: FLR) Raised to Buy at Goldman Sachs.
GameStop Corp. (NYSE: GME) Raised to Buy at Janney.
Hess Corp. (NYSE: HES) Raised to Hold at Benchmark.
Panera Bread Co. (NASDAQ: PNRA) Started as Buy at Stern Agee.
McDonald’s Corporation (NYSE: MCD) Started as Buy at SStern Agee.
Microsoft Corp. (NASSDAQ: MSFT) Raised to Outperform at FBR.
Union Pacific (NYSE: UNP) Cut to Market Perform at BMO Capital Markets.

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JON C. OGG

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