ConAgra reported reported adjusted EPS of $0.47, compared with a consensus estimate of $0.43. Revenue came in at $3.4 billion, compared with an estimate of $3.34 billion. In the same period a year ago, ConAgra posted EPS of $0.46 on $3.15 billion in revenue.

General Mills reported adjusted EPS of $0.76, below estimates of $0.79. Revenue beat expectations of $4.6 billion, coming in at $4.62 billion. A year ago, General Mills posted adjusted EPS of $0.92 on revenue of $4.1 billion.

ConAgra expects EPS growth in the low- to mid-single digit range for the 2012 fiscal year. The current consensus EPS estimate is $1.80 for the full year ending in May, compared with EPS of $1.75 last year. ConAgra, which failed in a hostile takeover attempt on Ralcorp Holdings Inc. (NYSE: RAH), has been making small acquisitions to boost its revenues.

General Mills forecasts full-year EPS of $2.59-$2.61, while the consensus estimate is $2.61, up from $2.48 last year. The company is looking to its recently acquired controlling stake in yogurt maker Yoplait to help boost earnings.

In the early afternoon today, ConAgra shares are up more than 3.5% at $26.10, after posting a new 52-week high this earlier of $26.38. Trading volume is heavy, with 4.8 million already having trading hands today, compared with a daily average of 4 million.

General Mills shares are down about -1.5% at $39.00 in a 52-week range of $34.54-$40.72. Volume is also heavy in the shares, with more than 5 million traded so far today compared with a daily average of about 4.6 million.

Paul Ausick

The unofficial closing bells put the DJIA up more than 25 points to 11,796.23 (0.22%), the NASDAQ fell more than 15 points (-0.60%) to 2,572.50, and the S&P 500 fell 0.04% or about 0.48 points to 1,215.65.

There were several analyst upgrades and downgrades today, including Hewlett-Packard Co. (NYSE: HPQ), which was raised to ‘buy’ at Sterne Agee. Other action included The Coca-Cola Co. (NYSE: KO) started as ‘buy’ at Jefferies; Lennar Corp. (NYSE: LEN) cut to ‘neutral’ at Citigroup; Pepsico Inc. (NYSE: PEP) started as ‘hold’ at Jefferies; and Cree Inc. (NASDAQ: CREE) started as ‘buy’ at Goldman Sachs.

Here are today’s big post-earnings news reactions with prices during the last half-hour of trading: Ann Inc. (NYSE: ANN) is down more than -6.6%, at $23.63; Cost Plus Inc. (NASDAQ: CPWM) is up more than 3%, at $7.88; H.J. Heinz Co. (NYSE: HNZ) is down more than -3%, at $51.06; America’s Car Mart, Inc. (NASDAQ: CRMT) is up more than 10%, at $35.84; Salesforce.com (NYSE: CRM) is down more than -10.5%, at $112.67; and The Bon-Ton Stores, Inc. (NASDAQ: BONT) is down more than -8%, at $2.84, after posting a new 52-week low of $2.70 earlier today.

Several other standouts from today are as follows…

CF Industries Holdings, Inc. (NYSE: CF) is up about 2.9%, at $152.46. The company’s stock got pounded yesterday on news that the corn prices fell, but are recovering a bit today as investors remember that falling corn prices don’t necessarily mean that less corn will be planted and, thus, less fertilizer will be used.

The Mosaic Co. (NYSE: MOS) is up more than 4.6%, at $53.12. Another fertilizer maker that got slammed yesterday and is recovering somewhat today.

Fisher Communications Inc. (NASDAQ: FSCI) is up about 12.7%, at $29.20. The broadcast TV station operator has sold its Fisher Plaza building in Seattle for $160 million in cash to Hines Global REIT, Inc.

Clearwire Corp. (NASDAQ: CLWR) is down nearly -21%, at $1.47. The company is reported to be considering skipping a $237 million debt payment due in two weeks, raising fears that the wireless broadband provider could end up in bankruptcy.

Meritor, Inc. (NYSE: MTOR) is down about -9.7%, at $5.12, after posting a new 52-week low of $5.11 earlier in the day. Shares lost -17% earlier this week when the company lowered its guidance for 2012 and the stock was downgraded today from ‘buy’ to ‘hold’ at KeyBanc.

Marvell Technology Group Ltd. (NASDAQ: MRVL) is up more than ;6.8%, at $14.70. The chip maker reported so-so earnings yesterday, but strong positive statements by analysts at FBR and Citi have turned broken eggs into an omelette.

Stay tuned for Monday. Atlanta Federal Reserve Bank president Dennis Lockhart is speaking in Brazil. Here’s a list of other noteworthy events (all times Eastern):

• 8:30 a.m. – Chicago Federal Reserve Bank national activity index
• 10:00 a.m. – National Association of Retailers existing home sales report

Have a great weekend.

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Paul Ausick

ConAgra’s offer for Ralcorp, maker of Post cereals, came in at about $94/share in cash, a level Ralcorp stock had not reached in its entire history. Ralcorp, though has a plan to spin-off the Post cereal business as a separate company, and has been bulking up the other part of its business by making acquisitions of its own.

Ralcorp’s stock dipped below $74/share yesterday before closing at $75.23. The company’s 52-week high is $91.35.

The packaged food business has not exactly been on fire lately. Kraft Foods Inc. (NYSE: KFT) shares are up about 10% since the January, while General Mills Inc. (NYSE: GIS), H.J. Heinz Co. (NYSE: HNZ) and ConAgra are up about half that. Sara Lee Corp. (NYSE: SLE) shares are down slightly since January, as the company pieces itself off. Ralcorp purchased one of Sara Lee’s products earlier this year for $545 million.

Packaged food processors face rising energy costs and wary consumers for their branded products. Many customers are now satisfied to buy private-label products, and not pay the premium for Peter Pan peanut butter. Profits get hit by rising costs which force producers to raise prices which then have to be passed on to consumers. The attraction of Ralcorp for ConAgra was its substantial private-label business, which is more profitable than the branded business, particularly as consumers are looking for ways to save money.

Once Ralcorp spins-off its Post cereal brands, ConAgra or another buyer is likely to return for another go at acquiring Ralcorp. At least that’s what the company’s board is banking on. If a bidding war doesn’t materialize, shareholders could get a bit fiesty over the rejection of ConAgra’s bid.

ConAgra’s shares are down about -2.25% in the pre-market this morning. The stock’s 52-week range is $21.02-$26.60. Ralcorp shares are also down in the pre-market, at $74.74, in a 52-week range of $57.10-$91.35.

Paul Ausick

Sprint-Nextel (NYSE: S) to begin selling the Apple (NASDAQ: AAPL) iPhone 5 in mid-October. (Reuters)

Samsung to begin an aggressive push to sell smartphones in emerging markets. (Reuters)

China says Google (NASDAQ: GOOG) has not asked for approval of its deal to buy Motorola Mobility (NYSE: MMI). (Reuters)

Japan employs new measures to stop the rise of the yen. (WSJ)

EU nations begin sharp cuts in defense budgets. (WSJ)

Profits of miner BHP Billiton (NYSE: BHP) rise sharply. (WSJ)

Facebook adds new privacy controls for its users. (WSJ)

Groupon runs into trouble as its builds its China business. (WSJ)

Regional manufacturing indices show an economic slowdown across the country. (WSJ)

Eurozone governments may ask Greece to pledge real estate and other assets against new loans. (WSJ)

Oil exports from Libya to start soon. (WSJ)

China warns Sina (NASDAQ: SINA) about its Weibo microblogging service. (WSJ)

Kraft (NYSE: KFT) cuts its coffee prices by 6%, which affects Maxwell House and Yuban. (WSJ)

Heinz (NYSE: HNZ) adds more low-priced products to bolster sales while the economy slows. (WSJ)

Dish Network (NASDAQ: DISH) to start a national 4G service. (WSJ)

Markets continue to pound the price of Bank of America’s (NYSE: BAC) stock. (WSJ)

The FDIC says the number of troubled banks in the U.S. fell in the second quarter. (WSJ)

Moody’s cuts Japan from Aa2 to Aa3. (WSJ)

The Green Street Advisors Commercial Property Price Index was unchanged in July. (WSJ)

Consumer electronics companies that cannot get strong sales for tablet PCs and smartphones are exiting the market quickly. (NYT)

McGraw-Hill (NYSE: MHP) may spin off its education business. (FT)

Technology M&A returns to levels similar to those before the recession. (FT)

EU-based banks have announced 40,000 layoffs in the past month as the sovereign debt crisis worsens. (Bloomberg)

Douglas A. McIntyre

The top reports for the coming week are as follows: Focus Media Holding Ltd. (NASDAQ: FMCN); Corinthian Colleges Inc. (NASDAQ: COCO); H J Heinz Co. (NYSE: HNZ); Trina Solar Ltd. (NYSE: TSL); Williams Sonoma Inc. (NYSE: WSM); American Eagle Outfitters Inc. (NYSE: AEO); Applied Materials Inc. (NASDAQ: AMAT); Guess Inc. (NYSE: GES); Toll Brothers Inc. (NYSE: TOL); Energy Conversion Devices Inc. (NASDAQ: ENER); Krispy Kreme Doughnuts Inc. (NYSE: KKD); Omnivision Technologies Inc. (NASDAQ: OVTI); and Pandora Media Inc. (NYSE: P).

We have compiled previews using Thomson Reuters estimates, shown price data on each and added color if applicable.

Monday, August 22

Focus Media Holding Ltd. (NASDAQ: FMCN) has estimates of $0.37 EPS and $162.7 million in revenues; next quarter estimates are $0.43 EPS and $174 million in revenues.  Shares are trading around $28.02 and the 52-week trading range is $17.71 to $37.58.  So far, Focus has managed to avoid the China bashing trades because it is more established and investors believe that it is one of the real-deal companies.  Valuations still remain high but that is because growth expectations remain here for the long-term.

Tuesday, August 23

Corinthian Colleges Inc. (NASDAQ: COCO) has estimates of $0.11 EPS and $427.6 million in revenues; next quarter estimates are $0.15 EPS and $427.02 million in revenues.  Shares are trading around $2.36 and the 52-week trading range is $2.315 (hit on Friday) to $7,35.  Just another down and out education stock.

H J Heinz Co. (NYSE: HNZ) has estimates of $0.76 EPS and $2.78 billion in revenues; next quarter estimates are $0.85 EPS and $2.89 billion in revenues.  Shares are trading around $52.20 and the 52-week trading range is $45.52 to $55.00.

Trina Solar Ltd. (NYSE: TSL) has estimates of $0.47 EPS and $599.44 million in revenues; next quarter estimates are $0.60 EPS and $644.43 million in revenues.  Shares are trading around $13.75 and the 52-week trading range is $12.75 (hit Friday) to $31.89.  What can the solar sector look forward to right now?

Williams Sonoma Inc. (NYSE: WSM) has estimates of $0.36 EPS and $823.97 million in revenues; next quarter estimates are $0.39 EPS and $861.24 million in revenues.  Shares are trading around $28.90 and the 52-week trading range is $24.57 to $45.48.  It has been impossible to not notice the sell-off here in this cyclical retailer that does less-good in had times and scores in boom-times.  The stock has suffered handily since July when Goldman Sachs raised its ratings in a solid outlook call.

The big screen today is defensive stocks with the highest dividends.  Our screen came to a near-tie from Altria Group Inc. (NYSE: MO), Reynolds American Inc. (NYSE: RAI) and Lorillard, Inc. (NYSE: LO).  We also found Kimberly-Clark Corporation (NYSE: KMB), Eli Lilly & Co. (NYSE: LLY), HJ Heinz Co. (NYSE: HNZ), ConAgra Foods, Inc. (NYSE: CAG), Molson Coors Brewing Company (NYSE: TAP), Dr Pepper Snapple (NYSE: DPS), and American Water Works Company, Inc. (NYSE: AWK).

CIGARETTES:  The cigarette space yields three industry leading players, each with a payout exceeding 5%.  Reynolds American Inc. (NYSE: RAI) leads with a dividend of 5.61%, followed by Altria Group Inc. (NYSE: MO) paying 5.57% and Lorillard, Inc. (NYSE: LO) paying 5.23%. Among the three companies, dividend payout ratios range from LO’s low of 65.0% to RAI’s high of 80.88%. Forward P/E’s range from LO’s low of 11.76 to RAI’s high of 13.31. RAI’s shares currently trade around 38, with a 52-week range of $25.53 to $39.87.  With shares trading near $27.50, MO’s 52-week range is $19.53 to $28.13.  LO’s shares currently trade around $102, LO’s 52-week range is $70.87 to $116.90.  Fitch recently gave a report that it expects that tobacco players can easily mitigate legal pressures and regulatory pressures ahead.  Maybe some investors feel guilty for owning stocks that make a living by killing their customers, but those dividend checks are big enough to clean up a conscience.

CONSUMER PRODUCTS: Kimberly-Clark Corporation (NYSE: KMB) is the winner here in dividends for the consumer products sector with a dividend of almost 4.2%. It leads consumer product peers by far and it was one of our own stocks to own for the next decade.  That has not changed.  At $65.65, its has a 52-week range of $59.62 to $68.49, and Thomson Reuters sees a consensus price target of $68.58.  Some have been concerned that rising input costs and in-store promotion costs are too large of a challenge.  We think that Kimberly-Clark (and most peers) can actually survive and thrive either way.

BIG PHARMA: With a dividend of 5.2%, Eli Lilly & Co. (NYSE: LLY) leads major drug manufacturers.  Eli Lilly has a dividend payout ratio of 46.38% and a forward P/E of 10.05.  With shares trading near $38, LLY’s 52-week range is $32.81 to $39.40.  Five other significant drug companies also pay attractive dividends in excess of 4%, including AstraZeneca PLC (NYSE: AZN), GlaxoSmithKline plc (NYSE: GSK), Sanofi-Aventis (NYSE: SNY), Bristol-Myers Squibb Company (NYSE: BMY) and Merck & Co. Inc. (NYSE: MRK).  Dividends in this group range upward from Merck’s 4.25% to AstraZeneca’s 4.94%.

FOOD – MAJOR DIVERSIFIED: HJ Heinz Co. (NYSE: HNZ) leads its industry with a dividend of 3.6%. The company’s forward P/E of 14.56.  With shares trading near $53.50, Heinz’s 52-week range is $42.88 to $55.00.  The consensus price target is $56.81 per Thomson Reuters, so most of the return here may be left in the form of dividends.  Goldman Sachs may have cut its rating to “SELL” recently but it still offers what looks to be the top dividend.

FOOD – PROCESSED & PACKAGED GOODS: ConAgra Foods, Inc. (NYSE: CAG) leads this segment of the food industry with a 3.8% dividend. ConAgra has a dividend payout ratio of 55.20% and a forward P/E of 12.88.  With shares currently trading around 24.50, CAG’s 52-week range is $21.02 to $25.82.  ConAgra is one which does not always feel as defensive as some food stocks, but that dividend is hard to beat.

BEVERAGES – BREWERS: Molson Coors Brewing Company (NYSE: TAP) leads brewers with almost a 2.9% dividend. The company’s payout ratio is 26.26%.  Its forward P/E is 11.26. With shares trading near $44.50, TAP’s 52-week range is $41.88 to $51.11.  The beer sector has not acted quite as defensive as other defensive sectors.  Trends of micro-brews and smaller brews have been troublesome, as has input price trends.  Still, we recently named the now-Canadian Coors owner as a value stock likely to benefit from the summer trends.  In this heat wave, how many people can drink big red wines?

BEVERAGES – SOFT DRINKS: With a dividend of 3.2%, Dr Pepper Snapple (NYSE: DPS) leads this segment of the beverage industry.  Dr Pepper’s dividend payout ratio is 41.30% and its forward P/E is 13.34.  With shares trading around $40, DPS’s 52-week range is $33.60 to $42.44.  Dr. Pepper may still be more growth-oriented than a Coke or Pepsi and it has raised its dividends.  It is now paying a higher payout than both Coke and Pepsi.  Shares are also close to the analyst target of $42.92.

WATER UTILITIES: American Water Works Company, Inc. (NYSE: AWK) leads the municipal water space with a dividend of about 3.1%.  AWK’s payout ratio is 54.64%. Its forward P/E is 15.54. With shares trading near $28.50, the stock’s 52-week range is $19.92 to $30.70.  This one is as defensive as you can get.  You don’t have to an iPhone to live but try living without your water company.  The company’s dividends have risen and are likely to keep rising though time, it has nothing short of monopolies in the local markets which it operates, and its stock has risen and risen until recently.  There is a reason that this was one of our stocks to own for the next decade.

Call this what you want… value investing, dividend investing, or income investing.  Many of these stocks are held by investors for years and years.

JON C. OGG

Altria Group, Inc. (NYSE: MO) Reiterated Buy and Raised target to $30 at BofA/ML.
Amazon.com Inc. (NASDAQ: AMZN) Started as Equal Weight at Barclays.
BlackRock, Inc. (NYSE: BLK) Raised to Buy at Goldman Sachs.
Citigroup, Inc. (NYSE: C) Started as Outperform at RBC.
eBay Inc. (NASDAQ: EBAY) Started as Equal Weight at Barclays.
Google Inc. (NASDAQ: GOOG) Started as Overweight at Barclays.
Hansen Natural Corporation (NASDAQ: HANS) Started as Buy at Jefferies.
HDFC Bank Ltd. (NYSE: HDB) Maintained Underperform as Bear of the Day at Zacks.
HJ Heinz Co. (NYSE: HNZ) Cut to Sell at Goldman Sachs.
Hill-Rom Holdings, Inc. (NYSE: HRC) Started as Outperform at Wells Fargo.
Netflix, Inc. (NASDAQ: NFLX) Started as Overweight at Barclays.
Nokia Corporation (NYSE: NOK) Cut to Neutral at Goldman Sachs; Cut to Hold at Canaccord Genuity.
Rite Aid Corp. (NYSE: RAD) Started as Neutral at UBS.
SLM Corporation (NYSE: SLM) Raised to Outperform at Bull of the Day at Zacks.
SYKES Enterprises, Inc. (NASDAQ: SYKE) Reiterated Strong Buy as Value at Zacks.
Tiffany & Co. (NYSE: TIF) Cut to Hold at Deutsche Bank.
Walgreen Co. (NYSE: WAG) Started as Buy at UBS.
Yahoo! Inc. (NASDAQ: YHOO) Started as Equal Weight at Barclays.

You are invited to join our free daily email distribution list to hear more about analyst upgrades and downgrades, top day trader and active trader alerts, dividend trends, news on Buffett and other investment gurus, IPOs, secondary offerings, private equity, and more.

JON C. OGG

We have compiled detailed earnings reports, showing price activity, Thomson Reuters estimates, and added color if applicable on each.  We also included a Thomson Reuters consensus price target on each to show expected values.

Qihoo 360 Technology Company Limited (NYSE: QIHU) reports on Monday. Thomson Reuters has estimates of $0.04 EPS and $20.31 million revenues; next quarter estimates are $0.05 EPS and $24.12 million revenues.  Shares are trading around $29.50 and the 52-week trading range is $24.01 to $36.21.  This could influence how some of the post-IPO high-flying Chinese companies trade, but we’ll see.  The consensus price target is $35.00.

Tech Data Corporation (NASDAQ: TECD) reports on Monday. Thomson Reuters has estimates of $1.05 EPS and $6.4 billion revenues; next quarter estimates are $1.01 EPS and $6.23 billion revenues.  Shares are trading around $53.40 and the 52-week trading range is $34.82 to $54.25 and its average price target is $55.93.  Tech Data offers key insight into the number of unit items being shipped around the world and distributed in technology products and consumer electronics.

Applied Materials Inc. (NASDAQ: AMAT) reports on Tuesday after the close. Thomson Reuters has estimates of $0.37 EPS and $2.77 billion revenues; next quarter estimates are $0.39 EPS and $2.82 billion revenues.  Shares are trading around $14.10 with a consensus price target of $17.63 and the 52-week trading range is $10.27 to $16.93.  As the company is in a merger, we expect no nasty surprises from the top chip equipment maker.

Autozone Inc. (NYSE: AZO) reports on Tuesday. Thomson Reuters has estimates of $4.99 EPS and $1.92 billion revenues; next quarter estimates are $6.82 EPS and $2.58 billion revenues.  Shares are trading around $277.00, its consensus price target is $275.63 and the 52-week trading range is $177.66 to $288.50.

Medtronic Inc. (NYSE: MDT) reports on Tuesday. Thomson Reuters has estimates of $0.93 EPS and $4.29 billion revenues; next quarter estimates are $0.84 EPS and $4.00 billion revenues.  Shares are trading around $42.25. its consensus price target is $42.27, and the 52-week trading range is $30.80 to $43.33.

TiVo Inc. (NASDAQ: TIVO) reports on Tuesday and we expect the main focus to be around its patent and I.P. case that recently drove shares. Thomson Reuters has estimates of -$0.31 EPS and $41.98 million revenues; next quarter estimates are -$0.28 EPS and $47.71 million revenues.  Shares are trading around $9.50, it has a loose consensus price target is $14.82 (treat that as very loose), and the 52-week trading range is $6.92 to $12.65.

99 Cents Only Stores (NYSE: NDN) reports on Wednesday. Thomson Reuters has estimates of $0.26 EPS and $372.76 million revenues; next quarter estimates are $0.27 EPS and $362.19 million revenues.  Shares are trading around $20.20, its consensus analyst price target is $20.50, and the 52-week trading range is $13.12 to $20.59.

Computer Sciences Corp. (NYSE: CSC) reports on Wednesday. Thomson Reuters has estimates of $1.16 EPS and $4.23 billion revenues; next quarter estimates are $0.97 EPS and $4.02 billion revenues.  Shares are trading around $44.65, its consensus price target is $49.95 from analysts, and the 52-week trading range is $39.61 to $56.61.  CSC is one which has just remained a serial disappointment.

As of April 29, 2011, the breakdown is about 48.27% in the United States.  Its largest components are Nestle at 4.86% and Danone at 4.85%, and the rest as follows: Brasil Foods S.A. (NYSE: BRFS) at 4.81%; General Mills Inc. (NYSE: GIS) at 4.75%; Kraft Foods Inc. (NYSE: KFT) at 4.68%; HJ Heinz Co. (NYSE: HNZ) at 4.68%; Kellogg Co. (NYSE: K) at 4.68%; Sara Lee Corporation (NYSE: SLE) at 3.80%; and ConAgra Foods Inc. (NYSE: CAG) at 3.36%.

The ETF is based largely upon growth in emerging market nations and the impact on food, and the greater purchasing power that follows.

The saying is becoming “There’s an ETF for that!” and that is becoming more true each day.

JON C. OGG

“The ratio of women’s and men’s median annual earnings, was 77.0 for full-time, year-round workers in 2009, essentially unchanged from 77.1 in 2008. (This means the gender wage gap for full-time year-round workers is now 22.9 percent.) This is below the peak of 77.8 percent in 2007,” according to the Institute for Women’s Policy Research.

24/7 Wall St. analyzed data from the the Bureau of Labor Statistics, the Department of Labor, the Census Bureau, as well as Catalyst, the leading nonprofit organization for expanding women in business, and The Institute for Women’s Policy Research, to determine which ten industries have the greatest pay disparity between the sexes. Along with this information, we have added other data that might shed some light on the issue. According to this research, women make as little as two-thirds what men do to perform the same job in some industries.

Researchers say that one cause of the ongoing inequality is that some large industries employ far more men than women. This includes utilities, public administration, and the retail trade. There is no clear reason why this has happened.

Do men conspire to keep the pay of the women at low levels? There is no evidence that this has occurred. What about the theory that senior management purposely keeps men’s pay higher?  There is no proof of this either though several legal cases are arguing it.

“Alas, no one has those data as companies tend to be very secretive about this,”   says Arian Hegewisch, Study Director at IWPR. “The best information in theory might be sex discrimination law cases against specific companies, but even there, unless cases are litigated by the EEOC, typically wage and salary data are kept under wraps.”

Women may be held back because surprisngly few of them are in senior management at many companies. Catalyst  found that women held 15.7% of the board seats in Fortune 500 companies in 2010, an  inexplicable statistic given the number of  available qualified female candidates.  More than 10 percent had no women serving on their boards at all.

Woman are not the only group which faces pay discrimination. People of color suffer from similar disadvantages. White men have largely controlled the top-tier of positions in both government and business since the country’s founding. It is very likely that people who are in power want themselves and those like them to stay in power. It could be argued that this one, and perhaps the most important, of the reasons for inequality of pay. There is no research, however, that shows that white men purposely decide to underpay women and minorities because it’s in their economic self-interest.

This is 24/7 Wall St.’s list of “The Ten Industries That Pay Women The Least,” which raises just as many questions as it answers.

Read The Ten Industries That Pay Women The Least