The unofficial closing bells put the DJIA up nearly 34 points to 12,530.91 (0.27%), the NASDAQ fell nearly 11points (-0.38%) to 2,839.38, and the S&P 500 rose 0.14% or nearly 2 points to 1,320.73.

There were several analyst upgrades and downgrades today, including Hewlett-Packard Co. (NYSE: HPQ) maintained as ‘neutral’ but estimates raised at Credit Suisse; ARM Holdings plc (NASDAQ: ARMH) raised to ‘buy’ at S&P; Duke Energy Corp. (NYSE: DUK) raised to ‘buy’ at UBS; National Oilwell Varco (NYSE: NOV) raised to ‘buy’ at SocGen; and MetLife Inc. (NYSE: MET) raised to ‘buy’ with a target price of $46 at Argus.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: Hewlett-Packard is up 3% at $21.72 (more coverage here); Fred’s Inc. (NASDAQ: FRED) is down -2.5% at $14.05; H.J. Heinz Co. (NYSE: HNZ) is down -0.8% at $53.41; Tiffany & Co. (NYSE: TIF) is down -7.5% at $57.17 after posting a new 52-week low of $55.75 earlier today (more coverage here); Costco Wholesale Corp. (NASDAQ: COST) is up 1% at $84.16 (more coverage here); and The Toronto-Dominion Bank (NYSE: TD) is down -0.3% at $76.54.

Tomorrow we are scheduled to get earnings reports from America’s Car-Mart Inc. (NASDAQ: CRMT), Mentor Graphics Inc. (NASDAQ: MENT), Post Holdings Inc. (NYSE: POST), Frontline Ltd. (NYSE: FRO), and JDA Software Group Inc. (NASDAQ: JDAS).

We’ve also reviewed some potential value stocks among major oil companies, gold & silver miners, conglomerates, industrials, retail, and semiconductor stocks.

Other standouts from today include the following stocks:

Rosetta Genomics Inc. (NASDAQ: ROSG) is up nearly 52% at $17.07. The medical device maker is still booming on last week’s announcement that treatment would be covered by Medicare.

Pandora Media Inc. (NYSE: P) is up 12.5% at $11.62. The Internet radio company reported better-than-expected results last night. More coverage here.

Stay tuned for Friday. Philadelphia Fed President Charles Plosser is giving a speech. We have also noted the following events on the schedule (all times Eastern):

• 9:55 a.m. – Reuters/University of Michigan consumer sentiment index

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Paul Ausick

Analog Devices Inc. (NYSE: ADI) Reiterated Buy with $43 target at Argus.

ARM Holdings PLC (NASDAQ: ARMH) Raised to Buy at S&P.

Assured Guaranty (NYSE: AGO) Raised to Buy at UBS.

Baker Hughes Inc. (NYSE: BHI) Cut to Hold at Societe Generale.

Dean Foods Co. (NYSE: DF) named as Bull of the Day in its turnaround at Zacks.

Dell Inc. (NASDAQ: DELL) Maintained Buy but target cut to $18 from $22 at Argus.

Duke Energy Corporation (NYSE: DUK) Raised to Buy at UBS.

Eaton Vance (NYSE: EV) Raised to Neutral from Sell at Citigroup.

Express Inc. (NYSE: EXPR) Started as Neutral at JPMorgan.

Hewlett-Packard Co. (NYSE: HPQ) Maintained Neutral but raised 2012/2013 estimates by 2% at Credit Suisse.

Human Genome Sciences Inc. (NASDAQ: HGSI) Cut to Market Perform with a price target of $13.00 at BMO Capital.

Iridium Communications Inc. (NASDAQ: IRDM) Started as Buy at CRT Capital.

MetLife Inc. (NYSE: MET) Reiterated Buy with $46 target at Argus.

National Oilwell Varco (NYSE: NOV) Raised to Buy at Societe Generale.

OCZ Technology Group Inc (NYSE: OCZ) Started as Outperform with $8 target at Credit Suisse.

RadioShack Corporation (NYSE: RSH) named as Bear of the Day at Zacks.

RailAmerica Inc. (NYSE: RA) Cut to Neutral at JPMorgan.

Three calls seen on NetApp (see here).

If you enjoyed the top analyst upgrades and downgrades, you can join our free email newsletter that includes analyst summaries each morning sent right to your inbox.  We also cover top issues such as IPOs, special financial exclusives, mergers and more. Sign up in the box below.

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JON C. OGG

Costco Sales

Costco (NASDAQ: COST) continues its extraordinary run as the most successful big-box retailer. Its club membership system has bettered the more traditional store operations of Walmart (NYSE: WMT) and Target (NYSE: TGT). Net sales for the quarter that ended May 6 increased 8% from last year to $21.85 billion. Net sales for the first 36 weeks increased 10% to $65.54 billion. Same-store sales were up 5% for the most recent quarter. Costco’s shares trade at $83.50, up from a 52-week low of $70.22. Costco’s revenue per employee was $569,488, compared to $206,117 for Walmart.

Best IPOs

A quick review of the 25 largest U.S. IPOs ever shows how badly Facebook has done in early trading. Most of the companies on the list have tremendous revenue, traditional business plans that they have been able to freshen, and large profits. Among these are Visa (NYSE: V), UPS (NYSE: UPS), General Motors (NYSE: GM), MetLife (NYSE: MET) and Prudential Financial (NYSE: PRU). The thing that stands out most about the list is how few tech companies it has. Google (NASDAQ: GOOG) is on the list, of course. But most of the companies are financial ones or firms that are manufacturing based. (Data from CapitalIQ.)

Facebook Investigation

The debate over whether some large investors were warned about a revenue downgrade of Facebook (NASDAQ: FB) continues. Several media have carried stories about Morgan Stanley (NYSE: MS) and Goldman Sachs (NYSE: GS) passing on numbers that showed lowered forecasts for earnings and revenue in the second quarter and the full year. The attorney general of Massachusetts has begun an investigation into whether information was selectively disclosed. Morgan Stanley insists that it was in compliance with all the regulations that set rules for IPO behavior. Even if Morgan Stanley makes its case successfully, the news likely will keep individual investors out of the market. Many of these investors have turned to mutual funds, exchange traded funds and fixed income paper to protect their interests. That behavior has been reinforced by the Facebook IPO.

Douglas A. McIntyre

Among these are Visa (NYSE: V), UPS (NYSE: UPS), GM (NYSE: GM), MetLife (NYSE: MET), and Prudential Financial (NYSE: PRU) The thing that stands out most about the list is how few tech companies it has.

Google (NASDAQ: GOOG) is on the list, of course. But, most of the companies are financial ones, or firms that are manufacturing based. (Data from CapitalIQ)

Douglas A. McIntyre

Best Buy (NYSE: BBY) will have to bring in an outsider to change the company’s old philosophy. (Reuters)

The Treasury lauds China’s plan to widen the yuan’s trading range. (Reuters)

Sergey Brin of Google (NASDAQ: GOOG) says the openness of the Internet is under pressure. (Reuters)

Carlyle will try to raise $763 million from its IPO. (Reuters)

The case between Oracle (NASDAQ: ORCL) and Google over whether Android violates Java patents is about to begin. (WSJ)

Chinese companies increase buyouts of Japanese firms. (WSJ)

European Central Bank official Jörg Asmussen says nations need to put more money into the International Monetary Fund to help stop the European crisis. (WSJ)

Moody’s (NYSE: MCO) may cut ratings of 114 banks in 16 European nations. (WSJ)

Groupon (NASDAQ: GRPN) replaces the head of it international operations. (WSJ)

China’s change in international trading ranges for daily trading is a move to make it a reserve currency. (WSJ)

Housing concerns in the United States and abroad continue to dog the recovery. (WSJ)

Merck (NYSE: MRK) will press for improved manufacturing of its shingles vaccine Zostavax. (WSJ)

Renault keeps share in Europe with low-cost cars. (WSJ)

Gold bulls begin to desert the metal. (WSJ)

New York’s public pension funds successfully press Goldman Sachs (NYSE: GS) and MetLife (NYSE: MET) to disclose data about racial and gender demographics of some of their staffs. (NYT)

Wall St. firms challenge Fed plans to limit their exposure on individual companies and government securities — Bank of America (NYSE: BAC), Citigroup (NYSE: C), Goldman Sachs, JP Morgan Chase (NYSE: JPM) and Morgan Stanley (NYSE: MS) say it will cut credit commitments of over $1.2 trillion. (FT)

Douglas A. McIntyre

The Wall Street Journal reports that the bond was backed by $746 million in jumbo mortgage loans initiated by MetLife Inc. (NYSE: MET) and others. Fitch had been paid for its rating on the deal. The WSJ noted that Fitch published a report critical of S&P’s and DBRS’s rating.

Yesterday’s news that the Federal Reserve did not issue a passing grade to MetLife has taken away all of the pre-test gains which were seen late in the day.  The insurance outfit even issued a statement that they were deeply disappointed with the announcement.

The release even noted, “We do not believe that the bank-centric methodologies used under the CCAR are appropriate for insurance companies, which operate under a different business model than banks… The established ratios used to measure insurance company capital adequacy, such as the NAIC’s risk-based capital ratio, show that MetLife is financially strong. At year-end 2011, MetLife had a consolidated risk-based capital ratio of 450%, well in excess of regulatory minimums.”

MetLife had excess capital of $3.5 billion at the end of 2011 and it projected that its excess capital will grow to $6 billion to $7 billion at year-end 2012.

In the capital plan submitted by MetLife, it requested approval for $2 billion in stock repurchases and an increase of its common stock dividend from $0.74 per share to $1.10 per share per year.

For the worrying crowd, MetLife won’t always be mistaken as a bank masquerading as an insurance company.  The company noted, “MetLife continues on track with its plan to cease being a bank holding company by the end of the second quarter of 2012. In addition to winding down the forward mortgage business of MetLife Bank, the company previously reached agreements to sell its depository and warehouse finance businesses.”

After a 5% drop so far this morning to $37.50, the 52-week trading range is $25.61 to $47.10 and the market cap is just under $40 billion.

JON C. OGG

Avon Products, Inc. (NYSE: AVP) $0.51 EPS on $3.11 billion; a serial disappointment in shares and current bribery news is just that much uncertainty for turnaround investors.  The hope has to be that the bar is set low.  The CEO search remains ongoing.

Goodyear Tire & Rubber Co. (NYSE: GT) $0.20 EPS on $5.88 billion in sales.  This remains a long-term turnaround story valued at less than 7-times expected earnings.

MetLife Inc. (NYSE: MET) $1.24 EPS on $16.81 billion in revenues; shares are mid-way between the 52-week high and 52-week low.

Omnicom Group Inc. (NYSE: OMC) $0.95 EPS on $3.8 billion in sales.

Watson Pharmaceuticals, Inc. (NYSE: WPI) $1.76 EPS on $1.54 billion in sales.. With some generic Lipitor sales in the quarter and with some insurers starting to only cover the generic Lipitor, earnings and guidance could have a swing different from past quarters due to the mega-blockbuster status of Lipitor.

Zynga Inc. (NASDAQ: ZNGA) is one which we just do not really have a basis to call on as the analyst coverage is all new and this is the first post-IPO earnings report from the social gaming outfit.  Shares are up around $13.60 now and well off of lows due to the Facebook-effect lifting the value on anything tied to social media.

Here are the economic events for Tuesday:

• 8:30 AM EST January Import Prices expected at +0.3%
• 8:30 AM EST January Retail Sales expected at 0.8%
• 10:00 AM EST December Business Inventories  expected at +0.4%

JON C. OGG

Charles River Laboratories International Inc. (NYSE: CRL); Chimera Investment Corporation (NYSE: CIM); Nordic American Tankers Ltd. (NYSE: NAT); Rackspace Hosting Inc. (NYSE: RAX); Avon Products, Inc. (NYSE: AVP); Goodyear Tire & Rubber Co. (NYSE: GT); MetLife Inc. (NYSE: MET); Omnicom Group Inc. (NYSE: OMC); Zynga Inc. (NASDAQ: ZNGA); Agilent Technologies, Inc. (NYSE: A); NVIDIA Corporation (NASDAQ: NVDA); PG&E Corp. (NYSE: PCG); Devon Energy Corporation (NYSE: DVN); Deere & Co. (NYSE: DE); NetApp, Inc. (NASDAQ: NTAP); Comcast Corporation (NASDAQ: CMCSA); Apache Corporation (NYSE: APA); DIRECTV, Inc. (NASDAQ: DTV); Waste Management, Inc. (NYSE: WM); Nordstrom Inc. (NYSE: JWN); Applied Materials Inc. (NASDAQ: AMAT); Duke Energy Corporation (NYSE: DUK); H.J. Heinz Company (NYSE: HNZ); and Campbell Soup Company (NYSE: CPB).

Earnings estimates are from Thomson Reuters and the dates may change by the companies.  More detailed previews will be available each day this coming week with much more color and trading information.

MONDAY, FEB 13

Charles River Laboratories International Inc. (NYSE: CRL) $0.56 EPS

Chimera Investment Corporation (NYSE: CIM) $0.11 EPS

Nordic American Tankers Ltd. (NYSE: NAT)  -$0.29 EPS… with losses expected this year, we will be watching for any dividend news after the company sold 5.5 million shares last month.

Rackspace Hosting Inc. (NYSE: RAX) $0.15 on $281 million in sales; this one still trades at close to 60-times 2012 expected earnings of $0.81 EPS.   

TUESDAY, FEB 14

Avon Products, Inc. (NYSE: AVP) $0.51 EPS on $3.11 billion; a serial disappointment in shares, but turnaround investors have hopes that the bar is set extremely low.  Earnings will prove if there is a value story here or just more of a value trap.

Goodyear Tire & Rubber Co. (NYSE: GT) $0.20 EPS on $5.88 billion in sales; this is still a long-term turnaround story valued at less than 7-times expected earnings.

MetLife Inc. (NYSE: MET) $1.24 EPS on $16.81 billion in revenues; shares are mid-way between the 52-week high and 52-week low.

Omnicom Group Inc. (NYSE: OMC) $0.95 EPS on $3.8 billion in sales.

Zynga Inc. (NASDAQ: ZNGA) estimates are not yet available for its first quarterly earnings report.  Shares are now back over $13.00 due to the Facebook-effect on anything tied to social media.

Don’t forget about Valentine’s Day….

Read America’s Ten Shrinking Corporate Giants

Large companies can lose a significant amount of their revenues because they get into a great deal of financial trouble. A company may lose part of its customer base quickly because of economic forces, or it may be part of a financial catastrophe. As a result, the company’s revenue declines, and it begins to post large losses. In cases like these, companies often are forced to sell divisions to fund their survival. Alternatively, companies may close some of their operations that drain capital. General Motors and Citigroup are good examples of this category. Each moved from relative prosperity to difficulty in a very short period.

The other reason large companies shrink quickly is by design. The management of a corporation created by merger or acquisition activity may find that some of its pieces no longer fit together. One division may grow at a much higher or slower rate compared to others. Also, the way the stock market values one part of a large corporation may change because it is in a category Wall Street no longer favors. That, in turn, becomes a burden on the stock price of the entire enterprise. Telecom hardware company Motorola Solutions and media giant Time Warner fall into this category. Each is smaller than it was five years ago because it spun out a major business.

24/7 Wall St. used Capital IQ to screen the largest companies in America based on total revenue in 2006. We then screened for those that had the largest drops in total revenue between 2006 and 2010. Most of the eight companies on this list lost a third of their total revenue over the period, and some lost more than half. The list is ranked by total revenue loss from greatest to least.

This is 24/7 Wall St.’s list of America’s Shrinking Corporate Giants