The unofficial closing bells put the DJIA up more than 134 points to 12,503.87 (1.09%), the NASDAQ rose nearly 68 points (2.46%) to 2,847.21, and the S&P 500 rose 1.60% or nearly 21 points to 1,316.00.

There were several analyst upgrades and downgrades today, including Avon Products Inc. (NYSE: AVP) cut to ‘sell’ at UBS; Petrobras (NYSE: PBR) raised to ‘buy’ at SocGen; Safeway Inc. (NYSE: SWY) raised to ‘buy’ at Citigroup; Boeing Co. (NYSE: BA) raised to ‘buy’ at Argus; and Best Buy Co. Inc. (NYSE: BBY) cut to ‘hold’ at BB&T.

Earnings reports since markets closed on Friday have led to some price changes as of the last half hour of trading today: Campbell Soup Co. (NYSE: CPB) is down -2.1% at $32.71; Hastings Entertainment Inc. (NASDAQ: HAST) is up 15.2% at $2.05; Krispy Kreme Doughnuts Inc. (NYSE: KKD) is up 12.3% at $6.75; Lowe’s Companies Inc. (NYSE: LOW) is down -10.1% at $25.60 (more coverage here); Tech Data Corp. (NASDAQ: TECD) is up 0.7% at $47.78; and Tudou Holdings Ltd. (NASDAQ: TUDO) is up 11.3% at $33.37.

Tomorrow we are scheduled to get earnings reports from Autozone Inc. (NYSE: AZO), Best Buy, Guess? Inc. (NYSE: GES), Ralph Lauren Corp. (NYSE: RL), Williams Sonoma Inc. (NYSE: WSM), and Take-Two Interactive Software Inc. (NASDAQ: TTWO).

Other standouts from today include the following stocks:

Facebook Inc. (NASDAQ: FB) is down -11% at $34.03. Following Friday’s massively-hyped IPO and the CEO’s weekend wedding, a falling share price was probably inevitable. More coverage here.

Cooper Industries plc (NYSE: CBE) is up 25.2% at $69.96 after posting a new 52-week high this morning of $70.97. The company is being acquired by Eaton Corp. (NYSE: ETN) for $11.8 billion. More coverage here.

Westport Innovations Inc. (NASDAQ: WPRT) is up 12% at $26.57. The natural gas engine maker has a deal with Volvo for a new truck engine.

Stay tuned for Tuesday. Atlanta Fed President Dennis Lockhart is giving a speech. We have also noted the following events on the schedule (all times Eastern):

10:00 a.m. – Existing home sales
10:00 a.m. – Richmond Fed manufacturing index
11:30 a.m. – 4-week bill auction
1:00 p.m. – 2-year note auction

Paul Ausick

Avon Products Inc. (NYSE: AVP) Cut to Sell at UBS.

Bank of America Corporation (NYSE: BAC) Cut to Market Underperform at JMP Securities.

Best Buy Co. (NYSE: BBY) Cut to Hold at BB&T.

Boeing Co. (NYSE: BA) Raised to Buy at Argus.

Donaldson Company. Inc. (NYSE: DCI) Reiterated Outperform and raised estimates at Credit Suisse.

Facebook, Inc. (NASDAQ: FB) Started as Positive at Susquehanna.

Goldman Sachs Group Inc. (NYSE: GS) Cut to Market Underperform at JMP Securities.

Herbalife Ltd. (NYSE: HLF) Reiterated Buy at Argus.

Kirkland’s, Inc. (NASDAQ: KIRK) named Bear of the Day at Zacks.

Morgan Stanley (NYSE: MS) Cut to Market Underperform at JMP Securities.

Myriad Genetics (NASDAQ: MYGN) Raised to Outperform at Leerink Swann.

Nuance Communications (NASDAQ: NUAN) Started as Neutral with $25 target at Goldman Sachs.

Petrobras (NYSE: PBR) Raised to Buy at Societe Generale.

Robert Half International (NYSE: RHI) named as Bull of the Day at Zacks.

Ross Stores, Inc. (NASDAQ: ROST) Cut to Hold at Canaccord Genuity.

Safeway (NYSE: SWY) Raised to Buy at Citigroup.

Splunk, Inc. (NASDAQ: SPLK) Started as Overweight at Barclays.

TJX Companies (NYSE: TJX) Cut to Hold at Canaccord Genuity.

Zebra Technologies (NASDAQ: ZBRA) Cut to Neutral at JPMorgan.

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JON C. OGG

For the quarter, Petrobras produced an average of 2.676 million barrels of oil equivalent per day, up 2% year-over-year, and exports totaled nearly 500,000 barrels/day as prices rose 13% to add even more to the company’s profit picture.

Petrobras is in the midst of the most aggressive oil and gas development program in the world. The company plans to spend $225 billion over the period 2011-2015 to develop its massive offshore fields and improve its onshore processing facilities. For the first quarter, Petrobras invested a total of just over $9 billion, with about half going to exploration and production investments.

Rising costs and refining losses cut the company’s income by -16% compared with the first quarter of 2011, but EPS of about $0.36 beat the consensus estimate of $0.32. Revenue for the quarter totaled about $33.2 billion, up 22% year-over-year.

The company’s ADRs are up about 3.5% just before noon today, at $20.03 in a 52-week range of $19.31-$35.10. Shares are down about -40% over the last 12 months as the company has been trying to ramp up production. If Petrobras can maintain its growing production — and crude prices don’t fall too far — the stock could be on the road to recovering some of the past losses.

Paul Ausick

Petroleo Brasileiros SA (NYSE: PBR), or Petrobras, plans to spend $225 billion over the next few years to develop the country’s massive offshore fields. Where the company, or even the country, will get more money to seek out Chambriard’s additional barrels wasn’t specified.

Gol Linhas Aereas Inteligentes (NYSE: GOL), the airline, is down 4.4% at $7.96 against a 52-week trading range of $5.03 to $14.35.

Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, is down 4.6% at $28.26 against a 52-week range of $20.76 to $41.74.

Telefonica Brasil, S.A. (NYSE: VIV) is down 2.5% at $28.85 against a 52-week range of $22.81 to $32.14.

VALE S.A. (NYSE: VALE) is down 6.1% at $23.23 against a 52-week range of $20.46 to $34.74.

iShares MSCI Brazil Index Fund (NYSE: EWZ) is down 3.5% at $66.58 against a 52-week range of $49.25 to $80.23.

Brazil currently has a currency stronger than it can handle and it needs to cut interest rates as well.  Other stimulative measures need to come after that, as well as tax reform.

JON C. OGG

Acorda Therapeutics, Inc. (NASDAQ: ACOR) Cut to Neutral at Citigroup.
Arcelor Mittal (NYSE: MT) named as Bear of the Day at Zacks.
Bed Bath & Beyond Inc. (NASDAQ: BBBY) Reiterated Buy with $70 target at Argus.
Chesapeake Energy Corporation (NYSE: CHK) Raised to Buy at Stifel Nicolaus.
Cliffs Natural Resources Inc. (NYSE: CLF) Cut to Buy from Strong Buy at S&P Capital IQ.
Comcast Corporation (NASDAQ: CMCSA) Cut to Hold at Argus.
Dell Inc. (NASDAQ: DELL) Cut to Neutral at Baird.
Eastman Chemical Co. (NYSE: EMN) named as Bull of the Day at Zacks.
Enterprise Products Partners LP (NYSE: EPD) Reiterated Buy and target set at $61 by Argus.
Leap Wireless International (NASDAQ: LEAP) Cut to Neutral at Collins Stewart.
Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, Cut to Equalweight at Barclays.
Polo Ralph Lauren Corporation (NYSE: RL) Raised to Buy with $202 target at Argus.
Valero Energy Corporation (NYSE: VLO) Cut to Neutral at UBS.
Wynn Resorts Ltd. (NASDAQ: WYNN) Reiterated Outperform with $145 target at Credit Suisse.
Zynga, Inc. (NASDAQ: ZNGA) named as Aggressive Growth stock of the day at Zacks.

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Greece is in the midst of what may be one of the deepest recessions on record. (Reuters)

A firm that claims it owns rights to certain Apple (NASDAQ: AAPL) iPad features may try to ban exports of the device from China. (Reuters)

A Reuters poll of economists indicates they believe the Fed may raise rates before 2014. (Reuters)

The U.S. cuts it military budget as China builds a large naval fleet. (Reuters)

Samsung may spin out its LCD business. (Reuters)

The government’s General Services Administration begins to issue Apple and Google (NASDAQ: GOOG) Android-based smartphones instead of those from Research In Motion (NASDAQ: RIMM). (Reuters)

Talks between Yahoo! (NASDAQ: YHOO) and Alibaba, which would include a buyout of the portal’s share in the Chinese company, end. (AllThingsD)

Roche says fake versions of the cancer drug Avastin have been found in the U.S. (WSJ)

Federal officials will block the deployment of broadband network Lightsquared, which is funded primarily by Philip Falcone’s equity fund. (WSJ)

In the fourth quarter, Germany’s economy drops while France’s expands. (WSJ)

Congress may have reached a deal to extend payroll tax cuts and unemployment benefits. (WSJ)

Yahoo! faces a proxy fight from activist shareholder Dan Loeb. (WSJ)

The Senate may pass a bill that would require some companies to bolster internet security. (WSJ)

Mexico’s oil regulator says Petrobras (NYSE: PBR), the nation’s largest oil firm, does not have the experience to start two important deep-water drilling projects. (WSJ)

John Paulson, a large investor in Hartford Financial (NYSE: HIG), presses for a breakup of the firm. (WSJ)

Greece is expected to offer its private debt holders a new offer. (NYT)

The German Federal Statistics Office says the Germany economy shrank by 0.5% in the fourth quarter. (Bloomberg)

Douglas A. McIntyre

The Brazilian oil giant said today that its northeast Carioca field would be shut in for 2 months as the company repairs a riser connecting a well to production vessel. And if that’s not enough, the company is having supply chain problems which led to a production decline in 2011. Petrobras doesn’t expect to sort out those problems until next year.

The good news is that the company has discovered yet another new field north of the Campos and Santos basins. No details yet, but the company is very pleased with what it’s seen so far.

Petrobras has also leased 26 new drill rigs as part of its $225 billion capital spending program to develop the country’s massive offshore fields. The rigs, 21 from a Brazilian firm and 5 from a Cyprus-based maker, are scheduled for delivery beginning in 2015. The total tab for the lease is $76.3 billion, all of which will be built in Brazilian shipyards.

Over the past 5 years, the company’s shares have risen to more than $72 and fallen to below $20. All the good news about its discoveries and reserves gets priced in right away, and then the shares just drift downward until the next bit of good news hits the wires. Shares are up 19% since the beginning of the year, but down nearly -18% in the past 12 months.

And it’s pretty unlikely that the shares will stabilize anytime soon either. The massive scale of Petrobras’s planned growth prompts a similarly massive response whenever there’s a glitch.

Today, Petrobras is trading down about -8% at $29.56 in a 52-week range of $20.76-$42.75. The company’s consensus price target is $38, yielding a potential upside of 29%. There’s no question that the upside is there — the only question is when the company will realize it.

Paul Ausick

We have compiled earnings preview on each company using Thomson Reuters consensus estimates and added color on each if applicable.  Some of these are market moving, some are sector moving, and some are just interesting for traders to watch around the earnings reports.

Activision Blizzard Inc. (NASDAQ: ATVI) estimates are $0.56 EPS and $2.2 billion in revenues. At $12.55, the maker of World of Warcraft has been very range bound.

Bunge Ltd. (NYSE: BG) estimates are $1.57 EPS and $13.73 billion in revenues.

Carbonite Inc. (NASDAQ: CARB) estimates are -$0.23 EPS and $16.78 million in revenues. This will be a first real look of a full quarter and unfortunately this one has been cut in half as investors have tempered expectations for the personal data backup service provider.

A federal mortgage deal with banks over mortgage fraud would give states enforcement power. (Reuters)

Sony (NYSE: SNE) expects a $2.9 billion loss. (Reuters)

Long-term investors continue to reject investments in long-term Italian bonds. (Reuters)

The House votes to extend a pay freeze for federal employees. (Reuters)

Deutsche Boerse and NYSE Euronext (NYSE: NYX) will consider alternatives now that their merger has collapsed. (Reuters)

The size of Facebook’s IPO would top Google’s (NASDAQ: GOOG). (WSJ)

January car sales rose 11% to the fastest pace in four years. (WSJ)

AMR will cut 13,000 jobs. (WSJ)

Deutsche Bank posts a loss. (WSJ)

Pfizer (NYSE: PFE) recalls a number of birth control pills. (WSJ)

Samsung says a German court rejected an Apple (NASDAQ: AAPL) request to stop the sales of Galaxy tablets and Nexus phones. (WSJ)

States with energy exploration businesses did well during the recession while manufacturing states are still struggling. (WSJ)

Many in Congress have rejected Obama’s new mortgage relief plan. (WSJ)

Disagreements between Germany and the IMF have slowed Greek bailout talks. (WSJ)

Kodak wants out of a deal that puts it name on the location where the Oscars are held. (WSJ)

Whirlpool’s (NYSE: WHR) cost cuts helped drive its profits. (WSJ)

Regulators are worried that a marketing deal between Verizon Wireless and Comcast (NASDAQ: CMCSA) would be anticompetitive. (WSJ)

EU regulators may back down on plans to make banks keep large amounts of safe assets. (WSJ)

Spain announces plans to improve its troubled bank sector. (WSJ)

Petrobras (NYSE: PBR) sold $7 billion in bonds, near a record for emerging market companies. (WSJ)

A deal over Greek debt raises concerns that a rescue of Portugal will follow. (NYT)

Large U.S. companies have raised money at record low rates. (FT)

CDS on both corporations and sovereign debt show less concern about financial troubles. (Bloomberg)

The number of people who filed for unemployment benefits in Spain during January reached a record. (Bloomberg)

Douglas A. McIntyre