Abercrombie & Fitch Co. (NYSE: ANF) is expected to report $1.12 EPS on $1.33 billion in sales; shares are very close to 52-week lows and the downward channel in the chart continues.

Agilent Technologies, Inc. (NYSE: A) $0.69 EPS and $1.65 billion in sales.  Interestingly enough, this one was one of the stocks outperforming Apple so far in 2012.

Blue Nile Inc. (NASDAQ: NILE) $0.42 EPS on $123.17 million.

Clearwire Corporation (NASDAQ: CLWR) -$0.35 EPS and $356.72 million in sales; we will be watching closely for any discussions about funding its business plan.

Comcast Corporation (NASDAQ: CMCSA) $0.41 EPS on $14.87 billion in sales; shares are very close to a 52-week high at $27.20 versus a high of $27.52.

NVIDIA Corporation (NASDAQ: NVDA) $0.19 EPS on $950.44 million in sales; expected 7% sales growth and a drop in earnings.  The most recent Rambus pact details may become more clear as those patent agreements were not disclosed.

PG&E Corp. (NYSE: PCG) $0.85 EPS on $3.49 billion in sales.  PG&E shares are off of highs more than other utilities in general and room for the 4.4% dividend to be discussed.

Devon Energy Corporation (NYSE: DVN) $1.48 EPS

Deere & Co. (NYSE: DE) $1.23 EPS on $6.49 billion in sales; watch currency discussions for guidance ahead.

Goldcorp Inc. (NYSE: GG) is one of the top gold companies with a $36.5 billion market value.  Estimates are $0.60 EPS and $1.49 billion in revenue.

MEMC Electronic Materials Inc. (NYSE: WFR) is now down big again due to Energy Conversion Devices bankruptcy on fears that the solar sector is again going to crumble.  This has moved from a value stock to a value trap now that it is expected to lose money.  Estimates are -$0.06 EPS and $769.49 million in sales.

NetApp, Inc. (NASDAQ: NTAP) $0.58 EPS on $1.56 billion in sales; next quarter $0.63 EPS on $1.68 billion in sales; under $40 it is way under its 52-week high and now valued at only about 16.5-times fiscal April-2012 earnings estimates.

Teva Pharmaceutical Industries (NASDAQ: TEVA) is going to show whether or not generic ambitions can trump branded drugs.  The turnaround in the share price has just not materialized.   Estimates are $1.58 EPS and $5.63 billion in sales.

ECONOMIC DATA FOR WEDNESDAY:

• 8:30 AM EST Empire Manufacturing (Feb.)
• 9:15 AM EST January Industrial Production expected +0.6%
• 9:15 AM EST January Capacity Utilization expected 78.6%
• 10:00 AM EST NAHB optimism (Feb.)
• 10:00 Treasury’s Geithner testifies to House Ways & Means on 2013 budget
• 10:30 AM EST EIA Weekly Petroleum Inventory
• 2:00 PM EST FOMC Minutes

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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….

Advance Auto Parts. Inc. (NYSE: AAP) cut to Neutral at Credit Suisse.
Amazon.com Inc. (NASDAQ: AMZN) added to Strong Sell List at Zacks.
Anheuser-Busch InBev (NYSE: BUD) Cut to Neutral at UBS.
Carbonite, Inc. (NASDAQ: CARB) Reiterated Buy with $16 target at Canaccord Genuity.
Cisco Systems Inc. (NASDAQ: CSCO) Raised to Buy at Deutsche Bank; Raised to Buy at Citigroup; Target raised to $26 from $25 at Credit Suisse.
Computer Sciences Corporation (NYSE: CSC) Cut to Underweight at JPMorgan.
Dean Foods Company (NYSE: DF) Cut to Sell at S&P Capital IQ (late-Wednesday); Maintained Buy at Bof A/ML.
Enterprise Products Partners (NYSE: EPD) named Bull of the Day at Zacks.
Hospira, Inc. (NYSE: HSP) named Bear of the Day at Zacks.
Kraft Foods Inc. (NYSE: KFT) Reiterated Buy with $40 target at Argus.
Logitech International SA (NASDAQ: LOGI) Raised to Hold at S&P Capital IQ (late-Wednesday).
Nokia Corporation (NYSE: NOK) maintained Hold with $7.50 target at Canaccord Genuity.
PG&E Corporation (NYSE: PCG) cut to Neutral at Credit Suisse.
SandRidge Energy, Inc. (NYSE: SD) Cut to Neutral at Goldman Sachs.
Spreadtrum Communications Inc. (NASDAQ: SPRD) Reiterated Buy and raised estimates at Canaccord Genuity.
SurModics Inc. (NASDAQ: SRDX) named as Aggressive Growth at Zacks.
Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) Raised to Equal-Weight at Morgan Stanley.

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Aeropostale, Inc. (NYSE: ARO) is up 13.5% before market open to $16.25, relative to a 52-week range of $9.16 – $27.73. 

Dendreon Corporation (NASDAQ: DNDN) is down 26% before market open to $7.70, relative to a 52-week range of $7.81 – $43.96.

Medivation, Inc. (NASDAQ: MDVN) is up 116% premarket to $35.80, relative to a 52-week range of $10.96 – $25.50.

PG&E Corporation (NYSE: PCG) is down 5.5% premarket to $40.00, relative to a 52-week range of $37.57 – $48.63.

Qualcomm, Inc. (NASDAQ: QCOM) is up more than 10% premarket to $57.51, relative to a 52-week range of $44.62 – $59.94.

Tesla Motors, Inc. (NASDAQ: TSLA) is up 5.3% before market open to $30.25, relative to a 52-week range of $21.11 – $36.42. 

44.62 – 59.

Chevron Corporation (NYSE: CVX) Cut to Underweight at JPMorgan.
Chipotle Mexican Grill, Inc. (NYSE: CMG) Cut to Market Perform at William Blair.
Costco Wholesale Corporation (NASDAQ: COST) Cut to Market Perform at William Blair; Reiterated Outperform at Credit Suisse; Raised target to $90 at Argus.
Deere & Co. (NYSE: DE) Maintained Neutral but cut estimates and target to $87 at Credit Suisse.
Exxon Mobil Corporation (NYSE: XOM) Cut to Underweight at JPMorgan.
Discover Financial Services (NYSE: DFS) named Bull of the Day at Zacks.
Leap Wireless International Inc. (NASDAQ: LEAP) maintained Neutral but target to $4 from $10 at Credit Suisse.
News Corporation (NASDAQ: NWS.A) Removed from the Conviction Buy List at Goldman Sachs.
Newmont Mining Corporation (NYSE: NEM) named Value stock of the day at Zacks.
Oracle Corporation (NASDAQ: ORCL) Reiterated Outperform on Focus List at Credit Suisse.
Polo Ralph Lauren Corp. (NYSE: RL) Raised to Buy at Citigroup.
Polycom Inc. (NASDAQ: PLCM) Raised to Buy at Argus.
PG&E Corporation (NYSE: PCG) Raised to Buy at Citigroup.
Ryanair Holdings plc (NASDAQ: RYAAY) Raised to Outperform at Credit Suisse.
Sony Corporation (NYSE: SNE) Cut to UNderperform at BofA/ML.
Walgreen Co. (NYSE: WAG) Cut to Neutral at BofA/ML.

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JON C. OGG

Both projects include a 250-megawatt CSP plant and combined the two plants will avoid emissions of nearly 700,000 metric tons of carbon dioxide annually. PG & E Corp. (NYSE: PCG) will purchase the power generated at both plants. The two plants will double the amount of US CSP-generated electricity.

The Genesis project uses proven scalable solar thermal technology and will employ about 800 workers during the construction phase of the project and 47 workers once the plant is in full operation.

The Mojave project is the first US utility-scale plant to use Abengoa’s new Solar Collector Assembly, which uses lighter materials and is less expensive to build and install. The more efficient solar thermal technology requires a smaller number of solar collectors, and the Mojave project will operate without any fossil fuel back-up system.

NextEra is the largest owner and operator of wind systems in North America with an installed capacity of about 8,300 megawatts of wind generation. It is also the largest generator of solar power in the US, generating 315 megawatts.

The Department of Energy has so far made loans or commitments for $32 billion to support 17 projects expected to produce 27 million megawatt-hours of electricity annually. Solar generation projects have received about a third of the total.

A major downside to large solar thermal plants is the amount of land they require. A 500-megawatt plant needs more than 3 square miles of space. BrightSource Energy’s huge Ivanpah project, also located in the Mojave Desert, requires nearly 6 square miles of land to accommodate its 392 megawatts of capacity. There are bound to be conflicts between environmental and energy interests when that much area is needed for a single project.

Some solar stocks were getting a slight boost at opening this morning on news that Google Inc. (NASDAQ: GOOG) has invested $280 million in a program of rooftop solar installations. Unfortunately, events in Greece and some weak manufacturing data have sent stocks generally lower since then.

NextEra’s shares are down about -0.2% this morning, at $55.77, in a 52-week range of $47.96-$58.98. The Guggenheim Solar ETF (NYSE: TAN) is off about -1.5%, at $6.79, in a 52-week range of $6.40-$9.34.

Paul Ausick

Allergan Inc. (NYSE: AGN) is due Wednesday morning and shares were down 2.3% at $78.52 late on Tuesday.  Thomson Reuters has estimates of $0.74 EPS and $1.22 billion in revenues; next quarter estimates are $0.92 EPS and $1.32 billion in revenues.  Thomson Reuters has a consensus price target objective of $80.75 and the 52-week trading range is $56.26 to $80.70.

AOL Inc. (NYSE: AOL) is due Wednesday morning. Thomson Reuters has estimates of $0.17 EPS and $536.35 million in revenues; next quarter estimates are $0.22 EPS and $521.22 million in revenues.  The shares were trading around $20.30 late on Tuesday. Thomson Reuters has a consensus price target of $24.77 and the 52-week trading range is $18.51 to $27.65.

Garmin Ltd. (NASDAQ: GRMN) has managed to hold up despite competition and changing demand concerns.  The stock was around $33.50 late on Tuesday with earnings early Wednesday morning. Thomson Reuters has estimates of $0.33 EPS and $413.09 million in revenues; next quarter estimates are $0.65 EPS and $637.04 million in revenues.  Thomson Reuters has a consensus price target objective of $31.53 and the 52-week trading range is $26.11 to $39.05.

Goldcorp Inc. (NYSE: GG) may trade around gold more than earnings.  Shares were down 3.3% late in the day at $51.00. Thomson Reuters has estimates of $0.48 EPS and $1.26 billion in revenues; next quarter estimates are $0.53 EPS and $1.36 billion in revenues.  Thomson Reuters has a consensus price target objective of $64.50 and the 52-week trading range is $38.07 to $56.20.

JDS Uniphase Corporation (NASDAQ: JDSU) will come Wednesday afternoon and shares have come back to about $20.25. Thomson Reuters has estimates of $0.20 EPS and $448.17 million in revenues; next quarter estimates are $0.25 EPS and $470.18 million in revenues.  Thomson Reuters has a consensus price target objective of $24.74 and the 52-week trading range is $9.05 to $29.12.

MetLife Inc. (NYSE: MET) is due Wednesday morning and Thomson Reuters has estimates of $1.26 EPS and $15.89 billion in revenues.  Shares were around $46.32 late Tuesday and Thomson Reuters has a consensus price target objective of $55.44 and the 52-week trading range is $35.38 to $48.72.

BrightSource Energy, Inc. has file a preliminary Form S-1 with the US SEC announcing its intention to conduct an initial public offering. BrightSource was listed as one of our 25 most important alt energy companies last year, and it seems to have lived up to its advance billing. The company has scored a $1.6 billion loan guarantee for its 392-megawatt Ivanpah solar thermal power plant in southern California, and a $168 million investment from Google Inc. (NASDAQ: GOOG). Earlier this month BrightSource received $201 million in venture capital.

The company was founded in 2004 and has completed 14 long-term power purchase agreements to deliver about 2,600 megawatts of electricity to PG&E Corp. (NYSE: PCG) and Southern California Edison, a division of Edison International Inc. (NYSE: EIX). In addition to electricity generation, BrightSource has also developed a solar thermal system to generate steam for use in enhanced oil recovery operations.

BrightSource has not yet specified how many shares would be offered, but did note that 79,135,944 shares of convertible preferred stock would be converted to common stock immediately prior to the IPO. The final number of shares included in the IPO will be determined on the price at the time of the IPO. The underwriters include Goldman Sachs Group Inc. (NYSE: GS), Citigroup Inc. (NYSE: C) and Deutsche Bank AG (NYSE: DG).

According to the prospectus, the company expects to use the proceeds of the IPO for general corporate purposes, including capital expenditures and working capital. It does not appear as though early investors will be cashing out.

BrightSource lost almost $18 million in 2010, equal to its losses in the two previous years combined, and the company expects to continue losing money for the foreseeable future. It takes three to seven years for a solar thermal project to begin commercial operation, so while BrightSource appears to be solid candidate for an IPO, its business could take some time to show profits.

The International Energy Agency has completed a roadmap for development of transportation biofuels through 2050. The IEA projects that by 2050, some 27% of total transportation fuels could be provided by biofuels. To achieve this level of consumption about 250 million acres of arable land would need to be devoted to growing biomass feedstock.

The IEA claims that its goals can be reached without displacing food crops or upsetting biodiversity goals if biofuels costs can be controlled and the conversion efficiency of biomass to fuel can be improved. The cost of meeting the 2050 target is put at $11-$13 trillion, but the IEA notes that “marginal savings or additional costs compared to use of gasoline/diesel are in the range of only +/-1% of total costs for all transport fuels.”

As with so many of the pronouncements from the IEA, government policies are a key factor. The roadmap requires a policy framework that would increase investor confidence and provide for the sustainable expansion of biofuel production. Policy frameworks, incentives, increased R&D, and a sustainable land-use management system to ensure balance with food and timber land also figure into the IEA’s roadmap. Somehow, it’s hard to envision global governments committing to this kind of investment in the current economic climate.

Finally today, the NASDAQ market has sent lead-acid battery maker China Ritar Power a notice of non-compliance and de-listed the company’s stock from trading for failing to file a Form 10-K. The company had announced a delay in its filing because it could not obtain the financial and other information it needed to get the report finished on time. Shares in the company have not traded since April 15th, when they closed at $1.60.

Paul Ausick

Lee Cox, a board member who will be interim CEO, said “Peter concluded that a change in leadership would create the best opportunity for PG&E to move ahead after a challenging year. The board supported his decision. The search for Peter’s replacement is already underway, and an announcement is expected soon.”

Peter’s trouble is that eight people were killed and 30 homes destroyed when one of the company’s gas lines exploded in San Bruno. PG&E thinks the costs of the disaster will be more than $750 million.

The Darbee departure is not unlike the ones of BP’s Tony Hayward or his predecessor Lord Browne. BP had a checkered safety record under Lord Bowne, but he also may have lied to a court about a gay relationship he had while CEO.

Darbee had no real control over the San Bruno pipeline. PG&E has 20,000 employees. Some of them made mistakes at San Bruno, but those people are probably several steps removed from Darbee in the chain of command. He cannot realistically be expected to ferret out every single problem at his company.

Critics of Darbee and Hayward say that CEOs set the tone about safety at their companies. That may be so, but PG&E operates thousand of miles of pipeline. There has not been any trouble with 99.9% of that infrastructure and there probably won’t be.

PG&E shareholders and employees lost a CEO who has done an excellent job running the company. Perhaps his safety rules have saved the lives of people who live near or operate PG&G facilities. There will never be any way to tell if that is that is the case, so Darbee’s board would have needed to give him the benefit of the doubt.

There has been one major accident on Darbee’s 12 year watch. It is a lot to ask that he pay for that.  Of course, the board did not care about his record. One strike and he was out.

Douglas A. McIntyre

Adobe Systems Inc. (NASDAQ: ADBE) Cut to Underperform at FBR.
Bank of America Corp. (NYSE: BAC) Kept as Underperform and named Bear of the Day at Zacks.
Blackboard Inc. (NASDAQ: BBBB) Cut to Underperform at BofA/ML.
BHP Billiton Ltd. (NYSE: BHP) Cut to Neutral at BofA/ML.
Cree Inc. (NASDAQ: CREE) Cut to Hold at Wunderlich; Cut to Sell at Kaufman Bros.
Crexus Investment Corp. (NYSE: CXS) Started as Outperform at Credit Suisse.
CTC Media, Inc (NASDAQ: CTCM) Cut to Neutral at BofA/ML.
Cubist Pharmaceuticals Inc. (NASDAQ: CBST) Raised to Outperform at Oppenheimer.
Goldman Sachs Group Inc. (NYSE: GS) Reiterated Hold but cut 2011/2012 estimates at Argus.
Huntington Bancshares Inc. (NASDAQ: HBAN) Maintained Neutral with $7.75 target at BofA/ML.
Intel Corporation (NASDAQ: INTC) Raised to Overweight at JPMorgan; Raised to Outperform at FBR; Reiterated Buy at Argus.
Noble Energy, Inc. (NYSE: NBL) Raised to Outperform at Wells Fargo.
Pan American Silver Corp. (NASDAQ: PAAS) Maintained Neutral with $46 target at BofA/ML.
PetroChina Co. (NYSE: PTR) Raised to Outperform as Bull of the Day at Zacks.
PG&E Corporation (NYSE: PCG) Raised to Conviction Buy List at Goldman Sachs.
VMware Inc. (NYSE: VMW) Maintained Underperform but target raised to $70 at Credit Suisse.

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JON C. OGG