So far in 2013, refiners have managed to keep the profits rolling in, but those profits are getting slimmer as the spread between West Texas Intermediate (WTI) and Brent grades of crude oil narrows. The producers feel the pinch from lower realized prices per barrel, the services firms feel the pinch as fewer wells are drilled and the refiners no longer benefit as much.

Natural gas producers have begun to see an improvement in pricing, from around $3.20 per thousand cubic feet at the beginning of the year to more than $4.00 last week. That is a boost of 25%, and some analysts think that price could double by the end of this year.

Here is our latest take on some of the major players in the oil and gas sector.

Integrated Major Oil and Gas Companies, Plus One

Exxon Mobil Corp. (NYSE: XOM) closed at $92.21 last night and has a market value of about $410 billion. The consensus target price from Thomson Reuters is around $94.30, and the 52-week range is $77.13 to $93.67. Exxon has a dividend yield of 2.7%. The implied upside to the consensus target is a scant 2.3%, and note that the target price is above the 52-week high.

Chevron Corp. (NYSE: CVX) closed at $124.93 last night and has a market value of about $242.2 billion. The consensus target price is around $129.50, and the 52-week range is $95.73 to $126.98, a new high set yesterday. Chevron has a dividend yield of 3.2%. The implied upside to the consensus target is just 3.66%, and the target price is above the 52-week high.

BP PLC (NYSE: BP) closed at $43.30 last night and has a market value of about $138.2 billion. The consensus target price is around $51.40, and the 52-week range is $36.25 to $45.45. BP’s dividend yield is about 5%. The implied upside to the consensus target is 18.7%, and note that BP’s target price also is above the 52-week high.

Continental Resources Inc. (NYSE: CLR) closed at $84.44 last night and has a market value of about $15.5 billion. The consensus price target is around $101.70, and the 52-week range is $61.02 to $93.99. Continental pays no dividend. The implied upside to the consensus target is above 20%, and the target price is well above the 52-week high.

We thought it might be instructive to toss Continental Resources into the mix because it is the largest producer in the Bakken oil shale play. As a valuation play, it offers an upside that is stronger than even BP’s, without the drag that BP still gets from any remaining liability for the April 2010 Gulf of Mexico disaster. The downside for Continental is high expectations — the company is expected to grow revenues by nearly 50% in 2013. The major upside is the narrowing gap between WTI and Brent crude varieties and added rail transportation out of the Bakken.

Forced to choose between BP and Continental, we would go with Continental, even absent a dividend. Share price growth potential is more likely than at BP, and the share price only has to rise by a little more than $2.00 to make up for the forgone dividend. Share price appreciation at BP is much more problematic.

Natural Gas Producers

Chesapeake Energy Corp. (NYSE: CHK) closed at $21.10 yesterday and has a market value of about $14.1 billion. The consensus target price is $22.45, and the 52-week range is $14.45 to $22.97. Chesapeake’s dividend yield is 1.7%. The implied upside to the consensus target is about 6.4%, and the target price is only slightly below the 52-week high.

EOG Resources Inc. (NYSE: EOG) closed last night at $130.93 and has a market value of about $35.6 billion. The consensus price target is about $155.25. The 52-week range is $82.48 to $139.00. EOG has a dividend yield of 0.6%. The implied upside to the consensus target is 18.5%, and the target price is well above the 52-week high.

These two companies rank second and third behind Exxon in natural gas production. Higher natural gas prices in 2013 represent the view of virtually every energy expert in the country. On valuation alone, EOG holds the inside track among these producers. It simply takes too much growth for Exxon to move the needle, and even though Chesapeake has a new chief executive officer with a solid background in operations, he will not join the company until next month and is likely to have only a limited impact on this quarter’s performance.

Oil Field Services

Schlumberger Ltd. (NYSE: SLB) closed last night at $75.58 and has a market value of about $100 billion. The consensus price target from Thomson Reuters is $90.50, and the 52-week range is $59.12 to $82.00. Schlumberger has a dividend yield of 1.7%. The implied upside to the consensus target is about 19.7%, and the price target is well above the 52-week high.

Halliburton Co. (NYSE: HAL) closed at $44.02 last night and has a market value of about $41 billion. The consensus target price is $51.00, and the 52-week range is $26.28 to $45.75. Halliburton’s dividend yield is 1.1%. The implied upside to the consensus target is 15.9%. Again the target price is well above the 52-week high.

Baker Hughes Inc. (NYSE: BHI) ended yesterday at $47.40 and has a market value of about $21.2 billion. The consensus target price is $50.65, and the 52-week range is $37.08 to $50.97. Baker Hughes has a dividend yield of 1.3%. The implied upside to the consensus target is about 6.9%, and the target price is above the 52-week high.

National Oilwell Varco Inc. (NYSE: NOV) closed last night at $69.17 and has a market value of about $30 billion. The consensus target price is $82.65, and the 52-week range is $59.07 to $89.95. National has a dividend yield of 0.8%. The implied upside to the consensus target is 19.5%, and the price target is below the 52-week high.

Transocean Ltd. (NYSE: RIG) closed at $52.31 last night and has a market value of about $19 billion. The consensus price target is $61.00 and the 52-week range is $39.32 to $59.50. Transocean does not pay a dividend (it will pay a special, one-time dividend of $2.24 a share in four equal quarterly installments beginning in June). The implied upside to the consensus target is 16.6%, and again the price target is above the 52-week high.

Ensco PLC (NYSE: ESV) closed last night at $62.35 and has a market value of about $14.8 billion. The consensus target price is around $68.00, and the 52-week range is $41.63 to $65.82. Ensco has a dividend yield of 3.2%. The implied upside to the consensus target is about 9%, and again the price target is above the 52-week high.

Of the services firms, Schlumberger and Transocean currently trade lower today than they did when we last surveyed these companies in February. Ensco trades essentially flat. The rest have posted share price gains that have cut implied gains significantly. National Oilwell Varco remains the choice here, partly because its price target is considerably below its 52-week high. The shares have plenty of room to run.

Refiners

Valero Energy Corp. (NYSE: VLO) closed last night at $40.53 and has a market value of about $22.1 billion. The consensus target price from Thomson Reuters is $47.90, and the 52-week range is $18.28 to $44.76. Valero has a dividend yield of 1.9%. The implied upside to the consensus target is 18.2%, and the price target is above the 52-week high.

Phillips 66 (NYSE: PSX) closed at $65.39 last night, and it has a market value of about $40.5 billion. The consensus price target is $72.15, and the 52-week range is $29.25 to $70.52. Phillips 66 has a dividend yield of 1.9%. The implied upside to the consensus target is 10.3%, and again the price target is above the 52-week high.

Marathon Petroleum Corp. (NYSE: MPC) ended yesterday at $82.45 and has a market value of about $26.8 billion. The consensus price target is $95.27, and the 52-week range is $33.65 to $92.73. Marathon’s dividend yield is about 1.7%. The implied upside to the consensus target is about 15.5%, and again the price target is above the 52-week high.

Refiners are beginning to feel the pinch as prices for WTI crude narrow the spread to Brent crude. In February that spread was $21 a barrel, and these refiners were able to source their feedstocks from the much cheaper U.S. barrels. The spread has now narrowed to around $8 a barrel, shaving away the bulk of the refiners’ profitability.

Phillips 66’s margin at its mid-continent refineries in the first quarter was $27.29 a barrel, and its worldwide margin came in at $13.94 a barrel, higher than either Valero or Marathon. Phillips 66 stands to be the last of the big refiners to lose any margin to the closing spread between WTI and Brent.

Some Observations

Production was lower at all the major integrated companies last quarter, and given the slowing demand and high inventory levels, there is no reason to expect a big spurt in production this year. Prices for crude will continue on their general downward trend, forcing these firms to make hard choices about new projects.

Prices for gasoline will have to fall because U.S. gasoline inventories are rising as new cars are more fuel-efficient and drivers simply drive less. Unless federal law is changed to permit crude oil exports beyond Canada and Mexico, increased U.S. production will find its way to U.S. refineries. Refined products exports could grow, and with them, refining revenues and profits.

If there are any profits to be had in the second quarter, they are once again likely to depend on refining. Services companies’ margins are being squeezed because of price competition and falling crude prices are limiting margins for the producers.

Natural gas producers should see an upturn in prices during the summer cooling season, and most analysts expect that to carry on right through the rest of this year. Gas prices around $8 per thousand cubic feet are certainly possible.

The underlying trends in the first quarter were very favorable, as North American margins improved sequentially, despite a decline in the rig count, suggesting significant operating leverage as activity levels recover. Going forward, U.S. drilling permits have risen strongly (onshore and in the Gulf of Mexico) and the Deutsche Bank team believes the next catalyst for the group is an increase in the rig count.

With all of these positives, Deutsche Bank has four top stocks to buy, and some other favorite names.

Baker Hughes Inc. (NYSE: BHI) has seen a large bump in revenue from the increased Gulf of Mexico drilling. The Deutsche Bank price target on the stock is $59. The Thomson/First Call estimate for the stock is much lower at $49.50. Investors receive a 1.30% dividend.

Halliburton Co. (NYSE: HAL) is another large cap stock to buy. Although the company is indemnified from the operator in its contract from the Deepwater Horizon/Macondo disaster in 2010, negative press and the possibility of an adverse settlement has kept a lid on the stock. The Deutsche Bank price target is 56. The consensus target for the stock is lower at 50. Shareholders receive a 1.10% dividend.

Nabors Industries Ltd. (NYSE: NBR) is a pure drilling play, and free cash flow, which had been negative in recent years, is expected to reach $800 million this year, and more than $1 billion in 2014, according to management guidance. Deutsche Bank has $24 price target. The consensus for the stock is considerably lower at $18. Investors are paid a 1.00% dividend.

Hercules Offshore Inc. (NASDAQ: HERO) is the small-cap stock to buy on the Deutsche Bank list. The company is enjoying a strengthening Gulf of Mexico pricing environment with leading edge jackup rates up 8% year-to-date and more than 50% versus the first four months of last year. The Deutsche Bank price target is $10, and the consensus is at $9.

Schlumberger Ltd. (NYSE: SLB) was another mega-cap giant mentioned in the report. Deutsche Bank expects it also to benefit greatly as the industry redeploys drilling rigs. The consensus price target for the stock is $91.50. Shareholders are paid a 1.60% dividend.

Weatherford International Ltd. (NYSE: WFT) hit a 52-week high last week. The company provides equipment and services used in the drilling, evaluation, completion, production and intervention of oil and natural gas wells worldwide. The consensus price target for the stock is $15.50.

The Deutsche Bank analysts continue to see the large-cap diversified service companies as best positioned over the balance of 2013. They also have noticed the U.S. land market bottoming out, led by pressure pumping and completion related services. The larger players, with their ability to bundle services and deliver the efficiencies that customers increasingly demand, seem to be taking share against this backdrop.

With the United States’ increasing role as a major oil exporter, domestic work should only increase for the top companies featured at Deutsche Bank. These top stocks to buy may be an investor’s best way to take advantage of this increase.

In a new report, the energy analysts at Jefferies make the case that the bigger service providers ultimately will see the largest benefit from the surge in domestic production. As the U.S. land services market gives way to that much more of a spot market, there appears to be inefficiencies of operation that can undermine operating margins, even relative to contracted relationships that may not have the same manufacturing efficiency of 24-hour/7-day operations. Simply put, the bigger, the better.

Here are the oil-field services stocks to buy from Jefferies.

Superior Energy Services Inc. (NYSE: SPN) leads off the list. Superior provides specialized oil-field services and equipment to oil and gas companies, and it spiked higher on big trading volume last week. Jefferies has a price target of $33. The Thomson/First Call consensus estimate is $32.

U.S. Silica Holdings Inc. (NYSE: SLCA) is stock to buy. Providing the material used in hydraulic fracturing, or fracking, has driven revenues substantially. The Jefferies price target is $25. The consensus estimate is $24.50.

Pioneer Energy Services Corp. (NYSE: PES) is a small cap name that makes the grade. The Jefferies price target is $9. The consensus target is higher at $10.

Helmerich & Payne Inc. (NYSE: HP) announced solid fiscal second-quarter results last week. An expected increase in natural gas drilling this summer could drive revenues even higher. The Jefferies price objective is $74. The consensus is lower at $71. Either target would represent a substantial move higher from current levels.

Ensco PLC (NYSE: ESV) broke above its 200-day moving average and has traded well lately. The Jefferies price target is $72. The consensus estimate is at $70.

National Oilwell Varco Inc. (NYSE: NOV) makes the Jefferies list and is also a top holding for billionaire T. Boone Pickens. The Jefferies price objective for the stock is $85. The consensus is also $85. This could be a top stock to buy for investors. A move to the target price would represent a 30% gain from current trading levels.

Cameron International Corp. (NYSE: CAM) first-quarter earnings missed estimates due to slower North American activity levels, but year-over-year earnings were up 29.6%. The Jefferies price target is $75, while the consensus is close at $74.50.

Halliburton Co. (NYSE: HAL) is one of the favored big three at Jefferies. Halliburton has among the largest exposure to North America, with 56% of annual revenues derived there. The Jefferies target for the stock is $49, but the consensus is slightly higher at $50.

Schlumberger Ltd. (NYSE: SLB) is another industry giant and it wraps up the Jefferies stocks to buy. With revenue gains from around the world, Schlumberger is a solid long-term portfolio holding. The Jefferies target price is $86. The consensus target is higher at $91.50.

With continued growth of hydraulic fracturing, as well as an increased focus on the oil industry as helping to provide jobs in the United States, business should continue to improve. Investors may want to add multiple names for the Jefferies list to their portfolios, with a focus on the larger market cap names.

The U.S. dollar index is trading up 00.22% today, now at 82.736. The GSCI commodity index is up 0.8% at 606.01. WTI crude oil closed up 0.3% today, at $88.01 a barrel, but closed the week down 3.6%, a third consecutive weekly loss. Brent crude trades up 0.2% at $99.69 a barrel. Natural gas is up 0.2% today at about $4.40 per million BTUs. Gold settled up 0.2% today at $1,395.60 an ounce, but posted a loss of 7% for the week, the fourth week in a row that the yellow metal has dropped.

The unofficial closing bells put the DJIA up about 10 points to 14,547.51 (0.07%), the NASDAQ rose nearly 40 points (1.25%) to 3,206.06, and the S&P 500 rose 0.88% or nearly 14 points to 1,555.25.

There were a several analyst upgrades and downgrades today, including Varian Medical Systems Inc. (NYSE: VAR) cut to ‘sell’ at Citigroup; Toll Brothers Inc. (NYSE: TOL) raised to ‘buy’ at Keefe Bruyette & Woods; Nokia Corp. (NYSE: NOK) raised to ‘market perform’ at BMO Capital Markets; Texas Instruments Inc. (NASDAQ: TXN) cut to ‘market perform’ at Raymond James; and Coach Inc. (NYSE: COH) cut to ‘neutral’ at R.W. Baird.

Earnings reports since markets closed last night resulted in some price moves today, including these as of the last half hour of trading: Advanced Micro Devices Inc. (NYSE: AMD) is down 2.3% at $2.45; Capital One Financial Corp. (NYSE: COF) is up 6.7% at $56.31; Chipotle Mexican Grill Inc. (NYSE: CMG) is up 10.9% at $364.03; E*Trade Financial Corp. (NASDAQ: ETFC) is up 3.1% at $9.84; Google Inc. (NASDAQ: GOOG) is up 4.5% at $800.35 (more coverage here); International Business Machines Corp. (NYSE: IBM) is down 8% at $190.54 (more coverage here); Microsoft Corp. (NASDAQ: MSFT) is up 3.4% at $29.76 (more coverage here); General Electric Co. (NYSE: GE) is down 4% at $21.78 (more coverage here); Honeywell International Inc. (NYSE: HON) is up 3.8% at $74.17; McDonald’s Corp. (NYSE: MCD) is down 2.1% at $99.73 (more coverage here and our ‘Company of the Week’ story here); Rockwell Collins Inc. (NYSE: COL) is up 2.4% at $61.08, and Schlumberger NV (NYSE: SLB) is down 2.1% at $69.51 (more coverage here).

Before markets open Monday morning we are scheduled to hear earnings reports from Caterpillar Inc. (NYSE: CAT), Check Point Software Technologies Inc. (NASDAQ: CHKP), Halliburton Co. (NYSE: HAL), Hasbro Inc. (NASDAQ: HAS), and NVR Corp. (NYSE: NVR).

Some standouts among heavily traded stocks today include:

Vertex Pharmaceuticals Inc. (NASDAQ: VRTX) is up 58.9% at $84.00 after posting a new 52-week high of $85.90 earlier today. The biopharmaceuticals maker reported positive mid-stage data on a treatment for cystic fibrosis.

SeaWorld Entertainment Inc. (NYSE: SEAS) is up 25% at $33.76. The theme park company held its IPO today, going out at $27 a share for 26 million shares. More coverage here.

Dell Inc. (NASDAQ: DELL) is down 3.7% at $13.44. The PC maker’s share price fell below the offer price from Michael Dell and Silver Lake Partners after Blackstone Group LP (NYSE: BX) announced that it would not make a bid for the company. More coverage here.

Stay tuned for Monday. We have noted the following events on the schedule (all times Eastern):

• 8:30 a.m. – Chicago Fed national activity index
• 10:00 a.m. – Existing home sales
• 11:30 a.m. – 3- and 6-month bill auctions

Have a safe weekend!

Sequentially, earnings were down 6% and revenues fell 5%. On a GAAP basis, EPS totaled $0.94 for the quarter, compared with $0.97 in the same period a year ago.

The company did not provide guidance in its press release, but the consensus estimate for the second quarter calls for EPS of $1.11 on revenues of $11.26 billion. For the full year, EPS is pegged at $4.67 and revenues at $45.98 billion. The full-year EPS estimate has fallen by $0.15 since Schlumberger reported fourth-quarter earnings, but the revenue estimate has increased by $39 billion.

The company’s CEO said:

International strength, in combination with resilience to challenging market conditions in North America, led to solid performance in the first quarter. While our sequential results displayed the effects of the normal seasonal slowdown in the Northern Hemisphere and the Far East, as well as lower product sales compared to the fourth quarter, our year-on-year figures demonstrated the potential of the international market, the strength of our execution, and the importance of our integration capabilities.

Schlumberger noted that its international growth “outpaced rig count,” with growth outside North America particularly strong. In North America, good results from Canada and the U.S. Gulf of Mexico “partially offset further pricing and activity weakness on land in the U.S.”

The firm continues to expect that global GDP will grow in 2013 and that oil and gas market fundamentals will grow as well. The one area that may not see strong growth is North America, where Schlumberger expects continued slower drilling activity and weak pricing. The company especially notes U.S. natural gas production: “[W]hile cold weather and flattening natural gas production has resulted in significant storage withdrawals, this has yet to result in any change in dry gas drilling activity.”

Shares are up 0.5% in premarket trading this morning, at $71.35 in a 52-week range of $59.12 to $82.00. Thomson Reuters had a consensus analyst price target of around $91.50 before today’s results were announced.

The U.S. dollar index is trading down 0.14% today, now at 82.563. The GSCI commodity index is down 1.5% at 600.97. WTI crude oil closed up 1.2% today, at $XX a barrel. Brent crude trades 1.77% at $100.39 a barrel. Natural gas is up 4.8% today at about $4.40 per million BTUs, after the weekly storage report showed a smaller-than-expected build in inventories (more coverage here). Gold settled up 0.7% today at $1,392.50 an ounce.

The unofficial closing bells put the DJIA down more than 79 points to 14,539.14 (-0.54%), the NASDAQ fell more than 38 points (-1.20%) to 3,166.36, and the S&P 500 fell -0.67% or more than 10 points to 1,541.63.

There were a several analyst upgrades and downgrades today, including Qiagen NV (NASDAQ: QGEN) started as ‘sell’ at Citigroup; Potash Corp. of Saskatchewan (NYSE: POT) started as ‘overweight’ at HSBC; HollyFrontier Corp. (NYSE: HFC) raised to ‘buy’ at BofA/Merrill Lynch; American International Group Inc. (NYSE: AIG) started as ‘outperform’ with a price target of $50 at BMO Capital Markets; and FedEx Corp. (NYSE: FDX) cut to ‘underperform’ at RBC Capital Markets.

Earnings reports since markets closed last night resulted in some price moves today, including these as of the last half hour of trading: American Express Co. (NYSE: AXP) is up 1.7% at $65.20 (more coverage here); SanDisk Corp. (NASDAQ: SNDK) is down 6.7% at $52.00 (more coverage here); eBay Inc. (NASDAQ: EBAY) is down 5.6% at $52.98 (more coverage here); Kinder Morgan Inc. (NYSE: KMI) is up 0.4% at $37.95 (more coverage here); AutoNation Inc. (NYSE: AN) is up 1.7% at $43.22 (more coverage here); Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) is up 0.3% at $28.09; Morgan Stanley (NYSE: MS) is down 4.7% at $20.47 (more coverage here); Nucor Corp. (NYSE: NUE) is down 0.4% at $XX; Peabody Energy Corp. (NYSE: BTU) is up 8.2% at $20.58 (more coal coverage here); PepsiCo Inc. (NYSE: PEP) is up 2.8% at $81.08 after posting a new 52-week high of $83.44 earlier today (more coverage here); Philip Morris International Inc. (NYSE: PM) is down 2.5% at $91.65 (more coverage here); and Verizon Communications Inc. (NYSE: VZ) is up 3% at $51.01 after posting a new 52-week high of $51.67 (more coverage here).

Before markets open tomorrow morning we are scheduled to hear earnings reports from Advanced Micro Devices Inc. (NYSE: AMD), Capital One Financial Corp. (NYSE: COF), Chipotle Mexican Grill Inc. (NYSE: CMG), E*Trade Financial Corp. (NASDAQ: ETFC), Google Inc. (NASDAQ: GOOG), International Business Machines Corp. (NYSE: IBM), General Electric Co. (NYSE: GE), Honeywell International Inc. (NYSE: HON), McDonald’s Corp. (NYSE: MCD), Rockwell Collins Inc. (NYSE: COL), and Schlumberger NV (NYSE: SLB).

Some standouts among heavily traded stocks today include:

Nokia Corp. (NYSE: NOK) is down 12.6% at $3.13. The mobile phone maker posted weak first quarter results. There’s no mercy in the markets. More coverage here.

Rite Aid Corp. (NYSE: RAD) is up 6.2% at $2.39. The drug store chain accepted the resignation of board member Jean Coutu, who has been reducing his group’s stake in the company. More coverage here.

Apple Inc. (NASDAQ: AAPL) is down 2.7% at $392.06. The tech giant’s shares will close below $400 for the first time in more than a year.

Stay tuned for Friday. Fed Governor Jeremy Stein is giving a speech. There are no other events on tomorrow’s schedule.

The U.S. dollar index is trading down 0.33% today, now at 82.260. The GSCI commodity index is down 0.2% at 636.03. WTI crude oil closed down 1.2% today, at $93.51 a barrel, following a cut to its demand estimate by the IEA (more coverage here). Brent crude trades down 1.6% at $104.26 a barrel. Natural gas is up 1.5% today at about $4.14 per million BTUs, following a report today on natural gas inventories (more coverage here). Gold settled up 0.4% today at $1,564.90 an ounce.

The unofficial closing bells put the DJIA up more than 62 points to 14,864.75 (0.42%), the NASDAQ rose nearly 3 points (0.09%) to 3,300.16, and the S&P 500 rose 0.35% or nearly 6 points to 1,593.36.

There were a several analyst upgrades and downgrades today, including Microsoft Corp. (NASDAQ: MSFT) cut to ‘sell’ at Goldman Sachs and to ‘neutral’ at Nomura; Adobe Systems Inc. (NASDAQ: ADBE) raised to ‘neutral’ at Goldman Sachs; Schlumberger Ltd. (NYSE: SLB) maintained as ‘buy’ with a $90 price target at Argus; Kraft Foods Inc. (NASDAQ: KRFT) started as ‘market perform’ at Wells Fargo; and Under Armour Inc. (NYSE: UA) reiterated as ‘outperform’ and price target raised to $64 at Credit Suisse.

Earnings reports since markets closed last night resulted in some price moves today, including these as of the last half hour of trading: ADTRAN Inc. (NASDAQ: ADTN) is up 2.1% at $22.93; Bed Bath & Beyond Inc. (NASDAQ: BBBY) is down 1.9% at $64.23 (more coverage here); NovaGold Resources Inc. (NYSEMKT: NG) is up 2.3% at $3.03 after posting a new 52-week low of $3.01 earlier today; Pier 1 Imports Inc. (NYSE: PIR) is down 0.2% at $23.29; and SemiLEDS Corp. (NASDAQ: LEDS) is down 18.2% at $1.17.

Before markets open tomorrow morning we are scheduled to hear from Crumbs Bake Shop Inc. (NASDAQ: CRMB).

Some standouts among heavily traded stocks today include:

Rite Aid Corp. (NYSE: RAD) is up 18.7% at $2.13 after posting a new 52-week high of $2.15 earlier today. The drug store chain beat earnings expectations last night. More coverage here.

ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD) is up 67.4% at $13.34 after posting  a new 52-week high of $13.92 earlier today. The clinical stage biopharmaceutical company said today that it will file for accelerated approval of an anti-psychosis drug for patients with Parkinson’s disease.

BlackBerry (NASDAQ: BBRY) is down 7.8% at $13.55. The mobile phone maker is reported to be seeing large numbers of returns for its Z10 touchscreen phone. More coverage here.

Hewlett-Packard Co. (NYSE: HPQ) is down 6.6% at $20.84. The PC and printer maker is getting battered on a report from IDC that PC sales are collapsing. More coverage here.

Stay tuned for Friday. Fed Chairman Ben Bernanke is giving a speech. We have also noted the following events on the schedule (all times Eastern):

• 8:30 a.m. – Producer price index
• 8:30 a.m. – Retail sales
• 9:55 a.m. – Thomson Reuters/University of Michigan consumer sentiment index
• 10:00 a.m. – Business inventories

Adobe Systems Inc. (NASDAQ: ADBE) raised to Neutral from Sell at Goldman Sachs.

Apple Inc. (NASDAQ: AAPL) maintained Buy with $630 price target on Yahoo! ties at Stern Agee.

Digital Realty Trust inc. (NYSE: DLR) cut to Neutral at Macquarie.

Fortinet Inc. (NASDAQ: FTNT) lowered guidance and shares are down 17%. It was downgraded to the equivalent of Neutral or Hold by BofA/Merrill Lynch, Needham, Wells Fargo and perhaps other firms.

Kraft Foods Inc. (NASDAQ: KRFT) started as Market Perform at Wells Fargo.

Microsoft Corp. (NASDAQ: MSFT) cut to Sell from Neutral at Goldman Sachs (FULL SUMMARY) and cut to Neutral from Buy at Nomura.

Mondelez International Inc. (NASDAQ: MDLZ) started as Outperform at Wells Fargo.

Schlumberger Ltd. (NYSE: SLB) maintained Buy with $90 target price but lowered earnings estimates ahead of earnings at Argus.

Toll Brothers Inc. (NYSE: TOL) raised to Neutral from Negative at Susquehanna.

Under Armour Inc. (NYSE: UA) reiterated Outperform and raised target to $64 from $60 at Credit Suisse.

Jefferies raised its targets and estimates on many Big Pharma stocks.

Merrill Lynch sees upside earnings surprises from these eight large companies during earnings season.

Argus made many big changes in its model portfolios today.

Against a backdrop of a tremendous rally that actually began after the presidential elections last November, more and more investors are becoming anxious because they are not involved. A 13-year secular bear market and two numbing market sell-offs have taken their toll on investor psyche. In a new report, the equity strategy team at Deutsche Bank A.G. (NYSE: DB) has screened for the names investors can buy today and feel comfortable with.

Deutsche Bank advised investors to resist the urge to sell last week because they expect the S&P 500 to advance well into record-high territory this spring. They gave three specific reasons:

1. The Federal Reserve reiterated its commitment to asset purchases until the job market gets considerably better.
2. Congress passed a budget resolution alleviating the possibility of shutdown risk.
3. They are expecting good first-quarter earnings reports, with 5% to 6% year-over-year growth.

With those three positives as a backdrop here are the stocks to buy now:

Leading the ratings parade again, broadcasting giant CBS Corp. (NYSE: CBS) kicks off the Deutsche Bank list. The Jeffries price target for the stock is $50. The Thomson/First Call estimate is right in line at $49.

Dow component E. I du Pont de Nemours & Co. (NYSE: DD) is a stock to buy now. It is a strong benefactor of domestic and global economic growth. The Deutsche Bank target for this market leading stock is $55. The Wall St. consensus price target is $52. DuPont pays investors a solid 3.5% dividend.

Worldwide entertainment leader Walt Disney Co. (NYSE: DIS) is always a solid portfolio name. From theme parks to the ABC television network and ESPN, Disney has multiple streams of earnings. The Deutsche Bank price target is $63, and the consensus is right in line at $62.50. Disney pays a small 1.30% dividend.

With a potential for strong first-quarter earnings, buoyed by the surge in home building, Honeywell International Inc. (NYSE: HON) is a stock to buy now. The price target for this diversified blue chip is $88. The consensus target is much lower at $78. Honeywell pays a 1.65% dividend.

International Business Machines Corp. (NYSE: IBM) is another Dow component among many on the list. It has large recurring income streams from its service business, and the price target for big blue is $240. The consensus estimate is $230. IBM pays a small 1.60% dividend.

European chemical giant LyondellBasell Industries N.V. (NYSE: LYB) is one of the few foreign-based blue chips on the list. The Deutsche Bank target for the stock is $75, and the consensus price target estimate is $71.

Fast-food behemoth McDonald’s Corp. (NYSE: MCD) is on the menu, with its constant expansion in the United States and abroad, and an expanded menu to suit consumer tastes. The price target for the stock is $108. The consensus target is $103. McDonald’s pays investors a solid 3% dividend.

Worldwide oil field services leader Schlumberger Ltd. (NYSE: SLB) is a solid stock to buy now. It benefits from solid West Texas and Brent crude pricing. The Deutsche Bank price target for the stock is $91. The consensus target is right in line at $92. Investors receive a 1.70% dividend.

Rounding out the list of stock to buy is gaming giant Wynn Resorts Ltd. (NASDAQ: WYNN), with its opulent and profitable resorts in Las Vegas and Macau. The Deutsche Bank price target for this Wall St. favorite is $146. The consensus estimate is $141. Wynn pays investors a good 3.40% dividend.

Read Also: 19 Stocks Expected to Rise 50% to 100%

Clearly the team at Deutsche Bank wants to be involved in equities that are the bluest of blue chips. For investors, that advice makes good sense. With the market seemingly ready for a correction, putting new capital to work in big, liquid names is a smart idea. Investors also may want to buy half positions now and see if that possible correction doesn’t provide the ability to buy the other half cheaper.

In a new report, one firm on Wall St. is not only forecasting the beginning of a new secular bull market, but it is raising the bar for all-around equity performance in 2013.

The U.S. equity strategy team at Deutsche Bank A.G. (NYSE: DB) has not only raised their target for the S&P 500, but they have substantially raised their first quarter gross domestic product forecast from 1.7% to 2.3%. Stronger U.S. growth, and particularly the upturn in business spending, underlies their boost to 2013 estimated S&P earnings per share to $109 from $108.

In addition, they expect the S&P 500 to make secular bull market advances this spring and boldly go where it has never gone before. Their target for 2013 is now 1,625, almost 70 points higher than Friday’s 1,556.89 close, or an additional 4.5% on top of this years 8.39% gain. They acknowledge their tactical call is difficult, but they think the S&P 500 climbs higher this spring before suffering a 5% or more dip. It could be a “sell in May and go away” (for a while) situation.

This is all great news for stock investors. The question is where to best place the capital in a portfolio to take advantage of a secular bull market? The Deutsche Bank team has a plan. Their advice is to participate in the likely grind higher over the next couple of months with overweights in financials, tech and industrials. They see the best reward/risk at the large enterprise spending exposed tech stocks.

Also Read: Enduring Eight Tech Stocks to Buy.

To play the secular bull market, the Deutsche Bank analysts stress five specific areas to invest in:

1. Global Growth — stocks with high foreign and export sales. The names from their list of stocks to buy that may fit this best are Honeywell International Inc, (NYSE: HON), General Electric Co. (NYSE: GE), International Business Machines Corp. (NYSE: IBM) and Qualcomm Inc. (NASDAQ: QCOM).

2. Capital Expenditure (CAPEX) — stocks with high exposure to investment spending. Investors may want to consider United Technologies Corp. (NYSE: UTX), Illinois Tool Works Inc. (NYSE: ITW), EMC Corp. (NYSE: EMC) and Accenture PLC (NYSE: ACN).

3. Dividend Growth — stocks with ability to raise dividend payout ratios. In this category the Deutsche Bank list of stocks to buy suggests Citigroup Inc (NYSE: C), Allstate Corp. (NYSE: ALL), Intel Corp. (NASDAQ: INTC) and Amphenol Corp. (NYSE: APH).

4. Debt Capacity — stocks that can issue cheap debt for acquisitions or buybacks. Investors should consider Rockwell Automation Inc. (NYSE: ROK), Precision Castparts Corp. (NYSE: PCP), Google Inc. (NASDAQ: GOOG) and Microsoft Corp. (NASDAQ: MSFT).

5. Economic Profit Growth — above average PE stocks justified by value added growth. In this category the Deutsche Bank list of stocks to buy has solid names like Wynn Resorts Ltd. (NASDAQ: WYNN), Viacom Inc. (NASDAQ: VIAB), Schlumberger Ltd. (NYSE: SLB) and Cognizant Technology Solutions Corp. (NASDAQ: CTSH).

The past 13 years have provided investors with gut-wrenching bear market sell offs that have challenged even the staunchest equity advocates to throw in the towel. History tells us that the average length of the three previous secular bear markets was 18 years. Nobody can say for sure if the current secular bear market has come to an end. One thing investors need to keep a very close eye on is a substantial breakout above the old 2007 highs. Even if we do experience an expected 5% decline, that may be the chance to buy the stocks to add for the new secular bull market run.