The earnings previews are for the following: Akamai Technologies, Inc. (NASDAQ: AKAM); Atmel Corporation (NASDAQ: ATML); Cisco Systems Inc. (NASDAQ: CSCO); Computer Sciences Corporation (NYSE: CSC); Enbridge Inc. (NYSE: ENB); Groupon Inc. (NASDAQ: GRPN); Ingram Micro Inc. (NYSE: IM); IntercontinentalExchange Inc. (NYSE: ICE); Level 3 Communications Inc. (NASDAQ: LVLT); Moody’s Corporation (NYSE: MCO); News Corp. (NASDAQ: NWSA); PAA Natural Gas Storage L.P. (NYSE: PNG); Plains All American Pipeline L.P. (NYSE: PAA); Prudential Financial Inc. (NYSE: PRU); Ralph Lauren Corporation (NYSE: RL); Reynolds American Inc. (NYSE: RAI); Sprint Nextel Corporation (NYSE: S); Time Warner Inc. (NYSE: TWX); Vical Inc. (NASDAQ: VICL); Visa Inc. (NYSE: V); and Whole Foods Market Inc. (NASDAQ: WFM).

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

Akamai Technologies, Inc. (NASDAQ: AKAM) has estimates of $0.40 EPS and $311.26 million in revenues.

Atmel Corporation (NASDAQ: ATML) has estimates of $0.09 EPS and $401.5 million in revenues.    Growth is gone, but it still screens as value.

Cisco Systems Inc. (NASDAQ: CSCO) has estimates of $0.43 EPS and $11.23 billion in revenues.  Preliminary preview notes are available.

Computer Sciences Corporation (NYSE: CSC) has estimates of $0.58 EPS and $3.98 billion in revenues.  As a reminder, CSC has warned on earnings.  This one shows up as a value stock in all sorts of investor screens but it is a value trap.

After reviewing and filtering all of these research reports, we end up with the top analyst calls of the week.  The top analyst calls of the week were in the following stocks: American Water Works Company, Inc. (NYSE: AWK); Annaly Capital Management, Inc. (NYSE: NLY); ARM Holdings PLC (NASDAQ: ARMH); Intel Corporation (NASDAQ: INTC); Bank of America Corporation (NYSE: BAC); Citigroup, Inc. (NYSE: C); J.P. Morgan Chase & Co. (NYSE: JPM); Caterpillar Inc. (NYSE: CAT); Delta Air Lines (NYSE: DAL); Dendreon Corporation (NASDAQ: DNDN); Diamond Foods, Inc. (NASDAQ: DMND); Human Genome Sciences Inc. (NASDAQ: HGSI); OpenTable, Inc. (NASDAQ: OPEN); SanDisk Corporation (NASDAQ: SNDK); Valero Energy Corporation (NYSE: VLO); Vical Inc. (NASDAQ: VICL); and YRC Worldwide Inc. (NASDAQ: YRCW).

American Water Works Company, Inc. (NYSE: AWK) was down on Friday, but earlier in the week it was added to the #1 Strong Buy List at Zacks.  Despite its performance and valuations, we still see this one as a favorable stock for most investment portfolios.

Annaly Capital Management, Inc. (NYSE: NLY) saw shares slide this last week but we had an analyst duel.  Wells Fargo raised Annaly to Outperform on Thursday, but Ladenburg Thalmann cut the rating to Neutral from Buy.

ARM Holdings PLC (NASDAQ: ARMH) was given a much better upside call against Intel Corporation (NASDAQ: INTC) by BMO Capital Markets mid-week, but this call goes against what the consensus analyst group is calling for.  BMO raised ARM to Outperform and simultaneously downgraded Intel to Market Perform in the call.

Banking Sector Alert: On Tuesday afternoon came a bank sector downgrade by S&P Capital IQ, where Bank of America Corporation (NYSE: BAC), Citigroup, Inc. (NYSE: C) and J.P. Morgan Chase & Co. (NYSE: JPM) were both downgraded to “Hold” from “Buy.” On Wednesday morning Credit Suisse actually raised Citigroup, Inc. (NYSE: C) to “Outperform” and it gave a $48 price target.

Caterpillar Inc. (NYSE: CAT) was one of the few infrastructure players given a positive call by a new round of research calls by Morgan Stanley this last Wednesday.  The firm started Caterpillar with an “Overweight” in a call which was cautious among many infrastructure and farming equipment makers.

Big Lots Inc. (NYSE: BIG) Raised to Outperform at Wedbush.
Chico’s FAS Inc. (NYSE: CHS) Cut to Neutral at Citigroup.
Delta Air Lines (NYSE: DAL) Raised to Outperform as Bull of the Day at Zacks.
Energy Recovery Inc. (NASDAQ: ERII) Started as Neutral at Credit Suisse.
PPG Industries, Inc. (NYSE: PPG) named as Value stock of the Day at Zacks.
Plexus Corporation (NASDAQ: PLXS) named Bear of the Day at Zacks.
Randgold Resources Limited (NASDAQ: GOLD) Cut to Hold at Canaccord Genuity.
Royal Gold, Inc. (NASDAQ: RGLD) Cut to Sector Perform at National Bank.
SandRidge Energy, Inc. (NYSE: SD) Cut to Hold at Stifel Nicolaus.
Stanley Black & Decker Inc. (NYSE: SWK) Raised to Buy at Argus.
SunPower Corporation (NASDAQ: SPWRA) Cut to Underperform at Macquarie.
Transocean Ltd. (NYSE: RIG) Cut to Underperform at Macquarie.
Trina Solar Limited (NYSE: TSL) Cut to Neutral at Macquarie.
Vical Inc. (NASDAQ: VICL) Started as Outperform with $7 target at Credit Suisse.
VIVUS, Inc. (NASDAQ: VVUS) Started as Outperform with $15 target at Credit Suisse.
YRC Worldwide Inc. (NASDAQ: YRCW) Raised to Hold fro Sell at Stifel Nicolaus.

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JON C. OGG

AEGON N.V. (NYSE: AEG) maintained “Buy” but removed from Conviction Buy List at Goldman Sachs.
Alcoa Inc. (NYSE: AA) Started as Outperform with $20 target at Credit Suisse.
Agrium Inc. (NYSE: AGU) Reiterated Buy as Value at Zacks.
Ardea Biosciences Inc. (NASDAQ: RDEA) Raised to Outperform as Bull of the Day at Zacks.
CenturyLink Inc. (NYSE: CTL) Cut to Underperform as Bear of the Day at Zacks.
Cerner Corporation (NASDAQ: CERN) Added to Conviction Buy List at Goldman Sachs.
ConocoPhillips (NYSE: COP) Reiterated Buy at Argus.
CONSOL Energy Inc. (NYSE: CNX) Started as Outperform with $62 target at Credit Suisse.
Diamond Foods, Inc. (NASDAQ: DMND) Cut to Hold at Deutsche Bank.
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) Started as Buy at BofA/ML; Started as Outperform at Credit Suisse.
Google Inc. (NASDAQ: GOOG) Reinstated as Buy at Needham; Reiterated Buy with $800 target at Canaccord Genuity.
ICICI Bank Ltd. (NYSE: IBN) Cut to Neutral at Credit Suisse.
JPMorgan Chase & Co. (NYSE: JPM) Reiterated Hold at Argus.
Newmont Mining Corp. (NYSE: NEM) Started as Neutral with $65 target at Credit Suisse.
Peabody Energy Corp (NYSE: BTU) Started as Outperform at Credit Suisse.
Stillwater Mining Company (NYSE: SWC) Started as Outperform with $24 target on Focus List at Credit Suisse.
STMicroelectronics NV (NYSE: STM) Cut to Equal-Weight at Morgan Stanley.
Transocean Ltd. (NYSE: RIG) Raised to Buy at Jefferies.
Vical Inc. (NASDAQ: VICL) Reiterated Buy with $8 target at Canaccord Genuity.

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

Dendreon Corporation (NASDAQ: DNDN) was a call that we are highlighting due to its timing rather than due solely to its impact.  On Friday came new coverage from ThinkEquity with a “Buy” rating and a $50.00 price target.  What makes this key is that this comes ahead of earnings and the firm cited better than expected growth in Provenge sales.  This is actually our second time this month that Dendreon was in the top analyst calls of the week.

Infospace Inc. (NASDAQ: INSP) was one we were surprised to see pop this week after beating earnings expectations and slightly raising guidance.  If there is one of the old great dot-com bubble stocks that deflated and became dead money it is Infospace.  Then came a call this week from S&P Equity Research and the ratings agency raised the stock rating to “Buy” and gave a price target objective of $11.00 per share.  This is above the consensus average target and the high for the year is $10.91.  This stock was at $8.78 before earnings.  S&P’s key note, “we note that the core search business showed sequential improvement with the addition of a number of a new distribution partners.”  Our food for thought here for a company trades close to book value… maybe Infospace can catch some of the Groupon mojo like we highlighted in other names.

Molycorp, Inc. (NYSE: MCP) may be peaking.  This last week brought a downgrade from Gabelli & Co., although the downgrade did not really take much wind out of the stock.  What is important here is that at some point more analysts will likely be forced to join in as the valuation is something we have cited as going from excessive to one of crack and meth.  Molycorp actually closed up $5.00 this week, but the downgrade may have put a cap on it after that Monday rally. 

SIRIUS XM Radio Inc. (NASDAQ: SIRI) was one where we issued our own outlook of what to expect with some warnings after the stock hit $2.00 early in the week.  It was only about 12-hours later that SIRIUS XM was given a downgrade on valuation by Lazard.  This is ahead of its earnings report and the downgrade was followed by a call from Wunderlich advising clients not to chase SIRIUS XM shares.  What made this stand out even more is that SIRIUS XM shares totally ignored the calls.  Yep, what seems to be one of the top calls turned out to be a dud as shares closed at $1.985 after having hit $2.00 for a 52-week high on 3 different days this week versus a $1.93 close the prior Friday. 

Vical Inc. (NASDAQ: VICL) was impossible to not have on the list of the gutsiest and greatest analyst calls of the week.  Canaccord Genuity issued a “Buy” rating but not just any ordinary “Buy” rating.  The firm is looking for shares to rise about 146% from its pre-call price.  The research call created a 10% pop, and we have another fund manager who tipped us off on this one with more positive insight ahead through 2011.  Full details of the Vical call with background data are at BioHealthInvestor.com.

The technical analysis call of the week goes to Bank of America Merrill Lynch.  While it did not mention the iShares Silver Trust (NYSE: SLV) nor the ETFS Physical Silver Shares (NYSE: SIVR) exchange-traded products, the report should have as these will be the direct winners if it comes true… The firm sees a technical breakout calling for not just $50 silver… Bank of America Merrill Lynch gave the technical reasons for why it sees $80 silver, and gave chart updates as well. 

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

Air Products & Chemicals Inc. (NYSE: APD) Reiterated Buy and $108 target at Argus.
Altria Group Inc. (NYSE: MO) Cut to Hold at Argus.
ARM Holdings plc (NASDAQ: ARMH) Raised target and estimates at Citigroup.
Athenahealth, Inc. (NASDAQ: ATHN) Started as Underperform at Oppenheimer.
Brocade Communications Systems, Inc. (NASDAQ: BRCD) Raised to Outperform at Baird.
Corn Products International Inc. (NYSE: CPO) Cut to Hold at S&P Equity Research (late-Monday call).
General Electric Co. (NYSE: GE) Reiterated Buy with $26 target at Argus.
Honeywell International Inc. (NYSE: HON) Reiterated Buy and Raised target to $70 at Argus.
Ingersoll-Rand Plc (NYSE: IR) Raised to Buy at BofA/ML.
MGM Resorts International (NYSE: MGM) Cut to Underperform with $11 target at Credit Suisse.
Morgan Stanley (NYSE: MS) maintained Underperform as Bear of the Day at Zacks.
Netflix, Inc. (NASDAQ: NFLX) Cut to Sell with $170 target at Janney; reiterated Outperform at Credit Suisse.
Occidental Petroleum Corporation (NYSE: OXY) Raised to Buy at Deutsche Bank.
Pan American Silver Corp. (NASDAQ: PAAS) Raised to Buy at Jefferies.
Spansion Inc. (NASDAQ: CODE) Reiterated Buy and $28 target at Gleacher & Co.
Vical Inc. (NASDAQ: VICL) Started as Buy at Canaccord.
Wynn Resorts, Ltd. (NASDAQ: WYNN) maintained Outperform as Bull of the Day at Zacks.
YUM! Brands Inc. (NYSE: YUM) Reiterated Outperform and raised target to $61 at Credit Suisse.

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JON C. OGG

Apollo Group, Inc. (NASDAQ: APOL) is down 10% on heavy volume premarket to $38.50, relative to a 52-week range of $33.75-$66.69. The company issued disappointing FY projections.

Bravo Brio Restaurant Group, Inc. (NASDAQ: BBRG) is up 2% premarket on heavy volume to $17.00, within a 52-week range of $14.26-$20.29. The company issued an offering of 4.1 million shares at $16.25 per share.

Vical Incorporated (NASDAQ: VICL) is up 4.4% premarket to $2.84, relative to a 52-week range of  $1.70-$4.05.

The monoclonal antibody may sound a bit like Provenge from Dendreon Corporation (NASDAQ: DNDN).  It uses the body’s immune system against tumors.  The average life in trials was extended to 10 months from about 6.4 months.  Provenge and its proposed circa-$90,000 regimen cost suddenly sounds cheap after its harsh criticism over drug costs.  Yervoy will cost close to $120,000 for a full regimen of four treatments in a three-month period.  

While the overall survival might not sound like a true life-saver just on the surface, about 20% of patients lived more than two years and some even longer. ipilimumab dates back to Medarex before it was acquired by Bristol-Myers. Bristol-Myers has another potential blockbuster drug on its hands and it actually has a dividend yield of close to 5% at this time. 

A portfolio manager sent something in this weekend that showed some additional interim data regarding Vical Inc. (NASDAQ: VICL). Additional data is due later this year and this portfolio manager has very high expectations for its A-7 study after the Provenge and Yervoy approvals were viewed as having knocked down the barriers to cancer approvals for oncology drugs ahead.

While we had to skim over much more than we would normally eliminate, the market is so far only treating this melanoma approval with a minimal impact.  Bristol-Myers shares are up 0.1% at $27.32.  Oddly enough, Dendreon is up 1.7% at $33.52 and Vical is up 1.6% at $2.54 so far this morning. 
 
JON C. OGG

Vical (NASDAQ: VICL) down 14% on late stage drug trial failure.

ARM Holdings (ARMH) up 7% on buyout rumors.

Sirius XM (NASDAQ: SIRI) is up 2% on positive analyst calls.

NetFlix (NASDAQ: NFLX) is up 3% on an expanded relationship with NBC.

Tibco (NASDAQ: TIBX) is up 6% on strong earnings and takeover rumors.

The Finish Line (NASDAQ: FINL) is down 11% on bad earnings.

Douglas A. McIntyre

Adobe Systems, Inc. (NASDAQ: ADBE) is down sharply after revenue forecasts were shy of expectations, like the Apple woes did not signal that.  Share sare down 20% at $26.27 on active trading.  The 52-week range is $26.01 – $38.20.

Biogen Idec Inc. (NASDAQ: BIIB) is getting hit after Novartis got an MS drug approval from the FDA that could be a rival to Biogen’s MS franchise.  Shares are down almost 5% at $55.45.

Deutsche Bank AG (NYSE: DB) is getting a bit of a recovery after seeing shares hit yesterday.  So far the ADR is up 2% at $55.25.

Microsoft Corporation (NASDAQ: MSFT) sees that no good deed goes unpunished after announcing a debt raise and dividend boost.  Shares are down 1.15% at $24.86 on over 200,000 shares.

Origin Agritech Limited (NASDAQ: SEED) is up after it reached a worldwide agreement with the Institute of Plant Protection, Chinese Academy of Agricultural Sciences (CAAS), which jointly owns the rights to the internally developed Bt-gene.  Shares are trading up 9.22% at $8.29 on over 40,000 shares.

Research in Motion Limited (NASDAQ: RIMM) is seeing shares trade up almost 1% at $47.60 after word of a rival for the tablet PC and after TheStreet.com said it could possibly double.

Vical Incorporated (NASDAQ: VICL) is getting squashed on news that it and Sanofi’s Ischemia drug failed late stage trials.  Shares are down 35% at $2.50 on over 40,000 shares.

VIVUS, Inc. (NASDAQ: VVUS) shares are up close to 6% at $7.14 on over 70,000 shares after Canaccord raised the rating and on continued positive news about its obesity drug candidate.

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

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JON C. OGG