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Here are some highlights from last week's earnings coverage from BloggingStocks:

• Adobe Systems Inc. (NASDAQ: ADBE) just beat low Q3 earnings estimates but revenue also declined.
• Best Buy Co. Inc. (NYSE: BBY) earnings fell short of estimates but revenue was better than expected.
• Cracker Barrel Old Country Store Inc. (NASDAQ: CBRL) posted better-than-expected Q4 earnings.
• Discover Financial Services (NYSE: DFS) posted a surprise Q3 profit but shares rose slightly on the news.
• Dress Barn Inc. (NASDAQ: DBRN) reported modest growth in both net income and revenue in Q4.
• FedEx Corp. (NYSE: FDX) said that its Q1 earnings and revenue dropped but its cash flow has improved.

Today was another up day and you have to wonder if the woes of the world we all felt a few short months ago are just gone for good. Bernanke said the recession is effectively lower. The inventories are getting low enough that a manufacturing surge could come. And inflationary fears are not scaring traders. If this was a football game, it seems that the bulls keep scoring, and the bears just got a couple accidental safety scores.

Here are today's unofficial closing bell levels:

Dow 9,683.41 +56.61 (0.59%)
S&P 500 1,052.63 +3.29 (0.31%)
Nasdaq 2,102.64 +10.86 (0.52%)

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Kroger (NYSE: KR) reported second-quarter earnings Tuesday and the results were disappointing to the Street and to options investors who may have bet the other way.

First, the bottom line up front. The grocery retailer earned 39 cents per share, down from 42 cents in the year-ago period and a nickel short of what analysts were expecting. Sales, meanwhile, dipped to $17.7 billion from $18.1 billion, also falling shy of Wall Street's consensus view.

Memphis-based package delivery giant FedEx Corp. (NYSE: FDX) is generally seen as an indicator of the state of commerce in the U.S. Last week, not only did the Fed's Beige Book report suggest that the economy had stabilized over the summer, with signs of recovery in some districts, But FedEx also boosted its earnings guidance due to stronger-than-expected volume in its international priority-delivery service. So a question going in to FedEx's fiscal first-quarter report this week is whether the company is still a bellwether.

For the three months that ended in August, when FedEx opened distribution hubs in Chicago and Toledo and declared a quarterly dividend, analysts surveyed by Thomson Reuters are looking for it to report that earnings fell 60.2% from a year ago to $0.49 per share. That's also down 23.4% from the previous quarter, as well as less than the recently updated outlook. First quarter revenue is expected to be down 18.3% from a year ago to $8.2 billion.

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Accenture Ltd. (NYSE: ACN) beat earnings expectations but revenue was hurt by currency effects.
• Bed Bath & Beyond Inc. (NASDAQ: BBBY) strong Q1 results beat estimates but same-store sales fell.
• CKE Restaurants Inc. (NYSE: CKR) lower Q1 earnings and strong sales both topped expectations.
• ConAgra Foods Inc. (NYSE: CAG) higher Q4 earnings were in line with expectations, and shares slipped.
• Darden Restaurants Inc. (NYSE: DRI) Q4 results were higher, but it warned of continuing challenges.
• Hennes & Mauritz (OTC: HMRZF) reported strong Q2 numbers, though same-stores sales slipped.

Kroger (NYSE: KR), a supermarket chain that competes with Wal-Mart (NYSE: WMT), Costco (NASDAQ: COST), and Supervalu (NYSE: SVU), issued its Q1 earnings report today. Not much came of it, though. The stock, as of this writing, isn't doing much in afternoon trading. Too bad for shareholders, because the bottom line beat the analysts.

According to the earnings preview from Michael Fowlkes, Kroger was expected to deliver around 61 cents per share. Well, Kroger earned 66 cents per share. The number improved last year's performance by 8 cents. Revenues were essentially flat. Same-store sales increased a little over 3%. When you think about it, Kroger did pretty well.

Kroger, the nations largest grocery chain, will be reporting its fiscal first quarter earnings tomorrow before the market opens.

The current slowdown in consumer spending has actually played into the hands of Kroger (NYSE: KR). Households have been cutting back on dinners at restaurants, and looking for cheaper ways to feed the family. As a result, grocery sales are up, and for Kroger, its name brand products have also been on the rise.

When we first noted a small-ish recall which were recalled yesterday and, at first blush, the alert looks as if it could be as widespread and enormous as the peanut butter recall (mollified a little by the fact peanuts are far more ubiquitous than pistachios). recall of canned pistachios early yesterday, it was limited to Kroger (NYSE: KR) and, frankly, made little in the way of waves. Later, the news began to hearken to the beginning of the peanut recall, in which I wondered how many foods could be impacted (oh, I had no idea!). The pistachio nuts' originator, Setton Pistachio of Terra Bella, Calif., decided to recall its 2008 crop after Kraft (NYSE: KFT) tested some of its pistachio-containing products and found "several types of salmonella." Where the possibly tainted pistachios ended up isn't clear, but Kraft pulled a trail mix with pistachios.

The nuts were sent in 1,000-pound and 2000-pound bags to wholesalers, who then parceled the pistachios further to redistribute them among retailers and manufacturers. As I wrote on DailyFinance, this is yet another example of a food industry that is built on logistics, not food; quality ingredients are marketing, not reality. Neither Kroger nor Kraft nor even (to point a finger at random) Unilever's Haagen-Dazs ice cream can trace to the individual farm the origin of all of their ingredients, no matter how many times the packaging mentions it.

It's further proof that food safety is not truly possible in the industry as it currently stands.

Anyone out there like pistachios? Can't say that I do, what with turning my fingers green and all that, I'll settle for a nice, meaty cashew any day. Ah, but I digress. If you are a pistachio lover, and a Kroger (NYSE: KR) shopper, you may want to pay special attention.

On Friday, KR recalled a line of its pistachios because of a potential salmonella contamination. KR announced a recall of the "Private Selection" shelled pistachios sold in 10-ounce containers with a December 13, 2009 sell-by date, UPC number 1111073615.

The company stated that no illnesses have been reported in connection with the product, and it would give no idea of how the pistachios were exposed to salmonella. The nuts were sold at 17 of KR's chains in 31 states, including Kroger, Ralphs, Fred Meyer, Fry's, King Soopers, Smith's, Dillons QFC, City Market, Foods Co., Jay C., Scott's, Owen's, Baker's, Gerbes, Hilander, and Pay Less.

The timing of this announcement could be bad for KR, as its shares have started to perk up of late. The grocer was trading near the $27 region when the year started, but has fallen as low as the $19 region in the first three months of 2009. That said, the stock has rallied a bit and is trading in the lower $22 region.

Hopefully this recall won't affect the stock's price, but don't count out a bit of a drop thanks to the news. As to how far the stock could fall, that is anybody's guess. This follows closely on the heels of the big peanut salmonella case earlier this year.

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Aeropostale Inc. (NYSE: ARO) reported strong Q4 numbers as same-store sales increased.
• American Eagle Outfitters Inc. (NYSE: AEO) same-store sales fell in Q4 but earnings met expectations.
• ArcSight Inc. (NASDAQ: ARST) continued its growth in Q3 and it forecast continued growth.
• Buckle Inc. (NYSE: BKE) posted a better-than-expected Q4 profit and continued same-store sales growth.
• Citigroup Inc. (NYSE: C) CEO said in a memo that it earned a profit in the first two months of this quarter.
• Dick's Sporting Goods Inc. (NYSE: DKS) beat Q4 earnings estimates but same-store sales fell.

More wonderful and weird tidings: Bain Capital, the brainiac Boston buyout fund, has hired salvage consultancy AlixPartners to extricate any remaining value from its bankrupt buy-out, Outback Steakhouse Incorporated. Outback is the originator of mega-calorie Blooming Onion, and is apparently too many calories for Bain, as the company reported a quarterly loss of a whopping $750 million.

Big grocery chain The Kroger Company (NYS: KR) reported strong earnings. That's the good news. The bad news? Growth was fueled by record growth in purchases by customers of its private label goods, which rose to a stunning 35% of total store purchases. Not only cat food, but white label cat food for the recession, people.

Call me sentimental, but there are many things I miss about my old stomping grounds of Cincinnati, Ohio. The trendy but well-run restaurants lining the Hyde Park neighborhood. Joseph-Beth, the best bookstore I've ever entered. Certain karaoke bars. Cincinnati chili, of course.

And Kroger. Yes, Kroger Co. (NYSE: KR), headquartered in the Queen City, is the top grocery chain in the country, but has no locations in Chicago. I miss its store-brand crackers, its salad bar, and occasionally, even its commercials.

With all the gloom in the global economy, I got to wondering whether there is anything else going on in the world of business. I'm looking for growth because I think that's what will ultimately bring the economy out of the doldrums. Not surprisingly, that growth is coming from technology companies. In Growth Matters, I look at consumer technology companies that point the way to growth trends -- and in the process introduce services and products you may want to explore.

With people looking to save money, coupons are more important than ever. But wouldn't it be great if you could get the benefits of a coupon without clipping them and taking them with you shopping? If you have a cell phone, you can get this with Cellfire.

Kroger (NYSE: KR) closed at $21.32. KR will release Q4 results on March 10. KR March option implied volatility is at 49, July is at 44; above its 26-week average of 42, according to Track Data, suggesting slightly larger price movement.

BJ's Wholesale (NYSE: BJ) Wholesale closed at $28.26. BJ is expected to report Q4 EPS on March 4. BJ March option implied volatility is at 59; April is at 50; near its 26-week average of 55 according to Track Data, suggesting larger price movement into EPS.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

Back in 2001, Jim Collins had a monster of a business bestseller with his book Good to Great: Why Some Companies Make the Leap. . . and Others Don't. In it, Collins explored companies that have become hugely successful and found that success generally comes as a result of focusing resources on things that you're good at instead of mindlessly diversifying.

Arkansas Business writer Jeff Hankins read the book again to see how the companies profiled have weathered the downturn. The companies profiled were Abbot Laboratories (NYSE: ABT), Kroger (NYSE: KR), Kimberly-Clark (NYSE: KMB), Walgreens (NYSE: WAG), Altria (NYSE: MO), Nucor (NYSE: NUE), Pitney Bowes (NYSE: PBI), Wells Fargo (NYSE: WFC) and tragically, Fannie Mae and Circuit City. Gilette was eliminated from contention because of a merger.