U.S. stock futures edged higher Tuesday morning, pointing to a potential second day of gains on Wall Street. As investors look to recover from January's down market, digesting more earnings this morning, they also await some economic data, including housing and auto sales and a Senate hearing on proposed new rules on financial reform.

Already on Monday, the tide started turning from January's depressed sentiment following strong manufacturing data and better-than-forecast Exxon Mobil earnings. The Dow industrials, the Nasdaq composite and the S&P 500 all finished more than 1% higher.

Analysts surveyed by Thomson Reuters are looking for life insurance giant MetLife Inc. (MET) to report that its earnings rose 80.0% from a year ago to $0.95 per share for the three months that ended in December. Revenue, however, is expected to total $12.6 billion, which is down 10.1% from a year ago, during a fourth quarter in which it offered guidance and declared a quarterly dividend. The analysts' forecast for the full year calls for earnings of $2.89 per share (-25.7%) on $48.3 billion in revenue (-5.3%). This New York-based insurer's earnings results have been better than expected in three of the past four quarters, beating estimates by as much as 20 cents per share.

MetLife's long-term EPS growth forecast is 10.7%, which is better than that of competitor Prudential Financial Inc. (PRU), and its earnings multiple is 8.8x. The First Call consensus recommendation has been to buy MET for more than 90 days, despite a recent downgrade of the stock. The mean price target is $42.87. Shares have been trading between $32.00 and $40.00 since August and closed the week at $35.32.

Are you tired of seeing rising prices at the pump take money out of your wallet? Well, what are you waiting for? Profit from rising oil/gasoline prices by acquiring shares of BP plc (BP). I put out a buy recommendation on this stock in March 26, 2009, and if you bought shares at the tie, you are up about 45%. But now, I am reiterating my buy rating at a price of $41.72.

Why buy shares now? I expect BP to improve its fundamentals over the next 2 to 4 years, with continued, superior oil/natural gas reserve replacement, and restructured, more-efficient downstream operations. Revenue will total about $220 to $230 billion in fiscal 2009, but will rebound to more than $300 billion in fiscal year 2010 -- and that assumes that oil will be priced at just $55 to $65 per barrel. Chances are god that crude will likely average a much higher price in 2010, assuming the global recovery does not stall.

Analyst Upgrades

• Deutsche Bank upgraded Research in Motion (RIMM) to hold from sell to reflect the company's Q3 results and guidance. The firm raised its target price on shares to $75 from $60.
• Keefe Bruyette upgraded Northern Trust (NTRS) and State Street (STT) to outperform from market perform to reflect valuation and favorable longer-term secular trends. The firm keeps a $58 price target on Northern Trust and a $51 target on State Street.
• UBS upgraded Universal Health (UHS) to buy from neutral and raised its target to $38 from $31. The firm said hospital checks indicate bad debt has not increased vs. Q3 and that Universal Health should report an in-line to better-than-expected Q4.
• Take-Two Interactive (TTWO) was upgraded to hold from sell at Kaufman Bros.
• Whiting Petroleum (WLL) was raised to outperform from market perform at Wells Fargo.
• BP Plc (BP) was upgraded at Goldman to buy from neutral.

TheStreet.com's Jim Cramer says if the market made sense, you could buy retail and restaurants off the lower oil price.

Here's the pattern: We get shelled by oil. It drops to $76 or $77, all energy goes down, and it takes everything else with it. Some of tech has been spared lately because of 3Com (COMS) (Cramer's Take).

Then, in the following couple of days, oil stabilizes (but not after it hurts the oils again), rallies, and everything goes with it.

That's what's been occurring. I don't know why it's any different. In this moment in time, it's often best to buy the most hammered natural gas stocks because they come back fast. The best value is Devon (DVN) (Cramer's Take), but it simply isn't down enough. Apache (APA) (Cramer's Take) would make sense below $60, which is still a ways from here.

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

• Aflac Inc. (NYSE: AFL) reported strong Q3 results, declared a dividend, and offered guidance for Q4.
• Avon Products Inc. (NYSE: AVP) Q3 earnings slumped and revenue was hurt by currency translations.
• BP (NYSE: BP) shares leaped higher after it reported better-than-expected quarterly earnings.
• Daimler AG (NYSE: DAI) reported that it returned to profitability in Q3 but warned of decreasing revenue.
• General Dynamics Corp. (NYSE: GD) Q3 earnings beat expectations and it lifted its earnings outlook.
• Hershey Co. (NYSE: HSY) posted strong Q3 earnings and expects full-year earnings ahead of forecasts.

Today was potentially a pivotal day. There was a technician calling for a possible peak in the S&P and that was partly on yesterday's dollar strength. Then came the disappointing consumer confidence data. Amazingly, we had a very mixed market close picture today depending on which group of stocks you were looking at.

Here were today's unofficial closing bell levels:

Dow 9,882.17 +14.21 (0.14%)
S&P 500 1,063.41 -3.54 (-0.33%)
Nasdaq 2,116.09 -25.76 (-1.20%)

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BP plc (NYSE: BP - option chain) shares are rising today after the company reported earnings this morning, posting a third-quarter profit of $5.34 billion. Excluding one-time items, BP earned $4.98 billion, easily topping analysts' forecasts of $3.2 billion. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on BP.

BP opened this morning at $57.93. So far today the stock has hit a low of $57.41 and as of 12:00 is trading near its high on the session at $58.63 up $3.15 (5.7%). The chart for BP looks neutral and S&P gives BP a neutral 3 STARS (out of 5) hold ranking.

U.S. stock futures drifted higher Tuesday morning, pointing to a somewhat flat beginning on Wall Street this morning after yet another sell-off day Monday despite a series of strong earnings releases. Investors await several economic releases due out this morning, including housing and consumer confidence, looking for direction.

Economic releases this morning include September durable goods orders at 8:30 a.m. Eastern, which is expected to have risen. At 9 a.m., the August Case-Shiller Home Price Index is due out. Prices are expected to have continued their slide. At the same time, October's Conference Board reading on consumer confidence will be released. Economists expect confidence has improved slightly.

Whatever happened to those forecasts for $20-30 oil? Oil, which traded Friday at about $80 per barrel, is up more than 100% in the past 12 months, and the U.S./global economic recoveries have just started, which is why I'm reiterating my Buy rating for BP plc (NYSE: BP), first recommended on March 26, 2009 at a price of $41.72. If you bought BP then, you're up about 30%.

After a challenging 2009, look for BP to improve its fundamentals over the next 2-4 years, with continued, superior oil/natural gas reserve replacement, and restructured, more-efficient downstream operations. Revenue will total only about $220-$230 billion in FY2009, but will rebound to better than $300 billion in FY2010 -- and the latter assumes only a $55-65 per barrel oil price: crude will likely average a much higher price in 2010, assuming the global recovery does not stall.

BP PLC (NYSE: BP) closed at $56.64. BP is expected to announce Q3 EPS on October 27. WTI Crude futures are recently down .21% to $81.02 according to Bloomberg. BP November option implied volatility is at 26, January is at 27; below its 26-week average of 29, according to Track Data, suggesting decreasing price movement.

Home Depot (NYSE: HD) closed at $26.72. HD is expected to report Q3 EPS on November 17. HD November option implied volatility is at 27, December is at 30; below its 26-week average of 35 according to Track Data.

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

Analyst upgrades:

• UBS upgraded Corning (NYSE: GLW) to Buy from Neutral and raised its target to $19 from $18.50, citing the improved LCD supply-demand outlook and improved sell-through ahead of the holiday season in China.
• Credit Suisse upgraded Newfield Exploration (NYSE: NFX) to Outperform from Neutral and raised its target to $48 from $44 citing valuation and improved asset quality.
• Stifel upgraded Newfield Exploration and Ultra Petroleum (NYSE: UPL) shares to Buy from Hold based on strong fundamentals and a long-term positive view for the E&P sector. The firm has a $50 target on Newfield and a $58 target on Ultra Petroleum.
• TJX Companies (NYSE: TJX) was upgraded to Conviction Buy from Buy at Goldman.
• General Mills (NYSE: GIS) was upgraded to Overweight from Equal Weight at Morgan Stanley.
• Coca-Cola Femsa (NYSE: KOF) was upgraded to Buy from Neutral at BofA/Merrill.

The oil industry has been working hard to find new oil reserves, and so far this year the efforts have been paying off.

It has been a year with some major discoveries that have put the oil industry in a good position to make it the year with the highest level of new discoveries since 2000.

A big reason for the increase in discoveries is improvements in technology that has allowed oil hunters to drill deeper and break through tougher rocks than they were previously able to do.

Today would have been an exciting day with positive and mixed economic data, a big draw in oil inventories, and the FOMC minutes coming out. But the trading volume is drying up as the A-Team traders are throwing in the towel and not coming back to work until next Tuesday. This was one of those days where there was no feel for an up or down day literally until right at the closing bell.

Here were today's unofficial closing bell levels:

Dow 9,277.27 -33.33 (-0.36%)
S&P 500 994.53 -3.51 (-0.35%)
Nasdaq 1,966.70 -2.19 (-0.11%)

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The "Tiber" field discovered by BP in deep water about 250 miles off the coast of Houston is probably the deepest drill on record, more than 6.5 miles. deep. Analysts estimate that the field holds about 3 billion barrels of oil, of which 1 billion barrels are recoverable with today's technology.

BP PLC (NYSE: BP) also owns another big oil field called "Kaskida" in the Gulf of Mexico. Together these two fields could boost BP's oil production from 400,000 barrels per day to 650,000 bpd.