When we previewed earnings for QLogic (QLGC) we said it was “too risky for our tastes.”

QLogic Reports Fourth Quarter and Fiscal Year 2007 Results:

Fourth Quarter Highlights* Net revenue increased 13% from the comparable quarter last year to $147.1 million.
* Income from continuing operations: $18.4 million GAAP, $35.2 million non-GAAP.
* Income from continuing operations per diluted share: $0.12 GAAP, $0.22 non-GAAP.

Analysts were expecting the company to earn $0.23 on $141 million in revenue. The stock is down more than 7% in after hours trading.

Do we have good taste, or what?

The Economic Calendar has three potentially important events this week:

• Personal Income and Outlays on Monday (consensus 0.6% income, 0.5% spending)
• ISM Manufacturing on Tuesday (consensus 51)
• The Employment Situation on Friday (consensus 100,000 jobs added, 4.5% unemployment)

Earnings season continues in full force.

Monday

• Verizon (VZ - Annual Report) – possible upside to sales

Tuesday

• Plantronics (PLT) – anyone’s guess, though our long position gives away our own guess

Wednesday

• Cognizant (CTSH) – one of these days the growth will hit a wall, but probably not this day
• Garmin (GRMN - Annual Report) – shouldn’t need a big surprise to move the stock from this level
• Itron (ITRI) – risk to estimates in both directions due to Actaris acquisition
• Sprint (S - Annual Report) – the worst may be over here
• Symantec (SYMC) – Based on MFE and VDSL should have a big quarter

Thursday

• Ansys (ANSS) – Dassault beat big, and we like Ansys better
• QLogic (QLGC) – too risky for our tastes
• Starbucks (SBUX) – probably no surprise, but risk probably to the downside when they are making this kind of move

Disclosure: Long PLT and ITRI

Disclosure: Author is long Starbucks (SBUX) at time of publication.