MINNEAPOLIS (Stockpickr) -- I am simply amazed by the moves in stocks releasing earnings this season . It is hard to believe that a singular event can result in such wild swings, yet that is exactly what is transpiring. I think the action is the result of a new paradigm -- a new normal, as they say.

The stock market is supposedly efficient with its pricing of stocks -- but how, then, can a stock move 30% or more, as Brightpoint ( CELL) did last week? Do you mean to tell me that nobody in the market had any idea that this particular company was performing so well?

It defies logic, but if we can correctly predict the moves before they take place, we can make big money. At the end of last week, three more of our earnings stocks released results. Let's see how our trades panned out.

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Coinstar ( CSTR - Get Report) was the big mover in the group after the company announced results that were slightly weaker than its most recent. In my view, such an outcome was already priced into the stock, but shares slid nonetheless. Despite the weakness, longer-term investors may view the stock as a buy today.

Bebe Stores ( BEBE) missed guidance with a bigger-than-expected loss. Shares were fairly resilient in the face of that news and held their value, whereas I was expecting them to fall on such news. In my opinion, shares are being supported by an overall bullish sentiment in the market that I believe to be inefficient in terms of pricing Bebe shares.

Bebe is on the decline, and there is nothing in the recent report to suggest that things are about to change. This stock should be sold by anyone owning shares. Looking for a stock to short? Look no further than Bebe.

MoneyGram ( MGI - Get Report) reported a smaller loss than expected, but shares barely budged on the news. Again, I believe the lack of any sort of move indicates a mistake by investors. The overall economic environment combined with MoneyGram's improved operating results make this stock a steal at current prices.

This week the earnings train continues to chug along. The pundits and experts continue to pound the table for stocks to take a breather. The markets refuse to obey. If anything, we are seeing pauses as new thresholds are met. This is classic base-building in the midst of a bull market run.

Keep that in mind as we look at companies releasing earnings this week.

Buffalo Wild Wings

The Super Bowl was another huge hit for America's favorite professional sport. Television ratings have been huge, showing just how popular the event has become. Sports bars including Buffalo Wild Wings ( BWLD) likely received a big boost in business thanks to the big game.

Of course, any money made over Super Bowl weekend is unlikely to show up in Buffalo's fourth-quarter earnings report, set to be released on Tuesday after the market closes, but the game does set the stage for what I expect to be a positive report.

Throughout the current earnings season, I have been concerned about commodity prices negatively impacting profit margins. So far only a few companies have noted a material impact of higher input prices. Green Mountain ( GMCR) is a prime example. One would have expected the company to note rising coffee prices as a future concern, but so far there's been no real word about the impact, and Green Mountain shares soared after a positive report.

I think the same will happen with Buffalo Wild Wings. Analysts expect the company to make 52 cents a share in the period. With shares trading for only 19 times the 2011 estimate of $2.47 a share, the stock is primed for big gains should the company beat expectations.

A strong consumer and packed restaurants bodes well for investors in Buffalo Wild Wings. This stock could move 5% to 10% higher on a strong report. I would trade this name on the long side.

Select Comfort

It has been a long road to recovery for mattress maker Select Comfort ( SCSS). The Sleep Number expert carved a unique niche in the home furnishing market but ran straight into a brick wall when the housing market collapsed.

Now with housing on more stable footing, shares of Select Comfort may be primed for growth. My thesis here is that mattresses are replaced every 8 to 10 years or so. Beds purchased during the beginning stages of the housing boom have aged. The combination of growth from consumers interested in the company's technology and replacements bode well for future growth at the company.

On Wednesday after the market closes, the company will release results for the quarter ended Dec. 31. Analysts expect the company to make a profit of 10 cents a share in the period. That would put the full -ear number at 55 cents per share.

During the last year, the company has beaten estimates by 4 cents per share on average. That is a big number when the total earnings sit at approximately 50 cents per share. As such, investors can expect shares to be fairly volatile when earnings are released this week.

Analysts have been steady with their estimate of 10 cents a share for the period. The number has been the same over the last 90 days. Typically in the early stages of a recovery, analysts tend to be too conservative. I believe that to be the case here.

Shares could jump by 10% or more if the company beats estimates by another 4 cents. I would trade accordingly.

Stifel Financial

As a long-term investor, one of my favorite themes is to recommend stocks that trade for low multiples of earnings and that are growing quickly. Ultimately, stocks must appreciate to properly reflect value, offering big gains.

The same approach can be applied to short-term trading. In the case of Stifel Financial ( SF - Get Report), which reports earnings on Wednesday, shares trade for just 16 times the 2011 analyst estimate of $4.07 a share. That is pretty cheap when you consider the company is expected to make $2.95 a share in 2010. If it hits both numbers, the company is growing profits by 38%.

Typically, brokerage firms trade based on a multiple of book value. In this case, Stifel trades for 1.9 times book value. That is a bit expensive but not so much as book value grows with earnings.

For the fourth quarter, analysts are looking for a profit of 86 cents a share. Analysts have been upping the number over the last 90 days. In the last quarter, Stifel beat estimates by 10 cents a share.

Given the current valuation, investors are protected should the company simply meet expectations or fall short. On the flip side, shares are cheaply priced based on future growth. If Stifel beats expectations, the upside potential is worth of the risk.

The stock could gain 3% to 5% if it does beat the number. I would trade on that assumption.

To see these stocks in action and for more stocks reporting earnings this week, visit the Earnings Trades portfolio.

-- Written by Jamie Dlugosch in Minneapolis.


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At the time of publication, author had no positions in stocks mentioned.

Jamie Dlugosch is a founder and contributor to
MainStreet Investor and MainStreet Accredited Investor . Formerly, he was president and CEO of Al Frank Asset Management. He has contributed editorially to The Rational Investor , The Prudent Speculator , Penny Stock Winners and InvestorPlace Media .