Borders is set to report its quarterly earnings later today and analysts aren’t expecting much in the way of good news, considering the retailer has spent much of the year reshuffling management and facing “intense competition” from other retailers. One analyst pointed to Borders’ inability to keep pace on selling electronic books, but added “it could not reasonably have been expected to invest in an alternative given its financial distress.” Still, stock prices, which have risen 33 percent since May 3, are “mostly undervalued” based on high-term cash flow.Earnings Preview