Next Wednesday, April 30, in the early pre-market hours, we'll get to see earnings out of Time Warner Inc. (NYSE: TWX). Estimates for the media conglomerate from First Call are 23 cents EPS on $11.39 billion in revenues, although these numbers may be higher or lower after four more trading sessions have passed. Next quarter estimates are 25 cents EPS on $11.37 billion in revenues. Estimates for fiscal December 2008 are $1.09 EPS on $47.74 billion in revenues. Over the last 90 days, the estimates have come in slightly.

While shares have gotten back over $15, Time Warner's 52-week trading range is $13.65 to $21.97. What is interesting is that there have not been all that many major analyst calls out there. Analysts also still have an average price target north of $21.

It's too soon to provide any options or chart analysis, but the volume has been extremely light in stock options. That might indicate that traders are not expecting any major announcement for a turnaround.

One thing we may learn about are the old rumors that AOL is looking to get between Microsoft Corporation (NASDAQ: MSFT) and Yahoo! (NASDAQ: YHOO) over that proposed merger. Whether or not this occurs or whether or not this is even addressed ... well, that is up to Mr. Bewkes.

Note: Time Warner is the parent company of BloggingStocks. Jon Ogg is a producer and editor of the Special Situation newsletter for 247WallSt.com.