The new quarter brings with it a new earnings season. While the earnings crunch doesn't begin in earnest until the following week, Alcoa as usual helps kick things off this coming week.

One of the world's leading producers of aluminum, Pittsburgh-based Alcoa Inc. (NYSE: AA) is scheduled to report second-quarter results Tuesday after market close. Analysts surveyed by Thomson Financial on average expect the company to report net income of 68 cents per share on revenue of $7.4 billion. That's down 16% from EPS a year ago. Alcoa has missed estimates in two of the past five quarters -- by four cents in the previous quarter. Analysts have recommend buying AA for more than 90 days. Shares have fallen 10.3% year to date, but the long-term EPS growth forecast is 21.6%.

Beverage distributor Pepsi Bottling Group Inc. (NYSE: PBG) is scheduled to report its second-quarter results Tuesday morning. Analysts are looking for earnings of 75 cents per share, up 6.6% from the same period of the previous year, on revenue of $3.6 billion. PBG has offered up positive surprises recently, by a penny in the previous quarter. However, analysts recommend holding PBG, and have for more than 90 days. The long-term EPS growth forecast is 9.1%, which is better than the industry average. Shares have fallen 27.6% year to date.

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

• AeroVironment Inc. (NASDAQ: AVAV) beat Q4 estimates on demand for unmanned aircraft.
• Apollo Group Inc. (NASDAQ: APOL) beat Q3 expectations on increased enrollment and tuition collection.
• Campbell Soup Co. (NYSE: CPB) predicted earnings at the high end of the previously announced range.
• Constellation Brands Inc. (NYSE: STZ) posted better-than-expected Q1 earnings, sending shares up.
• Deutsche Bank (NYSE: DB), in an effort to calm investors, said that it expects a Q2 profit.
• Family Dollar Stores Inc. (NYSE: FDO) beat Q3 expectations and raised its Q4 guidance.
• H&R Block Inc. (NYSE: HRB) posted solid Q4 and full-year results and boosted its dividend.
• Kroger Co. (NYSE: KR) posted record Q1 EPS and in-line guidance, and its share buybacks continue.
• Nvidia Corp. (NASDAQ: NVDA) warned of lower Q2 earnings due to slowing demand and lower prices.
• Robbins & Myers Inc. (NYSE: RBN) beat Q3 expectations and raised its Q4 and full-year outlook.
• Thornburg Mortgage Inc. (NYSE: TMA) 2007 results are being investigated by the SEC.
• UnitedHealth Group (NYSE: UNH) cut its full-year outlook due to changing business trends.

More highlights from this past week: BP, Discover, Corel, Citigroup, WD-40, MSCI and others

Also, Peter Cohan points out that a bear market means low earnings expectations, and also that negative surprises are likely to outweigh positive ones in the second half of the year. Aaron Katsman, on the other hand, predicts a rebound for earnings in the second half. And BusinessWeek reminds us that cheap stocks -- even with big names such as Ford Motor Co. (NYSE: F), Sprint Nextel Corp. (NYSE: S), and Northwest Airlines (NYSE: NWA) -- are no bargain if they have no earnings.

Upcoming results to watch for include Alcoa (NYSE: AA), Pepsi Bottling Group (NYSE: PBG), Marriott International (NYSE: MAR), and General Electric (NYSE: GE).

Visit AOL Money & Finance for more earnings coverage.

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

• Andersons Inc. (NASDAQ: ANDE) lifted its outlook on improved performance of its Plant Nutrient Group.
• BP Plc (NYSE: BP) was upgraded by Societe Generale due in part to its earnings prospects.
• Citigroup Inc. (NYSE: C) has developed an earnings improvement plan based on collective bonuses.
• Corel Corp. (NASDAQ: CREL) solid Q2 results did not address a buyout offer from Vector Capital.
• Discover Financial Services (NYSE: DFS) Q2 earnings were boosted by dumping its Goldfish card division.
• Fortune Brands Inc. (NYSE: FO) lowered its earnings outlook on challenging consumer environment.
• Isle of Capri Casinos Inc. (NASDAQ: ISLE) blamed dismal results on floods and smoking bans.
• MSCI Inc. (NYSE: MXB) strong Q2 results didn't save it from being dumped by Morgan Stanley (NYSE: MS).
• PAREXEL International Corp. (NASDAQ: PRXL) lifted its Q4 and full-year guidance, leading to an upgrade.
• Texas Industries Inc. (NYSE: TXI) was downgraded due to fears about its earnings prospects.
• Taleo Corp. (NASDAQ: TLEO) reaffirmed its outlook as an acquisition would boost results.
• WD-40 Co. (NASDAQ: WDFC) posted solid Q3 results and offered conservative guidance.

More highlights from this past week: Apollo Group, Family Dollar, Kroger, Deutsche Bank and others

Also, while Jim Cramer ponders what will signal the bottom, many investors will be looking at next week's earnings results for General Electric (NYSE: GE), the world's largest conglomerate, as a sign of the direction of the global market. And BusinessWeek reminds us that cheap stocks -- even with big names such as Ford Motor Co. (NYSE: F), Sprint Nextel Corp. (NYSE: S), and Northwest Airlines (NYSE: NWA) -- are no bargain if they have no earnings.

Upcoming results to watch for include Alcoa (NYSE: AA), Pepsi Bottling Group (NYSE: PBG), Marriott International (NYSE: MAR), and General Electric (NYSE: GE).

Visit AOL Money & Finance for more earnings coverage.

MOST NOTEWORTHY: Tower sector stocks, Tesco Plc and Alcoa were today's noteworthy upgrades:

• RBC Capital upgraded American Tower (NYSE:AMT), Crown Castle( NYSE::CCI), SBA Comm (NASDAQ:SBAC) to Outperform from Sector Perform citing recent weakness in the tower sector group and a continued favorable outlook.
  
• Merrill upgraded shares of Tesco (Other OTC:TSCDY) to Buy from Neutral as they believe it is the only proven growth stock in the sector.
  
• Soleil upgraded shares of Alcoa (NYSE:AA) to Hold from Sell on valuation following the recent weakness.

OTHER UPGRADES:

• Arch Coal (NYSE:ACI) and Peabody Energy (NYSE:BTU) were upgraded to Buy from Hold at Citigroup.
  
• L-3 Comm (NYSE:LLL) was raised to Outperform from Neutral at Cowen.
  
• Jacobs Engineering (NYSE:JEC) was lifted to Buy from Hold at Morgan Joseph.

Soleil upgraded Alcoa (NYSE:AA) to "hold" from "sell", according to Briefing.com. The news service also reports that Citigroup upgraded Peabody Energy (NYSE:BTU) to "buy" from "hold".

D.A. Davidson raised it price target on Talbots (NYSE:TLB) from $7.50 to $12.50, according to the AP.

Douglas A. McIntyre is an editor at 247wallst.com.

Alcoa (NYSE: AA) closed at $39.12 Thursday.

AA is scheduled to report Q2 EPS on July 9.

Goldman Sach's says: "Unexpected smelter shutdown increases negative margin pressure."

AA July option implied volatility of 58 is above its 26-week average of 45 according to Track Data, suggesting larger price movement.

Volatility Index S&P 500 Options-VIX at 21.57; 10-day moving average is 22.44.

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

Before the bell: Oil, financials woes send futures lower

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

• ADC Telecommunications Inc. (NASDAQ: ADCT) beat Q2 estimates and raised its full-year guidance.
• Alcoa Inc. (NYSE: AA) near-term earnings prospects led to an analyst downgrade.
• Banco de Chile (NYSE: BCH) earnings prospects after an acquisition led to an analyst's upgrade.
• Benihana Inc. (NASDAQ: BNHN) posted lower Q4 profits but still beat earnings estimates.
• Bob Evans Farms Inc. (NASDAQ: BOBE) reported solid Q4 results due in part to cost management.
• Brown-Forman Corp. (NYSE: BF.B) easily beat Q4 estimates and offered full-year guidance.
• CMGI Inc. (NASDAQ: CMGI) lowered its guidance, sending shares tumbling 25%.
• Coca Cola Hellenic Bottling Co. (NYSE: CCH) warned of weaker earnings due to economic conditions.
• Conn's Inc. (NASDAQ: CONN) reported solid Q1 results and issued in-line guidance for the year.
• Dick's Sporting Goods Inc. (NYSE: DKS) earnings prospects impress analysts despite recent guidance.
• Guess? Inc. (NYSE: GES) topped Q1 expectations due to strong international expansion.
• Krispy Kreme Doughnuts Inc. (NYSE: KKD) swung to a Q1 profit despite falling revenues.
• Lehman Brothers Holdings Inc. (NYSE: LEH) posted a bigger-than-expected loss on further write-downs.

MOST NOTEWORTHY: Alcoa, Publicis Groupe and Fresenius were today's noteworthy downgrades:

• JP Morgan downgraded shares of Alcoa (NYSE: AA) to Neutral from Overweight as they do not believe the company is a takeover target. The firm thinks investors could be disappointed with the new CEO's strategic direction as well as near-term earnings.
  
• Societe Generale cut Publicis (OTC: PUBGY) to Sell from Buy on valuation following the recent rally and macroeconomic concerns.
  
• UBS downgraded Fresenius (NYSE: FMS) to Neutral from Buy citing valuation, but added shares to its Short-Term Buy list citing potential upward EPS revisions when the company reports on July 3.

OTHER DOWNGRADES:

• Annaly Capital (NYSE: NLY) and Microchip (NASDAQ: MCHP) were lowered to Neutral from Overweight at JP Morgan.
  
• Soleil downgraded Steris (NYSE: STE) to Sell from Hold.
  
• Goldman added National Grid (NYSE: NGG) and Marshall & Ilsley (NYSE: MI) to its Conviction Sell List and removed Las Vegas Sands (NYSE: LVS) from the Conviction Buy List.

Before the bell: Futures higher ahead of Beige Book, oil supplies

Alcoa Inc. (NYSE: AA) said its Australian operations declared force majeure under supply contracts because an explosion at a gas supplier slowed production. Alcoa said the disruption will likely lower second-quarter earnings by 2 cents to 3 cents a share. Also, JP Morgan downgraded Alcoa from Overweight to Neutral, saying the company will not be a takeover target.

Bloggers, investors and Apple Inc. (NASDAQ: AAPL) weren't just interested in the new 3G iPhone unveiled Monday. Many of them commented on the appearance of CEO Steve Jobs and voiced concerns for his health, saying he was gaunt-looking. While a spokeswoman said Jobs was hit with a common bug, many are worried since Jobs was diagnosed with a rare form of pancreatic cancer four years ago, for which he underwent surgery that Apple said was successful.

Caterpillar (NYSE: CAT) was awarded a $397.1 million contract from the U.S. Army for two types of dozers with armor kits. The contract has one five-year option. Work is expected to be completed by 2018. Caterpillar is also holding its annual meeting today.

Citi Investment Research affirmed Plexus (NASDAQ: PLXS) affirmed its "hold" rating ahead of the company's analyst meeting, according to the AP.

J.P Morgan downgraded Alcoa (NYSE: AA) to "neutral" from "overweight," according to Briefing.com. The news service also reports that Friedman Billings affirmed its "outperform" rating on Kroger (NYSE:KR.)

Intuit (NASDAQ: INTU) was started as Neutral at Goldman Sachs, according to 24/7 Wall St.

TheStreet.com's Jim Cramer says lots of companies now thrive with crude up here.

Oil's not a tax on everything -- it's a tax on the consumer. That's what I come down to when I see the charts this weekend and ponder what's happening in so much of industrial America.

Company after company that I examine -- the new techs, as I call them -- actually benefit from higher oil prices. Or they can pass them on with ease, because of the worldwide demand being so strong.

Take all of the companies involved with making a Boeing (NYSE: BA) (Cramer's Take): Boeing itself, Alcoa (NYSE: AA) (Cramer's Take), Honeywell (NYSE: HON) (Cramer's Take) and Precision Castparts (NYSE: PCP) (Cramer's Take) being good examples. Each of these is necessary because the new Dreamliner burns lots less fuel, and with fuel the biggest airline cost, it stands to reason that higher energy prices make the plane more desirable even at a higher price point.

Or how about all of the companies involved with process and flow control and efficient motors: Parker-Hannifin (NYSE: PH) (Cramer's Take), Emerson (NYSE: EMR) (Cramer's Take), Eaton (NYSE: ETN) (Cramer's Take) and Flowserve (NYSE: FLS) (Cramer's Take). Those work higher with higher energy prices. CSX (NYSE: CSX) (Cramer's Take), Burlington Northern (NYSE: BNI) (Cramer's Take), Kansas City Southern (NYSE: KSU) (Cramer's Take), Union Pacific (NYSE: UNP) (Cramer's Take) and Norfolk Southern (NYSE: NSC) (Cramer's Take) are smaller energy users than trucks, and they ship plenty of ethanol and fertilizer.

Alcoa Inc. (NYSE-AA) is recently down 30 cents to $37.70.

AA call option volume of 53,011 contracts compares to put volume of 14,940 contracts. AA May 37.5 straddle is priced at $2.90. AA May option implied volatility is at 57; June is at 47, above its 26-week average of 42 according to Track Data, suggesting larger risk.

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

Alcoa (NYSE:AA) is recently down 27c to $34.50. AA call option volume of 8,138 contracts compares to put volume of 735 contracts. AA May option implied volatility of 40 is near its 26-week average according to Track Data, suggesting non-directional risk.

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

Goldman Sachs (NYSE: GS) sure is a downer. I was starting to feel a little better about the market when it decided to say some bad things about the upcoming earnings season. Thanks a lot, Goldman! According to this Bloomberg article, Goldman believes that earnings for companies will be, overall, very bad, and that the broad market will be brought down by them. Already, reports by General Electric (NYSE: GE) and Alcoa (NYSE: AA) have rocked Wall Street -- and not in a good way, let me tell you. Goldman's David Kostin is, in fact, disagreeing with other analysts who believe that the quarter won't be so terrible; he also thinks the S&P 500 will be lower by the end of the year by perhaps 6%.

So, what does this tells us as investors? First of all, let me say that I think the guy has a point -- when you see GE miss like it did on 4/11, you've got to take notice and be on your guard. In other words, if you're planning on doing some cute buy-a-stock-just-before-it's-about-to-report trading, be extra careful! Now is not the time to take ridiculous chances with investment capital. If you are going to do it, make sure you do it with extra-safe stocks -- then again, if GE wasn't a worthwhile trade in the category I just described, what the heck qualifies for "extra-safe" this quarter? Probably not much. All of us have to realize that the recession is, most likely, real, and that stocks are going to be difficult equities to own.