So the earnings crunch continues, and here's a look at some companies scheduled to report results this week that are anticipated to be big winners and losers in terms of earnings growth.

Analysts surveyed by Thomson Financial expect the following to report strong earnings growth when compared to the same period of the previous year.

• Apache Corp. (NYSE: APA): $4.10 EPS (+53.9%) on revenue of $3.8 billion (+54.6%)
• EOG Resources Inc. (NYSE: EOG): $2.34 EPS (+50.0%) on revenue of $1.7 billion (+62.2%)
• Avon Products Inc. (NYSE: AVP): $0.47 EPS (+44.7%) on revenue of $2.6 billion (+11.5%)
• Goodyear Tire & Rubber Co. (NYSE: GT): $0.62 EPS (+43.5%) on revenue of $5.3 billion (+7.0%)
• Hess Corp. (NYSE: HES): $2.76 EPS (+38.4%) on revenue of $8.3 billion (+14.6%)
• Murphy Oil Corp. (NYSE: MUR): $2.19 EPS (+35.2%) on revenue of $7.8 billion (+126.2%)
• Noble Energy Inc. (NYSE: NBL): $2.08 EPS (+34.6%) on revenue of $1.0 billion (+40.1%)
• U.S. Steel Corp. (NYSE: X): $3.91 EPS (+32.0%) on revenue of $5.9 billion (+39.6%)
• Corning Inc. (NYSE: GLW): $0.49 EPS (+30.6%) on revenue of $1.7 billion (+21.3%)
• Exxon Mobil Corp. (NYSE: XOM): $2.52 EPS (+27.4%) on revenue of $144.4 billion (+46.8%)

Clearly expectations are high for oil and energy. Other companies expected to report double-digit earnings growth include Chevron Corp. (NYSE: CVX), CVS Caremark Corp. (NYSE: CVS), NYSE Euronext Inc. (NYSE: NYX), Verizon Communications Inc. (NYSE: VZ), and Aetna Inc. (NYSE: AET).

The New York Times reports that Citigroup Inc. (NYSE: C) may make Robert Rubin Chairman until it can find a CEO. This temporary solution is analogous to what Merrill Lynch & Co. (NYSE: MER) did by making Alberto Cribiore, a director, its interim non-executive Chairman.

Rubin, who has made $150 million at Citigroup since he left the Treasury Department eight years ago, has traded a sterling reputation at Goldman Sachs Group (NYSE: GS) and Treasury for a nice chunk of change at Citigroup. Unfortunately for him, making bank at Citigroup has tarnished his reputation -- despite his efforts to distance himself from Citigroup's problems. Meeting with clients and walking around without shoes offering advice -- known in his contract as "no operational responsibilities" -- does not seem to have buffed Rubin's reputation.

If the New York Times is correct, it remains to be seen how Rubin's role will change. It could be that his primary job will be to take the lead on recruiting Prince's successor. Will he take on an interim non-executive Chairman's role like Cribiore? I imagine he'll seek to evade legal responsibility for Citigroup's problems. Otherwise, he could end up spending more time than he'd like dealing with shareholder lawsuits.

MOST NOTEWORTHY:

• HSBC upgraded AU Optronics (NYSE: AUO) to Overweight from Neutral following the company's Q2 results.

• Jefferies raised RightNow Technology (NASDAQ: RNOW) to Buy from Hold, believing low expectations have created a buying opportunity and that fundamentals remain intact.

• JP Morgan upgraded shares of Alaska Air (NYSE: ALK) to Overweight from Netural on valuation.

• Citigroup upgraded Nordstrom (NYSE: JWN) to Buy from Hold on valuation; they consider the recent pullback a buying opportunity.

• Citigroup upgraded Gap (NYSE: GPS) to Buy from Hold from valuation and expects for better execution and cost savings in 2008 under the new CEO.

• Credit Suise upgraded Old Dominion Freight Line (NASDAQ: ODFL) to Outperform from Neutral on valuation...

• Merriman upgraded MicroTune (NASDAQ: TUNE) to Buy from Neutral.

• Citirgroup raised Aeropostale (NYSE: ARO) to Hold from Sell.

• Merrill upgraded Cathay General (NASDAQ: CATY) to Neutral from Sell.

• The NYSE Euronext (NYSE: NYX) was upgraded to Neutral from Sell.

• Wachovia raised shares of Wendy's (NYSE: WEN) to Market Perform from Underperform.

He said up and it went straight down! He said down and it jumped back up!

Anybody suspect a reverse "Cramer Effect" now?

James Cramer of TheStreet.com has been bullish on NYSE Euronext Inc. (NYSE: NYX) for quite some time and made it one of his picks of the year. Unfortunately it is his worst pick and hurt his overall average, riding this one all the way down from a November high of $112 ($97.80 to start the year) to a recent low of $73. That's a tough one because the stock may not be all that bad in time but it is never a good idea to go and pay just any old price.

Last week when I wrote Cramer retreats from NYSE Euronext: Fundamentals anyone? several people called me out because they felt that I was badmouthing a stock with great potential. Well, I still maintain that investors should look to buy stocks based on the value proposition and not just because they like it, or are worried about "missing the boat." Most investment advisers worth the time of day will tell you not to try and time the market. But Cramer followed EURONEXT down to the low $70's and then got weak in the knees, suggesting that it might be better to get out and perhaps back in at the low $60's. In my post, I chided traders for chasing a dream and not fundamentals -- a practice usually called "speculating," saying the stock could just as easily trade down even lower.

After Cramer's change of heart and my post, the stock did not trade down. Instead, it started to move up with the overall market and last night closed at $81.31 -- that's over 10% to the good in one week. So the most important lesson for me still remains: DON'T TRY AND TIME THE MARKET which I will continue to scream from the highest rooftop.

Cramer was wrong to push this stock when it was at an all-time high, and apparently, he was wrong to suggest the idea of bailing out last week. Whatever fundamentals (besides his gut and street noise) he is using looks all the more like playing momentum and a hunch rather than a long-term strategy. Perhaps long-term for a trader is one quarter.

Those of you who are new to BloggingStocks can check out my other stories and read Chasing Value or Serious Money to find more potential opportunities and verify my track record as well.

Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm. Check out his other posts for BloggingStocks here.

James Cramer was forced to cave in on his NYSE Euronext (NYSE: NYX) pick for the year after the HUGE buy recommendation tanked more each month since he said to back up the truck six months ago. See earlier blog by Brent Archer Cramer switches sides on NYX (for now) for more detail. Cramer has been in love with this stock since it reached a high of $112 in November, made it one of his 2007 picks at $97.51, only to watch it sink to $73.62 after six months for a 24.5% loss. It is down a few cents more today as I write the post.

He still likes the stock, but at lower levels, and he might get back in at somewhere in the $60s. Why is this better? What are the fundamentals now? Why can't it be $50 or $40 or $30? The current P/E ratio (TTM) is 71.47. Gee whiz -- at half its current price, it would have a P/E way higher than that of Google's? You're kidding, right Jim? What fundamentals? The P/S is 8.57 (LFY), and the P/B is 9.1 (LFY). NYX has no debt, and there is a decent ROE of 13.51 but not in relation to the P/E.

So I continue to wonder about all of the things in the stock market that I do not understand, this being one of them -- and stay away. If this stock appeals to you at any particular price then I hope you develop some understanding of where the value will come from, but for now, there are better places for your money -- and today even Jim Cramer agrees.

Those of you who are new to BloggingStocks can check out my other stories and read Chasing Value or Serious Money to find more potential opportunities and verify my track record as well.

Sheldon Liber is the CEO of a small private investment company and the vice president for design and research at an architecture & planning firm. Check out his other posts for BloggingStocks here.

Nasdaq (NASDAQ:NDAQ) has been trying to emulate The NYSE (NYSE:NYX) buy picking up another exchange. It has not had much success in Europe, Asia, or even Africa.

About a year ago, the NYSE Group bought Euronext, a pan-European exchange, and put together company that had a market cap of about $26 billion. Last November, Nasdaq tried to buy the London Stock Exchange for $5.1 billion. Nasdaq had made an unofficial approach before. The offer was rejected and Nasdaq went through a period of modest humiliation.

Wall Street has been kind to NYSE Group and has given its strategy of becoming a more global exchange a mark of approval. Shares in the company are up over 40% in the last year. Not so the Nasdaq. Its shares are up less than 10%, much less than the S&P 500.

Today, Nasdaq got its wish, but its shareholders did not The company bought the Nordic exchange OSX in Stockholm for $3.7 billion. Nasdaq's shared promptly dropped almost 6% talking away about $250 million in market cap. The OSX does tend to list shares in technical companies including Ericsson (NASD:ERIC) and Nokia (NYSE:NOK).

But, it really isn't the same as owning an exchange in London.

Douglas A. McIntyre is a partner at 24/7 Wall St.

MOST NOTEWORTHY:

• Citigroup upgraded Verizon Commuications (NYSE: VZ) to Buy from Sell and raised their target to $48 from $33 as the firm believes earnings-per-share growth will override cap ex concern.

• Citigroup also upgraded shares of Priceline.com (NASDAQ: PCLN) to Buy from Hold on valuation as the firm believes the company's growth prospects are underestimated in the stock following the recent sell-off.

• Intel Corp (NASDAQ: INTC) was upgraded to Buy from Neutral at Merrill Lynch citing the company's robust product road map and its ability to compete against Advanced Micro Devices (AMD).

• JP Morgan upgraded NYXE Euronext (NYSE: NYX) to Neutral from Underweight and believes the risks that attributed NYX's downgrade in February have played out and sees limited downside at these levels.

• Cantor upgraded Top Tankers (NASDAQ: TOPT) to Hold from Sell following better-than-expected Q1 results...

• UBS upgraded shares of CACI International Inc (NYSE: CAI) to Buy from Neutral.

• Leerink Swann raised United Therapeutics Corp (NASDAQ: UTHR) to Outperform from Market Perform.

• Calyon upgraded Nabors Industries Ltd (NYSE: NBR) to Add from Neutral.

• Murphy Oil Corp (NYSE: MUR) was raised to Hold from Sell at Benchmark.

• Banc of America upgraded shares of Tanger Factory Outlet Centers Inc (NYSE: SKT) to Buy from Neutral.

• Baird upgraded Brady Corp (NYSE: BRC) to Outperform from Neutral.

Shares of the NYSE Group (NYSE:NYX) have soared close to 15% since they hit a short-term low on March 16th. There are several catalysts behind this move:

First, exchange shares were hit harder than most during the broader market decline in late February. Fundamentally, however, the short-term market dip is unlikely to have a major impact on revenues at NYSE. In fact, trading volume on the exchange actually surged to near-record levels during that decline -- and higher volumes spell more fees for NYX.

It also helps that the company is now completing its planned takeover of Europe's Euronext. The tender offer for Euronext ended in late March, and NYX announced it currently controls more than 92% of Euronext shares. Over the next three years, NYX believes it can extract some 293 million euros ($385 million) from the deal in the form of cost savings and other synergies. In addition, the deal will also facilitate trans-Atlantic trading in stocks and options. Many see the deal as a major positive, and a potential growth avenue for NYX.

Before coming on board the NYSE Group as CEO, John Thain was a bigwig at Goldman Sachs. Well, he certainly learned the skills of dealmaking there and he's applying them to his current gig.

This week, the shareholders of Euronext NV approved a merger with the New York Stock Exchange. The transaction amounts to about $14.6 billion.

This is unprecedented, and creates a trans-Atlantic exchange which will trade stocks with a combined value of $25.8 trillion. Of course the integration will not be easy since cross-border deals are rarely smooth.

But in a recent interview on CNBC, Thain was confident.

It looks like the merger momentum is going to continue into 2007. Thain said he is looking to Asia for consolidation, perhaps even merging with the Tokyo Stock Exchange. The two parties have already begun having some discussions.

Tom Taulli is the author of various books, including the Complete M&A Handbook and operates DealProfile.com.