After testifying before a Senate committee about AIG (NYSE: AIG) last week, the Fed's Ben Bernanke participates in a Council of Foreign Relations event Monday evening.

Economic data due to be released this week include wholesale trade and job vacancies for January on Tuesday morning, the U.S. Treasury budget for February on Wednesday, retail sales for February and business inventories for January on Thursday morning, and the U.S. trade balance for January on Friday morning.

Since trading close to $25 per share in early 2007, shares of the former Hansen Natural (NASDAQ: HANS) heir-apparent Jones Soda (NASDAQ: JSDA) have tanked. They closed on Friday at a stunning 75 cents per share, down more than 27% on the day.

On October 6th, the company reduced its workforce by 38% to 68 employees, adding that termination and severance expenses were not expected to be material. CEO Stephen Jones said that "Given the financial crisis we're in, you have to preserve cash. Cutting back people is a horrible thing to go through, but you do it as a result of strategy. And my strategy is to focus on the core of what Jones Soda is."

Jones (whose surname is a coincidence) told Fortune Small Business about an ambitious plan to focus on core strengths, reduce sales to discounters, and bring the company back from the brink. Maybe that will work but, either way, the stock looks interesting at its current price. With a market cap of about $20 million, Jones Soda had tangible shareholder's equity of about $27 million at the end of the second quarter -- including nearly $20 million in cash and short-term investments.

Is there a way to cash in on the commodities bubble without actually playing the commodities market? (Which, Andrew Tobias handily dismissed in The Only Investment Guide You'll Ever Need: "It is a fact that 90% or more of the people who play the commodities game get burned. I submit that you have now read all you need ever read about commodities.")

Yes, there are a handful of ETFs that specialize in commodities. The Wall Street Journal reports that investors are getting interested in farming stocks and companies like Monsanto Co. (NYSE:MON) and tractor maker Deere and Co. (NYSE:DE). Smaller companies like China's AgFeed (NASDAQ:FEED), which produces animal food and pork, is trading at about $16, down from $20 a month ago, but still nearly triple its price a year ago.

Two food commodities that the boom has not impacted too much are potatoes (which are not really part of the international commodities market) and sugar, which is heavily subsidized and mostly doesn't trade on the open market. Sugar prices recently sunk to a seven-month low because of an oversupply, Reuters says.

Really, the way Hansen Natural Corp. (NASDAQ: HANS) shares are dropping -- down about 14% as I write this and setting a new 52-week low earlier in the session -- you'd think the company reported disastrous results. Not so!

True, Hansen Natural reported Wednesday a lower-than-expected first-quarter profit due to lower profit margins, but the results weren't that bad. For the quarter, the company's net sales rose to $212.2 million and it earned $28.8 million, or 29 cents a share. Analysts, however, expected 35 cents on revenue of $221, according to Thomson Reuters. The thing is, that compared to last year, profit climbed 43% and revenue jumped 28%. It seems that the Monster Energy brand drinks had a lot do with Hansen's revenue growth, especially the new Java Monster dairy-based coffee drink.

The problem? Already in the fourth quarter investors were concerned about decreasing margins, and this quarter as well Hansen said its profit was hurt by higher costs, including a 34% boost in costs of sales and a 15% rise in operating expenses. Talk about margin squeeze.

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

• Analogic Corp. (NASDAQ: ALOG) beat estimates and announced an acquisition.
• AnnTaylor Stores Corp. (NYSE: ANN) swung to a loss in the fourth quarter on restructuring costs.
• Big Lots Inc. (NYSE: BIG) beat fourth-quarter earinings estimates and offered revised guidance.
• Bon-Ton Stores Inc. (NASDAQ: BONT) posted disappointing fourth-quarter and full-year results.
• Carrols Restaurant Group (NASDAQ: TAST) posted solid results on same-store sales for certain chains.
• Ferrellgas Partners (NYSE: FGP) saw profit fall in what should have been its strongest quarter.
• Foot Locker Inc. (NYSE: FL) fourth-quarter profit fell on weaker same-store sales.
• Humana Inc. (NYSE: HUM) cut its first-quarter and full-year forecasts on higher expenses.
• Imax Corp. (NASDAQ: IMAX) widened its losses for the fourth quarter and the full year.
• Jones Soda Co. (NASDAQ: JSDA) swung to a loss due to costs related to distributing in product in cans.
• K-Tron International Inc. (NASDAQ: KTII) said fourth-quarter and full-year earnings soared.
• Liz Claiborne Inc. (NYSE: LIZ) posted disappointing fourth-quarter and full-year results.
• Six Flags Inc. (NYSE: SIX) narrowed its fourth-quarter and full-year losses.
• Texas Instruments Inc. (NYSE: TXN) lowered its forecast on fewer orders from a key client.
• United Parcel Service (NYSE: UPS) warned it may miss first quarter estimates due to the slowing economy.
• Vail Resorts Inc. (NYSE: MTN) second-quarter profit slipped due to lack of snow early in the season.

Athletic apparel retailer Foot Locker Inc. (NYSE: FL) reported that its fourth-quarter profit dropped 23% due to a shorter fiscal year and a drop in same-store sales. Net income fell to $87 million, or 56 cents per share, but after adjustments the company said it earned 23 cents per share in the latest quarter. Revenue fell 10% to $1.48 billion. Analysts polled by Thomson Financial had expected earnings of 44 cents per share on revenue of $1.48 billion.

The company said its same-store sales fell 7.8% percent in the quarter, and noted that the year-ago quarter included an extra week.

For the full year, profit fell 79% to $53 million, or 34 cents per share, from $251 million, or $1.60 per share, in the prior year. Full-year revenue dropped 4% to $5.44 billion from $5.75 billion in 2006.

Foot Locker shares fell 9 cents to close at $11.15, but rose to $11.30 in after-hours trading.

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

• BJ's Wholesale Club Inc. (NYSE: BJ) beat fourth-quarter estimates on lower costs and strong sales.
• Ciena Corp. (NASDAQ: CIEN) first-quarter profit doubled on strong sales, lifting the sector.
• Clean Harbors Inc. (NASDAQ: CLHB) trounced expectations as it completes acquisitions.
• Del Monte Foods Co. (NYSE: DLM) beat estimates on cost cutting and raised its guidance.
• HSBC Holdings PLC ADS (NYSE: HBC) profit soared in 2007, beating analysts' expectations.
• Intel Corp. (NASDAQ: INTC) lowered its first quarter earnings forecast, citing weak chip prices.
• LeapFrog Enterprises Inc. (NYSE: LF) narrowed its losses for the fourth quarter and full year.
• LKQ Corp. (NASDAQ: LKQX) beat fourth-quarter estimates and raised its guidance.
• Midway Games Inc. (NYSE: MWY) widened its losses in both the fourth quarter and full year.
• Staples Inc. (NASDAQ: SPLS) reported a solid fourth quarter and increased its annual dividend.
• TiVo Inc. (NASDAQ: TIVO) posted a smaller-than-expected fourth-quarter loss due to licensing deals.
• Trump Entertainment Resorts Inc. (NASDAQ: TRMP) fourth-quarter and full-year losses widened.
• Universal Health Services (NYSE: UHS) beat earnings expectations but matched revenue estimates.

Also, Dell Inc. (NASDAQ: DELL) struggles to maintain profitability against competitor Hewlett-Packard Co. (NYSE: HPQ). See Timothy Sykes's take on Warren Buffett's annual letter to Berkshire Hathaway (NYSE: BRK.A) shareholders. And Zac Bissonnette is interested in where earnings actually come from.

Upcoming results to watch for include Kroger Co. (NYSE: KR), Boston Beer Co. (NYSE: SAM), J. Crew Group Inc. (NYSE: JCG), Jones Soda Co. (NASDAQ: JSDA), Blackstone Group (NYSE: BX), and Men's Wearhouse Inc. (NYSE: MW).

Visit AOL Money & Finance for more earnings coverage.

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

• Astec Industries Inc. (NASDAQ: ASTE) beat expectations and raised its guidance.
• Blockbuster Inc. (NYSE: BBI) fourth-quarter profit fails to offset the full-year loss.
• China Techfaith Wireless Communication Technology (NASDAQ: CNTF) beat analysts' expectations.
• Costco Wholesale Corp. (NASDAQ: COST) met analysts' estimates, buoyed by higher fuel prices.
• FTI Consulting Inc. (NYSE: FCN) beat expectations and raised its full-year guidance.
• H&R Block Inc. (NYSE: HRB) narrowed its loss due to higher sales and smaller subprime losses.
• Jackson Hewitt Tax Service Inc. (NYSE: JTX) missed estimates as third-quarter profits declined sharply.
• LifeCell Corp. (NASDAQ: LIFC) beat fourth-quarter estimates and offered full-year guidance.
• Marvell Technology Group (NASDAQ: MRVL) lowered its first-quarter forecast , sending shares lower.
• Porsche AG (OTC: PSEPF) profit soared on strong sales of its Cayenne.
• S1 Corp. (NASDAQ: SONE) beat expectations and offered full-year guidance.
• Saks Inc. (NYSE: SKS) fourth-quarter profit nearly doubled, but full-year profit declined.
• Urban Outfitters Inc. (NASDAQ:URBN) beat expectations on strength in same-store sales.
• Walgreen Co. (NYSE: WAG) reports strong same-store sales ahead of its quarterly results.

Also, see Timothy Sykes's take on Warren Buffett's annual letter to Berkshire Hathaway (NYSE: BRK.A) shareholders. Zac Bissonnette is interested in where earnings actually come from. And Saks, Costco, and other retailers saw stronger February same-store sales despite recession concerns, but JC Penney Co. (NYSE: JCP) didn't feel the love.

Upcoming results to watch for include Kroger Co. (NYSE: KR), Boston Beer Co. (NYSE: SAM), J. Crew Group Inc. (NYSE: JCG), Jones Soda Co. (NASDAQ: JSDA), Blackstone Group (NYSE: BX), and Men's Wearhouse Inc. (NYSE: MW).

Visit AOL Money & Finance for more earnings coverage.

Before the bell: Futures flatten after Merril; investor awaits Bernanke

Notable analyst calls this morning:

• Boeing (NYSE: BA) was upgraded by Bernstein from Market Perform to Outperform. However, Boeing said this morning, PrivatAir has ordered an additional 787-model airplane for $162 million.
• Adobe Systems (NASDAQ: ADBE) and McAfee (NYSE: MFE) were downgraded from Buy to Neutral by UBS.
• Harley Davidson (NYSE: HOG) was downgraded by Citigroup from Hold to Sell. Shares down over 4% in premarket trading.
  
• Intel Corp. (NASDAQ: INTC) was downgraded by Charter Equity from Buy to Market Perform.
• Oppenheimer downgraded JPMorgan Chase (NYSE: JPM) and Wells Fargo (NYSE: WFC) from Outperform to Perform.
• Piper Jaffray downgraded Jones Soda (NASDAQ: JSDA) from Buy to Neutral. Shares down over 3% in premarket trading.
  
• Friedman Billings, with its Outperform rating on Alcoa (NYSE: AA), lowered the aluminum maker's target price from $38 to $35.
• Altria (NYSE: MO)'s target price was upped to $88 from $79 by Credit Suisse, which rates the stock Outperform.

TD Ameritrade Holding Corp. (NASDAQ: AMTD) reported a 65% rise in its fiscal first-quarter net income as trading activity increased and asset-based revenue continued to grow. The company reported $240.8 million net income, or 40 cents per share, beating estimates by a penny. AMTD shares are up 4% in premarket trading.

MOST NOTEWORTHY: Jones Soda, Whiting Petroleum and Peregrine Pharma were today's noteworthy initiations:

• Merriman assumed coverage of Jones Soda (NASDAQ:JSDA) with a Neutral rating and believes shares will languish until interim management resets expectations. For FY08, they expect sales to grow 25%-30%, rather than the consensus estimate of 38%.
  
• Jefferies thinks Whiting Petroleum (NYSE:WLL) is entering a multi-year organic and sees catalysts from the upcoming Bakken well results and positive production response from Enhanced Oil Resources (EOR) projects. The firm started shares of Whiting with a Buy rating and $66 target.
  
• Rodman & Renshaw initiated shares of Peregrine Pharma (NASDAQ:PPHM) with a Market Perform rating, as they would prefer to establish a position closer to mid-08 when key data from its Cotara Phase II study is expected.

OTHER INITIATIONS:

• Stanford initiated Tercica (NASDAQ:TRCA) with a Buy rating and $10 target.
  
• Broadpoint initiated Pain Therapeutics (NASDAQ:PTIE) with an Underperform rating.
  
• Mattel (NYSE:MAT) was initiated with a Hold rating and $22 target at Citigroup.

The cola wars between Coca-Cola (NYSE: KO) and Pepsi (NYSE: PEP) that consisted of a high-profile battle for carbonated supremacy are quiet for now and, according to some experts, it's hurting the industry.

Some industry experts predict that soda sales will decline 1% per year for the next ten years. The accuracy of such a forward-looking prediction aside, it puts a lot of pressure on the soda companies.

Coke responded with its high-profile acquisition of Glaceau, the maker of VitaminWater, and Pepsi is preparing the launch of Tava, "An Inspired Sparkling Beverage" promising "Zero Calories. Zero Caffeine. Zero Worries." The packaging looks slick and the flavors -- Tahitian Tamure, Mediterranean Fiesta, and Brazilian Samba -- certainly sound enticing. The product will launch in the first half of 2008, but Pepsi investors should be wary of putting too much faith in it. A large percentage of new beverages fail to catch on with consumers -- Remember Crystal Pepsi, Pepsi Blue, and New Coke?

Maybe they'll be able to compensate for the decline in categories like energy drinks and vitamin-enhanced water -- but investing in Coca-Cola when you think Coke is headed for a long decline seems silly -- especially given that the stock hit a multi-year high on Friday.

With the decline -- and expected continuation of the decline -- in soft drink sales, you also have to wonder about Jones Soda's (NASDAQ: JSDA) prospects. The company has its own serious internal problems, and trying to make a comeback in a declining industry could prove too much for it to handle.

Perhaps big new marketing campaigns and a rebirth of the cola wars can help brighten soda's prospects -- but if the decline is caused by factors like increasing health-consciousness and a preference for noncarbonated drinks, it might just be a big waste of money.

Shares of Jones Soda (NASDAQ: JSDA) rallied more than 7% Wednesday and continue to rally another 1.8% today after its CEO Peter Van Stolk stepped down. In the press release, Jones Soda said,

Jones Soda Co. today announced that Peter van Stolk will step down from his position as chairman of the board of directors and as chief executive officer at the end of the year. He will remain on as a member of the board of directors. Board members Scott Bedbury and Steve Jones will take on the interim positions of chairman and CEO respectively while the company conducts a search for a new CEO.

The move comes after a tough year for Jones Soda complete with a huge decline in share price and outrage and a short-lived SEC investigation of insider trading by members of the company's board of directors. Before investors get too excited about van Stolk's departure, they should read what the company said about him in its 10-K filed on March 14th:

Jones Soda Co. (NASDAQ: JSDA) shares are trading higher today after the company announced that its founder, Chairman and CEO Peter Van Stolk will step down from his positions by the end of the year. He will remain with the company as a board member. Board member Scott Bedbury will serve as interim chairman, while board member Steve Jones will serve as interim CEO during the company's search for a replacement. If you think that the company won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on JSDA.

After hitting a one-year high of $32.60 in April, the stock notched its one-year low of $5.86 yesterday. JSDA opened this morning at $6.08. So far today the stock has hit a low of $6.00 and a high of $6.19. As of 10:25, JSDA is trading at 6.16, up 0.22 (3.7%). The chart for JSDA looks are bearish and steady.

For a bullish hedged play on this stock, I would consider a March bull-put credit spread below the $5 range. A bull-put credit spread is an options position that combines the purchase and sale of put options to hedge risk in case the stock doesn't do what you think but still leverage nice returns. For this particular trade, we will make an 11.1% return in just 3 and a half months as long as JSDA is above $5 at March expiration. Jones would have to fall by more than 18% before we would start to lose money.

Priceline (NASDAQ: PCLN)'s higher profits are taking shares up 14%. And Rio Tinto (NYSE: RTP) is up 9% on buyout rumors.

Jones Soda (NASDAQ: JSDA) is trading off 19% due to poor earnings. And Leap Wireless (NASDAQ: LEAP) is off 15% on news that it will have to restate earnings.

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

Back in August, there was speculation about insider trading on the part of directors at Jones Soda (NASDAQ: JSDA), a then high-flying seller of premium carbonated beverages.

During an 85-day period this spring, five directors sold nearly all of their shares in the company. The stock is about 67% off the high it reached during that period. According to the Seattle-Post Intelligencer, "If the board members and executives had made the trades Monday, when the stock closed at $10.74 on the Nasdaq stock market, they would have gotten a combined $3.6 million, or 45 percent less than what they received."

At the time, I wondered whether it was insider trading, or just plain good timing. Many observers, including our own Sarah Gilbert, had been wondering if the stock had overheated and was trading based on irrational expectations rather than valuation.

Writing about the Jones Soda insiders, I wonder about what directors are supposed to do when they think they hold overvalued stock: "Does she have some moral obligation to hold the stock, or should she try to dump it before it plummets as investor exuberance subsides?"

In any case, the SEC has terminated its informal investigation of the trades, and the directors will get to keep their well-timed trading gains -- that was more than 50% higher than its current price.