DreamWorks Animation (DWA) was trading lower this afternoon in response to the company's latest earnings report which was released yesterday after the bell. At the time of this writing, the stock was down 2.4% to $27.43. That might sound bad, but it's actually a higher price than the intraday low of $26.71 (for further perspective, consider that the 52-week low for the shares is $26.61).

According to the Associated Press, the cartoon studio made an adjusted 47 cents per share. Oh man, know what the overall estimate was? Try 75 cents per share. Huge disparity. Honestly, I'm shocked the stock didn't drop beyond the 52-week low today based on such performance.

DreamWorks Animation (NYSE: DWA), a studio that battles against Disney (NYSE: DIS), News Corp. (NASDAQ: NWS), Time Warner (NYSE: TWX), and Sony (NYSE: SNE) in the highly competitive world of computer-generated cartoons, published its second-quarter earnings earlier in the week. They didn't scream to the world "we're a growth company!", but looks might be deceiving. The company seems to be doing fine, and you most likely would do well to take a long-term approach with this business.

Earnings came in at 30 cents per share. You probably won't like that earnings were 30 cents per share in the year-ago period as well. Agreed: 0% growth doesn't give a shareholder a whole lot to jump up and down about. Thing is, though, that DreamWorks Animation basically wants to hold its own until the next big catalyst. The home-video release of the studio's latest theatrical production, Monsters vs. Aliens, is slated for release in the early fall. So, from that point of view, maybe we can cut the company some slack.

DreamWorks Animation (NYSE: DWA), whose cartoons compete with similar products from Disney (NYSE: DIS), News Corp. (NASDAQ: NWS), Viacom (NYSE: VIA), Time Warner (NYSE: TWX), and Sony (NYSE: SNE), issued its Q1 stats after the bell on Tuesday afternoon.

Now, I'm just about 100% certain that I've used this goofy pun before, so let me apologize upfront for dragging it out yet again (you'll soon see that I had no choice): DreamWorks Animation had a quarter that dreams are made of!

DreamWorks Animation (NYSE: DWA) has done it again. The studio's new computer cartoon, Monsters Vs. Aliens, which was distributed by Viacom (NYSE: VIA), debuted in the top slot over the weekend at domestic multiplexes. According to Boxofficemojo estimates at the time of this writing, the film earned around $58 million. I think we all expected the performance in terms of rank, but I have to say that I thought the film would have taken in north of $60 million.

If you look at this very useful reference, you'll see that the opening for Monsters is relatively decent when compared to other DreamWorks Animation openings. But since both Kung Fu Panda and Madagascar: Escape 2 Africa had both hit the $60 million mark, I thought Monsters could do the same. An element to keep in mind is the timing. This is the first time that the studio opened one of its animated projects in March since The Road to El Dorado, and that one doesn't really count since it wasn't a CGI affair. So from that standpoint, perhaps this is a big victory.

DreamWorks Animation (NYSE: DWA) reported Q4 earnings after the bell on Tuesday, and the shares dropped over 5% in the after-hours session. As you might have guessed, the company missed expectations.

According to my earnings preview, the call was for 60 cents per share. Unfortunately, DreamWorks reported 58 cents per share on a 31% drop in net sales. However, there also was a 12-cent per-share tax benefit included in that bottom-line number. Last year, DreamWorks reported 98 cents per share.

This wasn't the quarter that dreams are made of.

DreamWorks Animation (NYSE: DWA) will be reporting Q4 earnings today after the market closes up shop. How will the computer-cartoon studio do? Well, I can tell you that investors are hoping for excellent numbers, considering that the stock hit a 52-week low of $18.87 on Monday.

The call is for 60 cents per share. That would be a pretty steep drop compared to last year's Q4, which came in at 98 cents per share. Of course, as this transcript from Seeking Alpha demonstrates, DreamWorks benefited last year from Shrek the Third. That's a tough act to follow, so the drop in income is to be expected. What the market really wants is a beat.

Without a doubt, DreamWorks Animation (NYSE: DWA) really nailed it with its latest computer-cartoon sequel, Madagascar: Escape 2 Africa. According to estimates at Boxofficemojo, the film, which is distributed by Viacom (NYSE: VIA), was number one at the box office over the weekend at domestic theaters.

That was expected. But I have to give kudos to the studio's marketing department for improving the previous film's opening weekend. Madagascar, which was released in May 2005, took in $47 million during its opening weekend. As of this writing, Escape 2 Africa has been credited with about $63 million. Considering that this isn't the summertime, I thought the sequel's debut performance was pretty cool.

And here's another equally cool fact: if the estimates hold, then Escape 2 Africa's first-weekend take will be slightly higher than Kung Fu Panda's opening weekend of $60.2 million. You've got to call that a success. Disney's (NYSE: DIS) Pixar brand definitely better take notice, especially if DreamWorks Animation can consistently put out blockbusters during both the summer and fall.

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

• Alcatel-Lucent (NYSE: ALU) reported a narrower Q3 net loss and reaffirmed its outlook.
• Barclays (NYSE: BCS) earnings and dividend prospects resulted in an analyst's downgrade.
• Burger King Holdings Inc. (NYSE: BKC) posted its 19th straight quarter of positive growth.
• Choice Hotels International Inc. (NYSE: CHH) better-than-expected Q3 report led to an upgrade.
• Comcast Corp. (NASDAQ: CMCSA) reported strong Q3 numbers and maintained its revenue outlook.
• DreamWorks Animation SKG Inc. (NYSE: DWA) better-than-expected Q3 results driven by Kung Fu Panda.
• Exxon Mobil Corp. (NYSE: XOM) reported another record profit in Q3 driven by record high fuel prices.
• Garmin Ltd. (NASDAQ: GRMN) reported a better-than-expected Q3 profit and offered guidance.
• Hercules Inc. (NYSE: HPC) posted lower Q3 earnings and anounced [regulatory] approval of its buyout.
• Janus Capital Group Inc. (NYSE: JNS) weaker-than-expected results led to an analyst's downgrade.
• Legg Mason Inc. (NYSE: LM) swung to a smaller-than-expected Q2 net loss and shares soared.
• Motorola Inc. (NYSE: MOT) dismal Q3 results managed to beat low earnings expectations.
• Office Depot (NYSE: ODP) Q3 results included lower revenue and a net loss due to economic conditions.
• Qwest Communications International Inc. (NYSE: Q) unimpressive Q3 numbers fell short of estimates.
• Sun Microsystems (NASDAQ: JAVA) swung to a greater-than-expected net loss due in part to competition.
• Texas Roadhouse Inc. (NASDAQ: TXRH) missed Q3 estimates and warned of flat full-year earnings.
• Valero Energy Corp. (NYSE: VLO) strong Q3 results included a gain from a sale of a refinery.
• Visa Inc. (NYSE: V) beat Q4 earnings expectations after adjustment for litigation-related charges.
• Whirlpool Corp. (NYSE: WHR) fell short of revenue estimates and announced job cuts.

DreamWorks Animation (NYSE: DWA), the computer-cartoon studio that competes with the animation product of other entities such as Disney (NYSE: DIS), News Corp. (NYSE: NWS) and Sony (NYSE: SNE), posted Q3 results after the close on Tuesday. Revenues saw a modest decrease of almost 6%, coming in at $151.5 million. I am categorizing a 6% decrease as modest in this case because the studio had a Shrek sequel out in the previous year. The drop was expected. Net income was 41 cents per diluted share, a figure which includes a $0.03 tax benefit. Even so, DreamWorks Animation beat expectations. Wall Street was counting on only 32 cents per share.

Operational cash flow isn't faring too badly. It increased 9%, and the company seems to be doing well enough in terms of generating revenues from its portfolio of films. Kung Fu Panda helped to drive the quarter, but it isn't done yet, as the home-video release should affect Q4 in a most positive manner.

Now that the data is out, DreamWorks Animation is really readying itself for its next big test. Madagascar: Escape 2 Africa, the sequel to the hit Madagascar, is waiting in the wings. In fact, the wait is almost over. The film is due November 7, and the company needs to post big numbers on this one.

Well, you can't win 'em all. I certainly found that out with Viacom's (NYSE: VIA) latest quarterly results. The media company delivered the complete opposite of my expectations. Let's go through the numbers.

Revenues for the second quarter increased 21% to almost $3.9 billion. Net income from continuing operations expanded 19% to 64 cents per share. That beat the estimate I was using by three pennies (other sources listed a lower estimate for earnings). No matter how you slice it, Viacom showed Wall Street how it's done.

Now, let me admit how wrong I was. I thought media networks would shine during the quarter and that the film division might not do as well. Operating income at media networks increased 4%, while Paramount and its colleagues increased their segment's profit by almost 300%! You can thank the new Indiana Jones movie, as well as Marvel's (NYSE: MVL) Iron Man and DreamWorks Animation's (NYSE: DWA) Kung Fu Panda, for bringing the crowds into the multiplex and the money into Viacom's coffers.

Viacom (NYSE: VIA) is due to report Q2 earnings on Tuesday, July 29, after the market closes. What will be in store for the media company and fierce competitor of Disney (NYSE: DIS), News Corp. (NYSE: NWS), Sony (NYSE: SNE), and Time Warner (NYSE: TWX)? According to data at Zacks.com, the company may report something in the vicinity of $0.61 per share, which would be good for 12% growth on the bottom line. Viacom has a reasonable chance of beating the estimate, based on past history.

There will be a few key elements that investors will be looking at. One product that has been a driving factor for Viacom's success is, believe it or not, a video game. Rock Band, which competes against Activision Blizzard's (NASDAQ: ATVID) Guitar Hero titles, has been a boon for the company, and the MTV segment specifically. The game, which is distributed by Electronic Arts (NASDAQ: ERTS), will have a sequel coming out this fall, and I hope management enlightens Wall Street about how it feels it will do against Activision Blizzard's new iteration of its own musical-gaming system and how it plans to promote it. Will there be any special synergies between MTV and the sequel? Watch for data on the number of song downloads that Rock Band is fueling.

When I took a look at Viacom's last earnings report, I found that the media-networks division was doing great business. Its operating income had jumped 15%. The media segment, which includes the valuable MTV Networks, should do well again in Q2, and I would expect something close to this kind of growth rate. However, I would be watching for signs from management that the economy may be affecting advertising. Going forward, this will be the challenge for MTV, Nickelodeon, etc. And speaking of Nickelodeon, are there any initiatives on the board to counteract the incredible growth that the Disney Channel has seen thanks to properties such as Hannah Montana? Investors should listen to the conference call for information about marketing plans and new shows, as well as merchandising schemes for the upcoming holiday season.

Activision Blizzard Inc. (NASDAQ: ATVID) reported preliminary Q1 earnings earlier in the week, and from a shareholder's perspective, they were great. These results are for Activision itself, and do not take into account the effect of the merger with Vivendi Games.

OK, consider the following. Management had previously thought that Q1 would see revenues of about $500 million. The game publisher should actually deliver around $650 million on the top line. And in terms of earnings per diluted share, Activision should do at least $0.16. Previously, the call was for $0.04 per diluted share. Activision obliterated its own projections, and one has to wonder when the momentum is going to stop.

I hope it never does, of course, since I own shares of the company. Competitors such as Electronic Arts (NASDAQ: ERTS) and THQ (NASDAQ: THQI) are doing everything they can to keep up. Their stocks certainly aren't near 52-week highs, and in the case of EA, a takeover of Take-Two Interactive (NASDAQ: TTWO) seems to be the biggest priority in terms of counteracting the Activision Blizzard juggernaut. Now, in terms of drivers for the quarter, Activision benefited from Guitar Hero and, believe it or not, a game based on DreamWorks Animation's (NYSE: DWA) Kung Fu Panda. In fact, the Panda title was mentioned first in terms of drivers. This shows that, even though Activision has some awesome intellectual properties of its own, it still knows how to derive value from investments in licensed properties.

Well, I was wrong about Sony's (NYSE: SNE) Hancock. Sure, I knew it was going to be the number-one movie over the Fourth of July holiday period, but come on, who didn't know that? As of this writing, Boxofficemojo estimates that the Will Smith picture took in $66 million over the three-day timeframe. However, Hancock had opened earlier in the week, and I thought that, by the time all was said and done, the film's cumulative gross by now would have been well over $100 million. Well, the cume now stands at around $107 million. I was thinking more along the lines of $125 million and above for a total tally by this point. Hancock came in a little weaker than expected, considering what seemed to be a very awesome cinematic experience as communicated by the marketing campaign.

Disney's (NYSE: DIS) Wall-E came in second over the weekend with around $33 million. The Pixar cartoon now has about $128 million to its credit. Wanted, distributed by General Electric's (NYSE: GE) Universal, was third with over $20 million. Time Warner's (NYSE: TWX) Get Smart and DreamWorks Animation's (NYSE: DWA) Kung Fu Panda were fourth and fifth, respectively. Here's an interesting note on Get Smart. Even after the holiday weekend, and after having been out in the marketplace for a few weekends, it still has yet to reach a total gross of $100 million. As of now, it has a little over $98 million in the bank. That number may change a bit when final figures are in, but in this day and age, when a summer movie with such star power (it stars Steve Carell) doesn't reach $100 million by the second weekend or sooner, it can't be considered super blockbuster material.

Well, it wasn't a terribly exciting box-office weekend. Frankly, I thought there would be more fireworks for the Fourth from these films. And as for all the stocks mentioned here, the bear market will probably keep them weak. The most direct play on the movie business is obviously DreamWorks Animation, and I would wait for that one to come in more before thinking about buying.

Disclosure: I own Disney and GE; positions can change at any time.

I didn't think Disney's (NYSE: DIS) Wall-E movie would do as well as it did over the weekend. I thought $60 million was too much to hope for (see my previous piece on the subject). I was wrong. According to Boxofficemojo, the Pixar picture pulled in more than $62 million at domestic theaters and came out on top.

Assuming the film continues to do well in upcoming weekends, Wall-E should provide a nice counterbalance to the relative disappointment of Disney's Prince Caspian project that was released in May. While Wall-E won't move Disney's stock all by itself, the movie and its characters should help drive the studio segment in future quarters, as well as provide some opportunities for promotions and initiatives in other parts of the company, such as the theme parks.

Wanted, distributed by General Electric's (NYSE: GE) Universal, debuted in second place with a haul of more than $50 million. The movie, starring Angelina Jolie, had some snazzy, Matrix-like commercials powering its appeal. I can see why the numbers were big on this one. Time Warner (NYSE: TWX) and Get Smart didn't stand a chance against Wanted. It dropped two spots to third place with a tally of $20 million. And, no, I still don't find Steve Carell funny.

Walt Disney (NYSE: DIS) has an interesting weekend coming up. The new Pixar film, Wall-E, opened today. While everyone expects it to be a hit, no one knows yet how big a hit it will ultimately be.

Pixar, of course, is a major brand in computer-generated cartoons. Its major competition is DreamWorks Animation (NYSE: DWA). The latter's most recent hit, Kung Fu Panda, opened earlier this summer box-office season with a $60.2 million first-weekend take, according to Boxofficemojo. Last year, Ratatouille debuted with a first-weekend take of $47 million. In my mind, for Wall-E to please shareholders and show Disney that its Pixar brand is a reliable money machine, the animated feature needs to do at least $60 million. It can't do anywhere near the Ratatouille flick since that was an example of weak opening performance, in my opinion.

I read a great review on Wall-E at the Hollywood Reporter. The author heaps praises on the film and says that Pixar's streak of success is intact. That's pretty pleasing. Yet, the review also worries me to some extent (I'm a Disney shareholder). The author says that there isn't a lot of dialogue in the picture (I guess the robot characters don't speak) and that it might be such a smart project that some moviegoers might not fully appreciate it. In this competitive timeframe, that doesn't make me feel good. I'd rather the film be simple blockbuster material for the popcorn crowd. I don't want the young kids in the audience to feel their attention spans being strained in the least. I'm not looking for art in this case. I just want my company to make as much money as possible.