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).

MOST NOTEWORTHY: Today's more noteworthy upgrades include Verizon Communications Inc (VZ), Priceline.com Inc (PCLN) Intel Corp (INTC), NYSE Euronext (NYX) and Top Tankers Inc (TOPT):

• 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...

OTHER UPGRADES:

• 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.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

MOST NOTEWORTHY: Hess Corp (HES), American Home Mortgage Investment Corp (AHM) and Anglo American plc (AAUK) were today's noteworthy downgrades.

• Lehman Brothers downgraded Hess Corp (NYSE: HES) to Underweight from Equal-Weight based on valuation.
• American Home Mortgage Investment Corp (NYSE: AHM) was cut to Underperform from Market Perform at Keefe Bruyette, to Market Perform from Outperform at Friedman Billings, to Equal-Weight from Overweight at Lehman Brothers, to Sell from Hold at Citigroup and to Hold from Buy at Deutsche Bank.
• Anglo American plc (NASDAQ: AAUK) was downgraded to Underperform from Market Perform at BMO Capital Markets based on valuation.

OTHER DOWNGRADES:

• Murphy Oil Corp (NYSE: MUR) was cut to Equal-Weight from Overweight at Lehman.
• Credit Suisse downgraded Alaska Air Group, Inc (NYSE: ALK) to Neutral from Outperform.
• Gabelli downgraded shares of A. Schulman, Inc (NASDAQ: SHLM) to Hold from Buy to reflect the company's weak second-quarter.
• Raymond James downgraded Avnet, Inc (NYSE: AVT) to Market Perform from Outperform.
• Blyth, Inc (NYSE: BTH) was cut to Sell from Hold on valuation.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

MOST NOTEWORTHY: The more notable initiations today included THQ Inc (THQI), LaSalle Hotel Properties (LHO) and OfficeMax Inc (OMX):

• William Blair started THQ Inc (NASDAQ: THQI) with an Outperform rating, as they are positive on shares based on earnings upside potential from the new video game cycle.

• RBC initiated shares of LaSalle Hotel Properties (NYSE: LHO) with an Outperform rating and $52 target, as the firm expects growth to be driven by portfolio repositioning efforts and renovations.

• OfficeMax Inc (NYSE: OMX) was initiated at Bear Stearns with a Peer Perform rating citing a balanced risk/reward.

OTHER INITIATIONS:

• Lehman Brothers initiated both AK Steel Holding Corp (NYSE: AKS) and Steel Dynamics Inc (NASDAQ: STLD) with Equal Weight ratings.

• Wachovia started Beazer Homes USA Inc (NYSE: BZH) with a Market Perform rating, saying the company has few discernible competitive advantages over other public homebuilders and lacks catalysts.

• Cowen initiated Rackable Systems Inc (NASDAQ: RACK) with a Neutral rating.

• Bear Stearns re-initiated Tiffany & Co (NYSE: TIF) with a Peer Perform rating.

• Leerink Swann started Align Technology (NASDAQ: ALGN) with an Outperform rating, with a range of $21-$23, believing the company's Invisalign technology is well positioned for renewed growth.

• Bernstein initiated Murphy Oil Corp (NYSE: MUR) with an Outperform rating.

• Cascade Financial Corp (NASDAQ: CASB) was initiated with a Hold rating and $19 target at Sandler.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).