Priceline.com Inc. (PCLN), which was recently added to the S&P 500, is scheduled to discuss its third-quarter 2009 financial results in a conference call Monday, November 9, at 4:30 PM ET. You can catch the live webcast of the call on the company's website.

During the three months that ended in September, Priceline announced a partnership with Ticketmaster (TKTM) and launched a rewards Visa card. Analysts surveyed by Thomson Reuters expect this leading online travel services provider to report that earnings for that period jumped 18.2% from a year ago to $2.92 per share. And revenue for the quarter is expected to be 23.6% higher to $693.9 million.

Expedia (NASDAQ: EXPE) closed at $26.36. EXPE is scheduled to discuss Q3 EPS on October 29. EXPE November option implied volatility of 53; December is at 49; near its 26-week average of 53 according to Track Data, suggesting non-directional price movement.

Priceline.com (NASDAQ: PCLN) closed at $177.14. PCLN will be added to the NASDAQ-100 Index effective at the start of trading on October 29. PCLN is expected to report Q3 EPS in early November. PCLN November option implied volatility is at 43, December and January is at 40; below its 26-week average of 45, according to Track Data, suggesting non-directional price movement.

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

Leading online travel site Priceline.com (NASDAQ: PCLN) is perhaps best known for its pitchman, pop culture icon William Shatner. But to in-the-know investors, this stock is more known for booking big profits.

Now you might think that with the country in a recession, online travel stocks wouldn't be doing very well. But actually, the opposite is true.

According to a recent article in Investor's Business Daily, many corporate travel managers have been forced to cut the cost of basic travel expenses due to the recession. "Firms are telling execs to move their seats from the front to the back of the plane -- and to find budget-class hotel rooms." Bingo!

As many shoppers have realized in this recession, just because something is cheap doesn't mean it's a bargain.

This is especially true in the stock market, where you definitely get what you pay for.

There have been plenty of low-priced deals on stocks lately, as plenty of good companies watched their shares take a beating in our economic crisis. But that doesn't mean all cheap stocks are worth buying. Unless that bargain goes up in value, it's not a bargain.

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

• Applied Materials Inc. (NASDAQ: AMAT) posted better-than-expected Q3 results, sending shares higher.
• AutoDesk Inc. (NASDAQ: ADSK) reported better-than-expected Q2 earnings, sending shares higher.
• Blockbuster Inc. (NYSE: BBI) had another disappointing quarter as same-store sales declined.
• CIT Group Inc. (NYSE: CIT) delayed its Q3 report due to ongoing debt restructuring and a possible bankruptcy.
• Dr Pepper Snapple Group Inc. (NYSE: DPS) Q2 earnings came in well ahead of Wall Street expectations.

Priceline.com (NASDAQ: PCLN), a web-based booking business that fights it out with Expedia (NASDAQ: EXPE), was red-hot during yesterday's session. Shares closed higher by 14%. Volume rocked. The Q2 numbers were strong, and the market rewarded the results without hesitation.

Revenues increased 17%. According to TheStreet.com, adjusted profit of $2.02 per share walloped estimates. Wall Street was only booked for $1.79 per share. The analysts really missed this one. It's understandable, though. Whether we're close to the end of a recession or not is debatable, and I'm sure they wanted to be conservative with the models.

• Stephens upgraded Old Dominion Freight (NASDAQ: ODFL) to Overweight from Equal Weight to reflect the financial problems at YRC Worldwide (NASDAQ: YRCW), which the firm believes could lead to market share gains. Stephens raised its target on Old Dominion Freight to $40 from $22.
• UBS expects SunPower (NASDAQ: SPWRA) to benefit from the U.S. residential solar segment as investment tax credits come available. The firm upgraded shares to Buy from Neutral and raised its target to $38 from $26.
• KeyBanc upgraded DPL (NYSE: DPL) to Buy from Hold based on valuation and potential upside from the Ohio approval of the rate settlement, 2010 guidance, and potential to use cash flow for accretive purposes.
• Microsoft (NASDAQ: MSFT) was upgraded to Conviction Buy from Buy at Goldman.
• Carnival (NYSE: CCL) was raised to Equal Weight from Underweight at Barclays.
• South Financial Group (NASDAQ: TSFG) was upgraded at SunTrust to Buy from Neutral.

Desperate times call for desperate measures benefit consumers. As online travel agencies slug it out in the hunt for market share, many are starting to cut booking fees -- ironically, in stark contrast to what the airlines themselves are doing. While the airlines are looking to squeeze every last ounce of revenue from each passenger mile, the websites that put people in seats are hungry for any competitive advantage they can find.

Orbitz Worldwide (NYSE: OWW) has permanently kicked its airline booking fees on both domestic and international flights. Travelocity is following suit, to a limited extent, at least, by continuing to wave booking fees ... a measure that Expedia Inc (NASDAQ: EXPE) is taking, as well. What started as promotions are fast becoming the norm.

Priceline.com (NASDAQ: PCLN), an online booking concern that competes with Expedia (NASDAQ: EXPE), reported Q1 earnings on Monday. The stats were all right, I have to say.

Revenues increased over 14%. According to this article, earnings on an adjusted basis came to $1.09 per share. Analysts were looking for 93 cents per share. Year-ago adjusted income was 76 cents per share, according to the press release. Priceline not only expanded its bottom-line income, but it increased its net cash from operations. That figure went up by a nice 71%. Gross travel bookings as a whole jumped by over 10%. They did even better in the U.S. market.

Analyst upgrades:

• Merriman upgraded Dendreon (NASDAQ: DNDN) to Buy from Neutral on expectations shares will react positively to the full IMPACT data release on April 28. The firm thinks Provenge could represent the first cancer immunotherapy approved in the U.S. and raised its valuation range on the stock to $33-$34 from $18-$19.
• Piper Jaffray upgraded Andersons (NASDAQ: ANDE) as it believes the valuation is attractive, investor expectations are low, and the company's fertilizer and rail segments could recovery in FY10. The firm has a $19 target on shares. Goldman upgraded the auto sector to Neutral from Cautious and added Ford (NYSE: F) to its Conviction Buy list. The analyst does not believe Ford will have to declare bankruptcy and sees the company benefiting from Chrysler share declines and GM's (NYSE: GM) reduced product offerings. Ford's price target is $6
• Banc of America/Merrill upgraded U.S. Airways (NYSE: LCC) to Buy from Underperform.
• Broadcom (NASDAQ: BRCM) was upgraded to Equal Weight from Underweight at Morgan Stanley.
• Caterpillar (NYSE: CAT) was raised to Overweight from Neutral at JP Morgan.

Expedia (NASDAQ: EXPE) did not have a good week. The online travel site, which competes with Priceline.com (NASDAQ: PCLN) for attention, reported abysmal earnings for the fourth quarter this past Thursday. The company suffered a huge loss of $9.60 per share. That's right, $9.60 per share! Kind of rocks your world, doesn't it? And not in a good way. I mean, Expedia's share price closed at $7.74 on Friday.

As you can imagine, there was an accounting issue going on (not that it should make shareholders feel any better, mind you). Expedia took a huge goodwill write-down related to the significant drop in the market capitalization of the business. We're talking $3 billion. Wow. Of course, management adjusted the earnings to represent what Expedia would have made without the charge. That would be $0.22 per share. Unfortunately, that missed expectations by two pennies.

William Shatner has returned for the 11th year as the enigmatic spokesperson and premier negotiator for lower travel costs for Priceline.com (NASDAQ: PCLN).

Priceline is confident that Shatner can pick up where he left off as an effective voice for the online discount travel service.

There is reason for optimism at the company. Priceline revenues and earnings for the first nine months of the year increased by 30%, outpacing the meager 2% increase in retail sales for the period, and besting the 8% increase in sales for e-commerce retailers, as well.

Revenues and earnings for the fourth quarter are also expected to run well ahead of the retail sales figures for the period.

At the current price of $65 per share, Priceline is trading at under 10 times forecasted earnings for the year. The market appears to be significantly undervaluing the company at this price level, as several analysts are lowering the stock to a neutral position based on the recent rise in price that took the stock near their target levels.

Additional concerns affecting the analysts' view of Priceline include the general softening of consumer demand, declining hotel pricing and the strengthening of the U.S. dollar.

In reality, these same concerns can be viewed as a positive for the company.

The focus of last week's preview was on oil and energy companies, and we saw that big oil had a good week, reporting better-than-expected results and record profits driven by high prices in the third quarter. Energy-related companies are well represented again this week and expectations in general remain high.

Early in the week, analysts surveyed by Thomson Financial anticipate that the big earnings gainers will include EOG Resources Inc. (NYSE: EOG), Anadarko Petroleum Corp. (NYSE: APC), and Cimarex Energy Co. (NYSE: XEC), which are expected to post profits of $2.24 per share (up 64.7% from a year ago), $1.48 per share (up 52.7%) and $2.26 per share (up 61.1%) respectively. All three of them have offered positive surprises in recent quarters, and analysts on average recommend buying EOG and Anadarko. Other expected big earnings gainers early in the week include Forest Oil Corp. (NYSE: FST), Pioneer Natural Resources Co. (NYSE: PXD), Comstock Resources Inc. (NYSE: CRK), and MasterCard Inc. (NYSE: MA). The earnings of phosphates producer Innophos Holdings Inc. (NASDAQ: IPHS) are expected to have risen 92.3% to $3.37 per share. Innophos beat estimates in the previous quarter by a whopping 210%, and analysts have been impressed with Innophos's lack of debt and pricing gains despite the slowing economy, so, on average, they recommend buying IPHS.

Also early in the week, analysts expect Goodyear Tire & Rubber Co. (NYSE: GT), Kaiser Aluminum Corp. (NASDAQ: KALU), and Oshkosh Corp. (NYSE: OSK) to report that their profits fell 52.9% to $0.33 per share, 45.1% to $0.67 per share, and 41.2% to $0.67 per share, respectively. These companies have tended to beat estimates in recent quarters, and the consensus recommendations of analysts are to buy them. However, PMI Group Inc. (NYSE: PMI), one of the largest private mortgage insurance providers in the U.S., is expected to take another hit as the housing slump drags on. The California-based company is expected to have widened its net loss from $1.04 per share a year ago to $2.43 per share in the most recent quarter. Its shares are down 84.5% from a year ago, and have been trading recently near their 52-week low.

The shares of Orbitz Worldwide, Inc. (NYSE: OWW) are skidding all over the charts today following the company's second-quarter earnings release. Orbitz confessed to a net loss of $5 million, or six cents per share, much improved from its year-ago loss of $32 million. Revenue for the recently concluded quarter inched 1% higher to $231 million.

While the results were better than the same quarter in 2007, analysts were looking for an even smaller loss of three cents per share on more robust revenue of $234 million.

Gross bookings increased 4% to $3 billion, thanks to a little help from overseas -- international bookings rocketed 41% higher, compared to a 1% slump in domestic bookings. Orbitz's international business now accounts for 23% of its revenue, up three percentage points from the year prior.

Despite the challenges facing Orbitz, president and CEO Steven Barnhart professed his enthusiasm about some new initiatives to drive growth. Specifically, the travel firm is launching a new "Price Assurance" functionality, and the company just entered a multi-year partnership with Microsoft (NASDAQ: MSFT) to serve as the online provider for MSN.com's travel portals. Barnhart said these initiatives "will accelerate our domestic growth in the second half of the year and help offset any impact from current economic and travel industry uncertainty."

With a turn of the calendar page, we drift into the middle portion of the current quarter, but the earnings season rolls on. Among the many companies scheduled to report quarterly results this coming week are Time Warner Inc. (NYSE: TWX), Cisco Systems Inc. (NASDAQ: CSCO), News Corp. (NYSE: NWS), and Whole Foods Market International (NASDAQ: WFMI). Let's take a look at which companies Wall Street analysts are expecting to be among the top earnings gainers and decliners this week.

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

• DRS Technologies Inc. (NYSE: DRS): $0.85 EPS (+95.3%) on revenue of $823.8 million (+12.0%)
• Integrys Energy Group Inc. (NYSE: TEG): $0.40 EPS (+70.0%) on revenue of $2.6 billion (+9.7%)
• Cimarex Energy Co. (NYSE: XEC): $2.53 EPS (+64.4%) on revenue of $599.9 million (+75.4%)
• Forest Oil Corp. (NYSE: FST): $1.51 EPS (+55.6%) on revenue of $456.1 million (+79.1%)
• Devon Energy Corp. (NYSE: DVN): $3.28 EPS (+48.5%) on revenue of $4.1 billion (+38.5%)
• CMS Energy Corp. (NYSE: CMS): $0.13 EPS (+46.2%) on revenue of $1.4 billion (+6.7%)
• Transocean Inc. (NYSE: RIG): $3.23 EPS (+43.0%) on revenue of $3.1 billion (+112.9%)
• Sara Lee Corp. (NYSE: SLE): $0.26 EPS (+38.5%) on revenue of $3.5 billion (+8.9%)
• Williams Companies Inc. (NYSE: WMB): $0.69 EPS (+37.7%) on revenue of $3.4 billion (+20.0%)
• Harris Corp. (NYSE: HRS): $0.99 EPS (+28.3%) on revenue of $1.4 billion (+18.0%)