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%)

For the phamra industry, the long-term trends look promising, especially in light of the aging population. While companies face lots of pressure to cut costs, this is a good thing for the generic drug industry. And, as should be no surprise, we are seeing some dealmaking.

Today, Teva Pharmaceutical Industries Ltd. (NASDAQ: TEVA) has agreed to purchase Barr Pharmaceuticals Inc. (NYSE: BRL) for a cool $7.46 billion (rumors have been swarming about this deal since July 16th).

Israeli generic-drug maker Teva is looking for opportunities to bolster its markets. Acquiring Barr would give it a nice platform in Europe (this was actually because of an acquisition of Pliva in 2006). What's more, the company has a nice offering of drugs such in the contraceptives category.

Teva, already the largest generic drug company in the world, has gotten even bigger with this deal. Taken together, the combined entity will have revenues of close to $12 billion.

With its resources, Teva can continue to snap up some pretty big deals. In the case with Barr, the premium was a whopping 42% (as of Wednesday's close).

So far in today's trading, Teva's shares are up 2.2% to $42.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.

MAJOR PAPERS:

• The Wall Street Journal reported that it is the Bush Administration versus Democrats versus Republicans to decide the strategy to stabilize Federal National Mortgage Association (NYSE: FNM) -- Fannie Mae -- and Federal Home Loan Mortgage Corporation (NYSE: FRE) -- Freddie Mac. The Administration's plan would let the Treasury Department advance a credit line and the opportunity for the government to buy equity in either firm. A package is expected to pass but not before the political and economic ramifications are battled out. Democrats and Treasury want it to be a part of a housing rescue plan; Republications oppose it.
• The Clinton Foundation, headed by former President Clinton, believes it has a pricing agreement in place that it expects will make malaria drugs affordable and available to millions of poor people worldwide, the Wall Street Journal reported.
• The Financial Times reported that UBS AG (NYSE: UBS) and Liechtenstein's LGT Group will today be accused by U.S. Congressional investigators of using the "cloak of bank secrecy laws" to help American clients evade billions of dollars in taxes.

OTHER PAPERS:

• Globes reported that Teva Pharmaceutical Industries Limited (NASDAQ: TEVA) is talks to acquire Barr Pharmaceuticals Inc (NYSE: BRL). The price tag is said to be between $7B and $7.5B.

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

• American International Group Inc. (NYE: AIG) reported a loss of $7.8 billion but raised its dividend.
• Barr Pharmaceuticals Inc. (NYSE: BRL) missed earnings estimates and lowered its guidance.
• D.R. Horton Inc. (NYSE: DHI) posted a larger-than-expected Q2 loss on further write-downs.
• Fannie Mae (NYSE: FNM) posted its third straight quarterly loss on the continuing housing slump.
• Hansen Natural Corp. (NASDAQ: HANS) lower-than-estimated Q1 profit led shares to a 52-week low.
• Lazard Ltd. (NYSE: LAZ) net income dropped 71% on a fall-off of M&A activity and a write-down.
• MGM Mirage Inc. NYSE: MGM) Q1 profits were dragged down by decreased consumer spending.
• Pilgrims Pride Corp. (NYSE: PPC) widened its Q2 loss due to the rising cost of feed.
• Playboy Enterprises Inc. (NYSE: PLA) swung to a Q1 loss as revenue declined in all units.
• Qwest Communications (NYSE: Q) net income and revenue fell in the first quarter.
• Scotts Miracle Gro Co. (NYSE: SMG) blamed a slow start to spring for its Q2 profit decline.
• Teva Pharmaceutical Industries Inc. (NASDAQ: TEVA) posted a Q1 loss due to a charge.
• THQ Inc. (NASDAQ: THQI) posted a loss for its fourth quarter and revenues flat for the year.
• Toyota Motor Corp. (NYSE: TM) posted lower-than-expected Q4 results due to the U.S. economic slump.
• Warner Music Group Corp. (NYSE: WMG) Q2 loss widened and it suspended its quarterly dividend.

MOST NOTEWORTHY: GameStop (GME), Brocade (BRCD), Tween Brands (TWB), Plantronics (PLT) and Arcelor Mittal (MT) were today's more notable upgrades:

• First Albany sees upside potential in GameStop (NYSE: GME) through 2008 and upgraded shares to Strong Buy from Buy.

• JMP Securities upgraded Brocade (NASDAQ: BRCD) to Market Outperform from Market Perform on valuation.

• Tween Brands (NYSE: TWB) was upgraded to Buy from Sell on valuation at Matrix USA.

• JMP Securities' checks indicate Altec Lansing's im600 iPod docking station/FM radio is selling better than expected, and upgraded shares of Plantronics (NYSE: PLT) to Market Outperform from Market Perform.

• Merrill upgraded shares of Arcelor Mittal (NYSE: MT) to Buy from Neutral to reflect the company's inclusion in the Euro Stoxx 50 Index in September as well as the positive global carbon steel environment...

OTHER UPGRADES:

• Pepsi Bottling (NYSE: PBG) was upgraded to Overweight from Neutral at HSBC.

• Morgan Stanley raised RF Micro Devices (NASDAQ: RFMD) to Equal Weight from Underweight.

• Matrix upgraded Barr Pharmaceuticals (NYSE: BRL) to Buy from Hold.

• Jefferies upgraded Advanced Medical (NYSE: EYE) to Hold from Underperform.

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

MOST NOTEWORTHY: Today's noteworthy upgrades include Papa John's Int'l, Inc (PZZA), ExpressJet Holdings, Inc (XJT), Nvidia Corp (NVDA),Georgia Gulf Corp (GGC) and MasterCard (MA):

• Following Q1 results, Oppenheimer upgraded shares of Papa John's Int'l, Inc (NASDAQ: PZZA) to Buy from Neutral, citing better-than-expected revenue growth, improved margins and acquisitions.

• Soleil upgraded shares of ExpressJet Holdings (NYSE: XJT) to Hold from Sell with a $7 target due to the likely absence of any real news until at least August.

• Deutsche Bank assumed shares of Nvidia (NASDAQ: NVDA) with a Buy, up from Hold, as the firm believes Vista will accelerate NVDA's growth rates making their 2008 estimates conservative.

• Citigroup upgraded shares of Georgia Gulf Corp (NYSE: GGC) to Buy from Sell based on an improved near-term outlook.

• MasterCard (NYSE: MA) was upgraded to Hold from Sell at Stifel based on the lenders impressive Q1 results and pricing power...

OTHER UPGRADES:

• Baird upgraded Barnes Group Inc (NYSE: B) to Outperform from Neutral.

• Pacific Ethanol Inc (NASDAQ: PEIX) was raised to Hold from Sell at Hambrecht.

• LCA-Vision Inc (NASDAQ: LCAV) was upgraded to Buy from Neutral at Oppenheimer.

• Bernstein raised Barr Pharmaceuticals, Inc (NYSE: BRL) to Outperform from Market Perform.

• Morgan Stanley upgraded Nektar Therapeutics (NASDAQ: NKTR) to Equal Weight from Underweight.

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

MOST NOTEWORTHY: Take-Two Interactive Software Inc (TTWO), Circuit City Stores Inc (CC) and Exxon Mobil Corp (XOM) are today's more notable downgrades:

• Both Soleil and Citigroup downgraded Take-Two Interactive Software Inc (NASDAQ: TTWO) to Sell from Hold following the company's earnings shortfall and reduced guidance.

• Piper Jaffray downgraded Circuit City Stores Inc (NYSE: CC) to Market Perform from Outperform and a $20 target, based on checks that indicate weak sales trends following Christmas.

• AG Edwards removed Exxon Mobil Corp (NYSE: XOM) from its Focus Portfolio, believing the company offers less upside potential than other companies in the energy sector...

OTHER DOWNGRADES:

• Harrah's Entertainment Inc (NYSE: HET) was cut to Neutral from Buy at Buckingham Research.

• Sasol Limited ADR (NYSE: SSL) was downgraded to Hold from Buy at Citigroup based on the persistent regulator risk.

• ThinkEquity cut Syniverse Holdings Inc (NYSE: SVR) to Source of Funds from Accumulate citing expectations for increased competition and price pressures.

• Citigroup downgraded Barr Pharmaceuticals Inc (NYSE: BRL) to Hold from buy.

• First Albany cut Shuffle Master Inc (NASDAQ: SHFL) to Neutral from Buy.

• Jefferies downgraded Omnicare Inc (NYSE: OCR) to Hold from Buy with a $44 target.

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