Constellation Brands (NYSE: STZ - option chain) shares are rising today even though the markets are down sharply after the company reported second-quarter earnings. Adjusted profits were $120 million, or 54 cents per share, on revenue of $877 million, while analysts were expecting a profit of 41 cents per share on revenue of $834 million. If you think that the stock 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 STZ.

STZ opened this morning at $15.70. So far today the stock has hit a low of $15.20 and a high of $16.19. As of 11:35, STZ is trading at $15.73 up 58 cents (3.8%). The chart for STZ looks bullish and S&P gives STZ a positive 4 STARS (out of 5) buy ranking.

Autumn has arrived and the quarter winds down this week. The Dow has been inching toward 10,000 for a while now, though it closed lower in the past three sessions. Can it make it to 10,000 for the start of the third quarter? If so, what will push it higher? If not, what will drag it down further?

• Monday is Yom Kippur, the most solemn of the Jewish holidays; trading likely will be lighter than usual. In the evening, the FDIC meets to discuss how to rebuild the Bank Deposit Insurance Fund.
• Tuesday, the Consumer Confidence Index for September is due and the SEC holds a public meeting to consider more short sale actions.

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

• Apollo Group Inc. (NASDAQ: APOL) posted better-than-expected Q3 earnings due to higher enrollments.
• Ball Corp. (NYSE: BLL) expected earnings growth resulted in an upgrade from one analyst.
• Constellation Brands Inc. (NYSE: STZ) shares soared after Q1 earnings topped analysts' expectations.
• General Mills Inc. (NYSE: GIS) profit doubled in Q4, beating estimates, and annual sales also rose.
• H&R Block Inc. (NYSE: HRB) reported earnings growth for the fiscal year but essentially flat revenues.
• Schnitzer Steel industries Inc. (NASDAQ: SCHN) surprised analysts with a Q3 loss, sending shares lower.
• Sealy Corp. (NYSE: ZZ) Q2 earnings fell short of expectations and revenues declined due to the recession.

Constellation Brands (NYSE: STZ - option chain) shares are trading higher today after the company posted a first-quarter profit of 33 cents per share, topping analysts' forecasts of 32 cents per share. If you think that the stock 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 STZ.

STZ opened this morning at $13.18. So far today the stock has hit a low of $13.02 and a high of $14.19. As of 12:20, STZ is trading at $13.84 up $1.16 (9.2%). The chart for STZ looks bullish and S&P gives STZ a positive 4 STARS (out of 5) buy ranking.

Things will be pretty quiet again on the earnings front during this holiday-shortened week, so not much chance of fireworks there.

The one report analysts surveyed by Thomson Reuters seem to have the highest hopes for is that from Apollo Group Inc. (NASDAQ: APOL), as people look to education to better position themselves to survive the economic slump. For its fiscal third quarter, during which a new co-CEO was named, the Phoenix, Ariz.-based educational services provider is expected to report a profit of $1.12 per share, which is 24.1% higher than a year ago. Revenue is expected to be 24.3% higher to $1.0 billion. The full-year forecast is currently for $3.97 per share (+28.5%) on sales of $3.9 billion (+24.4%). Earnings have topped expectations in the past four quarters, by as much as 13 cents per share. The long-term EPS growth forecast is 15.9%, which is double the industry average, and the forward PE ratio estimate is 15.0. The First Call consensus recommendation remains to buy APOL; InvestorPlace calls it a stock you can trust. At $68.50, shares are down 10.6% since the beginning of the year, but they peeked above the 100-day moving average at the end of this week for the first time since March.

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

• Bed Bath & Beyond Inc. (NASDAQ: BBBY) easily topped Q4 earnings estimates but same-store sales fell.
• Brinker International Inc. (NYSE: EAT) forecast Q3 earnings that are well above analysts' estimates.
• Constellation Brands Inc. (NYSE: STZ) said it narrowed its loss in Q4 despite restructuring costs.
• Excel Maritime Carriers Ltd. (NYSE: EXM) is expected to fall short of Q4 earnings expectations.
• Family Dollar Stores Inc. (NYSE: FDO) reported strong Q2 results and and raised its outlook for Q3.

On Wednesday, PriceSmart Inc. (NASDAQ: PSMT) reported that its earnings rose 34% in the fiscal second quarter due to improved sales, and Constellation Brands Inc. (NYSE: STZ) said it narrowed its fiscal fourth quarter loss despite restructuring costs and lower holiday season wine sales in Britain and Australia.

Warehouse club operator PriceSmart said it earned $12.7 million, or 43 cents per share, for the period ended Feb. 28, compared to $9.5 million, or 33 cents per share, in the same period of the previous year. Revenue grew 14% to $334.8 million.

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

• Acuity Brands Inc. (NYSE: AYI) reported lower Q1 earnings that still beat analysts' expectations.
• Bed Bath & Beyond Inc. (NASDAQ: BBBY) reported unimpressive Q3 results but shares rose anyway.
• Chevron Corp. (NYSE: CVX) warned of lower Q4 earnings due to lower oil prices and narrow margins.
• Constellation Brands Inc. (NYSE: STZ) Q3 earnings tumbled on on restructuring costs and weaker sales.
• Family Dollar Stores Inc. (NYSE: FDO) topped Q1 earnings expectations as consumers seek bargains.
• Intel Corp. (NASDAQ: INTC) lowered its Q4 revenue guidance once more due to lower demand.
• LDK Solar Co. (NYSE: LDK) cut its Q4 revenue outlook as clients asked for delayed shipments.
• Manitowoc Co. (NYSE: MTW) said profit will likely come in at the low end of its previous guidance range.
• Monsanto Co. (NYSE: MON) reported strong Q1 numbers and raised its full-year guidance.
• Neogen Corp. (NASDAQ: NEOG) posted its 63rd-consecutive profitable quarter, helped by an acquisition.
• Rocky Mountain Chocolate Factory (NASDAQ: RMCF) posted dismal Q3 numbers on economic downturn.
• Sears Holdings Corp. (NASDAQ: SHLD) higher-than-expected December sales prompted raised guidance.
• Supervalu Inc. (NYSE: SVU) reported a Q3 loss because of hefty one-time charges, but topped estimates.
• Walmart Stores Inc. (NYSE: WMT) cut its Q4 forecast after lower-than-expected December sales.
• Williams-Sonoma Inc. (NYSE: WSM) forecast lower-than-expected Q4 earnings on weak December sales.

For more earnings highlights, see Time Warner, Satyam, Google, KB Home, Mosaic and others

Upcoming earnings releases include Alcoa Inc. (NYSE: AA), Infosys (NASDAQ: INFY), Linear Technologies (NASDAQ: LLTC) , Xilinx (NASDAQ: XLNX), Genentech (NYSE: DNA), Intel (NASDAQ: INTC), Marshall & Ilsley (NYSE: MI), Sealy (NYSE: ZZ), Johnson Controls (NYSE: JCI).

Visit AOL Money & Finance for more earnings coverage.

While wine and spirits maker Constellation Brands Inc. (NYSE: STZ) said Wednesday that its fiscal third-quarter earnings tumbled 30% on restructuring costs and weaker sales, grocery store chain Supervalu Inc. (NYSE: SVU) reported a third-quarter loss because of hefty one-time charges.

For the quarter ended Nov. 30, Constellation Brands posted a profit of $83.5 million, or 38 cents a share, down 30.9% from a year earlier. Excluding one-time restructuring and acquisition-related charges and other special items, the world's biggest winemaker by volume earned $132 million, or 60 cents a share.

Sales were hurt by the stronger dollar, slipping 7.1% to $1.31 billion, with net sales excluding excise taxes falling 6% to $1.03 billion. Analysts surveyed by Thomson Reuters had expected earnings of 59 cents a share on sales of $1.13 billion.

Citing the impact of the economic downturn on its key markets, the company lowered the upper end its 2009 adjusted profit outlook to between $1.68 per share and $1.72 per share.

Shares fell on Wednesday by $1.39, or 8.2%, to close at $15.48, but regained much of that in afterhours trading. In the past three months, the share price has fallen 10.7%.

After the turn of the calendar page, quarterly reporting resumes this week. Analysts surveyed by Thomson Reuters are expecting to see strong earnings growth from fertilizer producer Mosaic Co. (NYSE: MOS), biotech giant Monsanto Co. (NYSE: MON), and Neogen Corp. (NASDAQ: NEOG), which produces food safety and animal health products. Mosaic's estimated earnings per share of $1.43 for the fiscal second quarter would be 41.9% higher than a year ago, and its revenue estimate of $3.0 billion is 36.7% higher. Monsanto's $0.59 per share projection for the fiscal first quarter is 22.0% higher and sales of $2.4 billion are up 14.9%. And Neogen's second-quarter $0.25 per share would be 12.0% higher, while its sales of $32.3 million are up 18.6%. All three have tended to beat expectations in recent quarters, and all three have buy recommendations from a consensus of analysts. Mosaic and Monsanto have recently announced dividends, and their share prices have fallen 62.3% and 39.0%, respectively, from a year ago. The share price of Neogen, which recently announced share buybacks, is only 0.8% lower.

Other companies expected to post modest earnings gains when they report this week include education company Apollo Group Inc. (NASDAQ: APOL), WD-40 Co. (NASDAQ: WDFC), and wine and spirits maker Constellation Brands Inc. (NYSE: STZ).

Are you ready to ring in the new year? I sure am. My wife and I have a bottle of champagne in the fridge and we can't wait to toast 2009.

Normally, we are not big drinkers, but I figured this year would be different. I can't say goodbye to 2008 fast enough. What will go down as one of the worst years in stock market history is plenty reason for us to break out the real stuff.

I suspect we are not alone in our craving for an adult beverage. It is true that during difficult times sales of libations increase. There is good reason for that, as many seek to escape, even for a moment, the challenges faced on a day-to-day basis.

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

• Apple Inc. (NASDAQ: AAPL) earnings prospects may suffer if holiday sales are poor.
• Circuit City Stores Inc. (NASDAQ: CC) disappointing results were followed by a restructuring announcement.
• Conexant Systems Inc. (NASDAQ: CNXT) raised its guidance, send shares up sharply.
• Constellation Brands Inc. (NYSE: STZ) posted a Q2 loss due in part to restructuring Australian operations.
• Con-Way Inc. (NYSE: CNW) reduced Q3 guidance resulted in an analyst downgrade.
• Family Dollar Stores Inc. (NYSE: FDO) reported better-than-expected Q4 earnings, sending shares higher.
• Intel Corp. (NASDAQ: INTC) Q3 earnings prospects led to an analyst's upgrade.
• International Business Machines Corp. (NYSE: IBM) fell on rumors it would miss earnings estimates.
• Marriott International Inc. (NYSE: MAR) Q3 profits fell and it warned of challenges through 2009.
• Mosaic Co. (NYSE: MOS) fell short of expectations and warned of a production slowdown.
• Nabors Industrial Ltd. (NYSE: NBR) warning about earnings led shares near a new low.
• Pepsi Bottling Group Inc. (NYSE: PBG) beat Q3 expectations despite struggling with economic woes.
• Philips Electronics (NYSE: PHG) earnings prospects led to an analyst's downgrade.
• UBS (NYSE: UBS) said it expects to return to profitability after four straight quarterly losses.
• Walgreen Co. (NYSE: WAG) Q4 earnings fell short of expectations, though sales increased.

Also, Jim Cramer reminds us that earnings still matter. Changing accounting rules may affect the earnings of big banks.

Upcoming quarterly reports include Alcoa Inc. (NYSE: AA), Safeway Inc. (NYSE: SWY), Yum! Brands Inc. (NYSE: YUM), Costco Wholesale Corp. (NASDAQ: COST), Monsanto Co. (NASDAQ: MON), General Electric Co. (NYSE: GE).

Visit AOL Money & Finance for more earnings coverage.

On Thursday, Marriott International Inc. (NYSE: MAR) said its third-quarter earnings fell 28% and warned of deteriorating conditions for 2009, and Constellation Brands Inc. (NYSE: STZ) posted a loss of nearly $23 million in its fiscal second quarter due to charges to reduce operations in Australia.

For the quarter ended Sept. 5, Marriott's net income slipped to $94 million, or 26 cents per share. Excluding a $29 million tax planning charge, adjusted income from continuing operations totaled $123 million, or 34 cents per share. Revenue rose 1% to $2.96 billion.

Analysts surveyed by Thomson Reuters had expected earnings of 32 cents per share on revenue of $2.95 billion.

Marriott said its revenue per available room declined in North America, and timeshare sales evaporated due to the tight credit market and cutbacks in business and consumer spending.

The Bethesda, Md.-based hotel company lowered its full-year 2008 earnings guidance to $1.62 to $1.68 per share, from its previous guidance of $1.77 to $1.88 per share. Analysts had forecast 2008 profit of $1.78 per share. For 2009, Marriott said the outlook is uncertain, but it expects the environment to remain challenging. Marriott said it will focus on cash flow by trimming investments and share repurchases.

Marriott shares fell $1.34, or 5.3%, to $23.74 Thursday. The stock price is down 30.5% year to date.

Even if the national headlines weren't already providing enough focus on the economy, plenty of economic data is due out as the month and the quarter wind down. U.S. economic data scheduled to be released this week include:

• Personal income (Aug. 2008): Monday 8:30 AM
• Consumer confidence index (Sept, 2008): Tuesday 10:00 AM
• Challenger job cut announcement (Sept, 2008): Wednesday 7:30 AM
• ISM manufacturing survey (Sept. 2008): Wednesday 10:00 AM
• Construction spending (Aug. 2008): Wednesday 10:00 AM
• New motor vehicle sales (Sept. 2008): Wednesday 4:00 PM
• Monster employment index (Sept. 2008): Thursday 6:00 AM
• Factory orders (Aug. 2008): Thursday 10:00 AM
• Employment situation (Sept. 2008): Friday 8:30 AM
• ISM nonmanufacturing survey (Sept. 2008): Friday 10:00 AM

Other economic events scheduled for this week include:

• Fed's Hoenig speaks on "The Economy and Monetary Policy": Monday 9:45 PM
• Fed's Lockhart speaks on the economic outlook: Tuesday 1:00 PM
• Ford Motor Co. September 2008 Sales Conference Call: Wednesday 1:00 PM
• AMETEK Inc. at Oppenheimer Industrials Conference: Thursday 8:00 AM
• DuPont at Citigroup Ethanol on the Cob Conference: Thursday 12:50 PM
• Fed's Evans speaks at Agricultural Markets and Food Price Inflation conference: Thursday 1:00 PM
• Fed's Bullard speaks at Indiana University Department of Economics: Thursday 7:00 PM
• Fed's Hoenig speaks on "The Economy and Monetary Policy": Thursday 9:45 PM
• National Association for Business Economics 50th Annual Meeting to address Future Economic Challenges: Friday 9:00 PM

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

• AeroVironment Inc. (NASDAQ: AVAV) beat Q4 estimates on demand for unmanned aircraft.
• Apollo Group Inc. (NASDAQ: APOL) beat Q3 expectations on increased enrollment and tuition collection.
• Campbell Soup Co. (NYSE: CPB) predicted earnings at the high end of the previously announced range.
• Constellation Brands Inc. (NYSE: STZ) posted better-than-expected Q1 earnings, sending shares up.
• Deutsche Bank (NYSE: DB), in an effort to calm investors, said that it expects a Q2 profit.
• Family Dollar Stores Inc. (NYSE: FDO) beat Q3 expectations and raised its Q4 guidance.
• H&R Block Inc. (NYSE: HRB) posted solid Q4 and full-year results and boosted its dividend.
• Kroger Co. (NYSE: KR) posted record Q1 EPS and in-line guidance, and its share buybacks continue.
• Nvidia Corp. (NASDAQ: NVDA) warned of lower Q2 earnings due to slowing demand and lower prices.
• Robbins & Myers Inc. (NYSE: RBN) beat Q3 expectations and raised its Q4 and full-year outlook.
• Thornburg Mortgage Inc. (NYSE: TMA) 2007 results are being investigated by the SEC.
• UnitedHealth Group (NYSE: UNH) cut its full-year outlook due to changing business trends.

More highlights from this past week: BP, Discover, Corel, Citigroup, WD-40, MSCI and others

Also, Peter Cohan points out that a bear market means low earnings expectations, and also that negative surprises are likely to outweigh positive ones in the second half of the year. Aaron Katsman, on the other hand, predicts a rebound for earnings in the second half. And BusinessWeek reminds us that cheap stocks -- even with big names such as Ford Motor Co. (NYSE: F), Sprint Nextel Corp. (NYSE: S), and Northwest Airlines (NYSE: NWA) -- are no bargain if they have no earnings.

Upcoming results to watch for include Alcoa (NYSE: AA), Pepsi Bottling Group (NYSE: PBG), Marriott International (NYSE: MAR), and General Electric (NYSE: GE).

Visit AOL Money & Finance for more earnings coverage.