The second half of the calendar year has begun, and earnings return to the spotlight this week. As usual, Alcoa Inc. (NYSE: AA) is among the first of the S&P 500 to report quarterly results. For the second quarter in which Alcoa agreed to sell its wire harness and electrical distribution business and its fastening systems business expanded into Morocco, analysts surveyed by Thomson Reuters expect the New York-based aluminum producer to report swinging to a net loss of $0.34 per share from a profit of $0.66 per share in the year-ago period. Second quarter revenue is expected to have fallen 48.3% to $3.9 billion. The full-year forecast is currently for a loss of $1.04 per share and revenue of $16.7 billion (-38.0%). Alcoa has missed expectations in the past three quarters, by as much as 17 cents per share. The long-term EPS growth forecast is 10.0%, which is better than the sector average. Alcoa slashed its dividend earlier this year, and the First Call consensus recommendation remains to hold AA. However, TheStreet.com recommends it as an against-the-grain pick. At $9.86, shares are down 12.4% since the beginning of the year, and recently have been bumping up against the 200-day moving average.

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.

Sealy (NYSE: ZZ) is another one of those cheap stocks that's up big from lows achieved earlier in the year. When I say cheap, I don't mean value. I'm talking about a low-priced equity. The kind of equity that is priced below $5 per share. In the case of Sealy, its shares could be had, as of the close of trading on Tuesday, for $1.96.

But wait, you could have gotten it even cheaper in the after-hours session, because shares of the bedding manufacturer traded down to $1.82 on its Q2 report. I have to agree with the market. Although there were some positive elements contained in the release, overall, I wasn't impressed enough by the numbers to become a buyer.

Minneapolis-based General Mills Inc. (NYSE: GIS), the largest maker of breakfast cereal in the U.S., is scheduled to discuss its fiscal 2009 fourth-quarter and full-year results tomorrow morning in a conference call at 8:00 AM ET. You can catch the live webcast of the call on the company's website.

For the quarter in which General Mills sold part of its frozen bread dough business and introduced additional gluten-free cereals, analysts polled by Thomson Reuters expect the food maker to report earnings of $0.80 per share, which is 8.8% higher than in the same period of the previous year. Revenue for the quarter is expected to be 6.4% higher to $3.7 billion. The company, whose brands also include Pillsbury, Green Giant, and Haagen-Dazs, topped earnings estimates in four of the five past quarters, but fell short by 8 cents per share in the third quarter.

Education firm Apollo Group (NASDAQ: APOL) announced third-quarter earnings after the closing bell sounded yesterday, with earnings coming in better than a year ago thanks to higher enrollment. The company raked in $201.1 million, or $1.26 per share in the latest quarter, far better than $139.1 million, 85 cents per share a year ago. Not only did the company top last year's performance, but it also bested the Street's estimate for earnings of $1.12 per share on revenue of $1.04 billion.

Enrollment at the online college grew 22% on a year-over-year basis to 420,700 in the third quarter. The company's co-CEO Chas Edelstein noted, "We are please to report a record third quarter, driven largely by continuing increases in enrollments and improved student retention at University of Phoenix." The company's selling and promotional expenses increased during the quarter, but they declined as far as a percentage of net revenue.

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:

• Accenture Ltd. (NYSE: ACN) beat earnings expectations but revenue was hurt by currency effects.
• Bed Bath & Beyond Inc. (NASDAQ: BBBY) strong Q1 results beat estimates but same-store sales fell.
• CKE Restaurants Inc. (NYSE: CKR) lower Q1 earnings and strong sales both topped expectations.
• ConAgra Foods Inc. (NYSE: CAG) higher Q4 earnings were in line with expectations, and shares slipped.
• Darden Restaurants Inc. (NYSE: DRI) Q4 results were higher, but it warned of continuing challenges.
• Hennes & Mauritz (OTC: HMRZF) reported strong Q2 numbers, though same-stores sales slipped.

Nike, Inc. (NYSE: NKE), best known for its sporting apparel and footwear, reported earnings after the close today. Earnings per share, after certain adjustments, were $0.99 on $4.71 billion in revenue, compared to the $0.96 average expected from analysts. The consensus revenue target was $4.74 billion. Excluding non-comparable items, full year diluted EPS was up 10% to $3.81, although the company said worldwide futures orders were down 12% when the impact of currency changes were taken into account. Shares were off 1% during the trading day, and fell further shortly following the announcement.

Observers will be watching to see how well Nike's sales have held up as consumer spending has slowed, and whether or not the company is making strides in its effort to reduce costs and rationalize its advertising budget. Nike has cut 5% of its global workforce in an effort to save hundreds of millions, and management recently indicated that endorsement contract costs have fallen somewhat.

Home goods retailer Bed Bath & Beyond Inc. (NASDAQ: BBBY) reported earnings today after the market closed, announcing earnings per share (EPS) of $0.34 compared with analyst consensus of $0.25 and results of $0.30 in the prior quarter last year. Revenues of $1.7 billion also topped estimates, rising 2.8%, although comparable store sales fell 1.6%. Shares were up about 2.5% in trading today, and jumped following the announcement.

In addition to its eponymous store chain, the company also owns Christmas Tree Shops, Harmon, and buybuy BABY. The flagship Bed Bath & Beyond stores make up approximately 90% of the more than 1,000 total locations the company operates.

A down day for the market and an earnings release that left nothing to be excited about hurt shares of Walgreen Company (NYSE: WAG) today, with shares off more than 6% heading into the close. The drugstore chain, with more than 7,000 locations, reported earnings of 53 cents per share; analysts expected 56 cents on average with a low of 54 cents. Earnings in the same quarter the year before amounted to 58 cents per share.

Sales for the quarter were up 8% overall, with comparable store sales growth up 2.8%. This was largely driven by increased sales of prescription drugs in the quarter, which were up 8.2% to comprise more than 65% of revenues.

This week brings a small flurry of end-of-the-calendar-quarter earnings reports. And for the most part, the expectations of the analysts surveyed by Thomson Reuters aren't very high. Companies expected to report declining earnings in the most recently concluded quarter include America's Car-Mart Inc. (NASDAQ: CRMT), Bed Bath & Beyond Inc. (NASDAQ: BBBY), ConAgra Foods Inc. (NYSE: CAG), Jabil Circuit Inc. (NYSE: JBL), Jackson Hewitt Tax Service Inc. (NYSE: JTX), Monsanto Co. (NYSE: MON), and Sonic Corp. (NASDAQ: SONC).