Long-time investors in Starbucks (NASDAQ: SBUX) have not had a great ride over the past 24 months, in which the stock tumbled to a several-year low, hitting bottom in November 2008 at $7.06. It's a far cry from the growth stock dreams of 2006, where the stock regularly scored in the upper $30s. Today's close, $14.69, is more than double that day in November; but still many investors are likely below water. And while the third quarter 2009 results won't push the stock back toward its 2006 highs, at the very least, it's cracking $16 in after-hours trading.

The dollar, it seems, can't stop falling; oil, on the other hand, can't stop rising (let alone decline a little); General Motors (NYSE: GM) is taking a $39 billion charge; there's talk that Morgan Stanley (NYSE: MS) may take an as-yet undetermined (oh no) charge related to subprime debt, and the housing market remains sluggish, nationally, to put it diplomatically.

Other than that, to cite a famous line by Groucho Marx, things are fine.

Still, you may be wondering, "Is there any good news out there, financially-speaking?"

Indeed there is: The U.S. Labor Department announced Wednesday that U.S. non-farm productivity surged to an annualized rate of 4.9% in the third quarter -- the largest increase in productivity in four years -- and well above Wall Street's consensus of about 3.5%-3.7% productivity growth.

Sony Corporation ADR (NYSE:SNE) is slated to deliver Q3 results on January 30, 2007. My editors asked if I'd switch gears from activist to researcher and provide a lead in for that earnings report. Being one to blindly serve the desires of my superiors, I quickly consented to undertake the task (irony intended).

Almost everyone I talk to seems to think that the name Sony is synonymous with PS3. If that is the case, then almost everyone also knows that Sony has fallen flat. Indeed it's been a tough fiscal year so far for our friends at Sony. Bank of New York shows that thus far Sony is posting annual EPS of $0.74 for 2006. That's $0.26 off from the previous year. Sony's Q3 earnings estimate for 2006 is $0.28 which would represent a modest improvement over the previous four quarters but it would still be a pitiful showing when compared to $1.37 for the same quarter last year. MSN Money, Stock Scouter gives Sony less than stellar marks for current fundamentals pointing out a lack of growth in comparison to the previous three years.

So what does Sony have up its sleeve for 2007? I can't find much Sony excitement anywhere. It would seem that it's doing fairly well with its sales of mobile handsets, but then who isn't. When I look over its list of product offerings including but not limited to CD players, televisions and GPS, I fail to find any brightly shining stars. That's okay if you're into mediocrity I guess. In an article by Troy Wolverton at TheStreet.com, he states: "Sony Chairman and CEO Nobuyuki Idei warned that the company's results may not improve any time soon." The article goes on to quote CEO Idei directly stating, "Sony reiterates its belief that strengthening the competitiveness of our electronics products is the most pressing issue facing our management today."

I personally still like Sony as a company overall, but my opinion is that Sony investors will need to take the upcoming earnings report with a grain of salt or a spoonful or two. I'm really sorry to be so blunt but Sony has failed to excite me this year. Perhaps it will fix that some time in the future with PS4. Umm, but I wouldn't hold my breath ...

Also check out some other earnings reports that we're following, and let us know your thoughts on earnings expectations.

Just watching CNBC and saw that Hewlett-Packard Co. (NYSE:HPQ) had just reported fourth-quarter financial results:

• $0.68 earnings per share, analysts were expecting $0.64.
• Revenue was up 6% to $24.6 billion, the Street forecast $24.1 billion
• Operating income $1.9 billion
• Inventories climbed from $7.4 billion last quarter to $7.75 billion this quarter
• Guidance: 60-62 cents non-GAAP EPS, somewhat lower from Street's expectations

Revenue beat estimates by $500 million. Mark Hurd's cost cutting measures seem to have worked. Good profitability with expanding operating margins. Guidance is a concern.

Key drivers: Profitability and year-to-year growth in the computers, printers and services.

Shares are up a little in after-hours.

Microsoft Corp. (NASDAQ:MSFT) will report its first fiscal quarterly earnings after the close today, and the webcast is scheduled for 5:30 p.m. ET.

Investors and analysts will look at three main business segments: Microsoft applications, gaming and the online division.

• After many delays, Microsoft is finally about to launch its new operating system, Windows Vista. Investors are quite bullish on Vista, expecting higher PC sales and higher licensing income as a result. Also, Microsoft's new version of its Office application should be ready next year.
• Xbox 360 - another bullish outlook. Xbox is expected to gain market share in the coming year, mostly from PlayStation. And while Microsoft still loses money on Xbox sales, these losses are expected to diminish and eventually disappear.
• Finally, the online division. Microsoft has rolled out its Live version and the Live search. However, competition here is strong.

Other issues:

• Zune - while most don't expect Microsoft to make significant strides at first, investors are upbeat about the product
• Web 2.0 - what could the impact of online applications do to Microsoft suites of product?
• Cash - investors are eager for Microsoft to do something with its big cash reserve.

As you can see, most of the issues are very forward-looking, indicating investors wouldn't put much emphasis into this quarter's numbers, but will look at the plans and the indications going forward.

In numbers: Consensus for this quarter is for 31 cents earnings per share on $10.8 billion in revenue.

At $28.17, MSFT stock had a good run since June, up over 20%. It is now near its 52-week high.

Here's another preview from TheStree.com.

It's a good day to be King. ExxonMobil Corporation (NYSE:XOM) is king, all right, the beneficiary of those millions of Americans who won't give up their SUV, the receiver of high summer oil prices, the blushing bride of the resource junkie. The oil company released its third quarter results and earnings were $10.49 billion, $1.77 a share, the second-highest total ever for the company and a 6% increase from the year-earlier quarter.

Analysts had expected only $1.59 per share, so the stock was up already in pre-market trading to about $72.10.

The shares are expected to raise the overall market on a day when housing news is gloomy, gloomy and expected to be even gloomier. Are cars more important to Americans than their houses? So it would seem, and if the news continues to trend like this, maybe the citizens of the great U.S. of A. will just move into those beloved autos.

Jim Cramer isn't shy about his expectations. Some of us on BloggingStocks pooh-poohed his earlier calls but it seems he knows of what he speaks! Today's third quarter earnings have Google Inc. (NASDAQ:GOOG) up big and, in comments on MAD MONEY tonight, Cramer touted his Google call. It's up $35 in after-hours trading, and he raised his target from $500 to $560, based on $14 per share and a 40x multiple.

GOOG traded up 7% to $457+ in after-hours trading after blowing away the street expectations.

Cramer, ever the showman, came out in the show's opening wearing GOOG in black marker on his forehead and on his knuckles.

Intel Corp. (NASDAQ:INTC) revenue: $8.7 billion, down 12% from third quarter 2005. Intel net income: $1.3 billion, down 31% from third quarter 2005. Earnings per share: 22 cents. Beating expectations by five cents a share: priceless.

Yep. My first draft headline was something like "Intel slides, dips, down, yuck" but after checking out after-hours trading I had to begrudgingly admit that sometimes, down is good! In a minute, the webcast of earnings will be beginning, and I'll be liveblogging it. As I finish the call, I note that the initial after-market-close euphoria has worn off a bit, and the after-hours trading is now around $21.06, just a touch up from close of $20.90.

2:32 p.m. [all times Pacific]: The call is beginning. Alex Lenke, Investor Relations manager, will be host. He either (a) is very nervous or (b) has been told to enunciate very very carefully. He sounds like an unusually friendly, cute and geeky robot.

2:34 p.m.: CEO Paul Otellini takes over. He's pushing the "record shipment in mobile and server product segments" and is pleased about the huge number of new products. "The industry recognizes our clear leadership in core microarchitecture." Factories have been "executing extremely well" and the 45 nanometer processors are coming out on schedule (which is, I think, what my brother -- an electrical engineer who works for the company -- does. Cool).

2:37 p.m.: They see WiMAX as a major part of the company's strategy. Happy to move the Pentium 4 into lower price points. Lauds the "biggest ad campaign in years." Headcount declined, on track to be at 92,000 employees by the end of next year. They want to be agile enough to deliver a new core or shrink every year.

In breaking after-market-close results, International Business Machines Corp. (NYSE:IBM)'s third-quarter earnings were up 47% with a 5.1% increase in sales to $22.62 billion; a huge bit of good news for Big Blue.

On the other side of the coin was Motorola, Inc. (NYSE:MOT). Oh, how the mighty mobile company has fallen. Third quarter 2006 earnings for Motorola were down 45%, to 39 cents a share, although you could barely tell from the rosy picture painted by the earnings release; full of optimism about sales at $10.7 billion, up 17% from Q3 2005. We're waiting to see how investors react.

Update: investors were thrilled with IBM and sent stock up after hours to $91.32 from a close of $86.95. Motorola was terrible news and investors sent the stock tumbling to $22.90 from its already-lower close of $24.85.