After the closing bell on July 30, Massachusetts-based Evergreen Solar Inc. (NASDAQ: ESLR) reported second-quarter revenues of $63.8 million, compared to $55.8 million for the first quarter of 2009. The company's gross margin for the second quarter of 2009 was 1.9%, compared to 1.2% for the first quarter of 2009.

Unfortunately, these gross margins are way off the 34.7% we saw in the second quarter of 2008.

Several high-profile solar companies recently reported earnings, and although these companies posted mixed results for the most recent quarter, there's no denying that Wall Street has been turning its face toward the sun and bidding up the shares of solar stocks.

So, what's the latest earnings front from stocks in the solar space, and why do the shares of some of the hottest solar stocks continue to shine? More importantly, should you own solar stocks right now, and if so, which ones should you make room for in your portfolio?

On Tuesday, July 21, brewing behemoth Starbucks (NASDAQ: SBUX) bested Wall Street earnings estimates for the second quarter. The Seattle-based coffee giant reported earnings of $151.5 million in the period, driven by cost-cutting efforts and the downsizing of underperforming stores. Starbucks has now closed at 676 U.S. locations and almost 100 abroad.

For years, Starbucks was the darling of Wall Street. It seemed to do no wrong. The shares vaulted from less than 70 cents a piece in 1992 to $40 by 2006. But Starbucks wasn't managing its growth very well, and they opened too many stores far too quickly. As a result, shareholders paid the price.

On Tuesday, July 28, the Northern California-based Peet's Coffee & Tea (NASDAQ: PEET) reported a quarterly profit that beat Wall Street estimates.

The company cited a combination of tighter cost controls and higher sales at its specialty business as chief reasons for the better-than-expected results.

For the second quarter ended June 28, net income rose to $3.4 million, or 26 cents per share, from $3 million, or 21 cents per share, one year ago. Revenue rose 5% to $73.6 million.

As the name suggests, Green Mountain Coffee Roasters (NASDAQ: GMCR) is based in the pastoral state of Vermont. The company offers about 180 varieties of coffee, cocoa, and tea, which it sells to wholesale customers including supermarkets, convenience stores, resorts, and office delivery services.

Some of its biggest customers are ExxonMobil's convenience stores and McDonald's restaurants. In September, Green Mountain acquired Tully's Coffee, which has been chipping away at Starbucks' dominance in the Pacific Northwest.

Talk about piping hot, how about Diedrich Coffee Inc. (NASDAQ: DDRX)? The company's shares have been steaming higher for quite awhile now, and recently received an extra shot of potential buyers.

On June 26, the roaster and wholesaler of fine coffees was added to the small-cap Russell 2000 Index. Making it into the Russell 2000 means many indexed ETFs and mutual funds had to put DDRX shares in their portfolio.

Caribou Coffee Company Inc. (NASDAQ: CBOU) is perhaps the least well known of the coffee stocks, but that shouldn't deter you from taking a sip from their cup. The Minneapolis-based company is the second largest company-owned gourmet coffeehouse operator in the United States, based on the number of coffeehouses.

At the end of Q1, Caribou Coffee had 515 coffeehouses, including 101 franchised locations. The company offers high-quality gourmet coffee and espresso-based beverages, as well as specialty teas, baked goods, whole bean coffee, branded merchandise, and related products.

For millions of Americans, and indeed for millions around the globe, there's nothing like a piping hot cup of coffee to help kick start the day. It's the beverage of choice for the hordes on Wall Street, many of whom rely on a strong cup of java to help propel them through a stressful trading day.

But Wall Street pros don't just relegate their relationship with coffee to what's inside their mugs.

Although earnings for Merck (NYSE: MRK) were down in the last quarter, the stock is gaining momentum.

The pharmaceutical giant reported a 3% decrease in sales to $5.9 billion from $6.05 billion in the year-earlier period. Earnings were $1.56 billion or 74 cents per share, compared with $1.77 billion or 82 cents per share in the same quarter a year ago.

A strong dollar and lower sales for cholesterol and vaccine drugs contributed to Merck's decline this quarter. But investors were cheered by the fact that Merck reaffirmed its annual earnings forecast of $2.84 to $3.09 per share.

Ford (NYSE: F) is the most fiscally-sound U.S. automaker, and the company also managed to post better-than-expected earnings, despite a very rough economic climate for car manufacturers.

For the second quarter, Ford earned $2.3 billion, or 69 cents per share, versus a loss of $8.7 billion, or $3.89 per share, in the year-ago period. The increase was largely due to lightening its debt load, but it tells me that Ford is on the track to profitability.

Let's start with an exception.

Apple (NASDAQ: AAPL) actually managed to beat both top-line and bottom-line estimates.

The ultra-hip tech giant reported earnings of $1.23 billion, or $1.35 per share, for its fiscal third quarter earnings (ended June 27). That easily beat estimates of $1.17 per share. Revenue estimates on the maker of the Mac, iPhone, and iPod were for $8.21 billion, but the company came in with actual revenue of $8.34 billion.

Although the headlines are screaming about how companies are beating their earnings estimates, little newsprint is being devoted to this quarter's real story.

That story is that revenues for many corporations are way down year over year, and more importantly, their top-line revenues are often coming in below Street estimates.

To be certain, there have been some real success stories so far in Q2, and we'll be talking about some of those in a moment. Moreover, it is always a good sign when companies beat their earnings estimates.

Beating the Street at the earnings game is all about knowing the market's true expectations for a stock.

Knowing the market's expectations -- not just the analyst expectations -- for a stock will often provide the edge necessary to turn earnings season into a profit opportunity.

The more data and trends you can look at to determine not only what investors expect, but also how investors are positioning themselves for the expected move, the better.

With such uncertainty, following an absolute return strategy continues to offer investors the biggest bang for their buck. There is no sense in guessing where the market will be down the road.

Instead, buy cheap stocks and sell stocks that are expensive. Then blend the two approaches together in one portfolio and chances are you'll make money.

Even with a huge rally in stocks, the S&P 500 ended the second quarter with a year-to-date gain of 1.78%. That is a vast improvement compared to the 11% loss at the end of the first quarter, but it's a minimal return for taking risk in the stock market.

Investors need to do better -- and they can.

Do you think we're going to see more or less genomics research in coming years? End of discussion.

Illumina (NASDAQ: ILMN) is the leading provider of equipment for genomics researchers and its lead is growing. Buy and hold may be almost dead, but it certainly applies to ILMN. The stock has been trashed along with the market, but it's simply the best at what it does - and getting better.

Your best strategy for life-changing profits?

This is a stock to buy for the long term to use as a base for selling calls. Or, even better, you can write some credit spreads, as the calls have terrific premiums.

Don't miss the complete list of biotech stocks to buy now.

And for more ways to profit, check out:

• The Best Cheap Stocks to Buy Now
• 5 Ways Twitter Can Make You a Better Trader