The new earnings season ramps up this week as Alcoa Inc. (NYSE: AA) reports fourth-quarter results. Last week, the Pittsburgh-based producer of aluminum and alumina announced layoffs and production cuts as a reaction to the economic downturn. Analysts surveyed by Thomson Reuters expect that Alcoa will have swung to its first quarterly loss in years: $0.10 per share. That compares to a profit of $0.36 per share in the same period of the previous year. Revenues for the quarter are expected to have fallen 28.8% from a year ago to $5.3 billion. For 2008, analysts are looking for earnings of $1.40 per share on revenue of $27.6 billion, down from $2.60 per share and $30.8 billion in the previous year. Alcoa missed earnings estimates in three of the past five quarters, by 25.4% in the third quarter. The consensus recommendation of analysts shifted from buy to hold AA during the past quarter. The share price has been climbing in recent weeks, but it is 65.6% lower than a year ago.

Intel Corp. (NASDAQ: INTC) is also scheduled to report fourth-quarter results this week, one of a handful of tech stocks to do so. The number one semiconductor maker is expected to post earnings down 86.8% to $0.05 per share, and sales of $8.2 billion, down 23.3% from a year ago. Last week, Intel forecast sales for the quarter of $8.2 billion. The full-year numbers are expected to be marginally lower than a year ago, or $0.94 per share on $37.7 billion. Intel only missed earnings estimates in one of the past five quarters. Shares are about $2.00 higher than the 52-week low, but 37.2% lower than a year ago.

Once Matt Drudge's report about Don Imus' return to talk radio was posted, his phone probably started ringing off the hook as members of the media elite tripped over themselves to welcome the I-man back to the public airwaves.

The reason is simple: Imus' following is too large too ignore. In this age of declining TV ratings for the network news and declining newspaper circulation, media companies want to reach out to his audience, not turn their back on them. Advertisers will eventually return too once they believe that Imus has really learned his lesson. WABC, the New York station that will be Imus' new home, will have his show on a 40-second delay for that very reason.

The fact that Imus' got a second chance and may even get a third or a fourth one isn't surprising considering the terrible shape of the radio business. Radio listeners of the 1980s and 1990s are today's Internet surfers and iPod users. Stations are desperate for talent such as Imus who already have a following. That's why shock jocks including Opie And Anthony will always have a job in radio waiting for them whenever they get fired for saying something offensive.

Citadel Broadcasting Corp. (NYSE: CDL) may be struggling even more than its potential new employee Don Imus.

Shares of the Las Vegas-based company have tanked more than 55% this year because the company is in the radio business which continues to suck wind. Excluding the acquisition of ABC Radio from Walt Disney Co. (NYSE: DIS), the company's revenue fell 2 percent in the second quarter. Net income was a tiny $3.8 million, or 3 cents per share. The acquisition made Citadel the proud owners of New York's WABC, Imus' possible new home.

Imus seems to be a good fit with the rest of WABC's lineup which includes Sean Hanity and Rush Limbaugh, both of whom can be at least as offensive if not more so. The I-Man's legion of fans, many of whom responded to my posts on their hero, will no doubt flock to his new show. He will be hailed as someone who got beaten down by the forces of political correctness and lived. Advertisers will be attracted to the program like moths to a flame.

The question is will this new Imus be much different than the old one. If he's too nice, people won't listen. If he's too much like his old self, people won't think he's learned his lesson and advertisers will be turned off.

Interestingly, Craig Carton who is replacing him at CBS Corp.'s (NYSE: CBS) WFAN is no slouch in the controversy department himself. As the more talkative and funny half of the "Jersey Guys" radio show, Carton grabbed huge ratings and controversy for offending politicians and members of minority groups.

Back in April, I suggested that he would make a good replacement for Imus. Someone emailed Carton the post which he read on the air. I called into the "Jersey Guys" and spoke with him briefly. He promised to send me token of appreciation. I'm still waiting.

And Craig, you're welcome.