Climate change isn't going to be free. A report by Point Carbon, an independent consulting company that tracks global carbon and energy markets, estimates that U.S. climate legislation could push the price at the pump 13 cents a gallon higher. The increase would result from the cost to oil companies for carbon permits, which they can pass along to consumers.

This is a much rosier view than that of the oil industry, however, which believes a U.S. cap-and-trade system would thrash demand for gasoline and lead to the shuttering of many refineries.

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

• Aetna Inc. (NYSE: AET) reported better-than-expected Q3 earnings and revenue, sending shares higher.
• Allergan Inc. (NYSE: AGN) reported better-than-expected Q3 numbers, sending shares higher.
• Bare Escentuals Inc. (NASDAQ: BARE) Q3 profit easily topped analysts' estimates, and shares surged.
• Cabot Oil & Gas Corp. (NYSE: COG) received an upgrade following the release of its Q3 numbers.
• Estee Lauder Companies Inc. (NYSE: EL) reported strong Q1 results, sending shares higher.
• E*Trade Financial Corp. (NASDAQ: ETFC) reported a smaller-than-expected net loss for Q3.
• Goodyear Tire & Rubber Co. (NYSE: GT) Q3 earnings topped estimates and revenue was up sequentially.

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

• AK Steel Holding Corp. (NYSE: AKS) reported better-than-expected Q3 results but shares fell anyway.
• Baidu Inc. (NASDAQ: BIDU) posted strong Q3 results but shares sold off on a disappointing guidance.
• Burger King Holdings Inc. (NYSE: BKC) said lower Q1 earnings fell short of analysts expectations.
• Dreamworks Animation SKG Inc. (NYSE: DWA) topped Q3 profit and revenue estimates, lifting shares.
• Geron Corp. (NASDAQ: GERN) posted a narrower-than-expected Q3 loss, sending shares sharply higher.
• Honda Motor Co. Ltd. (NYSE: HMC) reported lower Q2 earnings and sales on weak demand for cars.

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

• Aflac Inc. (NYSE: AFL) reported strong Q3 results, declared a dividend, and offered guidance for Q4.
• Avon Products Inc. (NYSE: AVP) Q3 earnings slumped and revenue was hurt by currency translations.
• BP (NYSE: BP) shares leaped higher after it reported better-than-expected quarterly earnings.
• Daimler AG (NYSE: DAI) reported that it returned to profitability in Q3 but warned of decreasing revenue.
• General Dynamics Corp. (NYSE: GD) Q3 earnings beat expectations and it lifted its earnings outlook.
• Hershey Co. (NYSE: HSY) posted strong Q3 earnings and expects full-year earnings ahead of forecasts.

ConocoPhillips (NYSE: COP), the Houston-based oil and gas giant, is scheduled to discuss its third quarter 2009 financial results in a conference call Wednesday at 11:00 AM ET. You can catch the live webcast of the call on the company's website.

During the three months that ended in September, ConocoPhillips, entered a joint venture in Abu Dhabi, upgraded its inventory software, and declared a quarterly dividend. Analysts surveyed by Thomson Reuters expect this integrated energy company to report that earnings plunged 71.7% from a year ago to $0.94 per share. Revenue for the quarter is expected to be 49.5% lower to $35.4 billion, due to weak demand and low prices.

Analyst initiations:

• Allegheny (NYSE: AYE) was initiated with a buy at Citigroup as attractive at current levels. Target is $33.
• PPL Corp. (NYSE: PPL) was initiated with a buy at Citigroup. Citi believes PPL's earnings power from the Pennsylvania regulated utility market is being underappreciated. Target is $35.
• FirstEnergy (NYSE: FE) was initiated with a Buy at Citigroup who believes the company's current valuation doesn't reflect its transition to full market-based rates in 2011. Target is $56.
• Waste Management (NYSE: WM) coverage resumed with a Neutral at Goldman.
• Exxon (NYSE: XOM) initiated with a Buy at Soleil. Target is $90.
• Vodafone (NYSE: VOD) was initiated with a Buy at ING Group.

Since the stock market bottomed in March of this year, it has been firing on all cylinders -- except for those in the auto industry who manufacture the most cylinders of course. This year has not been kind to them.

For months, many have been surprised at the rapid rise, given the level of unemployment. During this same period, Wall Streeters have been dancing up and down, looking forward to more bonuses.

As the number of unemployed has climbed and the period of same has lengthened, many have wondered how business could be improving during a time when the consumer (those still left) has transformed from spender to saver.

While I'm chasing value, General Electric (NYSE: GE) is chasing revenue from water projects. It may not amount to much now, but GE is betting it will be huge some day and it has been working towards this goal for many years.

Although GE had estimated 2009 revenue of $2.5 billion from the water business, that is only a meager 1.6% of the $156 billion in worldwide sales generated by its major business divisions that the world's largest maker of jet engines and electricity-producing turbines is expected to generate this year.

Demand rose after China eased restrictions on fuel prices last December, and that translated a record second-quarter profit for Asia's biggest refiner, China Petroleum & Chemical Corp., also known as Sinopec.

Beijing-based Sinopec's net income surged to 22 billion yuan ($3.22 billion) in the three months that ended June 30, according to estimates by Bloomberg News. That easily topped the analysts' consensus estimate of 15.8 billion yuan.

They say you should buy low and sell high, which is easy to say but hard to do. How low is low and how high is high?

Sometimes technical support and resistance levels can be helpful in finding those highs and lows. Right now oil stocks like Exxon Mobil Corp. (NYSE: XOM), PetroChina Company Ltd. (NYSE: PTR) and Chevron Corp. (NYSE: CVX) are just bouncing off support that may be the "low" many traders are looking for.