BOSTON (TheStreet) -- As summer winds to a close, so does earnings season for S&P 500 companies. But for stocks under $5, the heat of earnings season is still on.

For investors searching for inexpensive stocks ahead of earnings reports, sifting through the remainder of the release calendar for August is a daunting task. According to

Bloomberg

, nearly 600 companies listed on U.S. exchanges whose shares trade at less than $5 will report financial numbers in the remaining days of August.

TheStreet

narrowed the list of companies investors should be watching to seven, ranked by the average trading volume over the past 30 days.

7.

Zale

(ZLC)

continues to struggle with the effects of the recession. In May, Zale closed on a new five-year, $150 million term loan with Golden Gate Capital. The private-equity firm will receive warrants that, if executed, would account for a 25% equity interest in Zale on a fully diluted basis. In July,

TheStreet

ranked

Zale as one of the riskiest retail stocks

, based on the Altman Z-score predictor.

Share Price:

$1.69 (Aug. 17 close)

Earnings Reporting Date:

Aug. 27 (unconfirmed)

2010 Performance:

-37.9%

Market Value:

$54.26 million

Analysts' View:

Zale should report a fiscal fourth-quarter loss of $1.21 a share, based on a Thomson Reuters average of three analyst estimates. Revenue should decline slightly from a year earlier to $356.3 million, according to a two-analyst average estimate. The jewelry retailer has two "hold" ratings and one "sell" rating from analysts. The average of two price targets is $2.75.

6.

Magma Design Automation

( LAVA) beat fourth-quarter earnings estimates in May with a profit of 6 cents a share. The electronic design automation software provider said little during the quarter. In June, Magma Design said it would become part of the Russell 3000 index as part of the annual reconstitution. Last month, Magma Design named

Atmel

(ATML)

Chairman David Sugishita to its board of directors.

Share Price:

$2.92 (Aug. 17 close)

Earnings Reporting Date:

Aug. 26 (confirmed)

2010 Performance:

26.4%

Market Value:

$154.31 million

Analysts' View:

Three analysts polled by Thomson Reuters expect Magma Design to report a fiscal first-quarter profit of 3 cents a share. Revenue should climb 8% from a year ago to $31.1 million, according to estimates. Four research firms cover Magma Design shares, with three recommending the stock as a "buy." The other research firm, EVA Dimensions, says investors should dump shares. The average of three price targets on Magma Design is $4.08.

5.

Pacific Sunwear

(PSUN)

shares have fallen 11% over the last three months. The teen apparel retailer said in May that it had a first-quarter adjusted loss of 30 cents a share, which was narrower than the Street expected. However, retail sales have fallen short of the Thomson Reuters estimate in June and July, which has pressured many of the teen retail stocks.

Share Price:

$4.43 (Aug. 17 close)

Earnings Reporting Date:

Aug. 24 (confirmed)

2010 Performance:

11.3%

Market Value:

$291.9 million

Analysts' View:

The average of 14 analyst estimates is for Pacific Sunwear to report a loss of 23 cents a share in the second quarter, according to Thomson Reuters. Sales should fall 12% to $213.3 million, according to estimates. Pacific Sunwear is widely followed by research firms, with a majority of analysts (nine, or 69.2%) recommending that investors hold onto shares. Another three research firms rate the retailer as a "sell," while only Oppenheimer believes the stock will outperform.

4.

OceanFreight

( OCNF) was on

Nasdaq's

chopping block as it was not compliant with the exchange's minimum bid price rule that requires a stock to remain above $1 a share. OceanFreight regained compliance earlier this month after effecting a 1-for-3 reverse stock split. However, since the reverse split took effect on June 17, the stock has fallen more than 20%. Like many dry-bulk shippers, the share count of OceanFreight exploded from 15 million in 2007 to roughly 180 million prior to the June reverse split. In May, the company issued 50 million shares in order to secure a $20 million cash infusion from

Basset Holdings

, OceanFreight's principal shareholder.

Share Price:

$1.06 (Aug. 17 close)

Earnings Reporting Date:

Aug. 19 (confirmed)

2010 Performance:

-61.8%

Market Value:

$57.83 million

Analysts' View:

There are no analyst earnings or revenue estimates for OceanFreight, according to Thomson Reuters. No research firms currently rate the stock.

3.

Coldwater Creek

(CWTR)

surprised analysts in June with a first-quarter profit of 3 cents a share, as the women's apparel retailer was expected to report a loss of 4 cents. However, the stock has lost nearly half its value in the last three months as high inventory levels are expected to lead to big markdowns in the second quarter, which led the retailer to guide second-quarter earnings in a range of break even to a loss of 5 cents a share.

Share Price:

$3.74 (Aug. 17 close)

Earnings Reporting Date:

Aug. 25 (confirmed)

2010 Performance:

-15.9%

Market Value:

$344.91 million

Analysts' View:

A poll of six analysts show they expect, on average, that Coldwater Creek will notch a loss of 4 cents a share in the second quarter. Revenue should rise 3.6% from the year-ago quarter to $233.4 million, according to a Thomson Reuters poll. Coldwater Creek has garnered one "buy" rating and five "hold" ratings on the stock. No analyst recommends selling shares. The average of four price targets if $7.25, which means analysts expect the stock to nearly double in price over the next 12 months.

2.

Wet Seal

( WTSLA) disappointed investors earlier this month by guiding second-quarter sales below the average analyst estimate. Wet Seal said it saw same-store sales fall 4.3% in July, which was an improvement from a year-ago decline of 12.1%. However, the retailer said second-quarter revenue should come in at $131.5 million, which was below the consensus of $133.6 million. The second-quarter guidance came a few short days after CEO and President Edmond Thomas said he would step down on Oct. 8.

Share Price:

$3.13 (Aug. 17 close)

Earnings Reporting Date:

Aug. 19 (confirmed)

2010 Performance:

-9.3%

Market Value:

$1.11 million

Analysts' View:

The average of seven analysts estimates calls for Wet Seal to post a second-quarter profit of 2 cents a share. Sales should fall 2% from a year earlier to $133.6 million, according to Thomson Reuters. Analysts view Wet Seal favorably, with five rating the stock a "buy" and another two rating it as a "hold." Based on five analyst price targets, the stock should reach $5.55.

1.

Energy Conversion Devices

( ENER) shares have dropped 30% over the last three months, although scattered market rumors have created share-price fluctuations during that time period. In June, rumors circulated that Energy Conversion was working on a collaboration with

Toyota

. Shares spiked earlier this month after

Briefing.com

reported on a market rumor that the alternative energy company won the battery contract for the Mercedes electric car, although the stock has pulled back to just above its 52-week low.

Share Price:

$4.32 (Aug. 17 close)

Earnings Reporting Date:

Aug. 31 (confirmed)

2010 Performance:

-59%

Market Value:

$197.7 million

Analysts' View:

Energy Conversion should report a loss of 60 cents a share, based on the average of 14 analyst estimates collected by Thomson Reuters. Revenue in the quarter should jump 40% from a year ago to $72.3 million. Nineteen analysts currently follow the company, with 13 recommending that analysts hold shares. The other six analysts rate Energy Conversion as a "sell." The average of five stock price targets is $5.76.

-- Written by Robert Holmes in Boston.

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