Updated from 7:01 a.m. EDT

Earnings season is upon us, with Alcoa ( AA), Bed Bath & Beyond ( BBBY) and others kicking it off after the bell on Tuesday.

On Tuesday, stocks geared up for the season by continuing down Monday's path, led by International Speedway ( ISCA), down 23.8% on reduced profit and revenue forecasts, and YRC Worldwide ( YRCW), down 25.3% after filing with the SEC that it now estimates fewer-than-expected facilities at the end of 2008.

In Wednesday afternoon trading, International Speedway was up 1.7% at $18.93, and YRC was down 6.9% at $3.79.

Most financial companies were down, including AIG ( AIG), which The Wall Street Journal reported is attracting various potential bidders. The stock closed down 5 cents, or 4.6%, at $1.05. Bank of America ( BAC) lost 1.6% to close at $7.36, and Wells Fargo ( WFC) lost 2.6% to $14.85, but Citigroup ( C) bucked the trend and closed up 1.5% at $2.76.

On Wednesady afternoon, BofA was trading sown 1.8% to $7.26, Wells Fargo was up 0.9% at $14.98, and Citigroup was up a penny at $2.75. AIG picked up 5 cents, or 4.8%, to $1.10.

The Nevada Gaming Controls board reported an 18.1% loss in casino revenue, sending stocks much lower, including MGM Mirage ( MGM), which also received a downgrade to sell from TheStreet.com Ratings.

On Wednesday afternoon, MGM was adding 15 cents, or 3.4%, to $4.60.

With this in mind, we thought we'd take a closer look at some of the day's headlines and see what Jim Cramer's had to say about stocks related to the news, including Sun Microsystems ( JAVA), Sprint ( S) and Boeing ( BA).

To read more, visit Stockpickr.com.
Stockpickr is a wholly owned subsidiary of TheStreet.com.

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