NEW YORK ( TheStreet) -- Aside from merger and acquisition speculation, nothing gets investors more anxious on Wall Street than earnings season.This is a time when judgment is passed on our investment decisions. So as we enter the second week of these "midterm exams," we are going to looks at four companies that are essentially heading in three separate directions. The first two are IBM ( IBM) and Qualcomm ( QCOM), which I think investors would be wise to add ahead of earnings. There is also an excellent trade opportunity that might emerge in Bank of America ( BAC). And finally, we will look at why it might be time to lighten up on Johnson & Johnson ( JNJ). Although it remains a strong long-term play, I think the stock may have reached its high mark of the year.