Heading into its fiscal second quarter earnings announcement on Tuesday, Disney shares are trading around an all-time high, up about 50 percent over the past 12 months. With analysts growing increasingly optimistic this quarter, and the majority of analysts rating the company a "buy," the big question is whether the media giant will beat expectations as it did last quarter, sending the stock even higher.

Disney's biggest and most profitable division—media networks—will be in the spotlight. New carriage deals for ESPN, are expected to push revenues higher. Still, investors will have a keen interest in how advertising is faring at the networks. Disney's also been investing in its parks division, so investors will be looking for margins to start growing.

This quarter the studio, bolstered by "Oz: The Great and Powerful," faces easy comparisons to the year-ago quarter when big budget "John Carter" bombed. Perhaps even more important than this past quarter's films, are the current quarter's, including "Iron Man 3," which opened last weekend with the second biggest U.S. box office debut ever—$175 million. Though Disney never gives official guidance, analysts are sure to probe on the conference call for some indication of how the movie will boost the bottom line in the company's fiscal third quarter.

LinkedIn beat expectations, but growth across all three of its divisions, and member growth to 225 million, didn't help its stock, which plummeted ten percent after-hours. Wall Street focused on LinkedIn's disappointing Q2 outlook, which fell short of expectations, indicating that the company's growth will slow over the course of the year. What happened?

On the earnings call CEO Jeff Weiner talked about the success of new products it's introduced—like search, and a more automated hiring tool, with features like 'people you may want to hire.' As with Facebook (FB), LinkedIn is seeing ongoing growth in mobile usage. The company announced that with its new iPhone and Android apps it's seeing more than 40 percent increase in likes and comments per unique user. And it promoted the fact that its new 'Contacts' tool is its first that's launched on mobile and the desktop at the same time.

The business network's revenue grew 72 percent to $325 million, while Wall Street had been expecting $317 million. Earnings per share tripled from a year ago to 45 cents (non—GAAP diluted EPS), fourteen cents more than expectations. And growth is consistent across the board, with its biggest division, Talent Solutions, growing revenue 80 percent to $184 million. The two smaller divisions, Marketing Solutions (ads), and premium subscriptions, grew 56 percent and 73 percent respectively.

Facebook's mobile push seems to be working: mobile revenue now comprises 30 percent of all its ad revenue, that's higher than expected, and up from just 23 percent in the prior quarter.

That surprisingly high mobile ad revenue number reflects where Facebook is seeing its biggest usage growth, with 54 percent more mobile monthly active users than a year ago, 751 million. And 189 million people access Facebook ONLY on mobile devices.

CEO Mark Zuckerberg kicked off the earnings call by noting that 60 percent of Facebook users access the service daily. He honed in on the potential of mobile revenue, and Facebook Home in particular, cautioning that it's still early days, and it'll continue to roll out and evolve. And addressing concerns that mobile ads would turn off users, he said that the company hass been "measuring satisfaction in terms of ads," and "has not seen any impact."

(Read More: Facebook Mobile 'Failing': Porter Bibb)

He was followed by COO Sheryl Sandberg who talked about her focus on "mobile, measurement, and product innovation." Again, she stressed the opportunity in mobile, the fact that billions of people check their phones multiple times a day, means "the opportunity for us to connect people to marketers has never been greater."

When it comes to measuring Facebook's ads impact, Sandberg says they're looking far beyond click-through rates, to understand how seeing an ad (even if it's not clicked on) influences in-store behavior, and using a range of information to help advertisers improve their campaigns. "We can take advancements we've made on measurement on Facebook and extend them to a much larger audience and many more purchases," Sandberg says of its acquisition of measurement firm Atlas.

Facebook reported earnings of 12 cents per share, exactly what it earned in the year-ago quarter, and a penny short of estimates. Revenue on the other hand, grew 38 percent, more than expected to $1.46 billion, instead of the $1.44 billion Wall Street expected. The big focus was on mobile, where Facebook is seeing its greatest growth, with 54 percent more mobile monthly active users than a year ago, 751 million people. Average revenue per user came in at $1.35, more than Wall Street projected, thanks to stronger advertising, which comprised $1.15 of that.

(Read More: Facebook About to Get Facetime — With Investors)

On the earnings call there was very little focus on payments revenue, which came in stronger than expected at $213 million. But on the earnings call CFO David Ebersman said that while a record people are playing games on Facebook, Zynga's not part of that growth: Zynga's contribution to Facebook's payments revenue declined by 37 percent while other game-makers gained 60 percent.

In response to an analyst question about reports about declining usage among the key younger demographic, Ebersman said that younger users remain among Facebook's most active and engaged users. "The urban legends flow from surveys from younger users, and we take the feedback seriously," Ebersman said. "But much of this stems from the concern that this is a zero sum game. Services that allow you to connect and share are growing and it's great to be the leader."

(Read More: Facebook May Tap Its Search Graph for Advertising Dollars)

In a conversation immediately following the earnings release, Ebersman said that this quarter is about "investing for growth as we said we would, ramping up our investments in products that can improve long-term engagement, and also in the infrastructure to make sure we can deliver." And he acknowledged the key role mobile is playing. "A year ago mobile ad revenue was zero; we're pleased to have grown that to 30 percent. We believed mobile had the opportunity to be huge, and we haven't seen anything to dissuade us from that."

Ebersman says Facebook is focused on advertising: "The real priority is to help create higher quality Facebook ads that are able to deliver to the right audience. To do that involved building better products, better tools to help advertisers understand and optimize their spend."

This week Internet giants are going to Madison Avenue, to make the pitch for their online ads, with a series of what they're calling "Newfronts" ahead of the broadcast networks' "Upfront" ad presentations this week.

Their goal: convince advertisers their original shows, and ad targeting and measurement technology deserves a bigger share of their marketing dollars. Monday Microsoft and Yahoo unveiled their original shows and ad targeting technology.

Tuesday Hulu took the stage, against the backdrop of the fact that it's on the auction block for the second time in two years.

Hulu announced some new statistics, showing accelerating growth. In the first quarter its premium service, Hulu plus added 1 million additional subscribers, giving it 4 million subscribers total. And for the first time, in the quarter viewers streamed more than one billion videos. The company said it also set new records for revenue. Hulu wouldn't reveal exact figures, but noted revenue accelerated beyond the $695 million the company generated last year.

We're heading into the end of the heavy period of earnings season: Next week just over a quarter of the S&P 500 is set to report. But we'll only hear from two Dow components—Pfizer and Merck, which report before the bell Tuesday and Wednesday. Merck's EPS are projected to drop 20 percent to 79 cents, on 5 percent lower revenue of $11.1 billion, while Pfizer is also projected to suffer, EPS looking at a 4 percent decline to 56 cents while revenue drops 6 percent to $13.99 billion.

Media companies are out in force mid-week, starting after the bell Tuesday. DreamWorks Animation reports Tuesday afternoon, as does Barry Diller's IAC, though the Internet conglomerate conference call isn't until Wednesday morning. It'll be a rough quarter for Dreamworks Animation—the studio is expected to show a 27 percent decline in revenue while earnings are projected to swing to a loss of 3 cents per share. IAC looks stronger: Wall Street analysts expecting Earnings per share to grow 35 percent to 69 cents while they see revenue growing 18 percent to $757 million, according to Thomson Analytics.

Once the darling of the online gaming world, "FarmVille" creator Zynga is acknowledging that its daily active users were down to 52 million, the lowest number since the company went public in late 2011.

And the forecast for the company is even gloomier. CEO Mark Pincus warned on an earnings call after market close Wednesday that its second quarter bookings would decline significantly. Bookings are revenues from advertising and the virtual goods the company sells. Pincus said the decline reflects the company's shift to shut down underperforming games and to stop production on games that don't have potential to become franchises. He also cited the "challenging environment" for his whole industry.

The company warned that bookings would be in the range of $180 million to $190 million, with earnings per share loss ranging between 3 and 5 cents. Zynga shares were sharply lower Thursday morning. (For latest stock price, click here.)

The first quarter results were down from a year ago, though better than expected. Revenue came in at $230 million, $20 million more than Wall Street analysts anticipated, but still down from $329 million in the year-ago quarter. Earnings per share for the first quarter came in at a penny, 4 cents better than the loss anticipated, but down from last year's 6-cent gain.

(Read More: Zynga Earnings Beat but Outlook Disappoints)

The New York Times Company's CEO Mark Thompson took to the earnings call to outline his strategy to turn the struggling publisher into a multi-platform, international content giant. The CEO's first full quarter since he took the helm of the storied publisher in November was not pretty: the top and bottom line were dragged down by an 11 percent decline in advertising revenue.

It's no surprise that print advertising continues to decline by double digits—it was down 13 percent in the quarter. But it doesn't look good that digital ads also suffered—down 4 percent.

What happened? The company blames "ongoing secular trends and an increasingly complex and fragmented digital advertising marketplace."

In the latest sign that Twitter's advertising business is coming of age, it inked its first multi-year upfront ad commitment with ad giant Publicis' Starcom Media Vest.

Twitter wouldn't reveal the financial details of the deal, which was first reported by the Financial Times, other than confirming it was worth hundreds of millions of dollars.

Twitter's head of revenue, Adam Bain, said the agreement, which is for two or three years, is a big deal, both for how it'll bolster the company's bottom line, and for how it strengthens the company's relationship with Madison Avenue.

Netflix doesn't need to be all things to all people, it just needs to deliver high quality content, to the right target audience, for the right price. And it's working. Netflix earnings blew past expectations. The company reported 31 cents per share in the second quarter, swinging into the black from a loss in the year-earlier quarter. Netflix's new push for original content is part of a bigger strategy—understanding exactly what its user base wants, and delivering it to them. It's the shift from being a distributor to truly being a programmer.

And with that shift from distributor to programmer, comes a new focus on exclusive content. With the rollout of more original shows, CEO Reed Hastings said on the post-earnings call, that users and investors will see a "redefinition and rebroadening of what Netflix is to its customers." And what that means, is "focusing on moving more and more towards exclusive content."

The digital content wars are heating up, with Netflix reporting better-than-expected earnings on Monday. Netflix, along with other distributors, are changing the way they do business by becoming programmers. Original content is their ammunition in a war for consumers.

The first quarter was a turning point in the original content battle: Netflix introduced its first original show, "House of Cards," as its stock moved more than 80 percent higher. And its first-quarter earnings report stressed that the original content strategy is paying off.

(Read More: Netflix Shares Soar After Earnings Beat)

As Netflix reported earnings and revenue—along with net subscriber additions—that beat expectations, it added some color on the success of "House of Cards." The company didn't reveal any metrics on the return on investment on the $100 million investment in the series, but all the commentary was upbeat, and bodes well for other original shows.