On today's MarketFoolery podcast, we kick off earnings season with Alcoa (NYSE: AA), and we look at Liz Claiborne's (NYSE: LIZ) decision to sell its namesake brand to JCPenney (NYSE: JCP). PepsicCo's (NYSE: PEP) latest quarter in the books -- is it time for the soft-drink company to spin off its Frito-Lay division, or does having a diversified company make it easier to compete with Coca-Cola (NYSE: KO)?

Subscribe to our free daily MarketFoolery podcast on iTunes.