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)?

Chris Hill owns shares of Coca-Cola. The Motley Fool owns shares of Coca-Cola and PepsiCo. Motley Fool newsletter services have recommended buying shares of PepsiCo and Coca-Cola and creating a diagonal call position in PepsiCo. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.