It's earnings season again, and what an important one this may turn out to be.

Following a troubling earnings report from General Electric (NYSE: GE) last week, all eyes will be on major reports from Google (Nasdaq: GOOG) and Citigroup this week. A slew of negative reports in conjunction with more troubling economic data could put further downward pressure on stocks in the coming months.

But the U.S. blue chips will get enough coverage this earnings season, so let's take the road less traveled and look more closely at foreign companies that are also reporting this week. In addition, we'll enlist the help of more than 96,000 investors participating in Motley Fool CAPS, the Fool's online investing community, to figure out which American depositary receipts may shine this week.

Don't you forget about me
Some important reports will be coming in from overseas this week, including from these companies:

Company

Consensus Analyst EPS Expectation

Growth Over Previous Year's Actual EPS

CAPS Rating (out of 5)

Nokia (NYSE: NOK)

$0.57

68%

****

Infosys (Nasdaq: INFY)

$0.54

32%

****

New Oriental Education (NYSE: EDU)

$0.23

4%

****

Wipro (NYSE: WIT)

$0.15

7%

*****

ASML Holding NV (Nasdaq: ASML)

$0.50

(4%)

****

Sources: Yahoo! Finance and Motley Fool CAPS, as of April 13.

These companies are highly regarded in the CAPS community, although all the stocks have had a rough start to 2008, and investors are thirsty for some positive news. So far, the most beaten-down stock of the group -- down 25.7% year to date -- also happens to get the most love from CAPS investors. Let's figure out whether that fondness translates into an opportunity we won't want to miss.

Quid Wipro Quo
Bangalore-based IT-solutions giant Wipro isn't the only Indian company down on its luck in 2008 -- the entire Bombay Stock Exchange is off 22% in just three and a half months. But unlike other Indian companies that focus on domestic operations, Wipro generates most of its revenue abroad, primarily from Europe and the United States, where major corporations have traditionally paid big bucks to reduce their IT expenses and improve efficiency.

The tide may be shifting, however. As the U.S. dollar continues to slide against the Indian rupee, Indian services become more expensive to U.S. customers. Moreover, a recent report in BusinessWeek revealed that India's IT-outsourcing cost advantage is shrinking, and more U.S. companies are beginning to "nearsource" to South American countries instead.

The effects of this secular shift were evident in Wipro's January third-quarter report, which missed analysts' earnings estimates by 7%. This time around, analysts have set a slightly lower bar for Wipro and are looking for quarterly revenue of $1.4 billion and earnings of $0.15 per share.

Can Wipro deliver on these more modest projections? CAPS investors seem to think the company is poised for a rebound -- of the 391 players who have rated the stock, fully 372 think it will outperform the S&P 500.

One such player is 21popsontop, who thought Wipro deserved a second look following the last earnings report in January:

A rapidly growing and well run global information technology (IT) service company that should at least get a long look at a low price. Even paying dividend while you hold for continued growth. Appears to be favored and offers many services in the industry WORLDWIDE and is not slacking.

Our CAPS player is right. Despite concerns about shrinking margins and the stronger rupee, Wipro still grew sales by 32% and profits by 11% last quarter. That wasn't enough to satisfy Mr. Market in the short term, but it's still nothing to scoff at. Moreover, its September 2007 acquisition of U.S.-based InfoCrossing could provide additional benefits going forward.

In this Fool's opinion, however, Wipro may not be the screaming buy that CAPS investors think it is. The combination of increased global competitiveness in the IT-solutions realm, a strong rupee, and recent reports of high Indian inflation should put mounting pressure on margins. Wipro will need to cut costs and better differentiate itself from competitors if it hopes to stop the bleeding. Interested investors would be wise to approach this stock with caution.

What do you think? Will Wipro prove the doubters wrong, or will the receding tide of the Indian market pull Wipro's ship out to sea? Make your voice heard on Motley Fool CAPS, where 96,000 investors are waiting to hear what you have to say.

New Oriental Education is a Motley Fool Global Gains pick. A free 30-day trial to the Global Gains service is yours for the asking. 

Fool contributor Todd Wenning devours financial data the way Cookie Monster devours chocolate chip cookies. He does not own shares of any company mentioned. "C" is for "cookie," which is good enough for the Fool's disclosure policy.