Later today, Demand Media will report its first-quarter earnings, its second outing after its IPO earlier this year.

Wall Street is expecting the company to report about $69.6 million in revenue for the three months, with 4 cents a share in profits.

But what most will be paying more mind to will be what the online content company’s top execs–especially CEO Richard Rosenblatt–have to say about the impact of search algorithm updates at Google to its various Web offerings.

Codenamed “Panda,” the effort by the Silicon Valley search giant is aimed at improving results by getting rid of poorly conceived content.

And, indeed, the tweaks have been chewing away at a range of Web sites–such as those owned by Demand–which rely heavily on search engine optimization to bring in huge traffic.

One big hit for Demand, due to Panda, has been to its flagship eHow site.

All the mishegas has hurt the Santa Monica, Calif., company’s stock. It’s down just over 30 percent since its public offering in late January, as bearish investors fret over the implications of Panda.

That said, Demand shares were up more than six percent yesterday, to close at $15.75. And some think the recent stock fall has been overblown.

However the winds blow, Rosenblatt must play it cool, since he cannot spook Wall Street, but also does not want to indicate to Google that its efforts are not effective either.

Tune in after 1 pm PT today to get the first-quarter results, and even more at Demand’s 2 pm conference call with analysts, where BoomTown will translate it all for you.

Until then, please enjoy the movie trailer for “Kung Fu Panda 2,” which opens May 26:

Sen. Barack Obama clinched the Democratic presidential nomination this week, so we’d be remiss if we did not revisit some of the many videos online that have popped up around the charismatic candidate that this column has referenced.

Tomorrow: McCain videos! Really!

First, the interview Walt Mossberg and I did last week at the sixth D: All Things Digital conference with News Corp. head Rupert Murdoch, in which he–in an unexpected move–appeared to be warming to Obama:

An Obama Girl attack on Sen. Hillary Clinton that I did not care for very much:

The super-cool Obama-”West Wing” mashup, which is totally coming true:

The very funny “Saturday Night Live” Obamapology:

And, of course, the mother of them all–the original Obama Girl video. Apparently, she has a crush on Obama: