Reese Witherspoon will go head-to-head with Arnold Schwarzenegger this summer, as her "Legally Blonde 2: Red, White and Blonde" and his "Terminator 3" are both set to open the same day, July 2.

It's just one of many heavyweight matchups as the summer movie season gets into gear. Assessing how those and other films may fare, the Wall Street Journal has peered into its crystal ball and asked key industry observers what they expect will do big business on the big screen -- or flop horribly -- in the coming months.

For the most part, hits are expected from the likes of Eddie Murphy in the family-oriented "Daddy Day Care"; Jim Carrey in the comedy with good buzz, "Bruce Almighty"; and Renee Zellweger and Ewan McGregor in the retro-romantic comedy "Down With Love," one of the only romantic comedies of the season.

By merging two long-running horror franchises, the slasher flick "Freddy vs. Jason" is expected to fare well. "Charlie's Angels: Full Throttle," reuniting Drew Barrymore, Cameron Diaz and Lucy Liu, is looking like a sure bet -- but Angelina Jolie in "Lara Croft Tomb Raider: The Cradle of Life," is not, given the box-office pattern of the last "Croft" adventure (strong opening, weak finish), according to the Journal.

In the monster-hit category, the sequel "The Matrix Reloaded," with Keanu Reeves, is expected to be one of the biggest films of the year (at least, until "The Matrix Revolutions" hits theaters later this year), while "Terminator 3: Rise of the Machines" may open big but fade fast.

Because Witherspoon holds the record for top opening weekend for any female star ($36 million for "Sweet Home Alabama"), Arnie is expected to be battered all around.

"Pirates of the Caribbean," with Johnny Depp, has great word-of-mouth curiosity (and who isn't a fan of the old Disney ride?), but the Journal wonders if a film can simultaneously appeal to both 8- and 15-year-olds.

The Journal, however, is certain about one thing: "Gigli," with Jennifer Lopez and Ben Affleck, will bomb. With tabloid reports of poor test screenings, word of mouth grows disastrously worse by the minute, says the paper -- and the unpronounceable title (sounds like "jeelee") can't help matters, either.

Only time (and movie goers) will tell for sure.