New Parents Javier Bardem & Penelope Cruz Rock the Academy Awards Red Carpet!

Looks like you all guessed right! New parents Javier Bardem and Penelope Cruz hit the red carpet for their first big red carpet event together since the January 22nd birth of their first child, a baby boy rumored to be named Leo Encinas.

The perennially Best Dressed Penelope looked absolutely stunning in a form-fitting sequined red dress by L'Wren Scott. Her body has apparently bounced back in record time and her low cut dress showed off her newly acquired hot mama curves perfectly. 

Javier Bardem stopped to chat up Ryan Seacrest for the E! Red Carpet special and when asked about his Biutiful Oscar nomination, he recognized the rarity of nominations for performances in foreign-language films and said, "It's always special for the Spanish-speaking people to be honored like this." We agree Javier.

We're rooting for you! Good luck.