Six Dow components are scheduled to report as large-cap stocks dominate the first big week of earnings season. The 6 companies are Bank of America (BAC), General Electric (GE), Intel (INTC), IBM (IBM), Johnson & Johnson (JNJ) and JPMorgan Chase (JPM).
Joining them will be 25 other members of the S&P 500, including Goldman Sachs (GS) and Google (GOOG). Overall, 83 companies are scheduled to report.
Though the total size of the calendar is not large, its composition could significantly influence market direction.
Minutes from the June Fed meeting will be released on Wednesday afternoon and could lead to volatility in the bond markets.
- Monday: June Treasury Budget
- Tuesday: June Producer Price Index (PPI), June retail sales, May business inventories
- Wednesday: June Consumer Price Index (CPI), July Empire State
(NY) Index, June industrial production and capacity utilization, Fed minutes, weekly crude inventories - Thursday: July Phili Fed survey, July National Association of Homebuilders Index, weekly initial jobless claims
- Friday: June housing starts and building permits
No Fed officials are currently scheduled to speak.
July stock options expire on Friday.
Wednesday could be the most volatile day, given the large amount of earnings and economic news. Overall, we’ll be looking for positive earnings surprises, confirmation that the second half will be better than the first half and buying in reaction to good news.
Companies That Could Issue Positive Earnings Surprises
Four of 15 covering brokerage analysts have increased their second-quarter profit projections on W.W. Grainger (GWW) over the past few weeks. As a result, the consensus estimate now calls for per share earnings of $1.15 per share. The most accurate estimate is 2 cents higher at $1.17 per share. GWW has topped expectations for 5 consecutive quarters.
Recent revisions by 3 brokerage analysts have pushed the second-quarter consensus estimate for Google (GOOG) up 4 cents to $4.35 per share. The most accurate estimate is even more bullish at $4.40 per share. GOOG has topped expectations for 3 consecutive quarters. Google is scheduled to report on Thursday, Jul 16, after the close of trading.
Five analysts raised their second-quarter estimates on Intel (INTC) within the past 30 days. Though the changes were not enough to budge the consensus estimate from its current level of 7 cents per share, the revisions suggest there could be upside. Both Micron (MU) and National Semiconductor (NSM) have already topped expectations and Texas Instruments (TXN) raised its second-quarter guidance. Plus, INTC has topped estimates during 4 out of the last 5 quarters. Intel is scheduled to report on Tuesday, Jul 14, after the close.
One analyst just raised his second-quarter profit forecast on Wolverine World Wide (WWW). The revision pushed the consensus estimate a penny higher to 26 cents per share. The most accurate estimate is 3 cents higher at 29 cents per share. WWW has topped expectations during 3 out of the last 4 quarters. Wolverine Worldwide is scheduled to report on Wednesday, Jul 15, before the start of trading.
Companies That Could Issue Negative Earnings Surprises
The ongoing recession is having an impact on Harley-Davidson (HOG). The motorcycle manufacturer has missed expectations for 3 consecutive quarters and analysts are bracing for more bad news. During the past 30 days, the second-quarter consensus estimate has declined 2 cents to 26 cents per share. The most accurate estimate is even more bearish at 24 cents per share. Harley-Davidson is scheduled to report on Thursday, Jul 16, before the start of trading.
Charles Rotblut, CFA is the senior market analyst for Zacks.com.
Earnings Calendar
Here is a list of companies that we have confirmed will report during the week of Jun 13 – Jul 171. Prices are as of Thursday’s, Jul 9, market close.
| Company | Stock | Zacks Estimate |
Year Ago EPS |
Last Qtr Surprise |
Date | Time | Price |
| Csx Corp | CSX | $0.63 | $0.89 | 14.8% | 7/13 | AMC | $31.84 |
| Fastenal | FAST | $0.33 | $0.51 | (2.9%) | 7/13 | BTO | $30.64 |
| Gsc Investment | GNV | $0.38 | $0.39 | 11.9% | 7/13 | AMC | $2.53 |
| Merix Corp | MERX | ($0.39) | ($0.17) | (71.4%) | 7/13 | N/A | $0.75 |
| Novellus Sys | NVLS | ($0.38) | $0.06 | 7.8% | 7/13 | AMC | $17.77 |
| Bank Ozarks | OZRK | $0.53 | $0.51 | 5.8% | 7/13 | AMC | $22.11 |
| Aar Corp | AIR | $0.47 | $0.51 | (6.5%) | 7/14 | AMC | $14.44 |
| Altera Corp | ALTR | $0.16 | $0.32 | 6.3% | 7/14 | AMC | $15.86 |
| Goldman Sachs | GS | $3.24 | $4.58 | N/A | 7/14 | BTO | $143.21 |
| Intel Corp | INTC | $0.07 | $0.29 | 266.7% | 7/14 | AMC | $16.02 |
| Johnson & Johns | JNJ | $1.11 | $1.18 | 4.1% | 7/14 | BTO | $56.69 |
| Ocean Power Tec | OPTT | ($0.46) | N/A | 34.0% | 7/14 | N/A | $5.29 |
| Palm Harbor Hms | PHHM | ($0.30) | ($0.05) | 20.7% | 7/14 | AMC | $2.03 |
| Xoma Ltd | XOMA | ($0.08) | ($0.16) | 500.0% | 7/14 | AMC | $0.75 |
| Yum! Brands Inc | YUM | $0.43 | $0.45 | 20.00% | 7/14 | AMC | $35.00 |
| Abbott Labs | ABT | $0.88 | $0.84 | 4.3% | 7/15 | BTO | $45.93 |
| Acergy Sa | ACGY | $0.16 | $0.35 | 25.0% | 7/15 | DMT | $9.40 |
| Adtran Inc | ADTN | $0.28 | $0.34 | 4.3% | 7/15 | BTO | $20.74 |
| Asml Holding Nv | ASML | ($0.33) | $0.44 | (16.1%) | 7/15 | BTO | $21.67 |
| Commerce Bancsh | CBSH | $0.39 | $0.73 | (15.7%) | 7/15 | BTO | $31.72 |
| Crown Hldgs Inc | CCK | $0.66 | $0.61 | 33.3% | 7/15 | AMC | $23.60 |
| Cintas Corp | CTAS | $0.36 | $0.58 | (2.1%) | 7/15 | AMC | $21.73 |
| Gannett Inc | GCI | $0.37 | $1.02 | 8.7% | 7/15 | BTO | $3.19 |
| Grainger W W | GWW | $1.15 | $1.48 | 16.8% | 7/15 | BTO | $78.31 |
| Kinder Morg Eng | KMP | $0.28 | $0.64 | (57.1%) | 7/15 | N/A | $51.16 |
| Landstar System | LSTR | $0.40 | $0.56 | (6.9%) | 7/15 | AMC | $34.45 |
| Lufkin Inds | LUFK | $0.42 | $1.36 | (47.9%) | 7/15 | BTO | $38.95 |
| Medtox Scientif | MTOX | $0.10 | $0.22 | (28.6%) | 7/15 | BTO | $8.95 |
| Knight Cap Gp | NITE | $0.36 | $0.32 | 6.4% | 7/15 | BTO | $16.71 |
| Polycom Inc | PLCM | $0.22 | $0.24 | (35.0%) | 7/15 | AMC | $20.07 |
| Resources Cnctn | RECN | $0.04 | $0.35 | (28.6%) | 7/15 | AMC | $16.55 |
| Stanley Furn Co | STLY | ($0.20) | ($0.01) | (340.0%) | 7/15 | AMC | $10.82 |
| Texas Inds | TXI | ($0.04) | $0.49 | 1350.0% | 7/15 | BTO | $29.84 |
| Univl Fst Prods | UFPI | $0.43 | $0.61 | 71.4% | 7/15 | AMC | $32.24 |
| Worthington Ind | WOR | ($0.01) | $0.72 | 500.0% | 7/15 | BTO | $11.19 |
| Wolverine World | WWW | $0.26 | $0.33 | 36.7% | 7/15 | BTO | $21.16 |
| Xilinx Inc | XLNX | $0.20 | $0.36 | 11.1% | 7/15 | AMC | $19.46 |
| Angiodynamics | ANGO | $0.15 | $0.20 | 25.0% | 7/16 | AMC | $12.34 |
| Amphenol Corp-A | APH | $0.42 | $0.61 | 2.5% | 7/16 | BTO | $31.54 |
| Aracruz Cel-Adr | ARA | ($1.19) | $0.69 | N/A | 7/16 | BTO | $14.82 |
| Assoc Banc Corp | ASBC | ($0.16) | $0.37 | 12.0% | 7/16 | DMT | $12.18 |
| Aptargroup Inc | ATR | $0.40 | $0.64 | 2.7% | 7/16 | AMC | $32.42 |
| Baxter Intl | BAX | $0.94 | $0.85 | 2.5% | 7/16 | BTO | $52.64 |
| Biogen Idec Inc | BIIB | $0.97 | $0.91 | 5.0% | 7/16 | BTO | $45.43 |
| Badger Meter | BMI | $0.54 | $0.48 | 23.7% | 7/16 | AMC | $38.26 |
| Cubist Pharm | CBST | $0.28 | $0.34 | (7.1%) | 7/16 | AMC | $16.79 |
| Courier Corp | CRRC | $0.23 | $0.25 | (37.5%) | 7/16 | BTO | $14.50 |
| Cypress Semicon | CY | ($0.39) | $0.17 | (26.1%) | 7/16 | BTO | $8.77 |
| Cytec Inds Inc | CYT | $0.01 | $1.20 | (80.7%) | 7/16 | AMC | $18.28 |
| Datalink Corp | DTLK | $0.02 | $0.08 | 16.7% | 7/16 | AMC | $4.21 |
| Fairchild Semi | FCS | ($0.12) | $0.17 | 3.0% | 7/16 | BTO | $7.06 |
| Google Inc-Cl A | GOOG | $4.35 | $3.92 | 22.6% | 7/16 | AMC | $410.39 |
| Genuine Parts | GPC | $0.62 | $0.81 | 14.3% | 7/16 | BTO | $32.56 |
| Harley-Davidson | HOG | $0.27 | $0.95 | (3.9%) | 7/16 | BTO | $15.67 |
| Home Bancshares | HOMB | $0.20 | $0.28 | 16.7% | 7/16 | BTO | $18.99 |
| Intl Bus Mach | IBM | $2.03 | $1.98 | 1.8% | 7/16 | N/A | $102.08 |
| Insteel Inds | IIIN | ($0.04) | $0.97 | (2250.0%) | 7/16 | BTO | $7.83 |
| Jpmorgan Chase | JPM | $0.18 | $0.57 | 29.0% | 7/16 | BTO | $33.62 |
| Knoll Inc | KNL | $0.21 | $0.49 | 52.6% | 7/16 | BTO | $7.19 |
| Marriott Intl-A | MAR | $0.21 | $0.51 | 71.4% | 7/16 | BTO | $19.72 |
| Mb Financl Inc | MBFI | ($0.31) | $0.42 | (3033.3%) | 7/16 | BTO | $11.08 |
| Mission West | MSW | $0.14 | $0.12 | 7.7% | 7/16 | N/A | $6.40 |
| Nokia Cp-Adr A | NOK | $0.17 | $0.56 | (7.1%) | 7/16 | BTO | $14.28 |
| Novartis Ag-Adr | NVS | $0.86 | $0.99 | 0.0% | 7/16 | N/A | $40.05 |
| Nexen Inc | NXY | $0.30 | $0.70 | 766.7% | 7/16 | BTO | $19.82 |
| Peoples Utd Fin | PBCT | $0.07 | $0.13 | (20.0%) | 7/16 | AMC | $15.12 |
| Polaris Indus | PII | $0.48 | $0.72 | 30.0% | 7/16 | BTO | $31.07 |
| Ppg Inds Inc | PPG | $0.76 | $1.62 | 53.8% | 7/16 | BTO | $42.11 |
| Renaissnce Lrng | RLRN | $0.11 | $0.12 | 44.4% | 7/16 | AMC | $8.94 |
| Simmons First A | SFNC | $0.31 | $0.42 | 8.8% | 7/16 | BTO | $26.28 |
| Sonoco Products | SON | $0.36 | $0.62 | (3.3%) | 7/16 | BTO | $23.16 |
| Umpqua Hldgs Cp | UMPQ | ($0.07) | $0.17 | (2400.0%) | 7/16 | BTO | $7.62 |
| Usa Truck Inc | USAK | $0.03 | $0.21 | (200.0%) | 7/16 | BTO | $13.59 |
| Smith (Ao) Corp | AOS | $0.54 | $1.03 | (29.3%) | 7/17 | BTO | $31.87 |
| Bank Of Amer Cp | BAC | $0.17 | $0.72 | 940.0% | 7/17 | BTO | $11.97 |
| Bb&T Corp | BBT | $0.22 | $0.69 | 45.5% | 7/17 | BTO | $20.86 |
| Citigroup Inc | C | ($0.05) | ($0.49) | 25.0% | 7/17 | BTO | $2.69 |
| First Hrzn Natl | FHN | ($0.32) | ($0.10) | (62.5%) | 7/17 | BTO | $11.38 |
| Genl Electric | GE | $0.24 | $0.54 | 13.0% | 7/17 | BTO | $10.86 |
| Mattel Inc | MAT | $0.02 | $0.03 | 0.0% | 7/17 | BTO | $15.45 |
| Marshall&Ilsley | MI | ($0.68) | ($1.52) | (37.5%) | 7/17 | BTO | $4.50 |
| Prosperity Bcsh | PRSP | $0.50 | $0.52 | 1.9% | 7/17 | BTO | $28.94 |
| Webster Finl Cp | WBS | ($0.43) | $0.42 | (112.0%) | 7/17 | BTO | $7.86 |
BTO = Before The Market Open, AMC = After The Market Close
1Some of the companies listed in the earnings calendar may not be in the Zacks Rank universe.
