Earnings Preview for May 18 - 22

First-quarter earnings season nears an end with Hewlett-Packard (HPQ - Analyst Report), Home Depot (HD - Analyst Report), Lowe's (LOW - Analyst Report) and Target (TGT - Analyst Report) reporting. Joining them will be 15 other members of the S&P 500. In total, we have confirmed reports from 124 companies.

There is not much on the economic calendar, though the minutes from the April Fed meeting will be released on Wednesday afternoon (2 p.m.).

• Tuesday: April building permits and housing starts
• Wednesday: April Fed minutes, weekly crude inventories
• Thursday: Phili Fed survey, April Leading Indicators, weekly initial jobless claims

Fed Chairman Ben Bernanke will deliver a commencement speech at the Boston College Law School on Friday afternoon. Vice Chairman Donald Kohn will speak at a conference about fiscal policy in Princeton, N.J. on Saturday afternoon.

Volume could be light on Friday as traders and fund managers leave early for the holiday weekend. The U.S. markets will be closed on Monday, May 25.

Keep an eye on General Motors (GM - Analyst Report). A bankruptcy filing could occur any day now.

The end of first-quarter earnings season removes a catalyst for the bulls. Given that stocks have rallied for 8 out of 10 weeks, a pullback is overdue and I think it has started.

Companies That Could Issue Positive Earnings Surprises

Despite the recession, Aeropostale (ARO - Snapshot Report) continues to enjoy strong growth. April same-store sales surged 20%, leading the company to hike its first-quarter guidance by 14 cents to 46 cents per share. Brokerage analysts are even more bullish and think the casual clothing retailer could announce profits of 48 cents per share. ARO has topped expectations during 3 out of the last 4 quarters. Aeropostale is scheduled to report on Thursday, Apr 21, after the close of trading.

Though same-store sales continue to fall, Gap Inc. (GPS - Analyst Report) recently said that first-quarter earnings would top expectations. The company guided for profits of 29 to 30 cents per share, 6 cents more than what brokerage analysts were projecting in early May. (Revisions by 11 of the 19 covering analysts have since pushed the consensus earnings estimate up to 30 cents per share.) GPS has a long track record of topping expectations. GAP is scheduled to report on May 21, after the close of trading.

About one-quarter of the covering brokerage analysts have raised their fourth-quarter estimates on Home Depot (HD - Analyst Report) in recent weeks. The revisions have nudged the consensus earnings estimate a penny higher to 28 cents per share. The most accurate estimate is more bullish at 30 cents per share. The home improvement retailer has topped expectations for 4 consecutive quarters. Home Depot is scheduled to report on Tuesday, May 19, before the start of trading.

Target (TGT - Analyst Report) recently predicted that its first-quarter earnings would be "well above" the consensus estimate. Brokerage analysts quickly adjusted their models, sending the consensus earnings estimate up to 60 cents per share - an increase of 11 cents from 30 days ago. The most accurate estimate is slightly more bullish at 61 cents per share. This is a riskier call, however, because TGT does not have a good history of topping expectations. Target is scheduled to report on Wednesday, May 20, before the start of trading.

Companies That Could Issue Negative Earnings Surprises

Deere & Co. (DE - Analyst Report) has missed expectations for 4 consecutive quarters. Analysts seem to be bracing for another miss as is evident by the recent 2-cent drop in the consensus earnings estimate. The average fiscal second-quarter forecast now calls for profits of $1.10 per share. The most accurate estimate is more bearish at a $1.07 per share. Deere is scheduled to report on Wednesday, May 20, before the start of trading.

Charles Rotblut, CFA is the senior market analyst for Zacks.com. He can be reached at crotblut@zacks.com.

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Earnings Calendar

Here is a list of companies that we have confirmed will report during the week of May 18 - 22¹. Prices are as of Thursday's, May 14, market close.

Company	Stock	Zacks Estimate	Year Ago EPS	Last Qtr Surprise	Date	Time	Price
Airmedia Gp-Adr	AMCN - Snapshot Report	$0.00	$0.10	(13.3%)	5/18	AMC	$5.72
Amer Apparel	APP - Snapshot Report	($0.02)	$0.02	(28.6%)	5/18	AMC	$5.45
China Ritar Pwr	CRTP - Snapshot Report	$0.02	$0.03	(86.7%)	5/18	N/A	$1.90
Derma Sciences	DSCI - Snapshot Report	($0.01)	($0.04)	0.0%	5/18	BTO	$0.36
Doctor Reddys	RDY - Snapshot Report	$0.33	$0.15	N/A	5/18	N/A	$11.65
Dri Corp	TBUS	($0.03)	$0.06	20.0%	5/18	N/A	$1.20
Hasting Entmt	HAST - Snapshot Report	$0.13	$0.28	(350.0%)	5/18	BTO	$3.48
Himax Tech-Adr	HIMX - Snapshot Report	$0.03	$0.18	12.5%	5/18	AMC	$2.52
Ituran Location	ITRN - Snapshot Report	$0.18	$0.18	(3.5%)	5/18	BTO	$7.47
Kit Digital Inc	KDGL	($0.33)	($9.44)	0.0%	5/18	AMC	$8.49
Lowes Cos	LOW - Analyst Report	$0.25	$0.41	(8.3%)	5/18	N/A	$18.87
Perfect World	PWRD - Snapshot Report	$0.47	$0.38	65.6%	5/18	BTO	$18.34
Petro Resources	PRC	($0.02)	($0.04)	(300.0%)	5/18	N/A	$0.33
Radiant Logist	RLGT - Snapshot Report	$0.01	$0.00	200.0%	5/18	N/A	$0.16
Simcere Pharmac	SCR - Snapshot Report	$0.17	$0.25	(25.0%)	5/18	AMC	$7.65
Smf Energy Corp	FUEL	($0.04)	($0.10)	28.6%	5/18	N/A	$0.26
Spectrum Pharma	SPPI - Snapshot Report	($0.11)	($0.28)	29.4%	5/18	N/A	$4.07
Tsakos Egy Navg	TNP - Snapshot Report	$0.64	$1.70	(7.5%)	5/18	BTO	$19.01
Valspar Corp	VAL - Analyst Report	$0.35	$0.41	(4.8%)	5/18	BTO	$22.78
Vimicro Int-Ads	VIMC - Snapshot Report	($0.14)	($0.09)	(50.0%)	5/18	AMC	$1.79
012 Smile.Com	SMLC	$0.18	$0.25	(25.0%)	5/19	BTO	$5.49
3Sbio Inc-Ads	SSRX - Snapshot Report	$0.12	$0.13	(27.3%)	5/19	AMC	$8.01
Analog Devices	ADI - Analyst Report	$0.09	$0.44	20.0%	5/19	AMC	$20.09
Dicks Sprtg Gds	DKS - Snapshot Report	$0.06	$0.17	5.8%	5/19	BTO	$17.94
Dycom Inds	DY - Snapshot Report	$0.05	$0.14	(100.0%)	5/19	AMC	$7.82
E-House China	EJ - Snapshot Report	$0.05	$0.11	16.7%	5/19	BTO	$12.49
Excel Maritime	EXM - Analyst Report	$0.12	$1.93	141.5%	5/19	AMC	$9.06
Hewlett Packard	HPQ - Analyst Report	$0.86	$0.87	0.0%	5/19	AMC	$34.93
Home Depot	HD - Analyst Report	$0.28	$0.41	18.8%	5/19	BTO	$24.53
Ja Solar Holdgs	JASO - Analyst Report	($0.06)	$0.14	(366.7%)	5/19	BTO	$3.35
Kana Software	KANA	($0.03)	($0.01)	(300.0%)	5/19	AMC	$0.72
Kemet Corp	KEME	($0.09)	($0.02)	25.0%	5/19	N/A	$0.62
Medtronic	MDT - Analyst Report	$0.82	$0.78	0.0%	5/19	BTO	$33.59
Oceanfreight In	OCNF	$0.13	$0.88	26.5%	5/19	AMC	$1.39
Opnext Inc	OPXT - Analyst Report	($0.26)	$0.01	(1200.0%)	5/19	BTO	$2.30
Paragon Shpgn-A	PRGN - Snapshot Report	$0.52	$0.59	(8.8%)	5/19	AMC	$3.45
Phillips Van He	PVH - Snapshot Report	$0.48	$0.90	10.7%	5/19	AMC	$26.18
Raven Inds Inc	RAVN - Analyst Report	$0.47	$0.60	(10.3%)	5/19	BTO	$24.74
Saks Inc	SKS - Analyst Report	($0.24)	$0.13	(73.3%)	5/19	BTO	$3.60
Solarfun Power	SOLF	($0.17)	$0.32	(471.4%)	5/19	BTO	$4.75
The9 Ltd-Adr	NCTY - Snapshot Report	$0.33	$0.46	(26.5%)	5/19	AMC	$9.15
Tjx Cos Inc New	TJX - Analyst Report	$0.49	$0.41	7.8%	5/19	BTO	$26.85
Tti Team Tele	TTIL	($0.04)	$0.05	(225.0%)	5/19	N/A	$0.77
Advance Auto Pt	AAP - Analyst Report	$0.90	$0.86	37.8%	5/20	AMC	$39.93
Anntaylor Stres	ANN - Snapshot Report	($0.21)	$0.47	(90.7%)	5/20	BTO	$7.87
Bj'S Wholesale	BJ	$0.44	$0.29	3.5%	5/20	BTO	$36.40
Brady Corp Cl A	BRC - Snapshot Report	$0.33	$0.63	(44.1%)	5/20	N/A	$21.91
Cato Corp A	CTR	$0.62	$0.58	18.2%	5/20	BTO	$17.98
Chinaedu Cp-Adr	CEDU - Snapshot Report	$0.03	$0.01	500.0%	5/20	AMC	$5.40
Citi Trends Inc	CTRN - Analyst Report	$0.43	$0.36	32.1%	5/20	AMC	$22.33
Columbus Mckinn	CMCO - Snapshot Report	$0.33	$0.72	29.3%	5/20	BTO	$12.83
Comp Science	CSC - Analyst Report	$1.47	$1.44	4.9%	5/20	AMC	$36.47
Deere & Co	DE - Analyst Report	$1.10	$1.74	(25.0%)	5/20	BTO	$41.78
Eaton Vance	EV - Snapshot Report	$0.21	$0.43	15.8%	5/20	BTO	$27.40
Elbit Systems	ESLT - Snapshot Report	$1.02	$0.75	5.3%	5/20	BTO	$53.52
Gymboree Corp	GYMB	$0.71	$0.86	2.0%	5/20	AMC	$32.76
Hoku Scientific	HOKU - Snapshot Report	($0.08)	($0.12)	(300.0%)	5/20	BTO	$2.75
Hot Topic Inc	HOTT - Analyst Report	$0.02	($0.03)	0.0%	5/20	AMC	$8.74
Intuit Inc	INTU - Snapshot Report	$1.53	$1.33	8.0%	5/20	AMC	$24.32
Limited Inc	LTD - Analyst Report	($0.04)	$0.10	6.3%	5/20	AMC	$11.13
Medcath Corp	MDTH - Snapshot Report	$0.23	$0.30	(6.3%)	5/20	AMC	$9.74
Melco Pbl Entmt	MPEL - Snapshot Report	($0.07)	$0.10	20.0%	5/20	BTO	$5.48
Miva Inc	MIVA	($0.06)	($0.16)	7.1%	5/20	AMC	$0.31
Netapp Inc	NTAP - Snapshot Report	$0.15	$0.31	0.0%	5/20	AMC	$17.41
Netease.Com-Adr	NTES - Snapshot Report	$0.46	$0.30	27.3%	5/20	AMC	$30.55
Petsmart Inc	PETM - Snapshot Report	$0.30	$0.32	5.1%	5/20	AMC	$21.10
Semtech Corp	SMTC - Snapshot Report	$0.06	$0.17	0.0%	5/20	AMC	$14.14
Synopsys Inc	SNPS - Analyst Report	$0.31	$0.33	8.8%	5/20	AMC	$20.56
Target Corp	TGT - Analyst Report	$0.60	$0.74	(3.6%)	5/20	BTO	$40.48
Techtarget	TTGT - Snapshot Report	($0.06)	$0.00	0.0%	5/20	AMC	$4.45
Tween Brands	TWB	($0.16)	$0.21	(188.1%)	5/20	BTO	$2.90
Westell Tech-A	WSTL - Snapshot Report	($0.03)	($0.05)	0.0%	5/20	AMC	$0.44
8X8 Inc	EGHT - Snapshot Report	$0.01	$0.01	(100.0%)	5/21	AMC	$0.71
Aeropostale Inc	ARO - Snapshot Report	$0.48	$0.26	1.0%	5/21	AMC	$32.79
Alkermes Inc	ALKS - Analyst Report	($0.13)	($0.07)	(1.7%)	5/21	AMC	$8.63
Aruba Networks	ARUN - Snapshot Report	($0.08)	($0.07)	37.5%	5/21	AMC	$4.76
Autodesk Inc	ADSK - Analyst Report	$0.00	$0.41	(7.1%)	5/21	AMC	$18.84
Barnes & Noble	BKS - Snapshot Report	($0.15)	$0.05	12.2%	5/21	BTO	$22.23
Black Box Corp	BBOX - Snapshot Report	$0.64	$0.74	3.7%	5/21	AMC	$25.20
Bon-Ton Stores	BONT - Snapshot Report	($3.72)	($2.03)	(13.2%)	5/21	BTO	$3.64
Bristow Group	BRS - Snapshot Report	$0.63	$0.82	(8.5%)	5/21	BTO	$25.57
Brocade Comm Sy	BRCD - Snapshot Report	$0.06	$0.15	7.1%	5/21	AMC	$6.00
Buckle Inc	BKE - Snapshot Report	$0.49	$0.41	1.4%	5/21	BTO	$31.45
Casual Male Ret	CMRG - Snapshot Report	($0.04)	$0.00	(1100.0%)	5/21	BTO	$1.34
Childrens Place	PLCE - Snapshot Report	$0.74	$0.66	4.3%	5/21	BTO	$32.21
Cost Plus Inc	CPWM - Snapshot Report	($0.84)	($1.00)	(340.0%)	5/21	AMC	$1.90
Dillards Inc-A	DDS - Analyst Report	($0.23)	$0.05	(206.7%)	5/21	AMC	$7.60
Dress Barn	DBRN	$0.31	$0.39	(300.0%)	5/21	AMC	$13.79
Foot Locker Inc	FL - Snapshot Report	$0.13	$0.14	41.2%	5/21	AMC	$10.76
Gamestop Corp	GME - Analyst Report	$0.41	$0.38	0.0%	5/21	BTO	$25.97
Gap Inc	GPS - Analyst Report	$0.30	$0.34	6.3%	5/21	AMC	$15.41
Global Srcs-Ltd	GSOL - Snapshot Report	$0.03	$0.15	45.5%	5/21	BTO	$5.84
Hibbet Sports	HIBB - Analyst Report	$0.37	$0.32	0.0%	5/21	AMC	$18.01
Hormel Foods Cp	HRL - Analyst Report	$0.50	$0.56	17.6%	5/21	BTO	$32.44
Hurray Hldg-Adr	HRAY	($0.08)	$0.07	(3700.0%)	5/21	BTO	$2.80
Kirklands Inc	KIRK - Analyst Report	($0.09)	($0.11)	13.5%	5/21	BTO	$5.83
Ldk Solar Co	LDK - Snapshot Report	($0.08)	$0.45	(48.8%)	5/21	AMC	$8.12
Mf Global Ltd	MF	$0.09	($0.59)	0.0%	5/21	BTO	$5.87
New York & Co	NWY - Snapshot Report	($0.08)	$0.11	(11.1%)	5/21	BTO	$4.38
Nordson Corp	NDSN - Snapshot Report	$0.27	$0.97	25.8%	5/21	AMC	$35.92
Pac Sunwear Cal	PSUN - Snapshot Report	($0.30)	($0.17)	6.0%	5/21	AMC	$3.74
Parlux Fragranc	PARL	$0.04	N/A	(414.3%)	5/21	AMC	$1.79
Patterson Cos	PDCO - Analyst Report	$0.50	$0.51	2.3%	5/21	BTO	$22.25
Perry Ellis Int	PERY - Snapshot Report	$0.23	$0.60	(3300.0%)	5/21	AMC	$5.87
Red Robin Gourm	RRGB - Analyst Report	$0.33	$0.43	34.4%	5/21	AMC	$19.93
Renesola Lt-Adr	SOL - Analyst Report	$0.07	$0.28	(187.5%)	5/21	BTO	$3.40
Rosetta Genomic	ROSG - Snapshot Report	($0.23)	($0.33)	10.7%	5/21	BTO	$3.02
Ross Stores	ROST - Snapshot Report	$0.72	$0.60	0.0%	5/21	BTO	$35.23
Safe Bulkers	SB - Snapshot Report	$0.65	N/A	(4.8%)	5/21	AMC	$5.68
Salesforce.Com	CRM - Analyst Report	$0.11	$0.08	57.1%	5/21	AMC	$39.77
Schawk Inc-Cl A	SGK - Snapshot Report	($0.05)	$0.15	(55.6%)	5/21	AMC	$6.91
Skillsoft Plc	SKIL	$0.13	$0.07	87.5%	5/21	AMC	$7.37
Stage Stores	SSI - Snapshot Report	($0.04)	$0.06	0.0%	5/21	BTO	$10.97
Stein Mart Inc	SMRT - Snapshot Report	$0.12	$0.17	(39.0%)	5/21	BTO	$3.83
Suntech Pwr Hld	STP - Analyst Report	($0.07)	$0.35	(29.2%)	5/21	BTO	$14.73
Tech Data Corp	TECD - Analyst Report	$0.33	$0.43	60.3%	5/21	BTO	$27.77
Telvent Git Sa	TLVT	$0.29	$0.37	33.9%	5/21	BTO	$20.17
Toro Co	TTC - Snapshot Report	$0.93	$1.60	0.0%	5/21	BTO	$27.31
Verigy Ltd	VRGY	($0.65)	$0.23	(18.6%)	5/21	AMC	$10.68
Zumiez Inc	ZUMZ - Analyst Report	($0.08)	$0.05	10.53%	5/21	AMC	$10.19
British Airways	BAIRY	($2.77)	N/A	N/A	5/22	N/A	$24.52
Campbell Soup	CPB - Analyst Report	$0.43	$0.43	1.6%	5/22	BTO	$26.75
Met-Pro Corp	MPR - Snapshot Report	$0.12	$0.13	(25.0%)	5/22	BTO	$9.88
Yingli Green En	YGE - Snapshot Report	$0.03	$0.25	62.5%	5/22	BTO	$8.08

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.

Read the full analyst report on LOW

Read the full analyst report on HPQ

Read the full analyst report on MTLQQ

Read the full analyst report on DE

Read the full analyst report on GPS

Read the full analyst report on HD

Read the full analyst report on TGT

Read the full analyst report on ARO