Earnings Preview for June 8 - 12

S&P 500 members Brown Forman (BF.B), National Semiconductor (NSM) and Pall Corporation (PLL) headline what will be a very light earnings calendar. Only 37 companies are confirmed to report.

On the economic front, the Fed will release its periodic Beige Book on Wednesday afternoon. The next morning we will get May retail sales numbers from the Commerce Department.

• Tuesday: April wholesale inventories
• Wednesday: Fed Beige Book, April trade deficit, May treasury budget, weekly crude inventories
• Thursday: May retail sales, weekly initial jobless claims
• Friday: Initial June University of Michigan consumer confidence, May import and export prices

Three Fed officials are scheduled to speak. Governor Daniel Tarullo will talk about financial regulation at the Peterson Institute for International Economics in Washington, D.C. on Tuesday. On Wednesday, Governor Elizabeth Duke will deliver a lunchtime speech about consumer protection in Cleveland. Finally, Atlanta Fed Reserve President Dennis Lockhart will talk about the economy at a conference in Atlanta on Thursday.

The smartphone market will be in focus.

Palm's (PALM) next generation phone, the Pre, goes on sale tomorrow (Jun 6). Expect to hear some discussion about sales and initial reaction by customers.

Competitor Apple (AAPL) is expected to release details about a new iPhone. A software developers conference starts on Monday and there is speculation that Steve Jobs will be the one introducing the new mobile device.

The markets are stuck in a trading range. Given the light amount of data, there doesn't seem be a reason to think that things will change this week.

This said, keep an eye on Wednesday and Thursday, however. The combination of the Beige Book, speeches from Fed officials, oil inventories and a 10-year treasury auction (Wednesday at 1 p.m.) could get some traders to be more active.

Companies That Could Issue Positive Earnings Surprises

Fiscal-fourth quarter estimates for National Semiconductor (NSM) have been gradually improving. The current consensus estimate, which calls for a loss of 44 cents per share, is 3 cents better than the average forecast of a month ago. The most accurate estimate is slightly more bullish and calls for a loss of 42 cents per share. Though NSM has topped expectations twice in the past 4 quarters, it has also missed twice, so this is a risky call. National Semiconductor is scheduled to report on Thursday, Jun 11, after the close of trading.

Companies That Could Issue Negative Earnings Surprises

The Talbots Inc. (TLB) has not only disappointed investors for 2 consecutive quarters, but it missed estimates by wide margins. Brokerage analysts are bracing for a first-quarter loss of 49 cents per share, but the most accurate estimate suggests the retailer could post a wider loss of 52 cents per share. Talbots is scheduled to report on Tuesday, Jun 9, 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 June 8 - 12¹. Prices are as of Thursday's, June 4, market close.

Company	Stock	Zacks Estimate	Year Ago EPS	Last Qtr Surprise	Date	Time	Price
Ferrellgas -Lp	FGP	$0.65	$0.55	(7.6%)	6/8	N/A	$16.80
Fuelcell Energy	FCEL	($0.30)	($0.38)	(9.4%)	6/8	AMC	$3.74
Pall Corp	PLL	$0.42	$0.54	(13.6%)	6/8	AMC	$26.67
Quiksilver Inc	ZQK	$0.04	$0.30	22.2%	6/8	AMC	$3.28
99 Cents Only	NDN	$0.04	($0.06)	(5.3%)	6/9	AMC	$10.04
Cra Intl Inc	CRAI	$0.30	$0.48	(48.7%)	6/9	BTO	$28.63
Gigamedia Ltd	GIGM	$0.11	$0.20	(6.7%)	6/9	BTO	$6.31
Korn/Ferry Intl	KFY	($0.06)	$0.36	(20.0%)	6/9	BTO	$11.82
Movado Grp Inc	MOV	($0.48)	$0.05	(975.0%)	6/9	BTO	$8.15
Nci Bldg System	NCS	($0.14)	$0.85	8.9%	6/9	AMC	$3.99
Oxford Inds Inc	OXM	$0.25	$0.59	100.0%	6/9	AMC	$10.85
Pep Boys M M &J	PBY	$0.06	$0.00	11.5%	6/9	BTO	$7.81
Piedmont Nat Ga	PNY	$0.66	$0.66	(1.8%)	6/9	BTO	$23.11
Rentrak Corp	RENT	$0.05	$0.10	0.0%	6/9	AMC	$10.50
Shuffle Master	SHFL	$0.04	$0.09	(75.0%)	6/9	AMC	$4.25
Streamline Hlth	STRM	($0.02)	($0.09)	N/A	6/9	AMC	$3.48
Talbots Inc	TLB	($0.49)	$0.21	(258.2%)	6/9	BTO	$4.88
Titan Machinery	TITN	$0.13	$0.24	-14.29%	6/9	BTO	$16.06
Brown Forman B	BF.B	$0.49	$0.65	5.2%	6/10	BTO	$45.99
Hooker Furnitur	HOFT	$0.16	$0.23	5.0%	6/10	BTO	$12.00
Linktone Ltd	LTON	($0.02)	($0.18)	220.0%	6/10	AMC	$2.50
Measuremnt Spcl	MEAS	$0.00	$0.31	200.0%	6/10	AMC	$6.39
Mens Wearhouse	MW	$0.00	$0.20	62.5%	6/10	AMC	$18.43
North Amer Egy	NOA	$0.16	$0.66	44.1%	6/10	AMC	$7.75
Stewart Entrp A	STEI	$0.08	$0.15	(12.5%)	6/10	BTO	$4.90
Access Integr-A	CIDM	($0.21)	($0.43)	0.0%	6/11	N/A	$1.11
Arcsight Inc	ARST	$0.07	($0.03)	300.0%	6/11	AMC	$17.75
China Med Tech	CMED	$0.45	$0.53	268.8%	6/11	BTO	$25.01
Chindex Intl	CHDX	$0.10	($0.20)	(21.4%)	6/11	BTO	$8.69
Del Monte Foods	DLM	$0.26	$0.29	36.4%	6/11	BTO	$8.40
Herley Inds Inc	HRLY	$0.16	$0.15	220.0%	6/11	AMC	$11.02
Hoku Scientific	HOKU	($0.08)	($0.12)	(300.0%)	6/11	BTO	$3.12
Lululemon Athlt	LULU	$0.08	$0.12	33.3%	6/11	BTO	$14.08
Mds Inc	MDZ	$0.06	$0.06	(14.3%)	6/11	BTO	$5.44
Natl Semicon	NSM	($0.44)	$0.35	180.0%	6/11	AMC	$13.99
Repligen	RGEN	($0.06)	($0.10)	100.0%	6/11	N/A	$4.55
School Specialt	SCHS	($0.66)	($0.66)	(13.9%)	6/11	BTO	$19.69

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 NSM

Read the full analyst report on BF.B

Read the full analyst report on PLL

Read the full analyst report on AAPL

Read the full analyst report on TLB