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Earnings Preview

Earnings Preview for July 14 - 18

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July 11, 2008 | Comment(s): 0
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NUE | JNJ | INTC | KO | JPM | RS | C | MSFT

It is likely to be a very volatile week for the equity markets, with earnings announcements from 6 Dow components, inflation data, Fed minutes, option expiration and testimony from Fed Chairman Ben Bernanke.

Dow components Citigroup (C - Analyst Report), Coca-Cola (KO - Analyst Report), Intel (INTC - Analyst Report), JPMorgan Chase (JPM - Analyst Report), Johnson & Johnson (JNJ - Analyst Report) and Microsoft (MSFT - Analyst Report) releasing results. Overall, we have confirmed reports from 179 companies, including 58 S&P 500 members.

Financial companies will be taking center stage, accounting for slightly less than half of all reports. The amount of the write-downs and condition of balance sheets could attract as much attention as the actual earnings results themselves.

The economic calendar will include the minutes from last month's Fed meeting and both the CPI and PPI indexes. Here is a list of the forthcoming data:

  • Tuesday: June producer price index (PPI), June retail sales, July Empire State manufacturing survey, May business inventories
  • Wednesday: June consumer price index (CPI), June industrial production and utilization, weekly crude inventories, minutes from the June 25 Fed meeting
  • Thursday: June housing starts and building permits, July Phili Fed survey, weekly initial jobless claims
  • Friday: Nothing scheduled

July stock options expire on Friday. This could create additional volatility as positions are rolled over.

Fed Chairman Ben Bernanke will give his semi-annual Monetary Policy Report (aka "Humphrey-Hawkins") on Tuesday (House of Representatives) and Wednesday (Senate).

Last week, I expressed pessimism about the very short-term outlook for the markets. I'm not seeing anything on the calendar for the third-week of July that would cause me to change my opinion. In about 10 days, however, we will see earnings reports from a broader mix of companies, which could provide some light at the end of the tunnel.

Keep an eye on oil, as it will remain a wildcard.


Companies That Could Issue Positive Earnings Surprises during the Week of July 14 - 18

Steel manufacturers Nucor (NUE - Analyst Report) and Reliance Steel (RS - Analyst Report) raised their second-quarter guidance. A bullish market for steel has allowed both companies to exert pricing power and widen their margins.

Nucor said in early June that profits should be in a range of $1.75 to $1.80 per share; previously the company had forecast profits between $1.55 and $1.60 per share. The covering brokerage analysts raised their projections in response, initially pushing the consensus estimate up to $1.78 per share.

A recent positive revision, however, boosted the consensus estimate to its current level of $1.79 per share. The most accurate estimate is more bullish at $1.82 per share. NUE has topped expectations for three consecutive quarters. Nucor is scheduled to report on Thursday, July 17, before the start of trading.

Reliant Steel anticipates between $2 and $2.10 per share in the second quarter, instead of its previous guidance of $1.50 to $1.60 per share. All of the covering brokerage analysts raised their projections, pushing the consensus estimate 45 cents higher to $2.10 per share. RS has issued positive earnings surprises in three out of the past four quarters. Reliant Steel is scheduled to report on Thursday, July 17, before the start of trading.

Brokerage analysts are becoming more optimistic about apparel maker VF Corporation's (VFC - Analyst Report) second-quarter results. During the past few weeks, nearly all of the covering analysts have raised their profit projections. The revisions have pushed the consensus estimate 10% higher to 88 cents per share. The most accurate estimate is more bullish at 89 cents per share. VFC has topped expectations for five consecutive quarters. VF Corporation is scheduled to report on Tuesday, July 15, after the close of trading.

Companies That Could Issue Negative Earnings Surprises during the Week of July 14 - 18

During the past 30 days, the second-quarter consensus estimate for Citigroup (C - Analyst Report) has dropped to a projected loss of 23 cents per share from an expected profit of 37 cents per share. The most accurate estimate is even more bearish at a loss of 51 cents per share. The beleaguered financial conglomerate has missed expectations for two consecutive quarters. Citigroup is scheduled to report on Friday, July 18, 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 July 14 - 181.

Company Ticker Zacks Consensus Estimate Year Ago Actual Last Qtr Surprise 1-Wk Price Change Report Date
Authentec Inc AUTH - Snapshot Report $0.02 ($7.37) 0.0% (4.3%) 7/14/2008
Equity Lifestyl ELS - Snapshot Report $0.65 N/A 1.9% (2.2%) 7/14/2008
Genentech Inc DNA $0.80 $0.72 0.0% (0.0%) 7/14/2008
Gsc Investment GNV $0.29 N/A 2.9% 5.9% 7/14/2008
Koninklijke Phl PHG - Analyst Report $0.36 $1.94 N/A 0.7% 7/14/2008
M&T Bank Corp MTB - Analyst Report $1.50 $1.95 17.4% (3.2%) 7/14/2008
Macatawa Bank MCBC - Snapshot Report $0.06 $0.26 1300.0% (1.1%) 7/14/2008
Novellus Sys NVLS - Analyst Report $0.04 $0.45 (16.7%) (4.4%) 7/14/2008
Stanley Furn Co STLY - Snapshot Report $0.02 $0.20 9.1% (18.0%) 7/14/2008
Adtran Inc ADTN - Analyst Report $0.30 $0.28 0.0% 6.8% 7/15/2008
Altera Corp ALTR - Analyst Report $0.27 $0.22 17.4% (2.8%) 7/15/2008
Bok Finl Corp BOKF - Analyst Report $0.69 $0.80 4.8% (0.0%) 7/15/2008
Cintas Corp CTAS - Analyst Report $0.57 $0.57 (1.9%) 0.5% 7/15/2008
Costar Grp Inc CSGP - Snapshot Report $0.25 $0.06 23.8% 3.2% 7/15/2008
Csx Corp CSX - Analyst Report $0.91 $0.71 9.6% 4.4% 7/15/2008
Dearborn Bancrp DEAR - Snapshot Report $0.05 $0.22 100.0% 7.4% 7/15/2008
Eaton Corp ETN - Analyst Report $1.96 $1.70 2.4% (2.1%) 7/15/2008
First Mariner FMAR - Snapshot Report ($0.19) $0.11 (52.9%) (22.3%) 7/15/2008
Grainger W W GWW - Analyst Report $1.46 $1.21 5.9% 3.8% 7/15/2008
Intel Corp INTC - Analyst Report $0.26 $0.20 7.4% (0.2%) 7/15/2008
Johnson & Johns JNJ - Analyst Report $1.13 $1.05 5.0% 2.8% 7/15/2008
Novagold Rsrcs NG - Snapshot Report ($0.05) ($0.03) 500.0% (8.3%) 7/15/2008
Palm Harbor Hms PHHM ($0.08) ($0.19) 44.1% (9.2%) 7/15/2008
Polaris Indus PII - Snapshot Report $0.68 $0.62 17.0% (3.0%) 7/15/2008
Renaissnce Lrng RLRN $0.12 $0.08 80.0% 11.1% 7/15/2008
Renasant Corp RNST - Snapshot Report $0.37 $0.41 0.0% 6.7% 7/15/2008
Rli Corp RLI - Analyst Report $1.11 $1.64 (6.4%) 2.0% 7/15/2008
Seagate Tech STX - Snapshot Report $0.42 $0.35 0.0% (5.1%) 7/15/2008
Spansion Inc-A SPSN ($0.73) ($0.50) (19.4%) (4.7%) 7/15/2008
State St Corp STT - Analyst Report $1.36 $1.07 6.1% (2.6%) 7/15/2008
Tanzanian Royal TRE $0.41 ($0.01) N/A 6.3% 7/15/2008
Us Bancorp USB - Analyst Report $0.60 $0.65 6.7% (5.2%) 7/15/2008
V F Corp VFC - Analyst Report $0.88 $0.90 3.9% (3.2%) 7/15/2008
Westamer Bancp WABC - Analyst Report $0.77 $0.74 1.3% (1.3%) 7/15/2008
Abbott Labs ABT - Analyst Report $0.78 $0.69 0.0% 4.7% 7/16/2008
Alliance Data ADS - Snapshot Report $0.92 $0.60 (8.7%) (0.4%) 7/16/2008
Amb Property Cp AMB $1.06 $0.74 (4.4%) (1.3%) 7/16/2008
Asml Holding Nv ASML - Snapshot Report $0.29 $0.52 19.5% (4.4%) 7/16/2008
Astoria Finl Cp AF - Snapshot Report $0.36 $0.37 (8.6%) (0.2%) 7/16/2008
Cavium Networks CAVM - Snapshot Report $0.05 $0.00 0.0% (13.0%) 7/16/2008
Commerce Bancsh CBSH - Analyst Report $0.70 $0.75 (6.0%) 0.6% 7/16/2008
Crown Hldgs Inc CCK - Snapshot Report $0.55 $0.49 21.4% 1.7% 7/16/2008
Datalink Corp DTLK - Snapshot Report $0.06 ($0.03) 0.0% 2.8% 7/16/2008
Delta Air Lines DAL - Analyst Report $0.05 $0.70 (38.5%) 4.8% 7/16/2008
Ebay Inc EBAY - Analyst Report $0.36 $0.30 0.0% 5.1% 7/16/2008
Exponent Inc EXPO - Snapshot Report $0.34 $0.30 21.2% 4.0% 7/16/2008
First Midwst Bk FMBI - Snapshot Report $0.49 $0.59 0.0% (4.7%) 7/16/2008
Gannett Inc GCI - Analyst Report $1.02 $1.24 0.0% (5.9%) 7/16/2008
Hoku Scientific HOKU - Snapshot Report ($0.10) ($0.04) 29.4% 9.6% 7/16/2008
Host Hotel&Rsrt HST - Analyst Report $0.54 $0.56 10.0% (5.5%) 7/16/2008
Landstar System LSTR - Snapshot Report $0.55 $0.53 2.3% 3.5% 7/16/2008
Lufkin Inds LUFK - Snapshot Report $1.35 $1.15 1.0% 0.2% 7/16/2008
Marshall&Ilsley MI ($1.56) $0.84 7.7% (10.0%) 7/16/2008
Mercantile Bank MBWM - Snapshot Report ($0.12) $0.35 15.4% (6.7%) 7/16/2008
Natl Penn Bcshs NPBC - Snapshot Report $0.32 $0.32 6.4% 4.6% 7/16/2008
Northeast Util NU - Analyst Report $0.36 $0.30 5.6% 2.1% 7/16/2008
Northern Trust NTRS - Analyst Report $1.05 $0.92 7.3% 2.0% 7/16/2008
Orckit Comm ORCT - Snapshot Report ($0.52) ($0.40) 14.6% 4.6% 7/16/2008
Piper Jaffray PJC - Snapshot Report ($0.04) $0.58 (222.2%) 0.5% 7/16/2008
Polycom Inc PLCM - Analyst Report $0.28 $0.11 (28.6%) 1.5% 7/16/2008
Resources Cnctn RECN - Snapshot Report $0.30 $0.32 0.0% (1.6%) 7/16/2008
S Y Bancorp Inc SYBT - Snapshot Report $0.39 $0.43 (2.6%) 0.5% 7/16/2008
Saba Software SABA - Snapshot Report $0.07 ($0.10) 0.0% 2.3% 7/16/2008
St Jude Medical STJ - Analyst Report $0.55 $0.45 5.9% 2.6% 7/16/2008
Texas Cap Bcshs TCBI - Analyst Report $0.30 $0.31 3.5% (3.6%) 7/16/2008
Trueblue Inc TBI - Snapshot Report $0.29 $0.41 5.3% 2.5% 7/16/2008
Univl Fst Prods UFPI - Analyst Report $0.57 $0.86 (26.3%) (10.0%) 7/16/2008
Utd Comm Fin Cp UCFC - Snapshot Report $0.06 $0.13 N/A 11.3% 7/16/2008
Wells Fargo-New WFC - Analyst Report $0.50 $0.67 5.3% (1.3%) 7/16/2008
Xilinx Inc XLNX - Analyst Report $0.35 $0.28 0.0% (0.9%) 7/16/2008
Yum! Brands Inc YUM - Analyst Report $0.42 $0.39 5.0% (1.5%) 7/16/2008
Adv Micro Dev AMD - Analyst Report ($0.52) ($0.92) (4.1%) (6.4%) 7/17/2008
Amcore Finl Inc AMFI $0.09 $0.46 (478.8%) (22.6%) 7/17/2008
Amer River Bsh AMRB - Snapshot Report $0.35 $0.36 (10.8%) (4.8%) 7/17/2008
Amphenol Corp-A APH - Analyst Report $0.58 $0.46 5.9% 1.0% 7/17/2008
Aptargroup Inc ATR - Snapshot Report $0.63 $0.52 8.3% 0.8% 7/17/2008
Assoc Banc Corp ASBC - Snapshot Report $0.47 $0.59 8.3% (4.3%) 7/17/2008
Avocent Corp AVCT $0.32 $0.33 42.9% (0.2%) 7/17/2008
Bancfirst Okla BANF - Snapshot Report $0.78 $0.83 (10.7%) 2.9% 7/17/2008
Bancorpsouth BXS $0.41 $0.43 2.4% 1.1% 7/17/2008
Bank Of Ny Mell BK $0.76 $0.63 1.4% (2.5%) 7/17/2008
Baxter Intl BAX - Analyst Report $0.81 $0.72 2.8% 1.8% 7/17/2008
Bb&T Corp BBT - Analyst Report $0.70 $0.83 0.0% (1.8%) 7/17/2008
Berkshire Hills BHLB - Snapshot Report $0.55 $0.52 1.8% 4.9% 7/17/2008
Brookline Bc BRKL - Snapshot Report $0.07 $0.08 (28.6%) 2.8% 7/17/2008
Brown & Brown BRO - Snapshot Report $0.32 $0.32 (2.6%) 1.2% 7/17/2008
Calamos Asset-A CLMS - Snapshot Report $0.25 $0.32 (3.6%) 0.3% 7/17/2008
Capital One Fin COF - Analyst Report $1.31 $1.89 (2.7%) 5.0% 7/17/2008
Champion Entrp CHB $0.13 $0.10 (366.7%) (10.2%) 7/17/2008
Cit Group Inc CIT - Analyst Report ($2.51) $1.25 (332.8%) (11.3%) 7/17/2008
Citizens Bkng CRBC - Snapshot Report ($1.45) $0.18 (22.7%) (21.8%) 7/17/2008
Coca Cola Co KO - Analyst Report $0.96 $0.85 6.3% (2.8%) 7/17/2008
Comerica Inc CMA - Analyst Report $0.53 $1.25 (8.8%) (4.7%) 7/17/2008
Contl Airls-B CAL ($0.49) $2.10 4.4% (8.5%) 7/17/2008
Courier Corp CRRC - Snapshot Report $0.42 $0.53 92.9% 5.4% 7/17/2008
Cubist Pharm CBST - Snapshot Report $0.12 $0.24 7.4% 1.5% 7/17/2008
Cypress Semicon CY - Analyst Report $0.05 $0.16 (233.3%) 5.4% 7/17/2008
Cytec Inds Inc CYT - Snapshot Report $1.18 $1.15 28.6% 5.5% 7/17/2008
Danaher Corp DHR - Analyst Report $1.06 $0.94 1.1% (0.2%) 7/17/2008
Enterprise Finl EFSC - Snapshot Report $0.28 $0.36 (6.7%) 3.3% 7/17/2008
Evergreen Solar ESLR ($0.10) ($0.09) 142.9% (2.7%) 7/17/2008
Fairchild Semi FCS - Snapshot Report $0.17 $0.14 0.0% (0.6%) 7/17/2008
Fidelity Southn LION - Snapshot Report $0.05 $0.22 (111.1%) (10.6%) 7/17/2008
First Comw Finl FCF - Snapshot Report $0.16 $0.16 0.0% 5.9% 7/17/2008
First Fin Bk-Tx FFIN - Snapshot Report $0.66 $0.64 (1.6%) 1.9% 7/17/2008
First Finl Hldg FFCH - Snapshot Report $0.50 $0.54 8.5% 1.1% 7/17/2008
First Hrzn Natl FHN - Analyst Report ($0.07) $0.20 (50.0%) (5.4%) 7/17/2008
Flagstar Bancp FBC - Snapshot Report ($0.02) $0.25 (88.9%) (5.5%) 7/17/2008
Genuine Parts GPC - Analyst Report $0.78 $0.76 0.0% (2.4%) 7/17/2008
Gilead Sciences GILD - Analyst Report $0.49 $0.42 6.3% 6.9% 7/17/2008
Google Inc-Cl A GOOG - Analyst Report $3.98 $2.93 3.3% 0.7% 7/17/2008
Great South Bcp GSBC - Snapshot Report $0.46 $0.58 53.1% 9.2% 7/17/2008
Harley-Davidson HOG - Analyst Report $0.74 $1.14 2.6% (5.2%) 7/17/2008
Hni Corp HNI - Snapshot Report $0.22 $0.56 (12.5%) (0.6%) 7/17/2008
Home Bancshares HOMB - Snapshot Report $0.31 $0.29 (43.3%) 5.0% 7/17/2008
Huntington Banc HBAN - Analyst Report $0.25 $0.36 (5.9%) 4.2% 7/17/2008
Icu Medical Inc ICUI - Snapshot Report $0.34 $0.16 (33.3%) 3.8% 7/17/2008
Ill Tool Works ITW - Analyst Report $0.97 $0.90 4.0% (1.8%) 7/17/2008
Indep Bk Mass INDB - Snapshot Report $0.55 $0.46 (7.8%) 0.7% 7/17/2008
Informatica Crp INFA - Snapshot Report $0.12 $0.13 15.4% 2.5% 7/17/2008
Insteel Inds IIIN - Snapshot Report $0.57 $0.46 44.4% 9.0% 7/17/2008
Intl Game Tech IGT - Analyst Report $0.36 $0.41 (35.3%) 2.1% 7/17/2008
Johnson Control JCI - Analyst Report $0.73 $0.66 2.1% (0.8%) 7/17/2008
Jpmorgan Chase JPM - Analyst Report $0.60 $1.20 9.7% (2.3%) 7/17/2008
Knoll Inc KNL - Snapshot Report $0.40 $0.37 5.9% 3.6% 7/17/2008
Leggett & Platt LEG - Analyst Report $0.27 $0.31 0.0% 2.0% 7/17/2008
Mbt Finl Corp MBTF - Snapshot Report $0.15 $0.21 14.3% (15.1%) 7/17/2008
Media Genl A MEG - Snapshot Report $0.03 $0.22 4.3% (4.1%) 7/17/2008
Meridian Biosci VIVO - Snapshot Report $0.19 $0.16 (5.3%) 4.4% 7/17/2008
Merrill Lync&Co MER ($2.07) $2.24 (6.3%) (7.7%) 7/17/2008
Methode Elect-A MEI - Snapshot Report $0.26 N/A 22.7% (1.5%) 7/17/2008
Mgic Invstmt Cp MTG - Analyst Report ($0.66) $1.01 76.2% (26.5%) 7/17/2008
Microsoft Corp MSFT - Analyst Report $0.47 $0.39 6.8% (2.0%) 7/17/2008
Mission West MSW - Snapshot Report $0.14 $0.15 7.7% 0.4% 7/17/2008
Nash Finch Co NAFC - Analyst Report $0.76 $0.70 23.1% 7.2% 7/17/2008
New Oriental Ed EDU - Snapshot Report $0.04 $0.02 31.8% 7.6% 7/17/2008
Nexen Inc NXY - Analyst Report $1.22 $0.64 25.5% (1.7%) 7/17/2008
Nokia Cp-Adr A NOK - Analyst Report $0.55 $0.44 3.6% 5.0% 7/17/2008
Novartis Ag-Adr NVS $0.93 $0.86 N/A 3.0% 7/17/2008
Nucor Corp NUE - Analyst Report $1.79 $1.14 7.6% 6.2% 7/17/2008
Peoples Utd Fin PBCT - Analyst Report $0.13 $0.18 (16.7%) 1.3% 7/17/2008
Pnc Finl Svc Cp PNC - Analyst Report $1.17 $1.25 (4.4%) 0.4% 7/17/2008
Ppg Inds Inc PPG - Analyst Report $1.55 $1.53 (3.6%) (0.4%) 7/17/2008
Reinsurance Grp RGA - Analyst Report $1.48 $1.31 (24.1%) 0.2% 7/17/2008
Reliance Steel RS - Analyst Report $2.10 $1.59 6.6% 6.7% 7/17/2008
Safeway Inc SWY - Analyst Report $0.52 $0.49 4.8% 2.9% 7/17/2008
Sherwin William SHW - Analyst Report $1.40 $1.52 8.3% 1.0% 7/17/2008
Simmons First A SFNC - Snapshot Report $0.55 $0.49 (8.2%) 0.3% 7/17/2008
Skyworks Solutn SWKS - Analyst Report $0.14 $0.07 0.0% 4.3% 7/17/2008
Smith (Ao) Corp AOS - Snapshot Report $0.78 $0.77 20.0% 6.0% 7/17/2008
Soapstone Ntwrk SOAP - Analyst Report ($0.20) $0.82 38.7% 4.5% 7/17/2008
Sonoco Products SON - Analyst Report $0.61 $0.56 5.9% 0.9% 7/17/2008
Stryker Corp SYK - Analyst Report $0.73 $0.61 1.5% 5.5% 7/17/2008
Sunpower Corp-A SPWR - Analyst Report $0.37 $0.09 4.8% 8.9% 7/17/2008
Td Ameritrade AMTD - Snapshot Report $0.32 $0.26 0.0% (0.8%) 7/17/2008
Textron Inc TXT - Analyst Report $0.96 $0.97 9.6% (0.5%) 7/17/2008
Umpqua Hldgs Cp UMPQ - Snapshot Report $0.19 $0.35 (11.5%) (7.0%) 7/17/2008
Usa Truck Inc USAK - Snapshot Report ($0.04) $0.15 (72.7%) (3.4%) 7/17/2008
Utd Techs Corp UTX - Analyst Report $1.31 $1.16 5.0% 1.8% 7/17/2008
Valmont Inds VMI - Analyst Report $1.34 $1.03 16.5% 0.7% 7/17/2008
Votorantim Cel VCP $0.39 $0.59 N/A 0.3% 7/17/2008
Watsco Inc WSO - Analyst Report $0.88 $0.88 (33.3%) 3.7% 7/17/2008
Wipro Ltd-Adr WIT - Snapshot Report $0.14 $0.12 0.0% (2.5%) 7/17/2008
Zions Bancorp ZION - Analyst Report $0.81 $1.43 -5.77% -3.66% 7/17/2008
Amcol Intl Cp ACO - Snapshot Report $0.54 $0.49 (26.3%) 0.2% 7/18/2008
Badger Meter BMI - Analyst Report $0.43 $0.39 28.1% 1.2% 7/18/2008
Citigroup Inc C - Analyst Report ($0.23) $1.24 (10.9%) (3.2%) 7/18/2008
Donegal Grp -A DGICA - Snapshot Report $0.37 $0.43 (20.6%) (0.1%) 7/18/2008
Great Atl & Pac GAP ($0.43) ($0.20) (65.4%) 2.6% 7/18/2008
Green Bankshrs GRNB - Snapshot Report $0.51 $0.62 19.1% (0.9%) 7/18/2008
Honeywell Intl HON - Analyst Report $0.94 $0.78 3.7% 1.9% 7/18/2008
Igate Corp IGTE - Snapshot Report $0.07 $0.06 44.4% 4.1% 7/18/2008
Manpower Inc Wi MAN - Analyst Report $1.50 $1.20 14.6% (4.9%) 7/18/2008
Mattel Inc MAT - Analyst Report $0.03 $0.11 (1400.0%) 1.1% 7/18/2008
Old Second Bcp OSBC - Snapshot Report $0.49 $0.45 (10.6%) 7.2% 7/18/2008
Popular Inc BPOP - Snapshot Report $0.09 $0.26 28.6% (2.5%) 7/18/2008
Schlumberger Lt SLB - Analyst Report $1.13 $1.02 (6.2%) (2.6%) 7/18/2008
Sensient Tech SXT - Snapshot Report $0.49 $0.45 4.9% 8.7% 7/18/2008
Wilmington Trst WL $0.59 $0.70 5.1% 1.0% 7/18/2008

1Some of the companies listed in the earnings calendar may not be in the Zacks Rank universe.

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