Earnings Preview for Sep 22 - 26
The big bailout will be a key focus of the markets.
Congress is expected to meet over the weekend to discuss legislation proposed by Fed Chairman Ben Bernanke and Treasury Secretary Henry Paulson. The details of the proposal, and any additional measures designed to help homeowners struggling with mortgage payments, could impact market direction.
The temporary ban on short selling could also affect trading early in the week. Part of Friday's rally was the result of quadruple witching. Traders are being forced to close short positions rather than roll them over into new contracts.
On the earnings front, we have confirmed reports from 33 companies. Included in this group are S&P 500 members Autozone (AZO - Analyst Report), Bed Bath & Beyond (BBBY - Snapshot Report), Discover Financial (DFS - Snapshot Report), Jabil Circuit (JBL - Analyst Report), KB Home (KBH - Snapshot Report), Lennar (LEN - Snapshot Report), McCormick (MKC - Snapshot Report), Nike (NKE - Analyst Report) and Paychex (PAYX - Snapshot Report). I expect only limited reaction to the homebuilders (KBH and LEN), because of the proposal under discussion.
The economic calendar includes two reports on August home sales, but is otherwise light.
- Wednesday: August existing home sales, weekly crude inventories
- Thursday: August durable goods orders, August new home sales, weekly initial jobless claims
- Friday: Final September University of Michigan consumer confidence survey, final Q2 GDP
Bernanke has three scheduled appearances before Congress.
On Tuesday, he will discuss the financial markets before the Senate banking committee. The chairman will provide his economic outlook to the Joint Economic Committee on Wednesday. Finally, on Thursday, Bernanke will review the recent proposals and actions before the House financial services committee.
Companies That Could Issue Positive Earnings Surprises
AutoZone Inc. (AZO - Analyst Report) has topped market expectations twice in the last three quarters. Ahead of the company's fiscal fourth-quarter report, brokerage analysts have raised their forecasts. The consensus earnings estimate now calls for earnings of $3.90 per share, a penny higher than a week ago. The most accurate estimate is even more bullish at $3.92 per share. Autozone is scheduled to report on Monday, Sep 22, before the start of trading.
Companies That Could Issue Negative Earnings Surprises
H.B. Fuller (FUL - Snapshot Report) recently cut its profit forecast, citing high costs of raw materials. The chemical manufacturing company now expects third-quarter earnings of 35 cents per share, excluding a tax benefit. Brokerage analysts responded by lowering their forecasts to 35 cents per share from 48 cents per share. FUL has missed consensus earnings estimates in two consecutive quarters. H.B. Fuller will report on Tuesday, Sep 23, after the close 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 Sep 22 - 261.
| Company | Ticker | Zacks Consensus Estimate | Year Ago Actual | Last Qtr Surprise | Report Date | Report Time |
| 3Com Corp | COMS - Analyst Report | $0.06 | $0.02 | 50.0% | 9/22/2008 | AMC |
| Autozone Inc | AZO - Analyst Report | $3.90 | $3.23 | 3.1% | 9/22/2008 | BTO |
| Carmax Gp (Cc) | KMX - Analyst Report | $0.11 | $0.29 | (31.8%) | 9/22/2008 | BTO |
| Factset Resh | FDS - Analyst Report | $0.64 | $0.58 | 3.2% | 9/23/2008 | BTO |
| Fuller(Hb) Co | FUL - Snapshot Report | $0.35 | $0.46 | (2.2%) | 9/23/2008 | AMC |
| Lennar Corp -A | LEN - Snapshot Report | ($0.53) | ($3.25) | (43.4%) | 9/23/2008 | BTO |
| Qualstar Corp | QBAK - Snapshot Report | ($0.03) | $0.02 | (200.0%) | 9/23/2008 | AMC |
| Worthington Ind | WOR - Snapshot Report | $0.58 | $0.27 | 71.43% | 9/23/2008 | AMC |
| Bed Bath&Beyond | BBBY - Snapshot Report | $0.46 | $0.55 | 11.1% | 9/24/2008 | AMC |
| Neogen Corp | NEOG - Snapshot Report | $0.23 | $0.21 | 5.0% | 9/24/2008 | BTO |
| Nike Inc-B | NKE - Analyst Report | $0.93 | $0.92 | 1.0% | 9/24/2008 | AMC |
| Paychex Inc | PAYX - Snapshot Report | $0.41 | $0.40 | 0.0% | 9/24/2008 | AMC |
| Red Hat Inc | RHT - Snapshot Report | $0.13 | $0.09 | (38.5%) | 9/24/2008 | AMC |
| Accenture Ltd | ACN - Snapshot Report | $0.67 | $0.50 | 7.3% | 9/25/2008 | AMC |
| Analogic Corp | ALOG - Snapshot Report | $0.52 | $0.60 | 1.9% | 9/25/2008 | BTO |
| Christopher&Bnk | CBK - Snapshot Report | $0.03 | $0.09 | 23.1% | 9/25/2008 | AMC |
| Cra Intl Inc | CRAI - Analyst Report | $0.89 | $0.72 | 41.2% | 9/25/2008 | BTO |
| Diamond Foods | DMND - Analyst Report | $0.13 | $0.06 | 16.7% | 9/25/2008 | AMC |
| Discover Fin Sv | DFS - Snapshot Report | $0.35 | $0.42 | 16.7% | 9/25/2008 | BTO |
| Mccormick & Co | MKC - Snapshot Report | $0.48 | $0.45 | 0.0% | 9/25/2008 | BTO |
| Phc Inc-A | PHC - Snapshot Report | $0.03 | $0.04 | (75.0%) | 9/25/2008 | N/A |
| Research In Mot | RIMM - Analyst Report | $0.87 | $0.50 | (1.2%) | 9/25/2008 | AMC |
| Rite Aid Corp | RAD - Analyst Report | ($0.14) | ($0.10) | (122.2%) | 9/25/2008 | BTO |
| Smart Modular | SMOD - Snapshot Report | $0.04 | $0.17 | (16.7%) | 9/25/2008 | AMC |
| Spectrum Contrl | SPEC | $0.16 | $0.22 | (11.1%) | 9/25/2008 | AMC |
| Synnex Corp | SNX - Snapshot Report | $0.58 | $0.46 | 7.7% | 9/25/2008 | AMC |
| Texas Inds | TXI - Snapshot Report | $0.85 | $0.64 | (31.0%) | 9/25/2008 | BTO |
| Tibco Software | TIBX - Snapshot Report | $0.06 | $0.03 | 0.0% | 9/25/2008 | AMC |
| Vail Resorts | MTN - Snapshot Report | ($0.17) | ($0.88) | (8.2%) | 9/25/2008 | BTO |
| Amer Greetings | AM - Snapshot Report | $0.15 | $0.16 | (55.0%) | 9/26/2008 | BTO |
| Azz Inc | AZZ - Snapshot Report | $0.80 | $0.66 | 51.8% | 9/26/2008 | BTO |
| Jabil Circuit | JBL - Analyst Report | $0.25 | $0.26 | 69.2% | 9/26/2008 | BTO |
| Kb Home | KBH - Snapshot Report | ($1.57) | ($6.19) | (258.7%) | 9/26/2008 | BTO |
| Solera Holdings | SLH - Snapshot Report | $0.29 | $0.23 | 10.7% | 8/27/2008 | AMC |
| Sport Supply Gp | RBI - Snapshot Report | $0.15 | ($0.03) | 13.6% | 8/27/2008 | BTO |
| Sws Group Inc | SWS - Snapshot Report | $0.28 | $0.25 | 33.3% | 8/27/2008 | AMC |
| Synovis Lif Tec | SYNO - Snapshot Report | $0.11 | $0.10 | 11.1% | 8/27/2008 | BTO |
| Talbots Inc | TLB - Snapshot Report | ($0.33) | ($0.25) | 75.0% | 8/27/2008 | BTO |
| Tivo Inc | TIVO - Analyst Report | ($0.02) | ($0.11) | 500.0% | 8/27/2008 | AMC |
| Valuevision Cla | VVTV - Snapshot Report | ($0.27) | ($0.11) | (28.1%) | 8/27/2008 | AMC |
| Xeta Tech Inc | XETA | $0.05 | $0.04 | 0.0% | 8/27/2008 | AMC |
| Aruba Networks | ARUN - Snapshot Report | ($0.06) | ($0.04) | (16.7%) | 8/28/2008 | AMC |
| Ata Inc-Adr | ATAI - Snapshot Report | $0.06 | $999.00 | N/A | 8/28/2008 | N/A |
| China Fin Onlin | JRJC - Snapshot Report | $0.14 | $0.08 | 25.0% | 8/28/2008 | AMC |
| Conns Inc | CONN - Snapshot Report | $0.38 | $0.40 | 19.1% | 8/28/2008 | BTO |
| Credence Sys Cp | CMOS | ($0.05) | $0.09 | (25.0%) | 8/28/2008 | N/A |
| Del Monte Foods | DLM - Analyst Report | ($0.05) | $0.03 | 11.5% | 8/28/2008 | BTO |
| Delias Inc | DLIA - Snapshot Report | ($0.17) | ($0.16) | (62.5%) | 8/28/2008 | AMC |
| Dell Inc | DELL - Analyst Report | $0.36 | $0.34 | 11.8% | 8/28/2008 | AMC |
| Dollar Finl Cp | DLLR - Analyst Report | $0.59 | $0.48 | (1.8%) | 8/28/2008 | AMC |
| Energy Conv Dev | ENER - Analyst Report | $0.20 | ($0.16) | 725.0% | 8/28/2008 | BTO |
| Esterline Tech | ESL - Snapshot Report | $0.64 | $0.61 | 9.1% | 8/28/2008 | AMC |
| Fleetwood Entrp | FLE | ($0.18) | ($0.03) | 46.2% | 8/28/2008 | BTO |
| Freds Inc | FRED - Analyst Report | $0.10 | $0.08 | 12.5% | 8/28/2008 | BTO |
| Genesco Inc | GCO - Snapshot Report | $0.04 | $0.00 | 55.6% | 8/28/2008 | BTO |
| Jamba Inc | JMBA - Snapshot Report | $0.02 | $0.04 | (55.6%) | 8/28/2008 | AMC |
| Kirklands Inc | KIRK - Analyst Report | ($0.12) | ($0.29) | 63.3% | 8/28/2008 | BTO |
| La Barge | LB - Snapshot Report | $0.27 | $0.18 | 0.0% | 8/28/2008 | BTO |
| Layne Christens | LAYN - Snapshot Report | $0.62 | $0.60 | 0.0% | 8/28/2008 | BTO |
| Magma Design | LAVA - Snapshot Report | $0.00 | ($0.03) | (11.1%) | 8/28/2008 | AMC |
| Marvell Tech Gp | MRVL - Snapshot Report | $0.13 | ($0.04) | 266.7% | 8/28/2008 | AMC |
| Micros Sys | MCRS - Analyst Report | $0.33 | $0.33 | 3.5% | 8/28/2008 | AMC |
| Net 1 Ueps Tech | UEPS - Snapshot Report | $0.38 | $0.31 | 23.7% | 8/28/2008 | AMC |
| Netezza Corp | NZ - Snapshot Report | $0.03 | ($0.19) | 0.0% | 8/28/2008 | BTO |
| Novell Inc | NOVL - Snapshot Report | $0.03 | $0.01 | 25.0% | 8/28/2008 | AMC |
| Omnivision Tech | OVTI - Analyst Report | $0.16 | $0.15 | (15.0%) | 8/28/2008 | AMC |
| Petsmart Inc | PETM - Analyst Report | $0.28 | $0.36 | 3.2% | 8/28/2008 | AMC |
| Royal Bank Cda | RY - Snapshot Report | $1.05 | $1.03 | (32.0%) | 8/28/2008 | N/A |
| Sears Hldg Cp | SHLD - Analyst Report | $0.36 | $1.17 | (394.4%) | 8/28/2008 | BTO |
| Sourceforge Inc | LNUX - Snapshot Report | ($0.01) | $0.01 | 0.0% | 8/28/2008 | AMC |
| Telvent Git Sa | TLVT - Snapshot Report | $0.28 | $0.19 | 19.4% | 8/28/2008 | BTO |
| Tiffany & Co | TIF - Analyst Report | $0.55 | $0.45 | 22.0% | 8/28/2008 | BTO |
| Toronto Dom Bnk | TD - Snapshot Report | $1.40 | $1.18 | (7.0%) | 8/28/2008 | BTO |
| Williams-Sonoma | WSM - Snapshot Report | $0.08 | $0.24 | 400.0% | 8/28/2008 | N/A |
| Wind River Sys | WIND | $0.02 | $0.05 | 144.4% | 8/28/2008 | AMC |
| Zale Corp New | ZLC - Snapshot Report | ($0.55) | $0.00 | 2.33% | 8/28/2008 | N/A |
| Knightsbridge | VLCCF - Snapshot Report | $0.54 | $0.42 | (20.9%) | 8/29/2008 | N/A |
BMO = Before The Market Open, AMC = After Market Close
1Some of the companies listed in the earnings calendar may not be in the Zacks Rank universe.