Intel (INTC, $20.47, down $0.17) is expected to post earnings of $0.26 a share on revenue of $9.3 billion. This time last year the company reported $0.22/ $8.9 billion. There are “whispers” that the company could beat by a penny. The company’s new chip could be a hit. If the market likes what Intel says and it beats earnings then we could get some kind of rally in the Tech sector. Low-cost laptops are growing big-time and Intel’s second generation of its Centrino chip technology could do wonders for its bottom line. Wall Street is expecting Johnson & Johnson (JNJ, $66.41, up $0.15) to report earnings of $1.12 a share on revenue of $16 billion for the quarter. There seems to be a shift into drug stocks and J&J is a safe play. The stock set a 52-week high of $68.85 back in May and has held up like Clint Eastwood in a Western. The stock is only a couple of bucks off its high and a good earnings report could take the stock higher. J&J has also been buying back its shares in the open market like mad. In under a year they have repurchased $5 billion in stock with another $5 billion available. It’s too late to buy these options but let’s see how the July 65 calls (JNJGM, $1.55, unchanged) and the August 65 calls (JNJHM, $2.30, up $0.05) trade today. U.S. Bancorp (USB, $23.33, down $2.41) is actually expected to post a profit of $0.60 a share on revenue of $3.8 billion. The expected outlook is down from a profit of $0.65 a year ago. Some talking heads are saying a few of the regional banks are great value plays but there wasn’t much confidence in this one yesterday. Rick Rouse]]>