9:00am (EST)
We have a lot to cover this morning so we will start with the companies reporting earnings this week:
MONDAY – Aaron’s Inc. (AAN, $17.93, up $0.25), Advent Software (ADVS, $50.34, up $0.37), Bank of Hawaii (BOH, $50.83, up $1.03), Cal-Maine Foods (CALM, $29.69, down $0.29), Changyou.com (CYOU, $26.65, up $0.38), Legg Mason (LM, $29.09, up $0.52), Liberty Property Trust (LRY, $30.11, down $0.10) and Rent-A-Center (RCII, $22.75, up $0.39).
TUESDAY – AK Steel Holding (AKS, $15.41, up $0.48), Boston Properties (BXP, $79.97, up $0.83), BP (BP, $36.86, up $0.63), Broadcom Corp. (BRCM, $37.76, up $0.21), Buffalo Wild Wings (BWLD, $42.00, up $0.91), Cephalon (CEPH, $59.51, down $0.38), Chicago Bridge & Iron Company (CBI, $20.89, up $0.56), Domino’s Pizza (DPZ, $13.20, up $0.33), Dreamworks Animation (DWA, $31.10, up $0.38), DST Systems (DST, $38.63, up $0.66), Immucor (BLUD, $19.30, up $1.20), L-3 Communications Holdings (LLL, $75.15, up $0.92), Lexmark International (LXK, $33.99, up $0.55), Lockheed Martin (LMT, $73.95, down $0.30), Massey Energy (MEE, $31.25, up $1.34), Norfolk Southern (NSC, $56.46, up $1.74), Tootsie Roll Industries (TR, $25.56, up $0.50), Trimble Navigation (TRMB, $29.71, up $0.86), and Under Armour (UA, $37.42, up $0.42).
WEDNESDAY – Akamai Technologies (AKAM, $45.05, up $0.77), Boeing Company (BA, $67.93, up $1.33), Callaway Golf Company (ELY, $6.88, up $0.27), Coca-Cola Enterprises (CCE, $28.51, $0.29), ConocoPhillips (COP, $53.79, up $0.52), Constellation Energy Group (CEG, $34.15, up $0.05), Corning (GLW, $18.01, down $0.09), Dominion Resources (D, $42.41, up $0.19), Express Scripts (ESRX, $43.07, up $0.95), Flowserve (FLS, $95.85, up $2.12), General Mills (GIS, $35.52, up $0.16), Goldcorp (GG, $40.74, up $0.15), Green Mountain Coffee Roasters (GMCR, $29.35, down $0.61), $8.12, down $0.10), International Paper (IP, $24.98, up $0.39), Jones Apparel Group (JNY, $16.26, up $0.70), Newmont Mining (NEM, $59.05, up $0.04), O’Reilly Automotive (ORLY, $49.04, up $1.04), PF Chang’s China Bistro (PFCB, $43.22, down $0.30), Sketchers USA (SKX, $33.61, down $1.49) and Visa (V, $75.59, up $1.13).
THURSDAY – Amgen (AMGN, $52.75, down $0.56), Checkpoint Systems (CKP, $20.33, up $1.03), Dr. Pepper Snapple Group (DPS, $39.82, up $0.22), Drugstore.com (DSCM, $3.01, up $0.04), DryShips (DRYS, $4.57, up $0.29), Expedia (EXPE, $21.96, up $0.77), Exxon Mobil (XOM, $59.72, up $0.34), First Solar (FSLR, $139.99, up $2.31), Genworth Financial (GNW, $15.26, $0.26), Genpact Limited (G, $15.87, up $0.41), KKR Financial (KFN, $8.17, up $0.09), KLA-Tencor (KLAC, $31.19, up $0.36), MetLife (MET, $39.54, up $0.25), Moody’s (MCO, $22.62, up $0.17), Motorola (MOT, $7.75, down $0.04), NutriSystem (NTRI, $22.77, down $0.29), Potash (POT, $98.38, up $0.97), Raytheon (RTN, $49.06, up $0.37), Regal Entertainment (RGC, $13.60, up $0.10), Steven Madden (SHOO, $36.10, up $0.86), Sunoco (SUN, $33.64, up $0.09) and Wynn Resorts (WYNN, $87.68, up $2.20).
FRIDAY – Chevron (CVX, $73.52, up $0.08), Fortune Brands (FO, $43.76, up $1.02), McKesson Corp, (MCK, $65.63, up $1.08), Merck (MRK, $34.87, down $0.31), Simon Property Group (SPG, $87.31, up $0.98) and Weyerhaeuser (WY, $16.63, up $0.52).
As far as economic news this week, June new-home sales will be out this morning and are expected to come in at 313,000 from the initial report of 300,000 for May. Anything below 300,000 would signal housing remains weak and isn’t getting much better.
The S&P/Case-Shiller index will be released on Tuesday which details home prices for May. The index showed home prices rose in April from a month earlier after falling for six straight months prior.
The market will digest June sales of durable goods on Wednesday and the Federal Reserve will give an update on its Beige Book as well.
On Friday, we get a peak at second-quarter gross domestic product (GDP) which is expected to show the economy grew 2.5%. This is slightly lower than the 2.7% annual rate posted for Q1. Also, the final reading on the Reuters/University of Michigan consumer sentiment index for July is due out.
Amazon.com (AMZN, $118.87, down $1.20) will likely be volatile again today after reporting earnings last Friday. Shares opened just below $106 but nearly battled back to finish just 1% lower. We have been warning our subscribers that shares look poised to drop below $100 and Friday’s bounce was frustrating for the short-sellers. The charts have been pointing to a test of $95.
Futures are pointing towards a slightly lower open this morning. Dow futures are down 17 points to 10,369 while the S&P 500 futures are off by 2 points to 1,098. The Nasdaq 100 futures are lower by 3 points to 1,870.
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