There are a number of economic reports of note and several significant corporate earnings reports scheduled for release this week.
Economic reports for the week include:
Mon. - None of note
Tues. - Producer Price Index, Empire Manufacturing, Net Foreign Security Purchases, NAHB Housing Market Index
Wed. - Consumer Price Index, Housing Starts, Building Permits, Industrial Production, Capacity Utilization
Thur. - Initial Jobless Claims, Leading Indicators, Philly Fed
Fri. - Univ. of Mich. Consumer Confidence
Some of the more noteworthy companies that release quarterly earnings this week are:
Mon. - Agilent Tech(A), Hewitt Assoc.(HEW), Netease.com(NTES), Sysco Corp.(SYY)
Tues. - Abercrombie & Fitch(ANF), American Eagle Outfitters(AEOS), Applied Materials(AMAT), Barr Pharma(BRL), BJ’s Wholesale(BJ), Deere & Co.(DE), Dick’s Sporting Goods(DKS), Fossil Inc.(FOSL), Harman Intl.(HAR), Home Depot(HD), PetSmart(PETM), Saks Inc.(SKS), Staples Inc.(SPLS), TJX Cos(TJX), Wal-Mart Stores(WMT)
Wed. - BEA Systems(BEAS), Caci Intl.(CACI), Estee Lauder(EL), Hewlett-Packard(HPQ), Longs Drug Stores(LDG), Men’s Wearhouse(MW), Network Appliance(NTAP), Ross Stores(ROST), Salesforce.com(CRM), Synopsys Inc.(SNPS), Talbots(TLB)
Thur. - Aeropostale(ARO), Autodesk(ADSK), Barnes & Noble(BKS), Bebe Stores(BEBE), Children’s Place(PLCE), Dell Inc.(DELL), Foot Locker(FL), GameStop(GME), Gap Inc.(GPS), Limited Brands(LTD), Marvell Tech(MRVL), Nordstrom Inc.(JWN), Royal Gold(RGLD), Sears Holdings(SHLD)
Fri. - AnnTaylor(ANN), Dillard’s(DDS)
Other events that have market-moving potential this week include:
Mon. - Keefe, Bruyette Large Cap Bank Conference
Tue. - CSFB Networking/Communications Equip./Optical Components Conference, Keefe Bruyette Large Cap Bank Conference
Wed. - CSFB Networking/Communications Equip./Optical Components Conference
Thur. - None of note
Fri. - None of note
BOTTOM LINE: I expect US stocks to finish the week mixed as calming Middle Eastern tensions, short-covering and bargain hunting offset worries over slowing economic growth and terrorism. My trading indicators are now giving mostly bearish signals and the Portfolio is 75% net long heading into the week.
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