The Week Ahead: Strap Yourself In

 | Jul 20, 2014 | 8:00 PM EDT  | Comments
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Last week witnessed testimony from Federal Reserve Chair Janet Yellen; the tragically downed Malaysian aircraft, as well as subsequent questions over who was responsible -- and stock market's subsequent whipsaw; as well as weaker-than-expected June retail sales and housing-starts reports. Despite all that, the S&P 500 eked out a 0.5% gain for the past five trading days.

If last week ran the gauntlet on economic data, the coming one will see that in spades when it comes to corporate earnings. A number of companies have issued their quarterly results and outlooks over the last two weeks, but this coming week will not only see a significant ramp in the number of reporting firms, but we'll start to get numbers from a "who's who" of closely watched names.

Second-Quarter Earnings Thus Far

Before I tackle that list of upcoming reports -- and it is a big one -- let's recap what we've seen until now. According to FactSet, 74 S&P 500 companies have issued their second-quarter results thus far, and 72% have revealed better-than-expected earnings. Leading the charge in earnings beats were the financial names and healthcare stocks and, among these, the particularly notable surprises here came from Morgan Stanley (MS), JPMorgan Chase (JPM), Citigroup (C), and Goldman Sachs (GS).

Of course, there have been some stinkers as well -- including AMD (AMD), whose outlook fell way short of expectations and implies share losses to Intel (INTC).

More Housing Data, PMIs and the IMF

Shifting our gaze to the week ahead, economic data will ease up a bit, though more June housing data and several flash purchasing managers indices will be on tap from Markit Economics, in addition to the usual weekly data. One other notable number to watch this week The International Monetary Fund is set to issue its updated global economic outlook. Recall that, in recent weeks, IMF Managing Director Christine Lagarde signaled growth forecasts might be cut amid risks in the U.S and weak investment.

The Main Focus: All Those Earnings Reports

There are literally hundreds of companies scheduled to report their June-quarter results this week -- and, yes, we'll have the usual Thursday clustering. Unlike last week, which was heavy with financial names, reporting companies are across the board for the next five days. To start with, there's Hershey (HSY), which last week announced a price increase, as well as such names as Amazon (AMZN), Netflix (NFLX), Starbucks (SBUX) and Apple (AAPL).

Regarding Apple in particular, the key driver here continues to be the company's iPhone business, and expectations for June-quarter shipments have risen in recent weeks. Don't get your hopes up for any insight on what's next for Apple, as the company is likely to remain as tight-lipped as ever about its iPhone plans.

Chipotle Mexican Grill (CMG) is scheduled as the last restaurant stock to report -- and, as we've seen with others, make sure to watch the company's tone regarding its U.S. business. Similar companies, such as Del Frisco's (DFRF), Cheesecake Factory (CAKE) and McDonald's (MCD) will also publish their quarterly results this week. The common theme to watch will be higher input prices -- proteins and dairy-based ones -- and price increases.

Several government contractors and defense companies are also on tap this week, including Lockheed Martin (LMT), Northrop Grumman (NOC), General Dynamics (GD) and Raytheon (RTN). It's also a big week for aerospace companies: We're slated to see numbers not only from Boeing (BA), but also from JetBlue (JBLU), American Airlines (AAL), Delta Air Lines (DAL) and B/E Aerospace (BEAV).

Also, following the weaker-than-expected June housing numbers, commentary from D.R. Horton (DHI), Pulte (PHM) and M/I Homes (MHO) as well as Ethan Allen (ETH) and Whirlpool (WHR), will serve as a double-check for the industry.

As a Real Money Pro subscriber, you no doubt know the industrial space has been rebounding. But this week we'll get greater insight as to which areas are really humming when we hear from Ingersoll-Rand (IR), DuPont (DD), Dow Chemical (DOW), Norfolk Southern (NSC), Rush Enterprises (RUSHA), Caterpillar (CAT) and several others. Auto demand has been strong, as well, and we'll see how well Ford (F) and General Motors (GM) have translated that into profits.

Finally, along with Netflix, Amazon and Apple, a number of other key technology companies are set to report through Friday. Among them are Qualcomm (QCOM), Broadcom (BRCM), Comcast (CMCSA), Microsoft (MSFT), VMware (VMW) and NXP Semiconductors (NXPI).

As you can see, it's quite a varied list of companies, and the reports will be coming fast and furious. As always, below is a more detailed list of what's on tap. Also be sure to check back midweek for The Corner of Wall & Main, in which Lenore Hawkins and I will dish on the first half of the trading week and other key matters and thoughts -- as well as how to play it all.

_________________

Economic Calendar

Monday, July 21

  • No meaningful economic releases scheduled

____

Tuesday, July 22

  • Consumer Price Index (June)
  • FHFA Housing Price Index (May)
  • Existing Home Sales (June)

____

Wednesday, July 23

  • MBA Mortgage Index (Weekly)
  • Crude Inventories (Weekly)

____

Thursday, July 24

  • HSBC Flash China Manufacturing PMI       
  • Markit Flash Eurozone Composite PMI     
  • Markit Flash US Manufacturing PMI
  • Initial & Continuing Jobless Claims (Weekly)
  • New Home Sales (June)
  • Natural Gas Inventories (Weekly)

____

Friday, July 25

  • Durable Orders (June)

________________

Earnings Calendar

Monday, July 21

  • BB&T Corp (BBT)
  • Badger Meter (BMI)
  • Chipotle Mexican Grill (CMG)
  • Halliburton Co. (HAL)
  • Hasbro Inc. (HAS)
  • Netflix Inc. (NFLX)
  • PetMed Express (PETS)
  • Rambus (RMBS)
  • Texas Instruments (TXI)

____

Tuesday, July 22

  • Apple Inc. (AAPL)
  • AO Smith Corp. (AOS)
  • Broadcom Corp. (BRCM)
  • Peabody Energy (BTU)
  • Comcast (CMCSA)
  • Crocs Inc. (CROX)
  • DuPont (DD)
  • Del Frisco's Restaurant Group (DFRG)
  • Gannett Inc. (GCI)
  • Harley-Davidson (HOG)
  • Ingersoll Rand (IR)
  • Intuitive Surgical (ISRG)
  • Juniper Networks (JNPR)
  • Kimberly Clark (KMB)
  • Coca-Cola Co. (KO)
  • Lockheed Martin (LMT)
  • McDonald's Corp. (MCD)
  • Altria Group (MO)
  • Microsoft Corp. (MSFT)
  • Packaging Corp. (PKG)
  • VMware, Inc. (VMW)
  • Waters Corp. (WAT)

____

Wednesday, July 23

  • Angie's List (ANGI)
  • Air Products & Chemicals (APD)
  • Boeing Co. (BA)
  • B/E Aerospace (BEAV)
  • Cheesecake Factory (CAKE)
  • Coresite Realty (COR)
  • Cirrus Logic (CRUS)
  • Citrix Systems (CTXS)
  • Delta Air Lines (DAL)
  • Dow Chemical (DOW)
  • E*Trade Financial (ETFC)
  • Facebook (FB)
  • Freeport McMoRan (FCX)
  • F5 Networks (FFIV)
  • General Dynamics (GD)
  • Hanesbrands (HBI)
  • Idex Corp. (IEX)
  • iRobot Corp. (IRBT)
  • Mastech Holdings (MHH)
  • Northrop Grumman (NOC)
  • Norfolk Southern (NSC)
  • PepsiCo Inc. (PEP)
  • Praxair Inc. (PX)
  • Qualcomm (QCOM)
  • Rush Enterprises (RUSHA)
  • Skechers USA (SKX)
  • AT&T (T)
  • Tripadvisor (TRIP)
  • Tractor Supply (TSCO)
  • Tupperware (TUP)
  • Whirlpool Corp. (WHR)

____

Thursday, July 24

  • American Airlines (AAL)
  • Acacia Research (ACTG)
  • Amazon.com (AMZN)
  • Baidu Inc. (BIDU)
  • Bristol-Myers (BMY)
  • Cabelas Inc. (CAB)
  • Caterpillar Inc. (CAT)
  • Chicago Bridge & Iron (CBI)
  • Cerner Corp. (CERN)
  • Famous Dave's (DAVE)
  • Deckers Outdoor (DECK)
  • DuPont Fabros (DFT)
  • D.R. Horton (DHI)
  • Dolby Labs (DLBY)
  • Dunkin Brands (DNKN)
  • Ethan Allen (ETH)
  • Ford Motor Co. (F)
  • Flextronics International (FLEX)
  • Flowserve Corp. (FLS)
  • General Motors (GM)
  • Starwood Hotels (HOT)
  • The Hershey Company (HSY)
  • JetBlue Airways (JBLU)
  • M/I Homes (MHO)
  • 3M Co. (MMM)
  • Mettler-Toledo (MTD)
  • Meritage Homes (MTH)
  • Realty Income (O)
  • NXP Semiconductors (NXPI)
  • Pandora Media (P)
  • Pulte Group (PHM)
  • Potash (POT)
  • RF Micro Devices (RFMD)
  • Raytheon Co. (RTN)
  • Starbucks (SBUX)
  • Supervalu (SVU)
  • Terex Corp. (TEX)
  • Under Armour (UA)
  • Domtar Corp. (UFS)
  • Union Pacific Corp. (UNP)
  • USG Corp. (USG)
  • Visa (V)
  • Vasco Data Security (VDSI)
  • VeriSign, Inc. (VRSN)
  • Wabtec (WAB)

____

Friday, July 25

  • Artic Cat Inc. (ACAT)
  • Aon plc. (AON)
  • Benchmark Electronics (BHE)
  • Idexx Labs (IDXX)
  • Lear Corporation (LEA)
  • Leggett & Platt (LEG)
  • Simpson Manufacturing (SSD)
  • Swift Transport (SWFT)

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