By: Charles Rotblut
June 26, 2009
This will be a holiday week with a limited number of earnings reports and low volume. Out of the 19 companies confirmed to report, 4 are in the S&P 500: Apollo Group (APOL – Snapshot Report), Constellation Brands (STZ – Snapshot Report), General Mills (GIS – Analyst Report) and H&R Block (HRB – Analyst Report).
June unemployment and nonfarm payrolls data will be published a day early on Jul 2. Combined with what should be really light volume, the numbers could result in a sizeable market move on Thursday.
* Tuesday: June Conference Board consumer confidence survey, S&P/Case-Schiller housing index, Chicago PMI
* Wednesday: ISM manufacturing survey, ADP employment survey, May pending home sales, May construction spending, June auto sales, weekly crude inventories
* Thursday: June unemployment and nonfarm payrolls, weekly initial jobless claims, May factory orders
No Fed officials are scheduled to speak.
The U.S. financial markets will be closed on Friday, Jul 3. The stock exchanges will operate normal hours on Thursday, Jul 2.
As stated above, this is going to be a light volume week. Any move we see on Thursday should be taken in the context that a lot people are probably going be on vacation or looking to get out of the office early.
Have a great holiday.
Companies That Could Issue Positive Earnings Surprises
Apollo Group (APOL – Snapshot Report) has topped expectations during 7 out of the last 8 quarters and is currently riding a streak of 8 consecutive positive surprises. Recently, the fiscal third-quarter consensus earnings estimate has risen by a penny. Analysts now expect the education provider to have earned $1.13 per share. Apollo Group is scheduled to report on Monday, Jun 29, after the close of trading.
Companies That Could Issue Negative Earnings Surprises
Two analysts recently cut their forecasts on H&R Block (HRB – Analyst Report). The negative revisions have pushed the fiscal fourth-quarter estimate down 3 cents to $2.07 per share. The most accurate estimate is more bearish at $2.07 per share. HRB has missed once over the past 3 quarters. H&R Block is scheduled to report on Monday, Jun 29, after the close of trading.
