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Earnings Take Center Stage This Week
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Monday, 20 October 2008
By Christian Hill
With an extremely light economic calendar this week, the focus will be on corporate earning’s reports. With that said, I will take a quick look at the two reports on the calendar.
The September Leading Indicators report is released at 10 A.M. this morning, and the market expects a further decline compared to August. With all the turmoil in the market over the last 10 days, I would expect this number to pale in comparison to what the October report will show.


The Existing Home Sales report for September is surprisingly expected to show an increase compared to August. Given how tight the credit markets have become, this is a surprising increase and if it holds true it could provide a sliver of hope in an otherwise depressing housing outlook.

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The earnings calendar is extremely busy this week. One-third of the Dow Components report this week, and based on earnings “whispers” it looks as though half of the Dow Components reporting will beat estimates, three will report lower earnings than expected, and two will meet estimates. With the market as skittish as it is, if more than expected miss estimates, the bottom could fall out of the market.


Earnings:
Monday: AXP, HAL, LMT, TXN
Tuesday: MMM, AAPL, BRCM, CAT, DD, PFE, YHOO
Wednesday: AMZN, T, BIDU, MCD, MRK, BA, WB
Thursday: MO, BMY, LLY, JNPR, MSFT, UPS, F
Friday: UST

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