Trading And Investing Intelligence For The Week Of July 9, 2012. Earnings Season Begins Again This Week.

[ 0 ] July 6, 2012 |

Earnings season kicks off in the US with Alcoa (AA) on Monday. While the rest of the week is relatively light, important names like JPMorgan (JPM), Wells Fargo (WFC), and Google (GOOG) will also report. JPMorgan’s earnings will be interesting, as it will publicly disclose with analysts what losses it took on the London Chief Investment Office’s “Whale Trades.” Initial estimates put the losses at $2 billion to $4 billion.

After a fourth straight nonfarms payroll report that did not show meaningful growth, growth in Consumer Credit on Monday will be helpful to keep stock markets from continuing to tumble further. However, initial jobless claims have begun trending lower, a potentially promising sign.

In the European political theater, Monday’s monthly finance minister meeting in Brussels could bring a political agreement on the European Stability Mechanism (ESM) and reduce uncertainty on the bailout terms for Spain. Last Friday’s European summit provided plans of a bank recapitalization plan and progress on a bailout for Spain.

Monday, July 9
US Economics (Time Zone: EDT)

3:00 Consumer Credit, est. $8.00B, prior $6.52B

Global Economics (Time Zone: GMT)

1:30 CNY Consumer Price Index, est. 2.3%, prior 3.0%
5:45 CHF Unemployment Rate, est. 2.9%, prior 3.0%
6:00 EUR German Trade Balance (euros), est. 14.0 B, prior 14.4 B

Earnings

Before:
No major events.
After:
Alcoa (AA) EPS 6c, revs $5.84 B

Tuesday, July 10

US Economics (Time Zone: EDT)

07:30 NFIB Small Business Optimism, est. 93.5, prior 94.4
10:00 IBD/TIPP Economic Optimism, est. 46.5, prior 46.7
10:00 JOLTS Job Openings, prior 3416

Global Economics (Time Zone: GMT)

2:00 CNY Trade Balance, est. $21.50 B, prior $18.7 B
5:00 JPY Consumer Confidence, prior 40.7
8:30 GBP Industrial Production, est. -2.2%, prior -1.0%
14:00 GBP NIESR Gross Domestic Product Estimate, prior 0.1%

Earnings

Before:
Shaw Group (SHAW) EPS 58, revs $1.49 B

After:
No major events.

Wednesday, July 11

US Economics (Time Zone: EDT)

7:00 MBA Mortgage Applications
8:30 Trade Balance est. $-48.0 B, prior $-50.1 B
10:00 Wholesale Inventories, est. 0.3%, prior 0.6%
2:00 FOMC Minutes

Global Economics (Time Zone: GMT)

JPY Bank of Japan Announcement
1:30 AUD Home Loans, prior 0.2%
6:00 EUR German Consumer Price Index, est. 1.7%, prior 1.7%

Earnings

Before:
No major events.

After:
Marriot (MAR) EPS 42c, revs $2.8 B

Thursday, July 12

US Economics (Time Zone: EDT)

8:30 Initial Jobless Claims, est. 370K prior 374K
8:30 Continuing Claims, est. 3255K, prior 3306K
8:30 Import Price Index, est. -1.9%, prior -1.0%
2:00 Monthly Budget Statement, est. -$75.0B

Global Economics (Time Zone: GMT)

1:00 AUD Consumer Inflation Expectations
1:30 AUD Employment Change and Employment Rate, prior 38,000 and 5.1%
8:00 EUR ECB July Monthly Report

Earnings

Before:
Progressive (PGR) 27c, revs $4.1 B

After:
Google (GOOG) $10.13, revs $11.0 B

Friday, July 13

US Economics (Time Zone: EDT)

8:30 Producer Price Index, est. -0.4%, prior -1.0%
8:30 PPI Ex Food & Energy, est. 0.2%, prior 0.2%
9:55 Michigan Consumer Confidence, est. 73.5, prior 73.2

Global Economics (Time Zone: GMT)

2:00 CNY Industrial Production, est. 10.5%, prior 10.7%
2:00 CNY Real GDP, est. 7.8%, prior 8.1%
4:30 JPY Industrial Production, prior 6.2%

Earnings

Before:
JPMorgan (JPM) EPS 77c, revs $21.5 B
Wells Fargo (WFC) EPS 81c, revs $21.2 B

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