CHICAGO, June 18, 2012 /PRNewswire/ -- Zacks.com releases the list of companies likely to issue earnings surprises. This week's list includes Alcoa (NYSE:AA), FedEx (NYSE:FDX), Oracle (Nasdaq:ORCL),Discover Financial (NYSE:DFS) and Carnival Corp (NYSE:CCL).
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Bernanke to Follow Greek Vote
This Sunday's Greek election will likely have a lot of bearing on the week's trading action. But we also have the FOMC meeting during the week and the Bernanke press event afterwards, where the expectation is for some positive news (read: more QE) from the central bank. The G-20 meeting in Mexico may result in a lot of exhortations for Germany to do more, but nothing concrete may come out of it.
If anything has kept the market in good cheer in recent days -- despite all the negative headlines coming out of Europe -- it is these hopes that the Fed will come through this week with a helping hand. Greece and the Fed aside, we have a number of key housing industry reports on the docket, ranging from homebuilder sentiment to Starts and Existing Home sales.
We are still some days away from what is generally considered the start of the earnings season when aluminum producer Alcoa (NYSE:AA) reports results. But we 'officially' count all companies that have financial quarters ending in May as part of our second quarter results tally. And many of these companies are starting to come out with results this week. We have a total of 32 companies reporting results in the week, including 12 companies from the S&P 500. The list of companies reporting this week includes a few bellwether names like FedEx (NYSE:FDX) and Oracle (Nasdaq:ORCL).Monday - 6/18
- The market's primary driver this morning will be the result of Greek election, which will likely drown out the June Home Builders' Index coming out in the morning. We may have a coordinated central bank liquidity action should the Greek vote result come out unfavorable.
- The two-day G-20 summit meeting gets underway in the Mexican resort town of Los Cabos. The German Chancellor, Angela Merkel, has been making some noise ahead of the meeting, likely in an effort to preempt pressure from world leaders to 'do more.'
- The Home Builder Index, which basically reflects builder sentiment, reached a multi-year high in May, but is expected to moderately pull back this month. Tuesday - 6/19
- We will get the May Housing Starts data in the morning. We got a strong reading on the Starts and Permits front last month and the expectation is for Starts to increase to 725K level in May.
- We will get earnings results fromDiscover Financial (NYSE:DFS), FedExand Carnival Corp (NYSE:CCL) before the market opens.
Sheraz Mian is the Director of Research for Zacks.com.
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