Market Overview

Earnings Expectations for the Week of August 8

The focus this week, at least initially, will no doubt be on the effect of the downgrade of U.S. debt. But there will be plenty more earnings as well, including reports from Walt Disney (NYSE: DIS), News Corp. (NASDAQ: NWS), Cisco Systems (NASDAQ: CSCO) and Aol (NYSE: AOL).

The parade of retail earnings begins this week also with reports from JCPenney (NYSE: JCP), Kohl's (NYSE: KSS), Macy's (NYSE: M) and Nordstrom (NYSE: JWN) on tap. Three of these four are expected to post year-over-year earnings growth (see details below). More retail earnings are scheduled to follow next week, including Home Depot (NYSE: HD) and Walmart (NYSE: WMT).

But here is a day-by-day rundown of some of the most anticipated quarterly reports of this week.

Monday

Here is a peek at how analysts expect the earnings week to begin:

  • Markel (NYSE: MKL): EPS up 40.9% to $3.88
  • CareFusion (NYSE: CFN): EPS up 24.0% to $0.50
  • Tower Group (NASDAQ: TWGP): EPS up 8.1% to $0.62
  • Dollar Thrifty Automotive (NYSE: DTG): EPS up 8.0% to $1.37
  • Scotts Miracle Gro (NYSE: SMG): EPS down 15.7% to $2.20
  • Tyson Foods (NYSE: TSN): EPS down 38.8% to $0.41

Tuesday

Walt Disney (NYSE: DIS) and Aol (NYSE: AOL) are among Tuesday's highlights. Analysts are looking for the house that the mouse built to report per-share earnings of $0.73 and revenues of $10.5 billion, which is an increase from $0.67 and $10.0 billion a year ago. But the story looks very different for Aol: the consensus forecast calls for only $0.04 per share earnings (down 93.9%) and revenues of $530.4 million (down 9.2%). Both Aol and Disney fell short of analyst estimates in the previous quarter.

Like Aol, watchmaker Fossil (NASDAQ: FOSL) and James River Coal (NASDAQ: JRCC) are forecast to post smaller earnings, and homebuilder Beazer Homes USA (NYSE: BZH) is expected to post another net loss, its fifth consecutive quarterly loss.

But here are some more of the day's anticipated earnings gainers:

  • Cablevision (NYSE: CVC): EPS up 54.5% to $0.44
  • Coca-Cola Bottling (NASDAQ: COKE): EPS up 9.7% to $1.44
  • Dish Network (NASDAQ: DISH): EPS up 27.8% to $0.79
  • International Flavors & Fragrances (NYSE: IFF): EPS up 11.5% to $0.96
  • Ralcorp (NYSE: RAH): EPS up 4.3% to $1.15
  • Rovi (NASDAQ: ROVI): EPS up 5.2% to $0.58
  • Scripps Networks Interactive (NYSE: SNI): EPS up 18.1% to $0.72
  • Sempra Energy (NYSE: SRE): EPS up 10.1% to $0.99
  • URS (NYSE: URS): EPS up 16.5% to $0.91

Wednesday

Analysts anticipate good news from Macy's (NYSE: M) and Polo Ralph Lauren (NYSE: RL): per-share earnings are forecast to be 28.6% higher year over year for the former and 16.6% higher for the latter. But expectations are lower for Cisco Systems (NASDAQ: CSCO), EPS down 11.6%, and Computer Sciences (NYSE: CSC), EPS down 24.1%. However, revenues for both tech companies are expected to be slightly higher than a year ago.

Earnings for Rupert Murdoch's News Corp. (NASDAQ: NWS) are expected to be the same as a year ago: $0.30 per share. But look for double-digit earnings growth from Advance Auto Parts (NYSE: AAP), Harman International (NYSE: HAR) and Ultra Petroleum (NYSE: UPL), as well as an anticipated earnings decline from Johnson Outdoors (NASDAQ: JOUT).

Thursday

More retail earnings are on deck Thursday: Kohl's (NYSE: KSS) is expected to post per-share earnings of $1.02 and revenues of $4.3 billion, a year-over-year increase from $0.84 and $4.1 billion. And Nordstrom (NYSE: JWN) is expected to report earnings of $0.74 per share on revenues of $2.7 billion, compared to $0.66 and $2.4 billion a year ago. Note that consensus estimates for both have been within a few cents of actual results in recent quarters.

The consensus forecast also calls for earnings growth from:

  • DeVry (NYSE: DV): EPS up 3.9% to $1.03
  • Nvidia (NASDAQ: NVDA): EPS up 88.0% to $0.25
  • Sara Lee (NYSE: SLE): EPS up 5.0% to $0.20

Gaming company Bally Technologies (NYSE: BYI) earnings are expected to be about the same as a year ago, but with revenues up about 4%.

Friday

JCPenney (NYSE: JCP) brings a close to the week in earnings with anticipated results about the same as a year ago. That is, earnings of $0.06 per share and revenues of $3.9 billion. Note though that analysts underestimated JCPenney earnings in the past four quarters.

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