Earnings Expectations for the Week of July 1

While there will be plenty of fireworks for the Independence Day holiday in the United States this week, on the earnings front, things will be very quiet. There will not be much to distract investors from speculating on what the Federal Reserve will do or from the employment numbers for June.

The new earnings season does not kick off until the following week, with second quarter reports due from

,

and

.

will offer up the most prominent earnings release this week. In its report before the markets open on Tuesday, this global producer and marketer of alcoholic beverages is expected to say that its fiscal first-quarter earnings came to $0.41 per share. That would be about the same as in the first quarter of last year. Note that the analysts' consensus EPS estimate is two cents higher than it was some 60 days ago. And also that analysts underestimated Constellation Brands' per-share earnings in the previous five quarters. Revenues from the world's largest wine producer are predicted to total $674.24 million for the most recent quarter. That would be more than six percent higher than in the same period of last year. So far, growth of revenue and EPS are expected to be significantly higher in the current quarter. On Monday, chemicals company

and

are predicted to say that their EPS were lower than in the year-ago quarter, while revenue for each rose marginally.

and enterprise data storage maker

are expected to post net losses. Lighting company

is expected to post year-over-year earnings and revenue growth in its report on Tuesday, while railcar maker

reports declines on both the top and bottom lines for its most recent quarter. From Daytona Beach-based

, analysts are looking for a marginal decline in earnings but a marginal bump in revenues when it shares its most recent quarterly results first thing Wednesday morning. There are no earnings reports of note on Thursday, the Fourth of July, or on Friday, but June employment data is due out at the end of the week. Also note that the U.S. markets will be closed Thursday and will close early on Wednesday. Then, as mentioned above, the following week is the beginning of the second-quarter earnings season. Alcoa starts things off Monday afternoon, July 8. Also look for reports that week from

and

. Then the first of the big banks, J.P. Morgan and Wells Fargo, close out the week when they step into the earnings spotlight Friday morning.