Earnings will be in full focus next week as the majority of the S&P 500 will report second quarter results. Traders will be overwhelmed with reports from Apple (AAPL), Amazon (AMZN), Caterpillar (CAT), Wells Fargo (WFC), Merck (MRK), Coca Cola (KO) and many more. So far companies have been beating big on the EPS and marginally on revenue.

The best quarter so far has been Intel (INTC) that’s one of the reasons why the report worth watching is Microsoft (MSFT). Yes, the left for dead big cap tech company will have a lot of interesting things to say. For starters it released its widely heralded search engine Bing last quarter and coming up this fall it will released Windows 7 and a new version of Office. These three initiatives have investors buzzing about the Redmond Company.

What the company reports this quarter won’t be truly important but the estimates for the current quarter estimates call for EPS of $0.36 on revenues of $14.38 bln. Guidance is the story here; a new PC upgrade cycle could be underway.

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Monday, July 20

Economics

10:00 Leading Indicators 0.5% cons.

Earnings

Before: ETN, HAL, HAS, JCI, MTB, PETS, WFT

After: MDRX, BSX, BRO, CNI, HOKU, ICUI, JDAS, LM, TXN, ZION

Auctions

3-Month Bill Auction 1:00 PM ET
6- Month Bill Auction 1:00 PM ET

Speeches

Dennis Lockhart 1:30

Events

FNM, MHP at SourceMedia Best Practices in Loss Mitigation Conference

Tuesday, July 21

Economics

Earnings

Before: AKS, BJS, BLK, CAT, KO, CMA, CAL, DD, ELN, FCFS, FRX, FCX, HCBK, JEF, LKX, LMT, MRK, EDU, BTU, PNR, PCP, DGX, RF, SGP, SHW, LUV, STT, AMTD, UTX, UNH, WU

After: AMD, ALGT, AMLN, AAPL, ATHR, BXP, CHRW, CHIC, CNH, GILD, ILMN, INFN, LLTC, NBR, PTV, QLGC, STX, SBUX, SYK, SUPX, VFC, WCN, YHOO

Auctions

4-Week Bill Auction 1:00 PM ET

Speeches

Ben Bernanke 10:00

Events

NRG Shareholders Meeting
MR at American Association for Clinical Chemistry Conference 2009


Wednesday, July 22

Economics

10:30 Crude Inventories

Earnings

Before: APD, ATI, MO, BK, BA, DAL, DPZ, LLY, GNTX, ICLR, ITW, KEY, NITE, MS, NTRS, NVR, PEP, PFE, PJC, PDS, RIMG, STJ, SWK, SU, STI, USB, USG, WFC, WHR

After: AATI, ACL, BCR, CMG, CTXS, CLB, ETFC, EBAY, EFX, EQIX, FFIV, ISRG, IRBT, MOS, NTGR, NFX, NE, NVEC, OMTR, QCOM, QDEL, RRC, SNDK, STLD, TUP, VMW, WLT


Thursday, July 23

Economics

08:30 Initial Claims
10:00 Existing Home Sales 4.80m cons.

Earnings

Before: MMM, ALK, T, AUO, BMY, BG, CSH, CIT, CME, DHR, DO, EXP, EMC, ECA, FTIB, FLIR, F, GR, HSY, HBAN, IGT, ESI, JBLU, KMB, LLL, MAN, MCD, NCR, NYT, NEM, NUE, PFCB, PM, PFCB, POT, RSH, RS, RAI, SWY, SPAR, SPF, HOT, TIN, TRA, TMO, TRAD, UPS, UNP, WSO, WCC, WYE, XRX, ZMH

After: AFL, AMZN, AXP, AMP, BIDU, BRCM, BUCY, COF, CENX, CAKE, CB, CYN, DDUP, DECK, EMN, WIRE, EZPW, GDI, GPN, HITT, BLUD, IBKR, JNPR, WFR, MCHP, MSFT, NFLX, NTRI, PMCS, RMBS, SWIR, SPWRA, TZOO, WOOF, WGOV

Friday, July 24

Economics

09:55 Michigan Sentiment Revised 64.6 cons.

Earnings

Before: ACI, BDK, DOV, FO, IR, ERIC, OXPS, SLB, WAB

After: