Trading Radar: Markets Banking on Goldman Earnings

Minyanville Staff  Jul 10, 2009 1:36 pm

Trading Radar: Markets Banking on Goldman Earnings
 
Stay one step ahead of the rest.
 

 
The market has been very slow as of late as traders take profits and await second quarter earnings reports. The summer doldrums will end next week as traders are greeted with the official start of earnings season and an abundance of economic data. From the FOMC Minutes to the PPI/CPI to tech earnings, traders will be busy.

The most important earnings reports of the week will be from the banks as most of the majors—Bank of America (BAC), Citigroup (C) and JP Morgan (JPM)—will report numbers.

Goldman Sachs (GS) will lead off Tuesday before the bell. The company has been in the news a lot lately, with the Rolling Stone article, record bonuses, program trading thiefs and the CFTC policing derivatives. The company was just upgraded by Bank of America Merrill Lynch to “Buy” from “Neutral” with a price target of $174. The research analyst believes Goldman benefits from the wide bid/ask spreads in the fixed income market and he believes global equity underwriting were strong in the second quarter. Wall Street is expecting the company to report EPS of $3.48 with revenues of 10.6 billion.

Check out the full trading radar below.



Monday, July 13

Economics

02:00 Treasury Budget

Earnings

Before: FAST

After: CSX, NVLS

Auctions

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

Tuesday, July 14

Economics

08:30 Core PPI 0.1% cons.
08:30 PPI 0.8% cons.
08:30 Retail Sales 0.5% cons.
08:30 Retail Sales ex-auto 0.5% cons.
10:00 Business Inventories -1.0% cons.

Earnings

Before: GS, JNJ,

After: AIR, ADTN, ALTR, INTC, YUM

Auctions

4-Week Bill Auction 1:00 PM ET

Wednesday, July 15

Economics

08:30 Core CPI 0.1% cons.
08:30 CPI 0.6% cons.
08:30 Empire Manufacturing -5.00 cons.
09:15 Capacity Utilization 67.9% cons.
09:15 Industrial Production -0.6% cons.
10:30 Crude Inventories
02:00 FOMC Minutes

Earnings

Before: ABT, CBSH, GCI, LUFK, MTOX, TXI, WWW, WOR, GWW

After: CTAS, CCK, EWBC, JBHT, STLY, XLNX

Thursday, July 16


Economics

08:30 Initial Claims
09:00 Net Long- Term TIC Flows
10:00 Phildelphia Fed -5.0%

Earnings

Before: BAX, BIIB, BLK, CY, FCS, HOG, JPM, MAR, MTG, NOK, PII, SON,

After: ANGO, ATR, CBST, GOOG, IBM, TPX

Friday, July 17

Economics

08:30 Building Permits 523k
08:30 Housing Starts 530k

Earnings

Before: BAC, BMI, BBT, C, FHN, GE, MAT

After:
6 of 6 (100%) found this helpful
Rate this article:  (6 Votes)
Comments (3) See All Comments »
07-10-2009, 10:40 am
What has me concerned is there is no pre-anouncements from any financials I have seen. No big boasts like last quarter, which makes me wonder what is in store for us.
Read More
07-10-2009, 2:02 pm
With IBM and GOOG posting Thurs PM, AND BAC, C, GE posting Friday AM, plus July expirations, it stands to be one Freaky Friday next week. (actually, I expect a really freaky Thurs-Fri overnight)
Read More
07-10-2009, 5:01 pm
Oh what fun. Financials earnings.
Two major competing trends.
-Short term manufactured "financially engineered" earnings
-Unemployment rising faster than stress test worst case, does not bode well long-term for big banks
Read More
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