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Trading Radar: Busiest Earnings Week of the Quarter Approaching


Today's financial recap and tomorrow's financial outlook.

The S&P 500 (INDEXSP:.INX) broke to a new high this past week after the governement re-opened and the debt ceiling was successfully raised. In addition, earnings reports for the money center banks have been OK despite large drops in fixed income trading activity. It's worth mentioning, however, that earnings estimates for these banks had been reduced by 15% or more over the past month. Upcoming financial earnings will be focused on regional level banks, those that are exposed to consumers. Loan growth during the quarter for the large money-center banks declined, but net interest margins stabilized.

The September nonfarm payrolls report is due to be released next Tuesday morning. Previously, the report was scheduled for release on October 4. The current economist estimate forecasts a gain of 180,000 payrolls during the month of September. Other economic data releases that were delayed due to the government shutdown will be reported throughout the week. The Bureau of Labor Statistics will release an enhanced schedule on Monday.

September durable goods and capital goods orders will be released on Friday. Economists are expecting durable orders ex-transport to rise by 0.5% from the prior month. It is possible, though unlikely, that orders slowed down due to fiscal uncertainty, but that will be more of a question for fourth quarter growth. It is unlikely that the government shutdown removed any demand from the system; it most likely shifted it further out into the future.

The coming week will be the busiest week for third quarter earnings. Companies scheduled to report are heavily weighted to the tech sector. Notable reports include Netflix (NASDAQ:NFLX), McDonald's (NYSE:MCD), Boeing (NYSE:BA), Caterpillar (NYSE:CAT), AT&T (NYSE:T), Ford (NYSE:F), Microsoft (NASDAQ:MSFT), and Amazon (NASDAQ:AMZN). To date, 20% of S&P 500 companies have reported. Of those reports, 55% have beat revenue estimates and 71% have beat EPS estimates.

On Tuesday, Apple (NASDAQ:AAPL) is scheduled to release the next iteration of its iPad and iPad mini models.

Monday, October 21

US Economics (Time Zone: EDT)

10:00 Existing Home Sales – consensus 5.30M, prior 5.48M
  • MoM rate -3.3% consensus, prior +1.7%
11:00 Fed to purchase $3b-$4b notes in 6 to 7-year range
11:30 Treasury selling $35b 3-month bills, $30b 6-month bills

Global Economics (Time Zone: GMT)

JPY Trade Balance
02:00 NZD Credit Card Spending
05:00 JPY Leading Index


Halliburton (HAL)
McDonald's (MCD)
Hasbro (HAS)
Netflix (NFLX)
Texas Instruments (TXN)
VMWare (VMW)
Discover Financial Services (DFS)

Tuesday, October 22

US Economics (Time Zone: EDT)

08:30 Nonfarm Payrolls – consensus 180K, prior 169K
08:30 Private Payrolls – consensus 181K, prior 152K
08:30 Manufacturing Payrolls – consensus 5K, prior 14K
08:30 Uemployment Rate – consensus 7.3%, prior 7.3%
08:30 Average Weekly Hours – consensus 34.5, prior 34.5
10:00 Richmond Fed – consensus 0, prior 0
11:00 Fed to purchase $1.25b-$1.75b bonds in 23 to 30-year range
11:30 Treasury selling 4-week bills

Global Economics (Time Zone: GMT)

06:00 CHF Trade Balance
08:30 GBP Public Finances
12:30 CAD Retail Sales


DuPont (DD)
Freeport-McMoran (FCX)
Harley-Davidson (HOG0
Kimberly-Clark (KMB)
State Street (STT)
AK Steel (AKS)
Lockheed Martin (LMT)
NuSkin (NUS)
Regions Financial (RF)
EMC Corp (EMC)
McGraw Hill Financial (MHFI)

Cree (CREE)
Amgen (AMGN)
Panera Bread (PNRA)
Altera (ALTR)
Broadcom (BRCM)
Apollo Group (APOL)
Juniper (JNPR)
Coach (COH),
Delta Air Lines (DAL)

Wednesday, October 23

US Economics (Time Zone: EDT)

07:00 MBA Mortgage Applications
08:30 Import Price Index MoM – consensus 0.2%, prior 0.0%
08:30 Import Price Index YoY – consensus -1.0%, prior -0.4%
09:00 Aug FHFA Home Price Index MoM – consensus 0.8%, prior 1.0%
11:00 Fed purchasing $2.75b-$3.5b notes in 7 to 10-year range

Global Economics (Time Zone: GMT)

00:30 AUD CPI
08:30 GBP BoE Minutes
14:00 CAD Bank of Canada Rate Decision
14:00 EUR Eurozone Consumer Confidence
21:45 NZD Trade Balance


Bristol Myers Squibb (BMY)
General Dynamics (GD)
Northrop Grumman (NOC)
Wyndham Worldwide (SIX)
Six Flags Entertainment (WYN)
Caterpillar (CAT)
Boeing (BA)
Norfolk Southern (NSC)

Citrix (CTXS)
AT&T (T)
Tractor Supply Co (TSCO)
ETRADE Financial (ETFC)
Akamai (AKAM)
Fusion-io (FIO)
F5 Networks (FFIV)
US Airways (LCC)

Thursday, October 24

US Economics (Time Zone: EDT)

08:30 Initial Jobless Claims - consensus 310k, prior 308k
08:30 Continuing Claims – consensus 2863K, prior 2925K
08:58 Markit US Preliminary PMI (Oct) – consensus 52.5
10:00 JOLTS Job Openings – consensus 3765, prior 3689
10:00 New Home Sales – consensus 425K, prior 421K
  • MoM rate consensus 1.0%, prior 7.9%
11:00 Kansas City Fed – prior 2
11:00 Fed to purchase $1.25b-$1.75b notes in 23 to 30-year range
1:00 Treasury selling $7b 30-year TIPS (2nd reopening)

Global Economics (Time Zone: GMT)

JPY Japanese Investors Buying of Foreign Stocks/Bonds
01:45 CNY HSBC/Markit Flash Manufacturing PMI
07:30 EUR German Manufacturing and Services PMI
08:00 EUR Eurozone Manufacturing and Services PMI
23:30 JPY CPI


Boston Scientific (BSC)
Colgate-Palmolive (CL)
Dow Chemical (DOW)
Starwood Hotels & Resorts (HOT)
International Paper (IP)
3M (MMM)
AutoNation (AN)
T Rowe Price (TROW)
Ford (F)
Altria (MO)
Raytheon (RTN)
UnderArmour (UA)
Xerox (XRX)
Southwest Airlines (LUV)

Eastman Chemical (EMN)
Cabot Oil & Gas (COG)
Cliffs Natural Resources (CF)
Western Digital (WDC)
Microsoft (MSFT)
Deckers Outdoor (DECK) (AMZN)
Applied Materials (AMAT)
Zynga (ZNGA)
Dunkin Brands (DNKN)

Friday, October 25

US Economics (Time Zone: EDT)

08:30 Durable Goods Orders – consensus 2.0%, prior 0.1%
08:30 Durable Goods ex Transport – consensus 0.5%, prior -0.1%
08:30 Cap Goods Orders Nondef Ex Air – consensus 0.7%, prior 1.5%
09:55 University of Michigan Confidence (final estimate) – consensus 75.0, prior 75.2

Global Economics (Time Zone: GMT)

08:00 EUR German IFO – Current Estimate, Economic Expectations
08:30 GBP GDP


Sherin-Williams (SHW)
Procter & Gamble (PG)
Weyerhauser (WY)
National Oilwell Varco (NOV)
Moody's (MCO)
Abbvie (ABBV)
Legg Mason (LM)

Twitter: @MichaelSedacca

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