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Earnings season may be tapering off, but we still have a full slate this week and the primary driving factor in the market will continue to be these company announcements. Here are the highlights later this week:
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| | | {loadposition contentad} | | | | | August 11 The world's biggest semiconductor equipment maker Applied Materials (AMAT) will dole out third-quarter report card on Tuesday, with analysts expecting a loss of $0.08 per share on revenues of $955.16 million.
Semiconductor equipment makers have slipped into red amid a difficult semiconductor industry environment. During the recession, demand for manufactured electronic items continues to fall off, coercing chipmakers to muddle through sinking sales. Worldwide sales of semiconductors slid 20% to $51.7 billion in the second quarter, according to the Semiconductor Industry Association. Worldwide sales in June were $17.2 billion, down 20% from prior year's $21.6 billion. However, on a quarter-on-quarter basis, worldwide sales were up 17%.
Wireless broadband networks service provider Clearwire Corp. (CLWR) will share the spotlight on Tuesday, as analysts expect the company to report a loss of $0.39 per share on revenues of $65.24 million for the second quarter. The results are due to be released at 4:00 pm ET.
Tuesday's earnings queue includes Banco Itau Holding Financeira S.A. (ITUB), Broadridge Financial Solutions Inc. (BR), Cree Inc. (CREE), Dendreon (DNDN), Mobile Telesystems (MBT), Rentech Inc. (RTK), Tw Telecom Inc. (TWTC).
August 12 Harris Corp. (HRS) will check in from the IT sector at 4:00 pm ET to issue forth its fourth-quarter numbers, with analysts having a consensus earnings estimate of $0.82 per share on revenues of $1.21 billion. While announcing third-quarter results, the company reduced its fiscal 2009 guidance for non-GAAP earnings from continuing operations to a range of $3.77 - $3.79 per share and GAAP earnings to a range of $2.07 - $2.29 per share. Earlier, the company expected non-GAAP earnings of $3.93 - $4.03 per share and GAAP earnings of $3.88 - $3.98 per share. However, Harris continues to expect a 7% growth in revenue from continuing operations for fiscal 2009 over the previous year.
Department stores operator Macy's Inc. (M) is likely to display second-quarter score card Wednesday, with analysts forecasting earnings of $0.12 per share on revenues of $5.20 billion. While releasing first-quarter figures, the company said that it entered the second quarter with a new organization in place and expects to benefit from nearly $400 million of annual expense savings beginning in 2010, and $250 million in the partial year of 2009. The company anticipates an improvement in sales trend from My Macy's beginning in the fourth quarter of 2009 and especially in spring 2010. For fiscal year 2009, Macy's continues to expect ongoing earnings within a range of $0.40 - $0.55 per share, excluding division consolidation costs. The company continues to expect yearly net sales to decline 6% - 8%.
Processed and packaged foods company Sara Lee (SLE) will mete out final-quarter numbers, with analysts projecting earnings of $0.24 per share on revenues of $3.27 billion. On May 7, Sara Lee revised its fiscal 2009 earnings forecast, currently expecting full year earnings between $0.73 and $0.79 per share, compared to previous outlook of $0.72 - $0.79 per share. The company now expects full-year adjusted earnings to be in the range of $0.75 - $0.81 per share, versus the prior forecast of $0.73 - $0.80 per share. Meanwhile, Sara Lee maintained its fiscal 2009 net sales outlook of $12.8 billion - $13 billion.
From the home building sector, which has been facing challenges characterized by worsening trend in foreclosures, high inventory levels of both new and existing homes, growing job losses, tight credit for homebuyers, rise in delinquencies and a hobbled economy, Toll Brothers Inc. (TOL) is expected to incur a loss of $0.32 per share on revenues of $377.06 million for the third quarter, according to the Street analysts. The results are due to be announced before the market opens Wednesday.
Toll Brothers currently estimates to deliver between 2,200 and 2,800 homes in fiscal 2009. The company also projects an average delivered price of between $590 thousand and $620 thousand per home.
Other companies reporting Wednesday include Advance Auto Parts (AAP), BHP Billiton Plc (BHP), Cameco (CCJ), JA Solar Holdings Co. Ltd. (JASO), Kinross Gold (KGC), LDK Solar Co. Ltd. (LDK), NetEase.com Inc. (NTES), Penn West Energy Trust (PWE).
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