Earnings Season Starts Today

Premarket, futures are down and yes, earnings season unofficially starts today with Alcoa (AA) reporting after the close. Gainers this morning include JDSU, NFLX, SWN, COST and CVS while losers include TDC, PNC, FFIV, CTXS and EMC.

The Market

Analysts are expecting underwhelming earnings as a whole with second quarter results lower compared to first quarter numbers. The earnings dates I know so far are:

AA reports earnings on 7/9/12 after the close.

JPM reports earnings on 7/13/12 before the market open.

INTC reports earnings on 7/17/12 after the close.
JNJ reports earnings on 7/17/12 before the market open.
KO reports earnings on 7/17/12 before the market open.

AXP reports earnings on 7/18/12 after the close.
BAC reports earnings on 7/18/12 before the market open.
IBM reports earnings on 7/18/12 after the close.
UTX reports earnings on 7/18/12 before the market open.

MSFT reports earnings on 7/19/12 after the close.
TRV reports earnings on 7/19/12 before the market open.
VZ reports earnings on 7/19/12 before the market open.

GE reports earnings on 7/20/12 before the market open.

MCD reports earnings on 7/23/12 before the market open.

DD reports earnings on 7/24/12 before the market open.
T reports earnings on 7/24/12 before the market open.

BA reports earnings on 7/25/12 before the market open.
CAT reports earnings on 7/25/12 before the market open.

MMM reports earnings on 7/26/12 before the market open.
XOM reports earnings on 7/26/12 before the market open.

CVX reports earnings on 7/27/12 before the market open.
MRK reports earnings on 7/27/12 before the market open.
PFE reports earnings on 7/31/12 before the market open.

KFT reports earnings on 8/2/12 before the market open.
PG reports earnings on 8/2/12 before the market open.

Finance ministers from eurozone countries are starting a two-day meeting today to try to work out details about how money from the European Stability Mechanism can be used to bail out troubled banks in struggling eurozone nations.

China’s consumer price index rose at a modest 2.2% annual rate in June. The lower inflation rate serves as yet another signal of a global slowdown.

European stocks are down in midday trading and Asian markets ended lower.

The Federal Reserve will release data on consumer credit for May at 3 p.m. ET. Analysts expect consumer credit to have expanded by $9.5 billion for the month, after growing by $6.5 billion in April.

Alcoa is expected to report earnings of 5 to 6 cents a share, down from 32 cents a year earlier, on $5.8 billion in revenue after the close today.

Earnings Reports

Earnings reports: AA-Alcoa (Consensus $0.06), PSMT-Pricesmart (0.59), WDFC-WD-40 (0.61).

Financial Calendar

0100 ET Fed’s Evans speaks in Thailand.

1100 ET USDA weekly grain export inspections.

1130 ET Weekly 3-mo and 6-mo T-bill auctions.

1155 ET Fed’s Williams speaks in Idaho.

1500 ET May consumer credit expected +$8.5 bln, Apr +$6.515 bln.

1600 ET USDA Crop Progress

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