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By Charles Rotblut

Ciena (NYSE:CIEN) is the only S&P 500 member reporting this week. Forecasts call for the company to have lost 15 cents per share last quarter.

Joining CIEN will be 73 other companies.

The light earnings calendar will make way for a fairly packed economic schedule. We'll get the latest ISM surveys, more housing data and May employment numbers.

  • Monday: May ISM manufacturing survey, April construction spending, April personal income and spending
  • Tuesday: April pending home sales, May auto sales
  • Wednesday: ISM services index, May ADP employment survey, April factory orders, weekly crude inventories
  • Thursday: Revised Q1 productivity, weekly initial jobless claims
  • Friday: May unemployment and nonfarm payrolls, April consumer credit

Fed Chairman Ben Bernanke will testify before the House Budget Committee on Wednesday morning. On Thursday, he'll give the welcoming remarks to a Journal on Money, Credit, and Banking Conference.

According to Bloomberg, New York Fed President William Dudley will speak to a SIFMA conference on Thursday.

General Motors (NYSE:GM) will file for bankruptcy. The process appears to be going smoothly overall, but a deal is never done until it's done.

Volume has been light and I don't see a reason for this week to be any different. Keep an eye on both bond and commodity prices.

Companies That Could Issue Positive Earnings Surprises

Shanda Interactive (NASDAQ:SNDA) beat forecasts by an average margin of 8 cents per share during the past 4 quarters. A recent revision by 1 of the covering analysts nudged the consensus earnings estimate a penny higher to 72 cents per share. The most accurate estimate is slightly more bullish at 73 cents per share. The Chinese gaming company has been a strong performer this year, so SNDA will need to deliver good results. Shanda Interactive is scheduled to report on Wednesday, Jun 3, after the close of trading.

Companies That Could Issue Negative Earnings Surprises

Layne Christensen (NASDAQ:LAYN) has disappointed investors for 2 consecutive quarters. One of the 8 covering analysts recently cut his fiscal first-quarter profit forecast, causing the consensus estimate to fall a penny to 17 cents per share. Layne Christensen is scheduled to report on Tuesday, Jun 2, before the start of trading.

Source: Earnings Preview: 2 Companies That Could Surprise