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By David Gibbs

Earnings Expectations (High/Mean/Low): $0.51 / $0.489 / $0.47

Expectations for shares of Nasdaq OMX Group Inc. (NASDAQ: NDAQ) will be somewhat muted prior to the company’s Q2 earnings release this Tuesday before the bell. The Street is expecting the exchange to report quarterly EPS of $0.489, just one cent above the company’s 2Q09 number. Revenue is expected to remain flat YOY.

Expectations run far higher for other exchange stocks, like CME Group (NASDAQ: CME), which also reports Tuesday morning. CME, the world’s biggest futures exchange operator, has already said that the second quarter was its second-busiest ever in terms of daily trading activity thanks to an all-time record in May, likely helped by the historic May 6 crash and resulting market volatility.

No such statements out of the Nasdaq camp, but that doesn’t mean that shares aren’t interesting at current levels. Shares have plunged as much as 26% over the past few months as typically light summer trading seems to get even lighter with each passing day. But, as with all good things, all cycles must come to an end, making shares of NDAQ a potentially decent contrarian bet. Once labor day is in the rearview mirror and Street participants stop taking long weekends in the Hamptons and start getting back to business, volume is sure to rise. This may yield a similar result in shares of NDAQ. If they can beat on the numbers and issue solid guidance, look for shares to push towards $20 and keep a tight stop.

NDAQ has beaten estimates in eight of its last eleven reports, albeit often by only a small margin.

Disclosure: No holdings in NDAQ.

Source: Low Expectations for Nasdaq OMX's Q2 Report Tuesday