The economic calendar is fairly light:
• Tuesday’s CPI is estimated at 0.5%, 0.2% ex food and energy.
• Wednesday’s Housing Starts are expected to come in at a 1.475 million rate.
• Industrial Production, also on Wednesday, is expected to rise 0.2%.
Earnings season is winding down but there are still a few important reports due:
• Applied Materials (NASDAQ:AMAT) reports on Tuesday and is expected to earn $0.28 on $2.35 billion in sales. I’m stocked up on tequila.
• BEA Systems (BEAS) reports on Wednesday but has already preannounced. Their guidance for next quarter needs to beat the estimate of $0.14, but investors will probably be disappointed by anything short of a buyout.
• Hewlett Packard (NYSE:HPQ) also reports on Wednesday, and preannounced in the other direction. Guidance for next quarter is as close to a lay-up to exceed current estimates (sequential decline and year/year deceleration) as one can typically find.
• Intuit (NASDAQ:INTU) reports on Thursday. Both earnings and guidance are anyone’s guess, but the long and short of it is that we expect tax refunds will be put to work.
Disclosure: At time of publication author is long Intuit (INTU) call options.