Yum! Brands: Tomorrow's Headliners

NEW YORK (TheStreet) -- Tuesday's session will likely be a quiet one with little scheduled in the way of corporate earnings and a lack of any economic data.

Pepsi Bottling Group (PBG Quote) is one of few companies scheduled to report its results before the start of trading Tuesday. Analysts expect the company to notch a profit of $1.05 a share on revenue of $3.73 billion, according to Thomson Reuters.

On Monday, PepsiCo (PEP Quote) said it will consolidate operations for Pepsi Bottling Group and PepsiAmericas (PAS Quote) after mergers with the two entities are completed. PepsiCo said the new entity will make up some three-quarters of PepsiCo's North American bottling volume.

After Tuesday's closing bell, Yum! Brands (YUM Quote) will release its own quarterly report. The company, which operates fast-food chains like KFC and Taco Bell, is expected to report a profit of 58 cents a share on sales of $2.79 billion, according a Thomson Reuters poll of analysts.

The earnings schedule will pick up significantly after Tuesday. Alcoa's (AA Quote) earnings release after end of trading Wednesday marks the unofficial start of the third-quarter reporting season.

The economic docket is empty Tuesday, so instead traders will turn their attention to yet another Treasury auction as well as remarks from a Federal Reserve member.

The Treasury Department is set to auction $39 billion of three-year Treasury notes. Monday saw three separate auctions for 13-week bills, 26-week bills and 10-year TIPS.

Later Tuesday, Kansas City Fed President Thomas Hoenig will offer remarks at an economic forum in Denver with traders hoping for some hint of the Fed's future plans for monetary policy.

-- Written by Robert Holmes in New York.