Earnings, Housing Data Deluge in Coming Week

NEW YORK (TheStreet) -- Investors will have a jumble of quarterly earnings reports -- featuring high profile techs and financials -- to sift through in the coming week.

Much of the enthusiasm surrounding better-than-expected earnings appeared to fade by Friday, but George Feiger, chief executive of Contango Capital Advisors, said the more interesting story is what financial sector results suggest about loan losses.

"If you look at financials, you can see that loan losses have turned a corner. They've peaked and are turning around, so that's good news for the recovery," he said. "Everything else is consistent with an economy that's growing slowly -- and likely slower in the second quarter than in the first because the stimulus has already been spent."

Goldman Sachs (GS), coming off its $550 million settlement with the Securities and Exchange Commission in a fraud settlement related to subprime mortgages, is expected to deliver earnings of $2.07 a share on Tuesday; Wells Fargo (WFC) is estimated to post earnings of 48 cents a share on Wednesday, and American Express (AXP) is expected to show a profit of 77 cents a share on Thursday -- the same day that Capital One Financial Group (COF) is expected to report EPS of 85 cents.

IBM (IBM) and Texas Instruments (TXN), which are set to report late Monday; Apple (AAPL) and Yahoo! (YHOO), issuing results late Tuesday; eBay (EBAY), releasing earnings late Wednesday, and Amazon.com (AMZN) and Microsoft (MSFT) late Thursday.

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Analysts are expecting a profit of $2.58 a share from IBM, earnings of $3.09 a share from Apple, and a quarterly gain of 46 cents a share from Microsoft, according to Briefing.com. Amazon and eBay are slated to report profits of 55 cents and 39 cents a share, respectively.

Next week's macroeconomic releases focus almost exclusively on the housing market.

"Virtually all the housing market indicators come out next week and these will all be quite weak now that the homebuyer tax credit has expired," said Bill Hampel, chief economist at the Credit Union National Association. "Since everyone is expecting them to be weak, they're unlikely to move markets unless the number comes in much weaker or stronger than estimates."

The National Association of Home Builders issues its July housing market index on Monday, which Hampel expects to remain stable with June's level of 17. On Tuesday, the Department of Commerce reports on June building permits and housing starts. The market expects building permits to rise to 575,000, after coming in at 574,000 in May, according to Briefing.com. Housing starts, meanwhile, are projected to fall on the month, to 570,000 from 593,000 previously.

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