Jobs Report Woes to Linger in Coming Week
ING's Cote noted regarding Europe that, "What the global markets want to see is Europe getting its act in order and everyone marching in the same tune. That includes Greece. Greece has to march in line and do austerity."
On the economic front, the factory orders report is scheduled for Monday. March's factory orders fell 1.9%; Briefing.com anticipates that in April that orders will fall 0.3%.
Weekly initial jobless claims arrive on Thursday, and the current consensus is at 375,000, which would be a decline from 383,000 this past week. Also of note will be the Fed's Beige Book release on Wednesday.
In corporate news, Pep Boys (PBY) is scheduled to report first-quarter earnings on Wednesday. Analysts, on average, anticipate earnings of 14 cents a share on revenue of $538.4 million.The auto parts retailer was in the headlines this week following the termination of a merger agreement with buyout firm Gores Group. Also reporting quarterly results next week are Diamond Foods (DMND) and Lululemon (LULU). On average, analysts anticipate Diamond Foods to post earnings of 64 cents a share on revenue of $271.04 million. This is the company's first earnings report since its internal audit committee found in February that financial statements for fiscal years 2010 and 2011 need to be restated. Analysts expect Lululemon to deliver first-quarter earnings of 30 cents a share on revenue of $270.57 million. With reporting season essentially over though, Feir of Conifer Securities expects larger macro issues and speculation about Europe's fate to weigh more heavily than they otherwise would. "When earnings are coming out, then you have something to look at or have something to look forward to," Feir said. "When earnings are over, you run into a rumor-driven, European-driven market. With Greece in a quiet period before their election, there will be more rumors about who's winning the election." As far as technical levels to watch, Feir said he is keeping a close eye on the S&P 500 and whether it reaches 1280 and 1250 -- 1280 being the low in October 2011 and 1250 being the bottom in June 2011.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV