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Market Preview: Right Said Fed

Mastercard (MA - Get Report) also reports its numbers on Wednesday with Wall Street expecting a profit of $5.58 a share on revenue of $1.88 billion in the June quarter. Shares of the credit card giant have outperformed in 2012, rising more than 18%, and the company has typically kept up its end of that bargain, beating the consensus view in eight straight quarters with an average upside surprise of 7.4%.

Other companies slated to report before the bell include Allergan (AGN), Amerigroup (AGP), Automatic Data Processing (ADP), Avon Products (AVP), Burger King Worldwide (BKW), Comcast (CMCSA), Consolidated Graphics (CGX), Devon Energy (DVN), Dollar Thrifty Automotive (DTG), El Paso Electric (EE), Energizer Holdings (ENR), Exelon (EXC), Garmin Ltd. (GRMN), Harley Davidson (HOG), Hospira (HSP), IntercontinentialExchange (ICE), R.R. Donnelly (RRD), Radian Group (RDN), Republic Airways (RJET), Time Warner (TWX) and Vonage Holdings (VG).

Late reporters include Alamo Group (ALG), Amdocs (DOX), Avis Budget Group (CAR), Extreme Networks (EXTR), First Solar (FSLR), FormFactor (FORM), General Growth Properties (GGP), Georgia Gulf (GGC), Green Mountain Coffee Roasters (GMCR), Intrepid Potash (IPI), LeapFrog Enterprises (LF), Lincoln National (LNC), MetLife (MET), Onyx Pharmaceuticals (ONXX), Prudential (PRU), Smith Micro Software (SMSI), Transocean (RIG), Weight Watchers International (WTW) and Williams Cos. (WMB).

Wednesday's economic calendar is a busy one. In addition to the FOMC decision at 2:15 p.m. ET, there's the Mortgage Bankers Association's weekly application index at 7 a.m. ET; Automatic Data Processing's employment change report for July at 8:15 a.m. ET; the Institute for Supply Management's manufacturing index for July at 10 a.m. ET; construction spending for June at 10 a.m. ET; weekly crude inventories at 10:30 a.m. ET and auto and truck sales for July throughout the day.

And finally, True Religion Apparel (TRLG) was a big mover to the downside after the closing bell after the Vernon, Calif.-based company lowered its financial forecast for the full year. It now sees earnings of $1.80 to $1.86 a share on revenue ranging from $450 million to $455 million for fiscal 2012, below Wall Street's current consensus view for a profit of $1.97 a share on revenue of $467.8 million.

The stock was last quoted at $22.80, down 13.1%, on volume of less than 200,000, according to

Silicon Image (SIMG), on the other hand, was surging in the extended session, advancing nearly 24% to $4.85 on volume of more than 120,000. The company blew past expectations, posting earnings of 5 cents a share on revenue of $63.8 million vs. the consensus estimate for a profit of 2 cents a share on revenue of $59.9 million in the June quarter.

For the third quarter ending in September, Silicon Image forecast revenue of $73 million to $75 million vs. an estimate of $70.3 million.

-- Written by Michael Baron in New York.

>To contact the writer of this article, click here: Michael Baron.
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.
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