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Market Preview: A Cautious Advance

Disney is reporting its fiscal third-quarter results and the average analysts' view is for earnings of 93 cents a share on revenue of $11.30 billion. One of the best blue chips in 2012, Disney shares have jumped more than 30% since the start of the year with the company delivering a 5% beat in its fiscal second quarter because of the success of The Avengers and the strength of the parks and resorts business, which saw year-over-year jumps of 10% in revenue and 53% in segment operating income.

Other companies reporting before the bell include Amedisys (AMED), Bridgepoint Education (BPI), Cablevision (CVC), Church & Dwight (CHD), CVS Corp. (CVS), EDGAR Online (EDGR), FirstEnergy (FE), Fossil (FOSL), Hecla Mining (HL), Intercontinental Hotels Group (IHG), Lifetime Brands (LCUT), Marsh & Mclennan (MMC), MGM Resorts International (MGM), Molson Coors Brewing (TAP), Office Depot (ODP), Pantry (PTRY), PG&E Corp. (PGE), Spectrum Brands (SPB) and Tenet Healthcare (THC).

After the close, results from A123 Systems (AONE), Buckeye Technologies (BKI), Chiquita Brands International (CQB), Coca-Cola Bottling (COKE), Cree (CREE), Demand Media (DMD), Jazz Pharmaceuticals (JAZZ), Jive Software (JIVE), Learning Tree International (LTRE), Maiden Holdings (MHLD), Rackspace Hosting (RAX), Red Lion Hotels (RLH), Sonus Networks (SONS), Vitesse Semiconductor (VTSS) and Zillow (Z) are slated to hit the tape.

The economic calendar features is barren except for consumer credit for June, due at 3 p.m. ET. The consensus view, according to Briefing.com, is for a $10 billion increase on the heels of May's surprising $17.1 billion jump.

And finally, shares of Dow components Johnson & Johnson (JNJ) and Pfizer (PFE) were coming under some selling pressure following news of the discontinuation of development of bapineuzumab intravenous, a proposed treatment for mild-to-moderate Alzheimer's disease, after a disappointing phase III trial.

The two companies were partners on the drug's development as was Elan (ELN), which has a 49.9% interest in Janssen AI, the J&J unit that was working with Pfizer on the drug. Elan shares were falling more than 8% in late trades to $10.30 on volume of close to 700,000.

Elan said it expects to record a non-cash impairment charge of $117.3 million in the third quarter to write down the entire value of its Janssen AI investment.

Pfizer shares were last quoted at $23.80, down 1.9%, on volume of nearly 200,000, according to Nasdaq.com, while J&J's stock was sliding less than 1% at $63.80 on volume of more than 125,000.

Leap Wireless (LEAP) was also a big mover to the downside, tumbling more than 10% after the company reported a wider than anticipated loss in the second quarter.

The San Diego-based provider of wireless communications services posted a loss of $46 million, or 54 cents a share, on revenue of $786.8 million, missing the average estimate of analysts polled by Thomson Reuters for a loss of 50 cents a share on revenue of $836.3 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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