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Market Preview: iPad Mini Could Be Big Deal

Meantime, earnings season continues to ramp up. Netflix (NFLX - Get Report) is reporting its third-quarter results after the closing bell and the average estimate of analysts polled by Thomson Reuters is for a profit of 4 cents a share on revenue of $904.9 million.

It's been another volatile year for Netflix as the company continues to concentrate on building out its streaming subscriber base and expanding across the globe. The stock has lost a little more than 2% so far in 2012, ranging between a 52-week high of $133.52 on Feb. 7 and a low for the year of $52.81 on Aug. 3.

The sell side remains very skeptical about Reed Hastings & Co. with 28 of the 35 analysts covering the stock at either hold (20), underperform (6) or sell (2); although the median 12-month price target of $71 implies potential upside of 4.6% from Tuesday's regular session close at $67.88.

S&P Capital IQ cut its price target on Netflix by $15 to $80 last week, in part because of "perceived risks of higher content costs and international expansion," and lowered its earnings per share estimates for both 2012 and 2013 to 2 cents a share and $1.02 a share respectively. The firm, which has a buy rating on the stock, is expecting the company to continue to broaden its horizons.

"On a positive note, after recent milestone at 1M subscribers in the U.K. and Ireland, we see NFLX priming for Q4 int'l launch in 4 Nordic countries," the firm said. "While domestic streaming growth should provide key headline for Q3 report, we surmise potential subscriber dislocation on record Olympics ratings could pose swing factor for '12 targeted 7M net adds."

Check out TheStreet's quote page for Netflix for year-to-date share performance, analyst ratings, earnings estimates and much more.

The other big reports on Tuesday morning are Dow components du Pont (DD), 3M (MMM), and United Technologies (UTX - Get Report). Wall Street is expecting earnings of 46 cents a share from du Pont, while the consensus view sits at $1.18 a share for United Technologies. For 3M, the average analysts' estimate is for earnings of $1.65 a share in the third quarter.

Also slated to disclose their quarterly results before the open are Airgas (ARG), AK Steel (AKS), ARM Holdings (ARMH), Celanese (CE), Coach (COH), Harley-Davidson (HOG), Illinois Tool Works (ITW), Lexmark (LXK), Regions Financial (RF), Ryder System (R), Sonic Automotive (SONC), United Parcel Service (UPS), Waters Corp. (WAT), Whirlpool (WHR), and Xerox (XRX).
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