Yesterday's big newsmaker, Nortel Networks (NT) , is back in the headlines once again. Today, the world's No. 2 networking equipment supplier will hook investors up with its second-quarter earnings report.

Monday morning,

The Wall Street Journal

reported that Nortel is in talks to sell its optical-parts unit to

Corning

(GLW) - Get Report

, in a deal that could be valued at over $100 billion. Additionally yesterday, Nortel said it plans to spend $1.9 billion to more than double its fiber-optic manufacturing capacity over the next 18 months to meet customer demand.

Also in the earnings hot seat today is

BMC Software

(BMCS)

. Things don't look so cushy for the software company: Just a few weeks ago, BMC warned investors that its first-quarter profit would fall well behind analyst expectations because of weakness in its mainframe business.

Expected Earnings Reports

This table includes S&P 500 companies only. Dates are as expected according to First Call/Thomson Financial, and may change. The full week's earnings calendar is published separately.

Economic Data

(

Forecasts are from

Reuters

. Times are Eastern. For a longer-term economic calendar and more, see

TSC's

Economic Databank.

)

  • 9 a.m.: BTM Weekly U.S. Retail Chain Store Index for the week ended Saturday. Source: Bank of Tokyo-Mitsubishi. Forecast: N/A. Previous: -0.6%.
  • 10 a.m.: Consumer Confidence Index for July. Source: Conference Board . Forecast: 139.3. Previous: 138.8.
  • 10 a.m.: Existing Home Sales for June. Source: National Association of Realtors. Forecast: 5.02 million. Previous: 5.09 million.
  • 10:30 a.m.: Redbook Retail Average for the month through Saturday, vs. June. Source: LJR Redbook. Forecast: N/A. Previous: +1.2%.

IPO Lockups Expiring

(TheStreet.com's

Ben Holmes, who heads

TSC's

ipoPros.com subsidiary, keeps a close eye on lockup expirations every week. For more on lockups and why they matter, check out Holmes' primer on the subject. The full current lockup list is published separately.

)

Speeches and Testimony

  • Federal Reserve Chairman Alan Greenspan repeats last week's testimony before the Senate Banking Committee on the economy and monetary policy, an appearance formerly known as Humphrey-Hawkins, for the House Banking Committee.