NEW YORK (
) -- Earnings season continues Wednesday with media giant
and wireless shop
front and center.
was in the news Tuesday when it announced in a regulatory filing that it had bought back
5% stake in
for $283 million. Analysts, on average, expect Time Warner to post earnings of 37 cents a share on revenue of $6.97 billion, according to Thomson Reuters.
also made headlines ahead of its earnings report when it announced Tuesday it would buy the remaining stake in
for a deal with a total value of $483 million. Wall Street is anticipating that Sprint will post a loss of 2 cents a share on $8.12 billion in revenue.
Wednesday morning's earnings slate also will include reports from
will headline the earnings reports after Wednesday's close. Late Monday, Visa said that John (Hans) Morris, will step down from this position of president and that it will consolidate global sales, client service, product development and innovation functions under the leadership of Chief Operating Officer John Partridge.
Additionally, company Chairman and CEO Joe Saunders said that
will "continue to meet or exceed all our current financial guidance." Analysts expect the company to report earnings of 64 cents a share on revenue of $1.63 billion, according to Thomson Reuters.
In addition to Visa,
will report late Wednesday.
On the economic front, The
beige book report, which examines the conditions of the central bank's 12 districts, will make headlines after its 2 p.m. EDT release. Before the Fed's report, the Census Bureau will release the June read on durable goods orders at 8:30 a.m. EDT. Economists anticipate a decline of 0.5% after a 1.8% rise in May. Excluding transportation, June orders should rise 0.1%, down from a 1.1% climb the month before.
Additionally, Wednesday will bring a $39 billion auction of 5-year Treasury notes. Wednesday's auction is the sixth of seven total Treasury auctions this week, with a $28 billion auction of 7-year notes still to come on Thursday.
Monday saw three separate auctions, kicking off a record week for government offerings. The $6 billion auction of 20-year TIPS, the $32 billion auction of 3-month bills, and the $31 billion auction of 6-month bills, forced long-term U.S. Treasury prices to drop. Tuesday saw $27 billion of 1-year bills and $42 billion of 2-year notes auctioned, reversing some of that pressure.
Reported by Robert Holmes in New York