Tomorrow's Headliners: Time Warner, Sprint, Visa

Wednesday's session centers again on earnings, in particular Time Warner and Sprint Nextel.
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NEW YORK (

TheStreet

) -- Earnings season continues Wednesday with media giant

Time Warner

(TWX)

and wireless shop

Sprint Nextel

(S) - Get Report

front and center.

Time Warner

was in the news Tuesday when it announced in a regulatory filing that it had bought back

Google's

(GOOG) - Get Report

5% stake in

AOL

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.

Sprint

also made headlines ahead of its earnings report when it announced Tuesday it would buy the remaining stake in

Virgin Mobile

(VM)

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

ConocoPhillips

(COP) - Get Report

,

General Dynamics

(GD) - Get Report

,

Martha Stewart

(MSO)

and

WellPoint

(WLP)

.

Visa

(V) - Get Report

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

Visa

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,

Tesoro

(TSO)

,

Hartford Financial

(HIG) - Get Report

,

Flextronics

(FLEX) - Get Report

and

Express Scripts

(ESRX)

will report late Wednesday.

On the economic front, The

Federal Reserve's

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

.