Updated from 8:33 a.m. EDT(At 4:10 p.m. EDT)
Wednesday promises to be another busy day on the earnings front. The major quarterly reports due to drop before the start of trading will come from AT&T ( T), Boeing ( BA), Morgan Stanley ( MS), Wells Fargo ( WFC). These marquee reports (and many of the smaller ones) have to be digested quickly as heavyweights like Apple ( AAPL), eBay ( EBAY) and Qualcomm ( QCOM) will deliver their quarterly results after Wednesday's close. Aside from earnings, investors should keep an eye on General Electric's ( GE) annual shareholder meeting, which is set to convene in Orlando, Florida at 10 a.m. EDT. It's hard to imagine we'll see the same fireworks on display at Citigroup's ( C) meeting today, but it still may be worth watching. (At 7:32 a.m. EDT)
Merck ( MRK) reported first-quarter earnings of 74 cents a share, coming in 3 cents below the Thomson Reuters average estimate. Revenue fell from a year ago and came up short of estimates. Earnings guidance for the full year was in line with expectations, although the range of revenue guidance was below the Thomson Reuters forecast. Merck shares were losing nearly 3% in the premarket session. DuPont ( DD) beat first-quarter earnings estimates by 2 cents after it reported earnings of 54 cents a share. However, it too fell short of revenue estimates for the quarter. Shares were down about 3% in premarket trading. United Technologies ( UTX) reported earnings of 78 cents a share, in line with estimates, although revenue of $12.3 billion was short of the Thomson Reuters average estimate of $12.4 billion. Shares were trading higher, though, after United Technologies offered revenue guidance for full-year 2009 that was above consensus. It may have reported after Monday's closing bell, but IBM ( IBM) is playing a role in Tuesday's trading. The company exceeded Wall Street's forecast with earnings of $1.70 a share, although revenue was lighter than expected. The company also reaffirmed its 2009 guidance for earnings of at least $9.20 a share, compared with current forecasts of $9.03 a share. Still, shares were down 2.4% in the premarket session on the revenue miss.
Ahead of Tuesday's opening bell, there were a ton of earnings releases hitting the wires. Among them, Lockheed Martin ( LMT), Delta Air Lines ( DAL), Coach ( COH) and U.S. Bancorp ( USB) all exceeded earnings expectations with their reports, although Coach and U.S Bancorp were the only two to beat revenue targets.
"HSBC bank is not part of the test group, leading us to believe that the 'leak' is bogus," Whalen wrote in an email. "No foreign-owned banks are part of the test group. This is the type of error that would be made by a novice or someone unfamiliar with the process."