Tomorrow's Headliners: Apple, Yahoo!

Tuesday's trading session will be bookended by earnings reports from a wide variety of companies representing several different industries, although most attention will be paid to Apple ( AAPL) and Yahoo! ( YHOO), which both report late in the day.

Apple should post fiscal third-quarter earnings of $1.16 a share, according to Thomson Reuters, down from $1.19 a share in the year-ago quarter. In the past, the computer and iPhone maker has made a habit of blowing past previous guidance only to issued downside guidance for the current quarter.

In April, Apple beat the Thomson Reuters average estimate of $1.09 a share by 24 cents and topped revenue targets, although the company issued cautious guidance for the fiscal third quarter. At the time, Apple said it expected third-quarter earnings to fall in a range of 95 cents to $1 a share on revenue between $7.7 billion and $7.9 billion.

Elsewhere, Internet search giant Yahoo! is expected to report earnings of 8 cents a share on revenue of $1.14 billion, according to a Thomson Reuters poll of analysts.

Joining Apple and Yahoo! in reporting earnings after the close of trading Tuesday will be Starbucks ( SBUX), Advanced Micro Devices ( AMD), Sallie Mae ( SLM) and Gilead Sciences ( GILD), among others.

Investors won't have to wait until 4 p.m. EDT for all of the excitement, as there will be plenty of earnings to sift through before the start of trading. Five components of the Dow Jones Industrial Average are scheduled to report before the opening bell, with Caterpillar ( CAT) playing the role of most anticipated.

Caterpillar is expected to post earnings of 22 cents a share, down sharply from earnings of $1.74 a share during the same quarter a year ago. Caterpillar is also expected to say revenue fell 35% from a year ago to $8.86 billion, according to a Thomson Reuters survey of analysts.

On Monday, Bank of America-Merrill Lynch upgraded Caterpillar to buy and raised the stock price target to $45 from $36. The firm said the second quarter may be weaker than expected, but they argue the construction-equipment market has bottomed.

In addition to Caterpillar, Coca-Cola ( KO), DuPont ( DD), Merck ( MRK) and United Technologies ( UTX) will report results before the start of trading.

The morning won't be completely devoted to earnings from Dow components, as Regions Financial ( RF), Freeport-McMoRan ( FCX), Southwest Air ( LUV), Lockheed Martin ( LMT), UnitedHealth ( UNH) and State Street ( STT), among many others, also report.

Away from earnings, Federal Reserve Chairman Ben Bernanke will deliver his latest monetary policy report to the House Committee on Financial Services. He'll follow this appearance up Wednesday when he appears before the Senate's Committee on Banking, Housing, and Urban Affairs.

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