The earnings parade rolls on Wednesday, with two more components of the Dow Jones Industrial Average on tap to report quarterly results before the start of trading. Boeing ( BA) and Pfizer ( PFE) will become the latest two members of the blue-chip average to report second-quarter results, joining a list that already includes Caterpillar ( CAT), Bank of America ( BAC) and 10 other components. Boeing is expected to report a second-quarter profit of $1.21 a share on revenue of $17.15 billion, according to a Thomson Reuters poll of analysts. Boeing has promised to update financial guidance when it announces earnings, and to provide a new 787 jetliner development schedule "in several weeks."
Pfizer, meanwhile, is expected to record a second-quarter profit of 47 cents a share on sales of $11.27 billion. Pfizer shares were among the best performers of the Dow Tuesday, rising roughly 3%. In addition, Wells Fargo ( WFC), Morgan Stanley ( MS), Delta Air Lines ( DAL), Altria ( MO), Eli Lilly ( LLY) and SunTrust Banks ( STI) are among non-Dow members set to report earnings early Wednesday. After the trading session ends, eBay ( EBAY), E*Trade Financial ( ETFC), Qualcomm ( QCOM), SanDisk ( SNDK) and Chipotle Mexican Grill ( CMG), in addition to several other companies, will post quarterly reports. Away from earnings Federal Reserve Chairman Ben Bernanke on Wednesday will make a second trip to Capitol Hill in as many days, this time to deliver his semi-annual report on monetary policy to the Senate's Committee on Banking, Housing, and Urban Affairs. On Tuesday, Bernanke told the House Committee on Financial Services that the U.S. economy has shown tentative signs of stabilization and that the central bank has a plan of action for monetary policy once the economy recovers. However, Bernanke said the labor market continues to weaken, financial conditions remain "stressed," and many households and businesses "are finding credit difficult to obtain."