NEW YORK ( TheStreet) -- Investors will have a jumble of quarterly earnings reports -- featuring high profile techs and financials -- to sift through in the coming week. Much of the enthusiasm surrounding better-than-expected earnings appeared to fade by Friday, but George Feiger, chief executive of Contango Capital Advisors, said the more interesting story is what financial sector results suggest about loan losses. "If you look at financials, you can see that loan losses have turned a corner. They've peaked and are turning around, so that's good news for the recovery," he said. "Everything else is consistent with an economy that's growing slowly -- and likely slower in the second quarter than in the first because the stimulus has already been spent." Goldman Sachs ( GS), coming off its $550 million settlement with the Securities and Exchange Commission in a fraud settlement related to subprime mortgages, is expected to deliver earnings of $2.07 a share on Tuesday; Wells Fargo ( WFC) is estimated to post earnings of 48 cents a share on Wednesday, and American Express ( AXP) is expected to show a profit of 77 cents a share on Thursday -- the same day that Capital One Financial Group ( COF) is expected to report EPS of 85 cents. IBM ( IBM) and Texas Instruments ( TXN), which are set to report late Monday; Apple ( AAPL) and Yahoo! ( YHOO), issuing results late Tuesday; eBay ( EBAY), releasing earnings late Wednesday, and Amazon.com ( AMZN) and Microsoft ( MSFT) late Thursday. > > Bull or Bear? Vote in Our Poll Analysts are expecting a profit of $2.58 a share from IBM, earnings of $3.09 a share from Apple, and a quarterly gain of 46 cents a share from Microsoft, according to Briefing.com. Amazon and eBay are slated to report profits of 55 cents and 39 cents a share, respectively. Next week's macroeconomic releases focus almost exclusively on the housing market. "Virtually all the housing market indicators come out next week and these will all be quite weak now that the homebuyer tax credit has expired," said Bill Hampel, chief economist at the Credit Union National Association. "Since everyone is expecting them to be weak, they're unlikely to move markets unless the number comes in much weaker or stronger than estimates." The National Association of Home Builders issues its July housing market index on Monday, which Hampel expects to remain stable with June's level of 17. On Tuesday, the Department of Commerce reports on June building permits and housing starts. The market expects building permits to rise to 575,000, after coming in at 574,000 in May, according to Briefing.com. Housing starts, meanwhile, are projected to fall on the month, to 570,000 from 593,000 previously.
Wednesday and Thursday bring the usual weekly oil inventory and initial unemployment claims releases, in addition to testimony from Federal Reserve Chairman Ben Bernanke on monetary policy. Bernanke will deliver his semiannual report to the Senate Committee on Banking, Housing and Urban Affairs on Wednesday morning and to the House Committee on Financial Services on Thursday morning. Also on Thursday, the market gets the latest data on existing-home sales from the National Association of Realtors. Economists are forecasting 5.04 million sales of already-constructed homes and condos in June, representing a decline from May's level of 5.66 million. Hampel said that because existing sales are counted after the loan closes, there could be some leftovers from the tax credit push. He's anticipating sales of roughly 5.4 million. Thursday also brings the Federal Housing Finance Agency house price index for May. "Home prices have been leveling off lately and are likely close to bottoming out. I think we're sort of in the middle of a long bottoming of home prices. They could start to strengthen a little by the end of the year and into the next year, but won't be much better than inflation for a while," Hampel said. "We still have a very weak housing market. There may be some buildup of 'tailbreezes' because it's very cheap to get a mortgage right now, and improvements in the labor market will help housing, but we still have a fairly large supply of housing, which will keep prices low. Plus, people are still nervous. They're not completely sure that housing prices have bottomed," he said, adding, "We're not going to see a strong turnaround in the housing market for years to come." The week's releases wrap up with the Conference Board's June leading indicators report on Thursday. Wall Street is projecting a decline of 0.4%.
In other earnings in the coming week, UnitedHealth Group ( UNH) offers a closer look at the health care sector Tuesday when it's expected to post a profit of 75 cents a share on Tuesday. Construction, mining and agricultural industries will come into focus when Caterpillar reports on Thursday. Analysts are forecasting earnings of 84 cents a share. Meanwhile, Delta Air Lines ( DAL) and US Airways Group ( LCC) are expected to report gains of 63 cents and $1.18 a share, respectively, on Monday and Wednesday. When U.S. economic bellwether UPS ( UPS) delivers its second-quarter report on Thursday, analysts will be looking for a profit of 76 cents a share. The consumer sector grabs the spotlight on Wednesday, with Coca-Cola ( KO) and Starbucks ( SBUX) results, and again on Friday, with reports from McDonald's ( MCD) and Kimberly-Clark ( KMB). Coca-Cola and Starbucks are expected to show earnings of $1.03 and 29 cents a share, respectively, and McDonald's and Kimberly-Clark are projected to come in at $1.14 and $1.12 a share, respectively. -- Written by Melinda Peer in New York.