NEW YORK ( TheStreet ) -- First-quarter earnings season shifts into a higher gear this week. Today I profile six companies that report quarterly results tomorrow, three premarket and three after the close.Three of the stocks are components of the Dow Jones Industrial Average, which set new all-time closing and intraday highs last Thursday at 14,865.14 and 14,887.51. This week's risky level is 14,993.
I will continue to handicap earnings tomorrow and again on Wednesday to cover a total of 19 companies that investors should focus on both before and after they report quarterly results. At www.ValuEngine.com, we show that 58.6% of all stocks are overvalued and that 15 of 16 sectors are overvalued, 11 by double-digit percentages. Given this fundamental setup, stocks that miss earnings estimates or offer cautious guidance are at risk of being taken behind to the woodshed for a share price cut.
Last Thursday, we learned that the four-week moving average for initial jobless claims remains greater than the recessionary threshold of 350,000. On Friday the stock market took in stride data showing that retail sales fell 0.4% in March with PPI down 0.6%. There was also a surprise decline in Michigan consumer sentiment to a reading of 72.3 for April when 78.5 was expected. This index remains less than the neutral 90-to-110 range.