Earnings season is in full swing and we have a back-breaker of an earnings week ahead of us.  There are some 11 DJIA components reporting earnings and a whole slew of other major market-movers and sector-movers on deck as well.  We have compiled previews for the following: American Express Co. (NYSE: AXP); Amgen Inc. (NASDAQ: AMGN); McDonald’s Corp. (NYSE: MCD); VMware Inc. (NYSE: VMW); 3M Co. (NYSE: MMM); EMC Corp. (NYSE: EMC); Johnson & Johnson (NYSE: JNJ); Juniper Networks Inc. (NASDAQ: JNPR); Verizon Communications Inc. (NYSE: VZ); Yahoo! Inc. (NASDAQ: YHOO); Boeing Co. (NYSE: BA); ConocoPhillips (NYSE: COP); Netflix Inc. (NASDAQ: NFLX); QUALCOMM Inc. (NYSE: QCOM); Starbucks Corp. (NASDAQ: SBUX); United Technologies Corp. (NYSE: UTX); Altria Group Inc. (NYSE: MO); Amazon.com Inc. (NASDAQ: AMZN); AT&T Inc. (NYSE: T); Green Mountain Coffee Roasters Inc. (NASDAQ: GMCR); Microsoft Corp. (NASDAQ: MSFT); Potash Corp. of Saskatchewan (NYSE: POT); Procter & Gamble Co. (NYSE: PG); and finally SanDisk Corporation (NASDAQ: SNDK).

MONDAY JAN 24, 2011

American Express Co. (NYSE: AXP) is up as the king of credit cards and Thomson Reuters has estimates of $0.95 EPS and $7.33 billion in revenues. American Express  gave guidance that was deemed as a warning, so the rest of any commentary may be moot.  At $46.00, shares were just under $40.00 less than 90-days ago and the 52-week range is $36.60 to $49.19. One thing to consider: that guidance may have set expectations very low.

Amgen Inc. (NASDAQ: AMGN) is up as the largest independent biotech and Thomson Reuters has estimates of $1.10 EPS and $3.8 billion in revenues; for the next quarter estimates are $1.31 EPS and $3.67 billion in revenues. At $56.97 shares are actually down slightly from 90-days ago and we expect that analysts will have to chime in as it is getting closer to the higher part of a multi-year trading band.  Analysts still have a $65.59 target, but the 52-week range is $50.26 to $61.26.

McDonald’s Corp. (NYSE: MCD) is up as the king of fast food and Thomson Reuters has estimates of $1.15 EPS and $6.21 billion in revenues; for the next quarter estimates are $1.09 EPS and $5.87 billion in revenues.  McDonald’s peaked at $80.94 back on December 7, 2010 and shares are actually lower than they were just 90 days ago with a $75.01 close and the 52-week trading range is $62.39 to $80.94.  The ongoing concern here is always “How long can they keep growing those same-store sales like that?”  That being said, stay tuned.

VMware Inc. (NYSE: VMW) is up as the virtualization leader and Thomson Reuters has estimates of $0.44 EPS and $803.54 million in revenues; for the next quarter estimates are $0.41 EPS and $783.7 million in revenues.  AT $90.66, the 52-week range is $41.30 to $97.61.  The F5 Networks news took away some oomph from the stock here and this still trades at more than 50-times DEC-2011 fiscal earnings estimates.

TUESDAY JAN 25, 2011

3M Co. (NYSE: MMM) is due to show the conglomerate’s earnings and Thomson Reuters has estimates of $1.27 EPS and $6.62 billion in revenues; for the next quarter estimates are $1.43 EPS and $6.94 billion in revenues. With shares at $89.29, shares are flat from 90-days ago and $91.49 is the 52-week high.  As a reminder, there may be word on the dividend hike and on George Buckley’s future when earnings come out.  Big change could be on the way.

EMC Corp. (NYSE: EMC) will show how well the storage business is and how well it is expected to be ahead. Thomson Reuters has estimates of $0.41 EPS and $4.78 billion in revenues; for the next quarter estimates are $0.31 EPS and $4.37 billion in revenues.  With its grabbing-down approach into retail and smaller businesses, EMC is trying to open new growth avenues.  At $23.98, its 52-week range is $16.45 to $24.95 and shares were under $21 just 90 days ago.

Johnson & Johnson (NYSE: JNJ) will show just how well the healthcare and consumer products business held up in the wake of recalls.  Thomson Reuters has estimates of $1.03 EPS and $16.08 billion in revenues; for the next quarter estimates are $1.29 EPS and $15.86 billion in revenues.  At $62.66, J&J is stuck in a tight 52-week range of $56.86 to $66.20 and its stock is basically flat over the last 90-day period.

Juniper Networks Inc. (NASDAQ: JNPR) will be yet another one to watch after F5 Networks as investors will try to glimmer more insight into whether Cisco Systems was right about its stumbling predictions last quarter. Thomson Reuters has estimates of $0.37 EPS and $1.12 billion in revenues; for the next quarter estimates are $0.34 EPS and $1.09 billion in revenues. At $34.87, its 52-week range is $22.25 to $38.73 and shares were at $30.54 about 90 days ago.

Verizon Communications Inc. (NYSE: VZ) will not have an iPhone formal numbers because that is still about to occur. Thomson Reuters has estimates of $0.55 EPS and $26.47 billion in revenues; for the next quarter estimates are $0.52 EPS and $26.59 billion in revenues.  The coming iPhone hype has Verizon shares up about 7% over the last 90-day period and shares are at $34.95 against a 52-week high of $37.70.  It was just on Friday that Verizon changed to a new policy method of accounting for pensions and other post-employment benefits that recognizes gains and losses in the year they are incurred rather than amortizing them over time.  The company already telegraphed that this would create some changes, so there could be some slight discrepancies on estimates as analysts are slow to adapt.  Analysts will try to use Verizon for insight into AT&T, which is due to report later in the week.

Yahoo! Inc. (NASDAQ: YHOO) has been stuck and the turnaround continues.  Thomson Reuters has estimates of $0.22 EPS and $1.19 billion in revenues; for the next quarter estimates are $0.18 EPS and $1.13 billion in revenues. At $15.97, its 52-week trading range is $12.94 to $19.12 and shares were at $15.14 about 90 days ago.

WEDNESDAY JAN 26, 2011

Boeing Co. (NYSE: BA) is due to report its aerospace and defense earnings. Thomson Reuters has estimates of $1.11 EPS and $16.97 billion in revenues; for the next quarter estimates are $1.00 EPS and $15.98 billion in revenues.  After delay and delay on the 787 Dreamliner, we wonder how long management can stay on here before a shareholder revolt and we cannot help but wonder just how big the real demand is going to be for the giant planes.  At $71.68, shares are still up about 2% in the last quarter and the 52-week high is $76.00.

ConocoPhillips (NYSE: COP) will show how well it is continuing to improve in its integrated oil operations. Thomson Reuters has estimates of $1.31 EPS and $46.09 billion in revenues; for the next quarter estimates are $1.55 EPS and $49.82 billion in revenues.  Buffett’s big oil pick is at $67.66 and that is up about 10% in the last 90-day period.

Netflix Inc. (NASDAQ: NFLX) is likely to be a wild ride after earnings because of the hi-beta nature and because of its valuation and trader momentum. Thomson Reuters has estimates of $0.71 EPS and $597.23 million in revenues; for the next quarter estimates are $0.88 EPS and $670.98 million in revenues.  At $182.09, shares were at $194.84 just on January 18 and hit a high of $209.24 on December 1.  This was just about $150.00 about 90-days ago.  There could likely be a huge move here up or down based upon its outlook.

QUALCOMM Inc. (NYSE: QCOM) is suddenly back in favor as it is a winner in the smartphone wars.  Thomson Reuters has estimates of $0.72 EPS and $3.2 billion in revenues; for the next quarter estimates are $0.68 EPS and $3.12 billion in revenues.  At $51.24, shares were at $44.04 just 90 days ago.

Starbucks Corp. (NASDAQ: SBUX) keeps chugging along, valuations be damned. Thomson Reuters has estimates of $0.39 EPS and $2.93 billion in revenues; for the next quarter estimates are $0.35 EPS and $2.71 billion in revenues.  At $33.20, shares just hit a 52-week high of $33.72 on Friday and shares were at $26.97 just 90 days ago.  This one has risen well above most entry point bands for investors, bu the consensus price target is now above $35.70.

United Technologies Corp. (NYSE: UTX) will show whether its all-time highs are worthy or not.  Thomson Reuters has estimates of $1.29 EPS and $14.75 billion in revenues; for the next quarter estimates are $1.10 EPS and $12.86 billion in revenues. United Tech just hit a new all-time high yet again of $80.50 on Friday and closed at $80.20, and the 52-week trading range is $62.88 to $80.50.  Shares were just under $75.00 about 90 days ago.

THURSDAY JAN 27, 2011

Altria Group Inc. (NYSE: MO) will show the picture on domestic tobacco use and how profitable it still is selling addictive products that kill people.  Thomson Reuters has estimates of $0.44 EPS and $4.27 billion in revenues; for the next quarter estimates are $0.44 EPS and $3.99 billion in revenues.  At $24.09, the 52-week range is $19.14 to $26.22.  Shares are down over 2% from the start of 2011 and down about 1% from 90 days ago despite having made a monster run up from the summer.

Amazon.com Inc. (NASDAQ: AMZN) is another one that everyone from investors to traders will be watching because of its fresh all-time highs in the stock last week and because of valuations at the king of online retailing.  Thomson Reuters has estimates of $0.88 EPS and $12.98 billion in revenues; for the next quarter estimates are $0.76 EPS and $9.3 billion in revenues.   At $177.42, shares recently peaked out at $191.60 before everyone saw the writing on the wall elsewhere at other hi-beta and high-flying tech stocks.  The 52-week trading range is $105.80 to $191.60 and it is going to take much more than the Kindle to justify a 52-times earnings multiple for its DEC-2011 consensus estimates.

AT&T Inc. (NYSE: T) will show how much it thinks it can hold on to after Verizon gets its own iPhone. Thomson Reuters has estimates of $0.55 EPS and $31.46 billion in revenues; for the next quarter estimates are $0.62 EPS and $31.27 billion in revenues. AT $28.33, the 52-week range is $23.78 to $30.10.  As Verizon is on deck first, we’ll have much data about possible iPhone defections and more.

Green Mountain Coffee Roasters Inc. (NASDAQ: GMCR) has yet another post-blowup report due and it is amazing that the company escaped its recent woes mostly unscathed. Thomson Reuters has estimates of $0.16 EPS and $543.71 million in revenues; for the next quarter estimates are $0.33 EPS and $525.93 million in revenues.  The coffee roasting giant closed at $34.47 and the 52-week range is $21.83 to $38.86.  On a fiscal-earnings multiple basis, Green Mountain trades at almost 30-times SEPT-2011 consensus estimates and 21-times SEPT-2012 consensus estimates.

Microsoft Corp. (NASDAQ: MSFT) will show how well the Windows business was helped on the top-line by the Kinect for Xbox.  Thomson Reuters has estimates of $0.68 EPS and $19.14 billion in revenues; for the next quarter estimates are $0.56 EPS and $16.04 billion in revenues. As the tablet world and smartphone world is getting by without Microsoft, the big focus will be on software bundles for PCs but also the real pop that may boost the top-line could from Kinect in the Xbox. At $28.02, shares are up about 10% in the last quarter and the 52-week range is $22.73 to $31.58.

Potash Corp. of Saskatchewan Inc. (NYSE: POT) may feel like a shoe-in for good earnings as other potash and fertilizer giants have reported strong earnings.  That also sets the bar high considering that analyst after analyst has raised the price target. Thomson Reuters has estimates of $1.66 EPS and $1.62 billion in revenues; for the next quarter estimates are $2.22 EPS and $1.96 billion in revenues.  At $164.25, the 52-week range is $83.85 to $174.31 and the consensus analyst price target is still listed as almost $169.50.

Procter & Gamble Co. (NYSE: PG) saw shares of the consumer products behemoth hit a 52-week high of $65.95 on Friday. Thomson Reuters has estimates of $1.10 EPS and $21.58 billion in revenues; for the next quarter estimates are $0.99 EPS and $20.13 billion in revenues.  The largest of the large consumer products giants closed at $65.91 on Friday and the 52-week range is $39.37 (not a real low due to flash crash) to $65.95.  Shares are up close to 5% in the last quarter.

SanDisk Corporation (NASDAQ: SNDK) is the last one we are featuring for the week. Thomson Reuters has estimates for the independent leader in flash memory of $1.08 EPS and $1.3 billion in revenues; for the next quarter estimates are $0.83 EPS and $1.14 billion in revenues.  At $49.97, the 52-week trading range is $24.90 to $53.61. Shares were well under $40.00 if you go back 90 days.

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JON C. OGG

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