We have another very busy earnings week ahead for the second quarter reporting season.  Some are DJIA components and some are sector-movers or market-movers.  We are tracking earnings and giving previews for the following: Chimera Investment Corporation (NYSE: CIM), Humana Inc. (NYSE: HUM), Archer-Daniels-Midland Company (NYSE: ADM), Coach, Inc. (NYSE: COH), DryShips Inc. (NASDAQ: DRYS), Duke Energy Corporation (NYSE: DUK), OpenTable, Inc. (NASDAQ: OPEN), Pfizer, Inc. (NYSE: PFE), Sirius XM Radio Inc. (NASDAQ: SIRI), American Water Works Company, Inc. (NYSE: AWK), Clorox Company (NYSE: CLX), Comcast Corporation (NASDAQ: CMCSA), Dendreon Corporation (NASDAQ: DNDN), Garmin Ltd. (NASDAQ: GRMN), MEMC Electronic Materials, Inc. (NYSE: WFR), Tesla Motors, Inc. (NASDAQ: TSLA),  Zipcar, Inc. (NASDAQ: ZIP), American International Group, Inc. (NYSE: AIG), CVS Caremark Corporation (NYSE: CVS), Dean Foods Company (NYSE: DF), First Solar, Inc. (NASDAQ: FSLR), Kraft Foods Inc. (NYSE: KFT), LinkedIn Corporation (NYSE: LNKD), Priceline.com Incorporated (NASDAQ: PCLN), Southwest Airlines Co. (NYSE: LUV), and Procter & Gamble Company (The) (NYSE: PG).

We have given previews using Thomson Reuters Consensus data, shown price ranges, trading ranges, shown a Thomson Reuters analyst consensus price target, and added in color on most companies.

MONDAY

Chimera Investment Corporation (NYSE: CIM) has estimates of $0.15 EPS and $175.58 million in revenues; next quarter estimates are $0.14 EPS and $173.62 million in revenues.  Shares are trading around $3.09, the 52-week trading range is $2.62 to $4.36 and the consensus price target from analysts is $4.18.  Chimera is not going to be a market mover, but it will highlight some of the issues facing the leveraged MBS REIT players.  Will it be able to maintain what was recently tallied up as being nearly 17% on an annualized basis.  Per its REIT status, Chimera is required to distribute at least 90% of its REIT taxable income to shareholders.

Humana Inc. (NYSE: HUM) has estimates of $2.06 EPS and $9.32 billion in revenues; next quarter estimates are $1.97 EPS and $9.21 billion in revenues.  Shares are trading around $74.38, the 52-week trading range is $45.36 to $84.32 and the consensus price target from analysts is $88.22. Humana will follow three other healthcare insurers in earnings, and so far it is UnitedHealth which has hit highs and is so far winning the race this earnings season.

TUESDAY

Archer-Daniels-Midland Company (NYSE: ADM) has estimates of $0.85 EPS and $20.43 billion in revenues; next quarter estimates are $0.76 EPS and $18.33 billion in revenues.  Shares are trading around $30.74, the 52-week trading range is $26.50 to $38.02 and the consensus price target from analysts is $38.71. The saga continues for ADM.  With a $20 billion market cap this would still have to run 50% to challenge the old agriculture and energy highs seen in 2008.

Coach, Inc. (NYSE: COH) has estimates of $0.65 EPS and $1.01 billion in revenues; next quarter estimates are $0.69 EPS and $1.00 billion in revenues.  Shares are trading around $64.50, the 52-week trading range is $35.06 to $69.20 and the consensus price target from analysts is $67.52. Coach is one company that investors will use as a proxy for luxury or at least “above the middle of the pack” when it comes to previewing retail earnings that are about two weeks or three weeks out.  The purse and apparel accessories giant is actually worth a whopping $19 billion in market cap now.  Coach’s guidance could signal the trend of things to come in the higher-end and above the middle retail segment.

DryShips Inc. (NASDAQ: DRYS) has estimates of $0.18 EPS and $270.74 million in revenues; next quarter estimates are $0.21 EPS and $320.2 million in revenues.  Shares are trading around $3.75, the 52-week trading range is $3.56 to $6.44 and the consensus price target from analysts is $6.25. DryShips does not run the market and it does not even really influence other shippers.  The Greek aspect cannot be helping matters, but it is now in the midst of an acquisition after having been a serial capital raising company.  The concerns actually have this one close to 52-week lows and it is not unusual to see massive volume spikes when DryShips has news.

Duke Energy Corporation (NYSE: DUK) has estimates of $0.31 EPS and $3.32 billion in revenues; next quarter estimates are $0.48 EPS and $4.08 billion in revenues.  Shares are trading around $18.59, the 52-week trading range is $16.76 to $19.50 and the consensus price target from analysts is $18.51.  Uh-oh, shares are above consensus price targets. Duke is not necessarily our favorite of the power companies out there, but it is among the first of the major power companies to report earnings.  AEP did not exactly give any major swings or directional indication after its earnings on Friday, so we will be watching for Duke to further set the tone for power companies.  As a reminder, utilities traditionally have severe exposure to wild interest rate swings as the dividend yields compete with Treasuries and the utility sector historically relies on the availability of the capital markets.

OpenTable, Inc. (NASDAQ: OPEN) has estimates of $0.27 EPS and $35.3 million in revenues; next quarter estimates are $0.30 EPS and $36.86 million in revenues.  Shares are trading around $71.15, the 52-week trading range is $43.15 to $118.66 and the consensus price target from analysts is $105.45.  OpenTable is another non-market mover.  Still, this one has now pulled back by more than one-third from its highs and it still carries what is close to a triple-digit P/E ratio.  This one trades at nearly 60-times 2011 earnings estimates.

Pfizer, Inc. (NYSE: PFE) has estimates of $0.59 EPS and $16.98 billion in revenues; next quarter estimates are $0.56 EPS and $16.37 billion in revenues.  Shares are trading around $19.26, the 52-week trading range is $14.00 to $21.20 and the consensus price target from analysts is $23.94. Pfizer is the other DJIA component behind Merck as the pure-play pharma company.  It also faces an impending patent cliff.  With a high dividend, investors are hoping that there is enough already being discounted ahead of earnings.  Spin-off or unit sale aside, does anyone know of any huge catalysts out there for these Big Pharma giants?

SIRIUS XM Radio Inc. (NASDAQ: SIRI) has estimates of $0.01 EPS and $752.54 million in revenues; next quarter estimates are $0.01 EPS and $769.22 million in revenues.  Shares are trading around $2.09, the 52-week trading range is $0.95 to $2.44 and the consensus price target from analysts is $2.18 but that analyst pool is rather small.  SIRIUS XM has been a surprise because it has managed to hang on to a share price above $2.00.  The valuations are a bit hard to tout now, but the company keeps delivering and it has managed to keep getting its books in better order.

WEDNESDAY

American Water Works Company, Inc. (NYSE: AWK) has estimates of $0.46 EPS and $706.05 million in revenues; next quarter estimates are $0.70 EPS and $810.39 million in revenues.  Shares are trading around $28.11, the 52-week trading range is $20.97 to $30.70 and the consensus price target from analysts is $31.60.  You have to know by now that American Water Works is one of our favorite defensive stocks for investors right now.  It remains one of our top stocks to own for the next decade and also for water investors.  The valuation commands a premium, but the stock rarely offers an entrance level where shares have pulled back 10% from highs.  If the price remains high, perhaps a capital raise might offer new investors an opportunity here to get in.  The caveat for the quarter and for guidance is an effective asset swap with Aqua America.

Clorox Company (NYSE: CLX) has estimates of $1.19 EPS and $1.47 billion in revenues; next quarter estimates are $0.99 EPS and $1.29 billion in revenues.  Shares are trading around $72.45, the 52-week trading range is $60.56 to $75.44 and the consensus price target from analysts is $69.38.  Clorox is one of the consumer products companies we might not have cared about.  We have Carl Icahn to thank or at least credit that not being the case this time.  Can it find a higher buyout price?

Comcast Corporation (NASDAQ: CMCSA) has estimates of $0.41 EPS and $13.83 billion in revenues; next quarter estimates are $0.39 EPS and $14.04 billion in revenues.  Shares are trading around $24.10, the 52-week trading range is $16.76 to $27.16 and the consensus price target from analysts is $30.21. Comcast is interesting again because it is still relatively new in the GE-NBC deal.  The company also faces competition from consumers who have started to cut the wires from their telephones and from their cable companies.  Still, Comcast is the king of cable outfits, it is very well run, and it does actually have what some feel is a defensive investor profile to it versus many other cyclical sectors if the economy hits the skids again.

Dendreon Corporation (NASDAQ: DNDN) has estimates of -$0.71 EPS and $58.58 million in revenues; next quarter estimates are -$0.62 EPS and $102.4 million in revenues.  Shares are trading around $37.02, the 52-week trading range is $25.78 to $53.57 and the consensus price target from analysts is $49.70.  When it comes to Dendreon, all that matters is Provenge.  Sales are just still ramping up and it is not expected to be until next quarter and the quarters beyond that when $100+ million in quarterly sales will be turned in.  Profits are still not expected until 2012 and the company’s roll-out of new facilities after the FDA approval is still a very late-2011 and 2012 story.  To prove the point, revenues for 2011 are expected to be about $370 million and that estimate is $866 million for 2012.

Garmin Ltd. (NASDAQ: GRMN) has estimates of $0.66 EPS and $633.75 million in revenues; next quarter estimates are $0.61 EPS and $607.93 million in revenues.  Shares are trading around $32.44, the 52-week trading range is $26.11 to $36.42 and the consensus price target from analysts is $33.50.  How great can it be selling GPS equipment and GPS subscription services when so many smartphones now offer them for free.  With a super-low P/E ratio, investors need to understand that the expected drop in earnings and drop in revenues from 2010 to 2011 and again from 2011 to 2012 makes Garmin a value trap rather than a value stock.  Still, its share price has actually been impressive when you consider the headwinds facing Garmin.

MEMC Electronic Materials, Inc. (NYSE: WFR) has estimates of $0.08 EPS and $702.8 million in revenues; next quarter estimates are $0.34 EPS and $893.95 million in revenues.  Shares are trading around $7.44, the 52-week trading range is $7.26 to $15.04 and the consensus price target from analysts is $13.44.  MEMC remains a value stock for investors, but it has so far only been a value trap.  Since shares hit a 52-week low just on Friday, how much can investors really expect from the company.  It still faces an identity crisis as well because its wafer materials production is part semiconductor and part solar.

Tesla Motors, Inc. (NASDAQ: TSLA) has estimates for a loss of $0.51 EPS and $48.8 million in revenues; next quarter estimates are a loss of $0.52 EPS and $47.3 million in revenues.  Shares are trading around $28.06, the 52-week trading range is $17.39 to $36.42 and the consensus price target from analysts is $36.00.  Tesla still remains a story for 2012 and beyond.  The company is expected to keep posting losses, but the 2011 revenue expectations of more than $191 million are expected to grow to almost $600 million in 2012.  What will be interesting to see is if the company can grow sales as much into the green car move if the economy rolls over again.

Zipcar, Inc. (NASDAQ: ZIP) has estimates for a loss of $0.23 EPS and $59.45 million in revenues; next quarter estimates are a loss of $0.02 EPS and $66.26 million in revenues.  Shares are trading around $23.16, the 52-week trading range is $18.92 to $31.50 and the consensus price target from analysts is $29.38. Zipcar has sort of traded sideways since its IPO but it still offers much growth opportunity ahead.  The first real earnings are not expected until 2012, but 2013 and 2014 are expected to be the break-out years for the company.  One word of caution: the analyst community that covers the Zippers is tiny.

THURSDAY

American International Group, Inc. (NYSE: AIG) has estimates of $0.91 EPS and $13.79 billion in revenues; next quarter estimates are $0.75 EPS and $13.83 billion in revenues.  Shares are trading around $28.60, the 52-week trading range is $27.05 to $62.87 and the consensus price target from analysts is $32.89. What is still probably the most hated company in America has only gotten the first part of the government stock sale out of the way.  A government debt default here would be a wipe-out, even if its shares have held up better in the market sell-off than many might have expected.  For now, what more is there really to discuss regarding AIG?

CVS Caremark Corporation (NYSE: CVS) has estimates of $0.64 EPS and $26.8 billion in revenues; next quarter estimates are $0.69 EPS and $27.2 billion in revenues.  Shares are trading around $36.31, the 52-week trading range is $26.84 to $39.50 and the consensus price target from analysts is $42.21.

Dean Foods Company (NYSE: DF) has estimates of $0.17 EPS and $3.15 billion in revenues; next quarter estimates are $0.18 EPS and $3.22 billion in revenues.  Shares are trading around $11.13, the 52-week trading range is $7.13 to $13.90 and the consensus price target from analysts is $13.40.  Dean Foods may have sold off more than 20% from its recent highs, but this remains a turnaround story.  It is also still up more than 50% from its late-2010 lows as investors have decided that they should be investing for a normalized milk and dairy operation in 2012 and beyond.

First Solar, Inc. (NASDAQ: FSLR) has estimates of $0.92 EPS and $584 million in revenues; next quarter estimates are $2.87 EPS and $1.08 billion in revenues.  Shares are trading around $119.00, the 52-week trading range is $111.40 to $175.45 and the consensus price target from analysts is $154.06. First Solar is one we expect to be the king of solar outfits and we expected to see the report already.  Our question is not about shrinking margins indefinitely nor about what the company can do to turn its share performance around.  SunPower already put the hex on the sector.  If investors remain more cautious and if the austerity measures continue to pressure solar sector sales, First Solar could find itself challenging 52-week lows.  Even higher oil prices are not helping anymore.

Kraft Foods Inc. (NYSE: KFT) has estimates of $0.58 EPS and $13.16 billion in revenues; next quarter estimates are $0.55 EPS and $12.62 billion in revenues.  Shares are trading around $34.50, the 52-week trading range is $28.76 to $36.02 and the consensus price target from analysts is $36.94.  The Kraft overhang from the Cadbury deal seems to be behind it and shares have been holding up rather well.  Our question comes to more of a “should this trade with a premium value?” angle against other questions.  At 15-times 2011 earnings and 14-times 2012 earning estimates, how high can this stock go from here?

LinkedIn Corporation (NYSE: LNKD) has estimates for a loss of $0.02 EPS and $106.5 million in revenues; next quarter estimates are a loss of $0.04 EPS and $113.8 million in revenues.  Shares are trading around $103.00, the 52-week trading range is $60.14 to $122.70 and the consensus price target from analysts is $79.57.  LinkedIn is of course going to be difficult to predict and difficult to handicap.  This is the first public earnings report since its IPO.  With a tiny float and with us and many others ever-worried about a Web 2.0 valuation bubble existing, there is just very little left to bother saying other than “good luck.”

Priceline.com Incorporated (NASDAQ: PCLN) has estimates of $4.87 EPS and $1.07 billion in revenues; next quarter estimates are $7.94 EPS and $1.36 billion in revenues.  Shares are trading around $537.61, the 52-week trading range is $217.72 to $561.88 and the consensus price target from analysts is $631.47.  Priceline has been a beneficiary of Expedia’s strong numbers.  The big issue is whether or not it can hold up if the economy rolls into recession again.  Shares are up considerably and its $26 billion valuation makes Priceline worth more than Southwest, United-Continental, AMR, and Delta combined in equity market capitalization.

Southwest Airlines Co. (NYSE: LUV) has estimates of $0.20 EPS and $4.17 billion in revenues; next quarter estimates are $0.24 EPS and $4.42 billion in revenues.  Shares are trading around $9.90, the 52-week trading range is $9.61 to $14.32 and the consensus price target from analysts is $16.64.   Southwest does not usually cause a big move in the airline sector in general and we have already seen some of the big legacy carriers turn in results.  Still, shares hit a 52-week low on Friday as the economic slowdown fears are here.

FRIDAY

Procter & Gamble Company (NYSE: PG) has estimates of $0.82 EPS and $20.63 billion in revenues; next quarter estimates are $1.14 EPS and $21.56 billion in revenues.  Shares are trading around $61.95, the 52-week trading range is $59.17 to $67.72 and the consensus price target from analysts is $70.80.  P&G is the king of consumer product companies, but high valuation and concerns over input costs and in-store promotion costs have allowed shares to pull back nearly 10% from the recent highs.  The issues remain for this DJIA component and just like Kraft, it trades at a market premium due to its defensive nature and due to its growth aspects.

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JON C. OGG

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