Market Preview: A Cautious Advance
Disney is reporting its fiscal third-quarter results and the average analysts' view is for earnings of 93 cents a share on revenue of $11.30 billion. One of the best blue chips in 2012, Disney shares have jumped more than 30% since the start of the year with the company delivering a 5% beat in its fiscal second quarter because of the success of The Avengers and the strength of the parks and resorts business, which saw year-over-year jumps of 10% in revenue and 53% in segment operating income.
Other companies reporting before the bell include Amedisys(AMED) , Bridgepoint Education (BPI) , Cablevision(CVC) , Church & Dwight(CHD) , CVS Corp.(CVS) , EDGAR Online(EDGR) , FirstEnergy(FE) , Fossil(FOSL) , Hecla Mining(HL) , Intercontinental Hotels Group(IHG) , Lifetime Brands(LCUT) , Marsh & Mclennan(MMC) , MGM Resorts International(MGM) , Molson Coors Brewing(TAP) , Office Depot(ODP) , Pantry(PTRY) , PG&E Corp.(PGE) , Spectrum Brands(SPB) and Tenet Healthcare(THC) .
After the close, results from A123 Systems(AONE) , Buckeye Technologies(BKI) , Chiquita Brands International(CQB) , Coca-Cola Bottling(COKE) , Cree(CREE) , Demand Media(DMD) , Jazz Pharmaceuticals(JAZZ) , Jive Software(JIVE) , Learning Tree International(LTRE) , Maiden Holdings(MHLD) , Rackspace Hosting(RAX) , Red Lion Hotels(RLH) , Sonus Networks(SONS) , Vitesse Semiconductor(VTSS) and Zillow(Z) are slated to hit the tape.
The economic calendar features is barren except for consumer credit for June, due at 3 p.m. ET. The consensus view, according to Briefing.com, is for a $10 billion increase on the heels of May's surprising $17.1 billion jump.
And finally, shares of Dow components Johnson & Johnson(JNJ) and Pfizer(PFE) were coming under some selling pressure following news of the discontinuation of development of bapineuzumab intravenous, a proposed treatment for mild-to-moderate Alzheimer's disease, after a disappointing phase III trial.