Market Preview: A Rally on Stilts?

Based on that potential for a surge in revenue from hotel reservations, Benchmark thinks the shares merit a higher multiple.

"Orbitz trades at 10x our 2012E EPS of $0.42 and 8x our 2012E EBITDA of $140 million compared with our eTravel group at 19x and 12x, respectively," the firm said. "We believe Orbitz may record rebounding profit growth by growing hotel exposure and expanding its private label partnerships. We believe a multiple of 14x 2012E EPS, or 9x EBITDA, is reasonable, resulting in a price target of $6 per share."

Check out TheStreet's quote page for Orbitz for year-to-date share performance, analyst ratings, earnings estimates and much more.

Other companies reporting before the bell include Alpha Natural Resources(ANR) , Computer Sciences Corp.(CSC) , Consolidated Graphics(CGX) , Dean Foods(DF) , EchoStar Communications(DISH) , International Flavors & Fragrances(IFF) , Macy's(M) , Polo Ralph Lauren(RL) , Retalix(RTLX) , Sodastream(SODA) , Stillwater Mining(SWC) , The Carlyle Group(CG) , Tidewater(TDW) , Toyota Motor(TM) and Treehouse Foods(THS) .

The late roster features Allscripts Healthcare(MDRX) , Amarin Corp.(AMRN) , CenturyTel(CTL) , Diodes(DIOD) , Education Management(EDMC) , Heelys(HLYS) , Jack in the Box(JACK) , Kinross Gold(KGC) , Monster Beverage(MNST) , News Corp.(NWS) , Rosetta Stone(RST) and SatCon Technology(SATC) .

Wednesday's economic calendar includes the Mortgage Bankers Association's weekly application activity index at 7 a.m. ET; productivity and unit labor costs data for the second quarter at 8:30 a.m. ET; and weekly crude inventories at 10:30 a.m. ET.

And finally, there were some forces aligning to knock stocks off their pedestal after Tuesday's close. On the big-picture front, Standard & Poor's went ahead and lowered its outlook on Greece to negative. Here's the money quote: ""We see the likelihood of shortfalls, owing to election-related delays in the implementation of budgetary consolidation measures for the current year, as well as the worsening trajectory of the Greek economy."