Market Preview: Buy in July?

"We expect consumer confidence to slip one point to 61.0," the firm said. "While low, confidence is still well above its recession and intra-year 2011 lows, and it remains high enough to support future consumption growth in the vicinity of +2% ... The Chicago PMI is the most important of the various regional surveys given its extremely high correlation to the ISM over the past couple of decades (0.88). Given the strength in motor vehicle production, up 32% in June from its year earlier level, we expect an essentially flat reading on the Chicago PMI (53.0 forecast vs. 52.9 previously)."

And finally, big movers after Monday's closing bell included Cirrus Logic(CRUS) , Seagate Technology(STX) and CafePress(PRSS) .

Shares of Cirrus were surging after the chip maker gave a strong revenue outlook for the September quarter, forecasting sequential growth of 70% from its total of $99 million in its fiscal first quarter ended in June. The company sees revenue of $170 million to $190 million for the second quarter, well ahead of the current consensus estimate for revenue of $129.7 million.

The stock was last quoted at $35.85, up 20.1%, on volume of more than 1.6 million, according to Nasdaq.com.

Seagate's stock was down more than 8% in late trades after the hard disk drive maker reported a non-GAAP profit of $2.41 a share for its fiscal fourth quarter ended in June on revenue of $4.48 billion, falling short of Wall Street's expectations for earnings of $2.51 a share on revenue of $4.56 billion.

CafePress was the disaster of the day with the shares plunging 38% to $8.50 on volume of nearly 440,000. The company forecast non-GAAP earnings of 5 to 7 cents a share on revenue ranging from $42.5 million to $45 million, below the average analysts' view for a profit of 10 cents a share on revenue of $49.8 million.

"We are taking a cautious approach to our outlook for the second half of 2012 given the current political cycles and macro weakness in Europe," said Monica Johnson, the company's chief financial officer. "We expect to end the year with a strong holiday season resulting in solid growth and profitability for the year."

--Written by Michael Baron in New York.

>To contact the writer of this article, click here: Michael Baron.