Economic: Consumer Credit ($2.5B vs. $1.3B).
Earnings: In the spotlight, India-based IT giant Cognizant (CTSH) is expected to announce profit growth of 38% on earnings of $0.65 per share. Technically, with peer Infosys (INFY) having fallen victim to stiff profit-taking despite its better-than-expected results in mid January, CTSH's own and still uncorrected price run in excess of 420% from its November 2008 lows, looks prone to a similar investor reaction.
Others Premarket: Hasbro (HAS), Humana (HUM), Loews (L), Sysco (SYY).
After Hours: Becton Dickinson (BDX), BRE Props (BRE), FMC (FMC), Gartner (IT), Lincare (LNCR), Synchronoss (SNCR), Time Warner Tcom (TWTC), UDR (UDR), Veeco (VECO).
Tuesday:
Economic: NA.
Earnings: Aecom (ACM), Arcelor Mittal (MT), Avon (AVP), Beazer (BZH), Entergy (ETR), NYSE (NYX), Potlatch (PCH), Sara Lee (SLE), Vishay (VSH).
After Hours: Dow component and consumer sensitive entertainment goliath Disney (DIS) is in the spotlight. Analysts expect profits to grow 19% from the year ago period on earnings of $0.56 per share and sales of $10.52B compared to $9.60B. Technically, shares are roughly 1.5% above a breakout last week from a tight four-week lateral base which found support on top of a much larger 8-month cuppish-shaped base.
Others: Atmel (ATML), Buffalo Wings (BWLD), Cerner (CERN), Compass (CMP), Gen Cable (BGC), Illumina (ILMN), McAfee (MFE), NETGEAR (NTGR), Motricity (MOTR), OpenTable (OPEN), Waste Connections (WCN), XL Cap (XL).
Wednesday:
Economic: Mortgage Apps, Weekly Crude.
Earnings: Agrium (AGU), Alpha Nat (ANR), Coke (KO), Ing-Rand (IR), ICE (ICE), N-Grumman (NOC), Polo (RL), Sigma Aldrich (SIAL), Wyndham (WYN).
After Hours: Cisco Systems (CSCO), the world's largest networking outfit is expected to produce profits of $0.35 per share and roughly -12.5% below last year's $0.40 for its second quarter. Revenues of $10.23B are also expected.
In the prior period shares were pummeled more than -16% after management guided its sales forecast below consensus views with estimated growth of 3% - 5% for Q2 and 9% - 12% for its fiscal year.
Technically, despite recouping nearly 50% of its post-earnings breakdown and testing 200SMA resistance, call buyers were out in force Friday by a very heavy 2-to-1 margin on total volume of 381,000. The demand driven buying pushed at-the-money Feb implieds by five points to 38%.
Though well bid compared to shorter-term 10 and 20 day SV levels, premiums are only slightly above longer-term values and implieds remain below prices of 44% set immediately in front of last quarter's results when underlying volatility was trading at lower levels across-the-board.
In lieu of the technical crossroads currently being tested, we'd surmise it's likely more than a few of Cisco's call buyers are actually volatility traders in spots such as Friday's most active ATM Feb 22 call which saw more than 40,000 contracts change hands and close at $0.70 on 38% IV.
Others After Hours: Activision (ATVI), Advance Auto (AAP), Akamai (AKAM), Allstate (ALL), China Green Ag (CGA), Cisco (CSCO), Diodes (DIOD), FLIR (FLIR), MetLife (MET), Pru (PRU), Whole Foods (WFMI).
Thursday:
Economic: Weekly Claims (413K vs. 415K), Continuing (3.90M vs. 3.92M), Wholesale Inv's (0.7% vs. -0.2%), Treasury Budget (-$50.0B).
Earnings: Alexion (ALXN), Borg W (BWA), Bunge (BG), CBOE (CBOE), Goodyear (GT), Lufkin (LUFK), Molson (TAP), Och-Ziff (OZM), Pepsi (PEP), Philip Morris (PM), Sprint (S), WR Grace (GRA).
After Hours: Blue Nile (NILE), Cephalon (CEPH), Chipotle (CMG), DaVita (DVA), Expedia (EXPE), Kraft (KFT), Nanometrics (NANO), Panera (PNRA), Rackspace (RAX).
Friday:
Economic: Trade Balance (-$40.7B vs. -$38.3B), Michigan (75.5 vs. 74.2).
Earnings: Brookfield Props (BPO), Coca-Cola Ent (CCE), Discovery (DISCA), Total SA (TOT).
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