The 15 Corporate Earnings That Will Rule The Markets This Summer (AA, YUM, JPM, GOOG, C, AMZN, AMR, AN, MSFT, AAPL, KO, JNJ, UNH, INTC, EMC)

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Apple Inc (NASDAQ: AAPL) is due to report earnings on Tuesday, July 19. It has estimates of $5.69 EPS and $24.67 billion in revenues; next quarter estimates are $6.35 EPS and $27.63 billion in revenues.  At about $351.00, the market cap is roughly $325 billion and the 52-week trading range is $235.56 to $364.90.  Apple may move Apple-component part companies directly, but Apple indirectly sets the tone for all of tech now even if its stock has stagnated before the most recent recovery.  It is the champion of technology now and it sets the tone.  The ongoing discussions about the health of Steve Jobs are still present but seem to have taken a back-seat for the time being.  By the earnings date, we should have far more detail over Apple’s newest iPhone and perhaps on when we should really expect the third version of the iPad.  Apple’s chart was starting to break, but it has recovered and Apple remains one of those stocks that is still under-owned today and one which investors will buy if they can get in at cheaper prices. As a reminder, Apple is no longer as dominant in the NASDAQ-100 as it was in previous quarters.

Coca Cola Co. (NYSE: KO) reports earnings on Tuesday, July 19 and it has estimates of $1.16 EPS and $12.39 billion in revenues; next quarter estimates are $1.04 EPS and $12.09 billion in revenues.  At $68.53, the market cap is roughly $157 billion and the 52-week trading range is $50.02 to $68.79.  Coca-Cola remains “the other food and beverage play” and will have a spill-over for Pepsico.  No pun intended.  Shares have recently come back to multi-year highs even if they are still well short of the 1998 peak.  This remains a bellwether for defensive stock investors, particularly now that the economy is not such that soft-drink and bottled water makers feel as though they fall into the luxury goods category.  Unless something changes between now and July 19, defensive investors have used any weakness as an opportunity to buy the key defensive stocks even if the news was not even considered marginal.

Johnson & Johnson (NYSE: JNJ) is due with its earnings on Tuesday, July 19 and the medical and consumer products giant has estimates of $1.23 EPS and $16.25 billion in revenues; next quarter estimates are $1.22 EPS and $16.0 billion in revenues.  At $67.48 today, the market cap is roughly $185 billion and the 52-week trading range is $56.86 to $67.75.  J&J remain under all-time highs even shares are close to multi-year highs.  What is so interesting is that the public has not yet gotten past the recalls and quality control issues but investors have voted that the issue will fade in the sunset.  The exit from drug-coated stents may be a line-item now since shares are right close to highs.

UnitedHealth Group Inc (NYSE: UNH) is due with its health-insurance earnings on Tuesday, July 19.  The company has estimates of $0.91 EPS and $25.22 billion in revenues; next quarter estimates are $1.10 EPS and $25.38 billion in revenues.  At  $53.00 today, the market cap is roughly $57 billion and the 52-week trading range is $28.29 to $53.27.  UnitedHealth may not move the market, but it sure can play a huge impact on other health insurance plan providers like Aetna, Humana, and others.  We have seen increased dividends and increased share buybacks from the company and it raised guidance after its last earnings while simultaneously acknowledging the industry challenges.  There are still a few niche players and smaller players that can be acquired as well.

Intel Corporation (NASDAQ: INTC) reports earnings on Tuesday, July 19.  The processor and chip-giant has estimates of $0.51 EPS and $12.82 billion in revenues; next quarter estimates are $0.59 EPS and $13.49 billion in revenues.  At $22.75, the market cap is roughly $120 billion and the 52-week trading range is $17.60 to $23.96.  The post-PC world has been a bit overstated if you look at Intel’s most recent guidance still maintained double-digit growth.  Its dividend trends have been helping as well.  The company has close to 80% market share of PCs and it is very likely to set the tone for semiconductor-related companies even though some smaller chip stocks will have reported the week ahead.  One area we continue to look for data is in the post_PC era as processors start to be included in more and more devices that are used by humans.  This represents a far larger frontier than tablet PCs, even though Intel is soon to be a force in that market as well. Intel will also influence how the remaining chip and PC-related companies are going to be treated throughout earnings season this summer.

EMC Corp (NYSE: EMC) is set to report on Wednesday, July 20.  The storage products giant is currently expected to report $0.34 EPS and $4.73 billion in revenues; next quarter estimates are $0.0.37 EPS and $4.91 billion in revenues.  At  $27.78  today, the market cap is roughly $57 billion and the 52-week trading range is $17.90 to $28.73.  EMC Corporation remains the top bogey for the world of storage, and its VMware tracking stock (85% held more or less) dominates the virtualization market with its earnings the night before.  We cannot help but wonder if EMC will finally get around to declaring a dividend or not.  The list of storage and even cloud-related companies that this can impact is numerous.

As a reminder, these estimates may change in the coming days and it is still possible that we will hear some extra pre-earnings data from some of these major companies.  The idea is to identify these trends more than to give earnings estimates this far out.

On Friday, July 22, we will also get reports from Caterpillar, G.E., McDonald’s, and Honeywell.  Those companies all matter for broad earnings analysis and for the broad economy.  Our exclusion of those names is not for the rank of importance or market caps.  They are not included because our take is that the tone and the real direction of earnings season will have already been set by the time those companies report earnings.

There are many other earnings which of course matter to the markets and to their sectors.  This list includes the company which will have set the tone for earnings season by Wednesday, July 20 for the subsequent six-weeks thereafter.  Many of these names have been performing well.  It almost seems impossible to believe that the recovery is real if there were going to be last-minute waves and waves of earnings warnings from major companies.  If any of these companies are in deep trouble over earnings, it is almost certain that they have already figured it out by now.

JON C. OGG