Don't Diversify!

By Ryan Delany - Personal Finance & Investing for Military and Marine Corps

"The average person can concentrate on a few good companies, while the fund manager is forced to diversify. By owning too many stocks, you lose this advantage of concentration. It only takes a handful of big winners to make a lifetime of investing worthwhile."

--Peter Lynch

Small investors need to exploit their strategic advantages if they are to beat the market. One often overlooked advantage is the option to put all our eggs in a few well chosen baskets.

For the individual investor 5 - 10 stocks is a good number; to own more stocks would require more time and expertise than most laymen have. Each stock investment should be viewed like purchasing a business. This means that you should be well-versed in the industry, familiar with the company and management, and very happy with the income statements and balance sheets. If you examine 20 different companies and only find one that meets your criteria, then only buy one! Don't settle for inferior companies in the name of "diversification."

To be fair, diversification has its benefits--specifically it can spread out your risk. If all of your investments were in tech stocks in the early part of the millennium you would have been in trouble, whereas if only a tenth of your investments had been in tech stocks you would have been better off. My point is not that you shouldn't spread out your risk, but rather that purchasing inferior stocks in different industries could also increase your risk. Spreading out your risk (diversifying, if you will) among several smart investments is a good idea.

Fund managers diversify for a few reasons: one is to spread risk; another is that with their additional resources they can cast a wider net to look for big fish; and finally because they have to spend huge amounts of money. When a manager spots a great stock, he or she can only buy enough of it for a tiny portion of the total fund (that is, without driving up the price). Since funds have so much money to spend, they have to purchase many, many stocks--sometimes hundreds. There are, however, only a finite number of companies to buy, so even with a fund's many resources, the pool of stocks to choose from becomes smaller with each pick. If a manager has to purchase 100 stocks, only 5% of those stocks will be his or her top five picks, while 50% of those will be his or her 50th - 100th pick. I would rather have my money concentrated in my top 5 or 10 picks, then to "diversify" capital among my top 100 picks. Unfortunately for them, fund managers do not have that luxury.

Most people have some level of expertise in one or a few industries. Invest in what you know; never invest in industries that you don't understand for the sake of "diversification." If you know the auto-industry and have worked in it for twenty years, please don't start investing in biotechnology (if you don't understand it) just to "diversify." Pick stocks from industries that you know and understand.

If you find that owning less than a dozen stocks constitutes an unacceptable amount of risk or volatility, then perhaps you should consider choosing more secure stocks. My point is that all of your investments should be intimately familiar to you. Having more than a dozen or so at a time can be too much for the casual investor. Always make your best choices for investing your money, this may mean investing some money in stocks and some money in other vehicles. More is not always better, and a "diversified" stock portfolio does not necessarily mean a safer or smarter one.

Article interests NYSE: NOC, NYSE: LMT, NYSE: RTN, NYSE: GD, NYSE: ATK, NYSE: COL, AMEX: DIA, AMEX: SPY, AMEX: SDS, AMEX: DOG, AMEX: QLD, Nasdaq: QQQQ, NYSE: NYX. Please see our full disclosure at the Wall Street Greek website, and Ryan's disclosure on his bio page.

Personal Finance & Investing for Military & Marine Corps, by Ryan Delany

Senior Analyst - Personal Finance & Investing (Guiding U.S. Military Servicemen)

Ryan is a Marine (former infantry Sergeant), entrepreneur and financial blog author (Semper Finance) currently attending Harvard College.

Ryan lives by the saying "once a Marine, always a Marine," applying the discipline, work ethic and integrity he learned in the corps to all of his work. A veteran of Operations Enduring Freedom and Iraqi Freedom, Ryan, served as a designated marksman with the 4th MEB anti-terrorism unit in Afghanistan and as a corporal of the guard on ships in support of OIF. Ryan first started learning about stock market investing and buying stocks while still in the service.

After Ryan finished his contract with the Marines, he began his career in college attending Columbia's School of General Studies. While a student at Columbia, Ryan took time off to get his Series 7 and work at Morgan Stanley Dean Witter with a renowned financial adviser group. During his time at Morgan Stanley, Ryan refined his investment strategies and expanded his industry knowledge. Shortly after returning to Columbia, Ryan transferred to Harvard College to complete his degree.

Ryan studied at Harvard for a year when he took a leave of absence to found an Internet start-up, Pennyreel Inc. and to begin his financial writing. Ryan has served as CEO of Pennyreel for over a year, guiding the company through its formative stages. In addition to founding Pennyreel, Ryan began the blog Semper Finance to teach personal finance and stock investment to Marines and military servicemen. He is returning to Harvard in the Fall of 2008, to complete his degree.

"Wall Street Greek was founded by a patriot, and one proud to now enlist a U.S. Marine within our own ranks. Ryan strikes me as a driven, intelligent and well-composed individual, and I expect our readers will learn from him. I just hope he doesn't kick my butt."

The Greek

Ryan's Article Portfolio:

• Investing Like a Marine
  
• 5 Reasons Why SPY is the ETF to Buy
  
• Don't Diversify
  

Full Disclosure: Ryan has agreed to Wall Street Greek policy to not write about securities he personally owns. In the event of a special case, Ryan will make full disclosure of ownership interest. The work of contributors to Wall Street Greek may not necessarily agree with the opinion of the site or its founder, and does not constitute financial advice. Please see our full disclosure at the site.

India Equity Market Briefing

By Guneet Singh Sahni - Indian Market

Indian markets rallied for the third consecutive week boosted by political stability and declining oil prices. The major market mover for the week was the survival of the Indian government in the trust vote. As a result, the BSE Sensex posted its biggest absolute gain in four months on Wednesday as the political instability hovering around for weeks came to an end. The market expects the current government to bring in reforms in the Indian Banking, Insurance and Pension sector by allowing more overseas investments. However, the last two days halted the week long gain, and investors booked profits once triggered by disappointing Reliance Industries (NSE: RELIANCE.NS) quarterly results, concerns over deficit rains in Western and Southern parts of the country and negative global cues. Even the below expected Inflation number of 11.89% failed to provide momentum on Friday.

India-US Nuclear deal to go through

The news of the ruling UPA Government winning the trust vote was welcomed by the White House and Indian market. The turn of events will help the survival of the Indo-US nuclear deal, which was signed way back in July 2005 between Manmohan Singh and George Bush. The deal will allow India to meet its energy requirement by purchasing nuclear fuel and technology without joining the Nuclear Non-Proliferation Treaty (NPT). However, the deal still needs the approval of several bodies, including the UN’s International Atomic Energy Agency (IAEA) and 45 member Nuclear Supplier’s Group (NSG). It is expected to be ratified by the US Congress by the end of 2008. The potential of the deal is worth billions of dollars to US and European nuclear supplier companies, as the world nuclear association has forecast that India will add 20-30 new reactors by 2020. This will require an investment of more than $57 billion. Global majors like Areva (Paris: CEI.PA, NSE: AREVA.NS), Rolls Royce (OTC: RYCEY), Mitsubishi (Nasdaq: MITSY), Siemens (NYSE: SI), Alstom (EPA: ALO) and GE (NYSE:GE) have already made their first moves in India eying this future potential.

Indian stocks which gain from this deal include Larsen & Toubro (BOM: 500510), Bharat Heavy Electricals (BOM: 500103), National Thermal Power Corporation (BOM: 532555), Gammon India (BOM: 509550), Reliance Infrastructure (BOM: 500390), Hindustan Construction Company (BOM: 500185 ), Alstom Projects India Ltd (BOM: 532309), Tata Power Company (BOM: 500400), Areva T&D India (BOM: 522275) and ABB India (BOM:500002 ).

Inflation

WPI inflation for the week ended July 12 declined marginally to 11.89% Y/Y (11.91% the previous week), against the consensus estimate of 12%, on back of a high base effect in the previous year. Inflation was 4.76% a year back. Poor monsoon conditions in the southern parts of the country led to an increase in primary food article prices, which in effect increased primary articles prices by 10.15% Y/Y (9.92% last week). Manufacturing articles prices increased by 10.7% (10.8% last week). Fuel inflation continued to remain stagnant at 16.9%. Inflation continues to hover around 13-year high levels, but has moderated slightly from last week’s number of 11.91%. The lower-than-expected inflation figure, however, cannot be taken as a sign of inflation peaking. In the case of prices of primary articles and manufactured food products, monsoon conditions have a key role to play.

Markets Ahead

Monday

Quarterly results from HDFC Bank Ltd (NYSE: HDB), Sterlite Industries (NYSE: SLT), Bharat Petroleum Corp (BOM: 500547), Hindalco Industries Ltd (BOM: 500440), Larsen and Toubro Ltd (BOM: 500510), and Sun Pharmaceutical Industries Ltd (BOM: 524715) will start the week.

Tuesday – All eyes on the RBI quarterly rate review

Market direction next week will be decided by the quarterly policy decision of the Reserve Bank of India (RBI), due on Tuesday, through which a rate hike is expected. Inflation is already hovering at a 13-year high and had crossed RBI's comfort level of 5% way back in February 2008. The Street is expecting RBI to hike rates by 25-50 basis points on Tuesday. The government has already taken supply side measures including export bans and price controls that have not been effective in bringing inflation down. With limited fiscal options and elections looming large in 2009, the burden of fighting inflation will fall on monetary policy. In the current fiscal year, the CRR has been raised by 125 BPS, from 7.50% to 8.75%, while the repo rate has been raised by 75 BPS, from 7.75% to 8.5%.

We believe that lower incremental inflation will not lead the RBI to leave its rate unchanged, as the prevailing risks should drive more tightening measures; especially because the money supply growth at 20% continues to remain higher than the 17% target for FY08.

Cairn India Limited (BOM: 532792), Hero Honda Motors Ltd (BOM: 500182), NTPC Ltd (BOM: 532555) and Ranbaxy Laboratories (OTC: RBXLY) will announce their quarterly results.

Reserve Bank of India (RBI) governor Y.V. Reddy will hold a press conference in connection with the annual policy for 2008-09 at 3:00 PM Indian Standard Time.

Wednesday

ITC Ltd (BOM: 500875), Mahindra and Mahindra Ltd (BOM: 500520), Power Grid Corp. of India Ltd (BOM: 532898), Punjab National Bank (BOM: 532461), Suzlon Energy Ltd (BOM: 532667), Tata Motors (NYSE: TTM) and Unitech Ltd (BOM: 507878) come out with their quarterly results.

Thursday

India’s biggest realtor DLF Ltd (BOM: 532868), Tata Steel Ltd (BOM: 500470) and Reliance Communications (BOM: 532712) will release their results.

Outlook

While crude prices have significantly declined from their peak levels, the absolute price level is still too high for comfort. We believe that volatility is going to persist this week on the back of the RBI policy decision and derivatives expiration. Quarterly results have been in line with expectations on an aggregate basis. We believe that the jump over the last two weeks can be viewed as just another strong bear market rally. This rally could sustain if the RBI delivers a benign policy decision, crude oil prices remain soft and global financial markets prove stable.

Article interests AMEX: DIA, AMEX: SPY, AMEX: DOG, AMEX: SDS, AMEX: QLD, Nasdaq: QQQQ, NYSE: NYX, Nasdaq: ASIA, Nasdaq: PRASX, AMEX: PUA, AMEX: NWD, Nasdaq: MEAFX, Nasdaq: EBASX, Nasdaq: EVASX, Nasdaq: MACSX, Nasdaq: MATFX, AMEX: CZJ. Please see our disclosure at the Wall Street Greek website.

Asian Stocks Outperform

By Guneet Singh Sahni - Asian Markets,

Volatility ruled the Asian markets last week... They rallied the most in two months, on the back of easing oil concerns and falling commodity prices, but ended up giving back most of their gains on the last day. Asia took its cue therein from disappointing existing home sales and job figures released in the US.

However, some of the key Asian indices still managed to post an impressive overall weekly gain of more than 4%. There was a short-term recovery in market sentiment in the beginning of the week that drove a surge in the stocks of financials across Asia. However, sales data on existing U.S. homes showed a drop to a 10-year low and dampened sentiment on Friday. This halted a four-day strong rally and revived worries about the US housing slump. The decline was further aided by the National Australia Bank (OTC: NABZY, Nasdaq: NAUBF.PK) announcement that its credit losses may surge, and by news that Samsung Electronic (Nasdaq: SSNLF, SEO: 005930) had missed its profit estimates.

The Nikkei 225 increased 4.1% or 531 points; the Hang Seng climbed 4 % or 867 points; the Strait Times went up 2.6% or 75 points; the CSI 300 index scaled up by 4.4% or 124 points; and the BSE Sensex made a gain of 4.7% or 639 points.

Japan's core consumer price index rose 1.5% Y/Y in May, its fastest pace in a decade on the back of a surge in food and energy prices. Japanese consumer prices, stripped of energy and fresh food, surged 0.1% Y/Y, the first increase since 1998 and a sign that Japan could be close to shaking off 10 years of deflation. In our article, "Asian Growth Engines Face Challenges and Stiff Inflation," we discussed how inflation is taking a toll on the Asian economies. Some of the other key developments for the week include Malaysia's central bank decision to keep its interest rates unchanged at 3.5%, putting economic growth ahead of fighting inflation. Inflation had earlier accelerated to 7.7%, the fastest pace in 26 years, owing to rising food and energy costs.

Outlook

The global cues continue to remain mixed. Light sweet crude for September delivery, the dropped more than $20 a barrel to $123.26 on worries among oil investors that high prices and a sluggish economy are reducing demand. Inflation is soaring across the whole of Asia, putting central banks into dilemma. We expect a mixed week, even as the U.S. data for strong new home sales continue to provide some positive cues.

Article interests AMEX: DIA, AMEX: SPY, AMEX: DOG, AMEX: SDS, AMEX: DOG, Nasdaq: QQQQ, AMEX: QLD, Nasdaq: ASIA, Nasdaq: PRASX, AMEX: PUA, AMEX: NWD, Nasdaq: MEAFX, Nasdaq: EBASX, Nasdaq: EVASX, Nasdaq: MACSX, Nasdaq: MATFX, AMEX: CZJ. Please see our disclosure at the Wall Street Greek website.

This Week - A Bridge to Nowhere

One has to wonder exactly where we are going... The stimulus package kept the economic engine running through the second quarter, but has it only put off the inevitable? GDP is due for reporting this week, and the consensus is looking for upward of 2% growth, compared to 1.0% in Q1. So what does it all mean? Where's the recession? Is there one? Or, has the government simply built us a bridge to nowhere, taking us deeper into the abyss where we'll eventually fall into nothingness...

When government stimulus is all but a faded memory, will housing stimulus be the right medicine to take the baton? And what of the Fed. For all their cutting of interest rates and capital flooding, have they saved us from the spin, or simply created an economic fishtail of their own making. In other words, as we stated in our now famous article with the same name, will the inflation hangover be more painful than the embarrassment of the excesses we enjoyed from leverage...

Geopolitical Bridge

The war to end all wars was in fact the one that creates the next. Post World War Two border mapping by the divine victors have in fact given birth to scores more conflicts than there are borders in fact! Also, as Iraq settles into a more comfortable state, isn't chaos about to break out in Iran or the broader Middle East... So it seems, the end (broader war) will define the means (nation building through war). And even if there was no Iran, as we withdraw troops from Iraq, the government speaks of increasing our presence in Afghanistan. Yours truly has been a proclaimant for amassing redemption in the form of U.S. Marine Corps in the mountainous region where Bin Laden lies, but didn't someone who was once somewhat well-known say, "he who lives by the sword, dies by the sword?" Pakistan tells President Bush yesterday, don't act unilaterally in our territory. "The Greek" says something he cannot write in answer to that.

Change

So "change" is the word then is it?; I ask my liberal critics, reminding you of my independence? Or, is Obama simply a cynic, since he advises Iran this week to NOT wait for his ascension before undoing its nuclear mess. At the same time he assured Israel of his sponsorship, pronouncing Jerusalem should be its capital. How do you like that radical Islam (a minority in a greater, hopefully more pious state of being), and you thought Obama was your savior...

Ah yes, we seem to be building a lot of bridges, but all of them leading to nowhere.

Monday

The first day of the business week often starts light on economic data, and this week fits the mold. There are no major reports to note for the day. However, in an interesting address, by one very interesting Fed Governor who is set to step down in August I believe, Fred Mishkin will speak to the topic of Fed communications.

"When you have a Fed Policy Statement that disagrees with some of the individual voices of the Fed, we feel you serve not market efficiency but rather market confusion."

You'll recall "The Greek" has often criticized the mixed messages that have originated from the mouths of Fed babes. We feel that, as is the case at most other professional organizations, there should be one, reliable voice conveying the important message the Fed wants received by the financial markets. When you have a Fed Policy Statement that disagrees with some of the individual voices of the Fed, we feel you serve not market efficiency but rather market confusion.

A few significant events on the international scene deserve note here. President Bush will meet with the Prime Minister of Pakistan, Yousuf Raza Gilani. This while India has stepped up its state of alertness after a series of bombs exploded in Ahmedabad and Bangalore over the weekend, killing at least 45 people. In Taiwan, markets are closed as the country buckles down for the arrival of Typhoon Fung-Wong.

EPS Reports for Monday, July 28 Company Symbol Time ADANI EXPORTS LTD Nasdaq: ANIEF.PK Time Not Supplied ADVANCED ANALOG TECH INC Nasdaq: AAAYF.PK Time Not Supplied Advanced Analogic Technologies Nasdaq: AATI After Market Close Alberto-Culver Co. NYSE: ACV Time Not Supplied Alliance Resource Partners, L.P. Nasdaq: ARLP Before Market Open American Dental Partners Nasdaq: ADPI After Market Close American Safety Insurance NYSE: ASI Before Market Open AMERIGO RESOURCES LTD ARG.TO Before Market Open Amgen Nasdaq: AMGN After Market Close Analysts International Nasdaq: ANLY Before Market Open ANANT RAJ INDS LTD ARJIF.PK Time Not Supplied Angiotech Pharmaceuticals Nasdaq: ANPI Before Market Open Anglo Platinum Limited AGPPY.PK Before Market Open Atheros Communications, Inc. Nasdaq: ATHR After Market Close Australand Property Group ALZ.AX Time Not Supplied AUTHENTEC INC Nasdaq: AUTH After Market Close B&G Foods, Inc. NYSE: BGF After Market Close Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) NYSE: BBV Time Not Supplied Banco Latinoamericano de Exportaciones NYSE: BLX Before Market Open BANK NIAGA TBK BNGA.JK Time Not Supplied Bank of Hawaii Corporation NYSE: BOH Time Not Supplied Banner Corporation Nasdaq: BANR After Market Close BARON DE LEY BDL.MC Time Not Supplied BLUE STAR LTD BUSRF.PK Time Not Supplied Bluegreen NYSE: BXG After Market Close Boardwalk Pipeline Partners LP NYSE: BWP Before Market Open Cal-Maine Foods Nasdaq: CALM Before Market Open CARDICA INC Nasdaq: CRDC Time Not Supplied CF Industries NYSE: CF After Market Close CH Energy Group NYSE: CHG Before Market Open Chemed Corporation NYSE: CHE After Market Close Chemical Financial Nasdaq: CHFC Time Not Supplied CHINA BAK BATTERY INC Nasdaq: CBAK After Market Close CHINA COAL ENERGY CO LTD CCOZF.PK Time Not Supplied Choice Hotels International, Inc. NYSE: CHH After Market Close CNA Financial Corporation NYSE: CNA Before Market Open Cognex Nasdaq: CGNX After Market Close Community Health Systems, Inc. NYSE: CYH After Market Close Compass Minerals NYSE: CMP After Market Close Crane NYSE: CR After Market Close DONG WHA PHARM INDS CO LTD DVVIF.PK After Market Close Ducommun NYSE: DCO Before Market Open E I D PARRY INDIA LTD EDPRF.PK Time Not Supplied EDUCATION REALTY TRUST INC NYSE: EDR After Market Close Empresas ICA S.A.B. de C.V. NYSE: ICA Time Not Supplied Enbridge Energy Management NYSE: EEQ After Market Close Endesa, S.A. ELEZF.PK Before Market Open Euler Hermes ELE.PA Time Not Supplied ev3 Inc. Nasdaq: EVVV After Market Close FEMSA NYSE: FMX Before Market Open Filtronic plc FTC.L Time Not Supplied Financiera Independencia SA FINDEP.MX Time Not Supplied First Advantage Corporation Nasdaq: FADV After Market Close First Citizens BancShares Nasdaq: FCNCA Time Not Supplied Franklin Electric Nasdaq: FELE 4:05 pm ET Gehl Nasdaq: GEHL Time Not Supplied General Employment Enterprises NYSE: JOB Time Not Supplied Grenke Leasing AG GLJ.F Time Not Supplied GRUPO AEROPORTUARIO DEL PACIFICO SA NYSE: PAC Time Not Supplied Grupo Casa Saba, S.A. de C.V. NYSE: SAB Time Not Supplied GRUPO MEXICO SA DE CV GMBXF.PK Time Not Supplied Grupo TMM, S.A NYSE: TMM After Market Close Harmonic Nasdaq: HLIT After Market Close Hartford Financial Services NYSE: HIG After Market Close Hdfc Bank Limited NYSE: HDB Time Not Supplied Heartland Financial USA, Inc. Nasdaq: HTLF Before Market Open HickoryTech Nasdaq: HTCO After Market Close Interactive Intelligence Nasdaq: ININ After Market Close Intevac, Inc. Nasdaq: IVAC 4:00 pm ET IRIS International, Inc. Nasdaq: IRIS After Market Close ITM POWER ITM.L Time Not Supplied JDA Software Nasdaq: JDAS 4:00 pm ET Klepierre S.A. LI.PA After Market Close Kontron AG KBC.F Time Not Supplied Kookmin Bank NYSE: KB Time Not Supplied Kraft Foods NYSE: KFT Before Market Open Ladish Nasdaq: LDSH After Market Close LINK SOLUTIONS FOR INDUSTRY FII.PA After Market Close Loews Corp. NYSE: L Before Market Open Lorillard, Inc. NYSE: LO Before Market Open LOTTE SHOPPING CO LTD LOSPF.PK Time Not Supplied Maguire Properties, Inc. NYSE: MPG After Market Close Manitowoc NYSE: MTW After Market Close Meadowbrook Insurance NYSE: MIG After Market Close Meritage Homes Corporation NYSE: MTH After Market Close METAVANTE TECHNOLOGIES INC NYSE: MV Before Market Open Microtune, Inc. Nasdaq: TUNE After Market Close Mine Safety Appliances NYSE: MSA Before Market Open Mittel MIT.MI Time Not Supplied MTI WIRELESS EDGE MWE.L Time Not Supplied NBT Bancorp Nasdaq: NBTB After Market Close Network Equipment Technologies NYSE: NWK After Market Close NicOx COX.PA Before Market Open NUEVO GRUPO IUSACELL SA DE CV NUGPF.PK Time Not Supplied OIL & NATURAL GAS CORP LTD ONGCF.PK Time Not Supplied Old National Bancorp NYSE: ONB Before Market Open Owens & Minor NYSE: OMI After Market Close Pace plc PCMXF.PK Before Market Open Par Technology NYSE: PTC Before Market Open PartnerRe Ltd. NYSE: PRE After Market Close Pearson plc PSORF.PK Before Market Open Phase Forward Incorporated Nasdaq: PFWD After Market Close Plum Creek Timber NYSE: PCL After Market Close PLX Technology Nasdaq: PLXT After Market Close Power Corp of Canada POW.TO Time Not Supplied PrePaid Legal NYSE: PPD Time Not Supplied PRG-Schultz International, Inc. Nasdaq: PRGX After Market Close Provident Bancorp Nasdaq: PBNY Before Market Open Provident Financial Holdings Nasdaq: PROV Before Market Open PT BANK MANDIRI PERSERO TBK BMRI.JK Time Not Supplied Questar Corp. NYSE: STR After Market Close Ralcorp Holdings, Inc. NYSE: RAH Before Market Open Rent-A-Center Nasdaq: RCII After Market Close RIOCAN REIT REI-UN.TO Time Not Supplied Rock-Tenn Company NYSE: RKT After Market Close Scopus Video Networks Ltd Nasdaq: SCOP Time Not Supplied Secure Computing Corporation Nasdaq: SCUR Time Not Supplied SHANDONG XINHUA PHARMACEUTICAL CO XIN.F Time Not Supplied Simon Property Group, Inc. NYSE: SPG Before Market Open SIMTEK CORP Nasdaq: SMTK Time Not Supplied Singapore Airlines SINGF.PK Time Not Supplied SL Green Realty NYSE: SLG After Market Close Smurfit-Stone Container Corporation Nasdaq: SSCC After Market Close SODIFF ADVANCED MATERIALS CO SDFAF.PK After Market Close SOHU.com Nasdaq: SOHU Before Market Open Solutia Inc. NYSE: SOA After Market Close Spherion Corporation NYSE: SFN After Market Close Superior Bancorp Nasdaq: SUPR Before Market Open TATA COMMUNICATIONS LTD NYSE: TCL Time Not Supplied Texas Roadhouse, Inc. Nasdaq: TXRH Time Not Supplied TGC NYSE: TGE Before Market Open The Mosaic Company NYSE: MOS After Market Close The Navigators Group, Inc. Nasdaq: NAVG After Market Close TNT NV TNTTY.PK Before Market Open Trident Microsystems Nasdaq: TRID After Market Close Tyson Foods NYSE: TSN Before Market Open ULTRA CLEAN HLDGS INC Nasdaq: UCTT After Market Close United America Indemnity, Ltd. Nasdaq: INDM After Market Close United Fire Nasdaq: UFCS Before Market Open Universal Health Services NYSE: UHS After Market Close URBI URBI.MX Time Not Supplied Veeco Instruments Inc. Nasdaq: VECO After Market Close Verizon NYSE: VZ Before Market Open VIMICRO INTERNATIONAL CO-ADS Nasdaq: VIMC After Market Close Wausau Paper Corp. NYSE: WPP After Market Close Websense Nasdaq: WBSN After Market Close Wm. Wrigley Jr. Co. NYSE: WWY Before Market Open Wright Medical Group, Inc. Nasdaq: WMGI 4:00 pm ET WSP Group PLC WWSPF.PK Before Market Open XL Capital Ltd NYSE: XL After Market Close ZIJIN MINING GROUP CO LTD ZIJMF.PK Time Not Supplied Zoran Corporation Nasdaq: ZRAN After Market Close

Tuesday

The regular ICSC-UBS Weekly Same-Store Sales Reports intrigues us as funds delivered by the economic stimulus package dissipate. Still, last week resulted in a very strong reading of 2.5% sales growth year-to-year. The Johnson Redbook Survey concurred, as it posted a 2.6% rate of growth. Still, we've been regularly predicting a return to February's soft spending characteristics as consumers continue to contend with the troubling price increases and economic softness that inspired the stimulus package in the first place.

At 10:00 AM on Tuesday, look for the Conference Board's Consumer Sentiment Index. Bloomberg pegs the July consensus at 50.0, down from June's measure of 50.4. Last week saw the Michigan figure post a surprising surge to 61.2, which was up from 56.4 the month before. One Barron's columnist speculated that it was stimulus aided, but we expect it was just as likely a case of heat exhaustion among a majority of survey participants after they got too much sun. Or perhaps, the collective consciousness senses the same thing Kudlow, Cramer and Douville have declared, the bottom of housing... We'll receive a bit of housing data on Tuesday, as the S&P Case Shiller Index is released for May.

Pharmaceuticals will headline the day on the corporate front, as Wyeth (NYSE: WYE) is expected to present data on its Alzheimer's treatment and an FDA panel could make an announcement regarding Roche Holdings' rheumatoid arthritis drug Actemra. Overseas, the Indian Central Bank is expected to raise its key rate by a quarter point.

EPS Reports for Tuesday, July 29 Company Symbol Time ACE Limited NYSE: ACE After Market Close Actel Nasdaq: ACTL After Market Close Advanta Corporation Nasdaq: ADVNA Before Market Open Advent Software Nasdaq: ADVS After Market Close AGCO NYSE: AG Time Not Supplied AirTran Holdings, Inc. NYSE: AAI Time Not Supplied Akzo Nobel N.V. Nasdaq: AKZOF.PK 01:00 am ET Alcatel-Lucent NYSE: ALU Time Not Supplied ALESCO CORPORATION LIMITED (ALS) ALS.AX Time Not Supplied Alexion Pharmaceuticals Nasdaq: ALXN Before Market Open Align Technology Nasdaq: ALGN After Market Close Alpha Natural Resources, Inc. NYSE: ANR Before Market Open AMAG Pharmaceuticals, Inc. Nasdaq: AMAG Before Market Open Amedisys, Inc. Nasdaq: AMED Before Market Open America Service Group Inc. Nasdaq: ASGR After Market Close AMERICAN CAPITAL AGENCY CORP Nasdaq: AGNC After Market Close American Commercial Lines Inc Nasdaq: ACLI After Market Close American Dental Partners Nasdaq: ADPI Time Not Supplied American Medical Systems Nasdaq: AMMD After Market Close American Shared Hospital Services NYSE: AMS Time Not Supplied AMTRUST FINANCIAL SERVICES INC Nasdaq: AFSI After Market Close Answers Corporation Nasdaq: ANSW Time Not Supplied Arthur J. Gallagher & Co. NYSE: AJG After Market Close ArvinMeritor, Inc. NYSE: ARM Before Market Open Associated Estates Realty NYSE: AEC Before Market Open ATC Technology Corporation Nasdaq: ATAC Time Not Supplied AudioCodes Ltd. Nasdaq: AUDC After Market Close AVX Corporation NYSE: AVX Before Market Open Ballard Power Systems Nasdaq: BLDP Time Not Supplied Barrett Business Services Nasdaq: BBSI After Market Close BE Aerospace Nasdaq: BEAV Before Market Open Bemis Company, Inc. NYSE: BMS Before Market Open Black Box Network Services Nasdaq: BBOX After Market Close Bodycote International plc LSE: BOY.L Before Market Open BP plc NYSE: BP Before Market Open BRE Properties, Inc. NYSE: BRE After Market Close BRIGHAM EXPLORATION CO Nasdaq: BEXP After Market Close BUCKEYE GP HOLDINGS LP NYSE: BGH Time Not Supplied BUCKEYE GP HOLDINGS LP NYSE: BGH Time Not Supplied Buffalo Wild Wings, Inc. Nasdaq: BWLD After Market Close C4 TECHNOLOGY INC TOKYO Nasdaq: CFTKF.PK 02:00 am ET Callidus Software Inc. Nasdaq: CALD After Market Close CANADIAN OIL SANDS TR NEW COS-UN.TO After Market Close Canadian Utilities CU.TO Time Not Supplied CAPITAL TRUST INC MD NYSE: CT After Market Close Cardiac Science Nasdaq: CSCX After Market Close Cascade Microtech, Inc. Nasdaq: CSCD After Market Close Catalyst Paper Corporation CTL.TO Time Not Supplied CB Richard Ellis Group, Inc. NYSE: CBG After Market Close Centex Corporation NYSE: CTX After Market Close Cephalon, Inc. Nasdaq: CEPH After Market Close CGI Group NYSE: GIB Before Market Open Chicago Bridge & Iron NYSE: CBI Time Not Supplied CHINA WATER AFFAIRS GROUP LTD Nasdaq: CWAFF.PK Time Not Supplied Christian Dior Paris: CDI.PA Time Not Supplied Claimsnet.com CLAI.OB Time Not Supplied Coach, Inc. NYSE: COH Time Not Supplied COFINIMMO SA COFB.BR 11:40 am ET Colgate-Palmolive NYSE: CL Time Not Supplied CommScope NYSE: CTV After Market Close Compugen Nasdaq: CGEN Time Not Supplied Continental Resources, Inc. NYSE: CLR Before Market Open Corporate Office Properties Trust NYSE: OFC After Market Close Covanta Holding Corporation NYSE: CVA After Market Close Croda International plc CRDA.L Before Market Open CSR plc CSR.L Before Market Open CTC MEDIA INC Nasdaq: CTCM Before Market Open CTS Corporation NYSE: CTS After Market Close Cynosure, Inc. Nasdaq: CYNO Before Market Open DAB Bank AG DRN.F 01:30 am ET Denny's Corporation Nasdaq: DENN After Market Close DENTSPLY International Inc. Nasdaq: XRAY After Market Close Dialight plc DIA.L Time Not Supplied DineEquity NYSE: DIN Before Market Open DOCDATA NV DOCD.AS 01:30 am ET Double-Take Software, Inc. Nasdaq: DBTK After Market Close DreamWorks Animation SKG, Inc. NYSE: DWA After Market Close EAGLE TEST SYSTEMS INC Nasdaq: EGLT After Market Close EarthLink Nasdaq: ELNK Before Market Open Ebro Puleva SA (formerly Azucarera Ebro Agricolas) EVA.MC Time Not Supplied Edgar Online Nasdaq: EDGR After Market Close Electronic Arts Nasdaq: ERTS After Market Close Electronics for Imaging Nasdaq: EFII After Market Close Embarq Corporation NYSE: EQ After Market Close EMCOR Group, Inc. NYSE: EME Time Not Supplied Enagas ENG.MC Before Market Open ENBRIDGE INCOME FD ENF-UN.TO Time Not Supplied Endurance Specialty Holdings NYSE: ENH After Market Close ENERGIAS DO BRASIL SA ENBR3.SA After Market Close Entegris, Inc. Nasdaq: ENTG Before Market Open Entergy NYSE: ETR Time Not Supplied Entrust, Inc. Nasdaq: ENTU After Market Close EOG Resources, Inc. NYSE: EOG After Market Close Equity One NYSE: EQY After Market Close EXTRA SPACE STORAGE INC NYSE: EXR After Market Close FARO Technologies Nasdaq: FARO After Market Close FEI Company Nasdaq: FEIC After Market Close FGX International Nasdaq: FGXI After Market Close First Financial Bancorp Ohio Nasdaq: FFBC After Market Close FirstService Nasdaq: FSRV Before Market Open Fiserv Nasdaq: FISV After Market Close FMC Corporation NYSE: FMC After Market Close FORTUNE REAL ESTATE INV TRUST F25U.SI Time Not Supplied Franklin Street Properties NYSE: FSP After Market Close Fresh Del Monte Produce Inc. NYSE: FDP Before Market Open Gamesa Corporación Tecnológica GCTAF.PK Time Not Supplied Gas Natural SDG S.A. GAS.MC Before Market Open General Cable Corporation NYSE: BGC After Market Close Genworth Financial, Inc. NYSE: GNW After Market Close George Weston Limited WN.TO Time Not Supplied GEOX SPA BIADENE DI MONTEBELLU GXSBF.PK Time Not Supplied Getty Realty NYSE: GTY After Market Close Gevity Nasdaq: GVHR Time Not Supplied GMARKET INC Nasdaq: GMKT Time Not Supplied GrafTech International Ltd NYSE: GTI Time Not Supplied Granite City Food & Brewery Ltd. Nasdaq: GCFB After Market Close Group 1 Automotive NYSE: GPI Before Market Open GUJARAT HEAVY CHEMICALS LTD GJHVF.PK Time Not Supplied GulfMark Offshore NYSE: GLF Before Market Open Hanesbrands NYSE: HBI After Market Close Hanger Orthopedic Group NYSE: HGR After Market Close Hanmi Financial Corporation Nasdaq: HAFC After Market Close Harrington West Financial Group, Inc. Nasdaq: HWFG After Market Close Harsco Corporation NYSE: HSC Before Market Open HAULOTTE GROUP PIG.PA Time Not Supplied Headwaters Inc. NYSE: HW Before Market Open HealthSpring, Inc. NYSE: HS After Market Close Hemisphere GPS Inc. HEM.TO Before Market Open Hercules Offshore Nasdaq: HERO Before Market Open Highwoods Properties NYSE: HIW After Market Close HOLLY ENERGY PARTNERS LP NYSE: HEP Before Market Open Hutchinson Technology, Inc. Nasdaq: HTCH After Market Close Idearc, Inc. NYSE: IAR Time Not Supplied Idenix Pharmaceuticals, Inc. Nasdaq: IDIX Before Market Open IDS Scheer AG IDS.F Time Not Supplied Inchcape PLC INCH.L 04:15 am ET Industrial-Alliance Life Insurance Co IAG.TO Time Not Supplied InFocus® Corporation Nasdaq: INFS Before Market Open InfoVista IFV.PA Time Not Supplied Inmet Mining Corp. IMN.TO Time Not Supplied Integrated Device Technology Nasdaq: IDTI After Market Close Integrated Management Information, Inc. INMG.OB Before Market Open Inverness Medical Innovations NYSE: IMA Before Market Open Iteris, Inc. NYSE: ITI Time Not Supplied Jarden Corporation NYSE: JAH Before Market Open Jazz Technologies Inc NYSE: JAZ Time Not Supplied JET AIRWAYS INDIA LTD JTAIF.PK Time Not Supplied Jones Lang LaSalle NYSE: JLL After Market Close Kaydon NYSE: KDN 07:00 am ET Keynote Systems, Inc. Nasdaq: KEYN After Market Close Kforce, Inc. Nasdaq: KFRC After Market Close KONA GRILL INC Nasdaq: KONA After Market Close Lam Research Nasdaq: LRCX Time Not Supplied LAN Airlines NYSE: LFL Time Not Supplied LandAmerica Financial Group, Inc. NYSE: LFG After Market Close Landauer NYSE: LDR Before Market Open LCA-Vision Nasdaq: LCAV Before Market Open Lear Corp. NYSE: LEA Before Market Open LECG Corp Nasdaq: XPRT After Market Close LECTRA LSS.PA Time Not Supplied LeMaitre Vascular, Inc. Nasdaq: LMAT After Market Close Lexicon Pharmaceuticals Inc. Nasdaq: LXRX Before Market Open Lincoln National NYSE: LNC After Market Close Lithia Motors, Inc. NYSE: LAD After Market Close LodgeNet Interactive Corporation Nasdaq: LNET After Market Close Louisiana-Pacific Corp NYSE: LPX Before Market Open LVMH Moet-Hennessy Louis Vuitton LVMHF.PK Time Not Supplied Martha Stewart Living Omnimedia NYSE: MSO Before Market Open Masco NYSE: MAS Time Not Supplied Matsushita Electric Industrial Co. Ltd. NYSE: MC 02:30 am ET MetLife, Inc. NYSE: MET After Market Close Modine Manufacturing Company NYSE: MOD Time Not Supplied Monogram Biosciences Inc Nasdaq: MGRM After Market Close MoSys, Inc. Nasdaq: MOSY After Market Close Mothers Work Nasdaq: MWRK Time Not Supplied MRV Communications Nasdaq: MRVC After Market Close Nalco Holding Company NYSE: NLC After Market Close National Instruments Nasdaq: NATI After Market Close National Oilwell Varco NYSE: NOV Before Market Open NATIONAL THERMAL POWER CORP Nasdaq: NTHPF.PK Time Not Supplied NCI, Inc. Nasdaq: NCIT After Market Close NCR Corporation NYSE: NCR Before Market Open Ness Technologies Inc Nasdaq: NSTC Before Market Open NewAlliance Bancshares NYSE: NAL After Market Close Nidec NYSE: NJ 02:30 am ET NIPPON CHUTETSUKAN KK Nasdaq: NIPHF.PK 01:00 am ET Nomura Holdings, Inc. Nasdaq: NRSCF.PK 02:00 am ET Northrop Grumman NYSE: NOC Time Not Supplied NOVATEK MICROELECTRONICS 3034.TW Time Not Supplied NRG Energy NYSE: NRG Time Not Supplied OfficeMax NYSE: OMX After Market Close Online Resources Corporation Nasdaq: ORCC After Market Close OSG NYSE: OSG After Market Close OSG America L.P. NYSE: OSP After Market Close PAB Bankshares Nasdaq: PABK After Market Close Papeles & Cartones Europa SA PAC.MC Time Not Supplied Patriot Coal Corporation NYSE: PCX Time Not Supplied PC MALL, Inc. Nasdaq: MALL After Market Close Peoples Bancorp Nasdaq: PEBO Before Market Open Perot Systems NYSE: PER Before Market Open Pfeiffer Vacuum Technology Nasdaq: PVTCY.PK 02:00 am ET Pilgrim's Pride NYSE: PPC Time Not Supplied PokerTek, Inc. Nasdaq: PTEK After Market Close Portfolio Recovery Associates, Inc. Nasdaq: PRAA After Market Close POZEN Inc. Nasdaq: POZN Before Market Open PrivateBancorp, Inc. Nasdaq: PVTB Before Market Open PROEX ENERGY LTD PXE.TO After Market Close PULEVA BIOTECH SA BIO.MC Time Not Supplied PUNJ LLOYD LTD PNJLF.PK Time Not Supplied PZ Cussons plc PZC.L 02:00 am ET QLT Inc. Nasdaq: QLTI Before Market Open Quantum Corporation NYSE: QTM After Market Close RadiSys Corporation Nasdaq: RSYS After Market Close Ramco-Gershenson Properties Trust NYSE: RPT After Market Close Regal-Beloit Corporation NYSE: RBC Before Market Open RENAISSANCE CORPORATION LTD RNS.NZ Time Not Supplied RenaissanceRe Holdings NYSE: RNR After Market Close RF Micro Devices, Inc. Nasdaq: RFMD After Market Close Rogers Communications Inc. NYSE: RCI Before Market Open RTI International Metals NYSE: RTI Before Market Open Saipem SPM.MI Time Not Supplied Santander Central Hispano NYSE: STD Time Not Supplied SAP AG NYSE: SAP Time Not Supplied Sartorius AG SRT.F Time Not Supplied SAVVIS, Inc. Nasdaq: SVVS After Market Close SciClone Pharmaceuticals, Inc. Nasdaq: SCLN Time Not Supplied SECURITY BANK CORP Nasdaq: SBKC After Market Close Semiconductor Manufacturing International Corp. (SMIC) NYSE: SMI Time Not Supplied Sepracor Nasdaq: SEPR Before Market Open SI International Nasdaq: SINT Before Market Open SILIC SIL.PA Time Not Supplied Silicon Motion Technology Corporation Nasdaq: SIMO After Market Close Silicon Storage Technology, Inc. Nasdaq: SSTI After Market Close SILVER WHEATON CORP NYSE: SLW After Market Close Simpson Manufacturing NYSE: SSD After Market Close SINGAPORE POST LTD SPSTF.PK After Market Close Snam Rete Gas S.p.A. SRG.MI Before Market Open So-net Entertainment Corporation SYCMF.PK After Market Close Sonic Automotive NYSE: SAH Time Not Supplied SonicWALL Nasdaq: SNWL After Market Close Sony Corporation NYSE: SNE Time Not Supplied Spectranetics Nasdaq: SPNC Before Market Open SPSS Nasdaq: SPSS After Market Close St. James's Place plc STJ.L Before Market Open Starent Networks Corporation Nasdaq: STAR After Market Close StellarOne Corporation Nasdaq: STEL Before Market Open Stepan Co. NYSE: SCL Before Market Open Strattec Security Corp. Nasdaq: STRT Time Not Supplied SumTotal Systems, Inc. Nasdaq: SUMT After Market Close Switch and Data Nasdaq: SDXC After Market Close Talisman Energy TLM.TO Before Market Open Tanger Factory Outlet Centers, Inc. NYSE: SKT After Market Close Teleflex Incorporated NYSE: TFX Before Market Open Tennant Co. NYSE: TNC Before Market Open Teppco NYSE: TPP Before Market Open Teva Pharmaceutical Nasdaq: TEVA Time Not Supplied Thales SA HO.PA After Market Close The McGraw Hill Companies NYSE: MHP Before Market Open TRANSFORCE INC NEW TFI.TO Time Not Supplied TranSwitch Nasdaq: TXCC After Market Close TTM Technologies Nasdaq: TTMI After Market Close Twin Disc Nasdaq: TWIN Before Market Open UCAL FUEL SYSTEMS LTD UCLFF.PK Time Not Supplied Ultimate Software Nasdaq: ULTI After Market Close Under Armour, Inc NYSE: UA 07:00 am ET United Rentals NYSE: URI After Market Close United States Steel Corp. NYSE: X Time Not Supplied UNITED TRACTORS UNTR.JK Time Not Supplied Valero Energy Corp. NYSE: VLO Before Market Open Viacom NYSE: VIA Time Not Supplied Villeroy & Boch VIB3.F Time Not Supplied Vishay Intertechnology, Inc. NYSE: VSH Before Market Open VNUS Medical Technologies Nasdaq: VNUS After Market Close VUELING AIRLINES SA VLG.MC Before Market Open Waddell & Reed Financial, Inc. NYSE: WDR Before Market Open Walter Industries NYSE: WLT Time Not Supplied Waste Management NYSE: WMI Before Market Open Watts Water Technologies NYSE: WTS After Market Close Wolfson Microelectronics PLC WLF.L Before Market Open World Acceptance Corporation Nasdaq: WRLD Time Not Supplied WPCS International Inc Nasdaq: WPCS 4:00 pm ET XANTREX TECHNOLOGY INC XTX.TO After Market Close Zix Corporation Nasdaq: ZIXI After Market Close

Wednesday

Interest rates on 30-year fixed-rate mortgages climbed some 37 basis points or so last week, and so the adjusted Market Composite Index of mortgage activity, produced by the Mortgage Bankers Association, declined 6.1% week-to-week. This regular Wednesday morning report will be followed up by the ADP Private Employment Report for July this week at 8:15 AM ET. We do not have a consensus figure for ADP, but look for our commentary on Wednesday in the pre-market. June's ADP data showed a private labor market loss of 79K jobs (May +40K).

The SEC will review a plan to issue guidance to mutual funds on "soft dollar" deals. At 10:30, all eyes will be on the EIA Petroleum Status Report release. Last week, oil prices fell another 4.8%, to $123 per barrel; this occurred despite an inventory draw of 1.6 million barrels of oil, as reported by the EIA.

EPS Reports for Wednesday, July 30 Company Symbol Time Acadia Realty Trust NYSE: AKR After Market Close Acciona, S.A. ANA.MC Before Market Open ACS, Actividades de Construcción y Servicios, S.A. ACS.MC Time Not Supplied Acxiom Nasdaq: ACXM After Market Close Admiral Group plc ADM.L Before Market Open Agfa-Gevaert AGFB.BR Time Not Supplied Aguas de Barcelona AGS.MC After Market Close AICHI TOKEI DENKI CO LTD AITDF.PK 01:00 am ET Akamai Technologies Inc. Nasdaq: AKAM After Market Close Alleanza Assicurazioni S.p.A. AL.MI Time Not Supplied Allegheny Energy, Inc. NYSE: AYE After Market Close Allergan NYSE: AGN Time Not Supplied Allied Irish Banks p.l.c NYSE: AIB Time Not Supplied Allied Waste Industries, Inc. NYSE: AW After Market Close Alphameric plc ALM.L Time Not Supplied Alpharma NYSE: ALO Before Market Open Alvarion Nasdaq: ALVR Before Market Open Ambassadors International, Inc. Nasdaq: AMIE Before Market Open American Equity Investment Life Holding Co. NYSE: AEL After Market Close American Tower Corp. NYSE: AMT Before Market Open Anadys Pharmaceuticals, Inc. Nasdaq: ANDS After Market Close Applied Micro Circuits Corporation Nasdaq: AMCC After Market Close Apria Healthcare Group NYSE: AHG Time Not Supplied ArcelorMittal NYSE: MT Time Not Supplied ARM Holdings plc ARM.L 02:00 am ET Armstrong World Industries Inc. NYSE: AWI Time Not Supplied ARRIS Group, Inc. Nasdaq: ARRS After Market Close Asbury Automotive Group, Inc. NYSE: ABG Before Market Open Aspen Insurance Holdings Limited NYSE: AHL After Market Close Asyst Technologies Nasdaq: ASYT After Market Close Atmel Corporation Nasdaq: ATML Time Not Supplied AUSTAR UNITED COMMUNICATNS LTD AUN.AX Time Not Supplied Avalonbay Communities NYSE: AVB After Market Close Avigen Nasdaq: AVGN Before Market Open Avista Corporation NYSE: AVA Before Market Open Aviva plc AV.L Time Not Supplied Avon Products Inc. NYSE: AVP Time Not Supplied AXT Inc Nasdaq: AXTI After Market Close BAINS MER MONACO BAIN.PA Time Not Supplied BANCA GENERALI BGN.MI 04:00 am ET Banco Santander-Chile NYSE: SAN Time Not Supplied Bare Escentuals, Inc. Nasdaq: BARE After Market Close Bayer BAYRY.PK 01:30 am ET Bel Fuse Inc. Nasdaq: BELFB Before Market Open Bio-Imaging Technologies Nasdaq: BITI Time Not Supplied BioMed Realty Trust, Inc. NYSE: BMR After Market Close BlueLinx Holdings Inc NYSE: BXC Before Market Open Brandywine Realty Trust NYSE: BDN After Market Close BTU International Nasdaq: BTUI After Market Close Cadbury plc NYSE: CBY Before Market Open CAI INTERNATIONAL INC NYSE: CAP After Market Close Cal Dive International NYSE: DVR After Market Close California Water Service Group NYSE: CWT After Market Close Callaway Golf NYSE: ELY After Market Close Cameron NYSE: CAM Time Not Supplied Canfor Corporation CFP.TO Time Not Supplied CAPITARETAIL CHINA TRUST CPITF.PK Time Not Supplied CDL HOSPITALITY TRUSTS J85.SI Time Not Supplied Cedar Shopping Centers NYSE: CDR After Market Close Cementir CEM.MI Time Not Supplied Centennial Communications Nasdaq: CYCL Before Market Open Central European Media Enterprises Nasdaq: CETV Before Market Open Circor International NYSE: CIR After Market Close Cleveland-Cliffs NYSE: CLF After Market Close CNX Gas Corp. NYSE: CXG Before Market Open Cogdell Spencer, Inc. NYSE: CSA After Market Close Coherent Nasdaq: COHR Time Not Supplied Comcast Corporation Nasdaq: CMCSA Time Not Supplied Concur Technologies Nasdaq: CNQR After Market Close Corning NYSE: GLW Before Market Open COSAN S A INDUSTRIA E COMERICO CSAN3.SA After Market Close Covance NYSE: CVD After Market Close Cox Radio Inc. NYSE: CXR Before Market Open Cummins Inc. NYSE: CMI Before Market Open Curis Nasdaq: CRIS Before Market Open Deutsche Postbank AG DPB.F Time Not Supplied Digital River, Inc. Nasdaq: DRIV After Market Close Drew Industries Incorporated NYSE: DW After Market Close DTE Energy Company NYSE: DTE After Market Close Duke Realty Corporation NYSE: DRE After Market Close DXP Enterprises Nasdaq: DXPE Time Not Supplied Echelon Corporation Nasdaq: ELON Before Market Open Eclipsys Nasdaq: ECLP After Market Close Edgewater Technology Nasdaq: EDGW Before Market Open EFG Eurobank Ergasias SA EGFEF.PK After Market Close EFJohnson Technologies, Inc. Nasdaq: EFJI Time Not Supplied eHealth, Inc. Nasdaq: EHTH Time Not Supplied Empresa Nacional de Electricidad SA - Endesa Chile NYSE: EOC Time Not Supplied EMS Technologies Nasdaq: ELMG Before Market Open Energias de Portugal, S.A. EDPFY.PK After Market Close Energizer, Inc. NYSE: ENR Time Not Supplied Entertainment Properties Trust NYSE: EPR Time Not Supplied Equity Residential NYSE: EQR After Market Close Erie Indemnity Nasdaq: ERIE After Market Close Erste Bank Der Osterreichischen EBS.VI Time Not Supplied Essex Property Trust NYSE: ESS After Market Close Euronet Services Nasdaq: EEFT Before Market Open European Aeronautic Defence and Space Company EADS N.V. EAD.PA 01:00 am ET Evans Bancorp, Inc. Nasdaq: EVBN Time Not Supplied Exactech Nasdaq: EXAC After Market Close EXCO TECHNOLOGIES LTD XTC.TO Time Not Supplied Express Scripts, Inc. Nasdaq: ESRX After Market Close Famous Dave's of America Nasdaq: DAVE After Market Close Federal Realty Investment Trust NYSE: FRT Time Not Supplied Finmeccanica FINMF.PK Time Not Supplied First Mercury Financial Corporation NYSE: FMR After Market Close First Potomac Realty Trust NYSE: FPO After Market Close First Solar, Inc. Nasdaq: FSLR After Market Close Flowserve Corporation NYSE: FLS After Market Close Foreign & Colonial Investment Trust PLC FRCL.L Time Not Supplied FormFactor, Inc. Nasdaq: FORM After Market Close FPIC Insurance Group, Inc. Nasdaq: FPIC After Market Close Fresenius Medical Care NYSE: FMS Time Not Supplied FRESENIUS SE FSNPF.PK Time Not Supplied FUJIFILM HOLDINGS CORPORATION Nasdaq: FUJI 02:00 am ET Garmin Ltd. Nasdaq: GRMN Before Market Open Gartner NYSE: IT Before Market Open General Communication Nasdaq: GNCMA After Market Close General Growth Properties Inc NYSE: GGP After Market Close General Maritime Corporation NYSE: GMR After Market Close Geron Nasdaq: GERN Before Market Open Granite Construction NYSE: GVA After Market Close GREAT WEST LIFECO INC GWO.TO Time Not Supplied GUJARAT ALKALIES & CHEM LTD GJAKF.PK Time Not Supplied Hawaiian Holdings, Inc. NYSE: HA After Market Close Health Grades Nasdaq: HGRD Before Market Open Helix Energy Solutions Group, Inc. NYSE: HLX After Market Close Hess Corporation NYSE: HES Before Market Open Hilb Rogal & Hobbs Company NYSE: HRH After Market Close Hologic Nasdaq: HOLX After Market Close Horace Mann Educators Corp. NYSE: HMN After Market Close Hudson Highland Group Inc Nasdaq: HHGP After Market Close Human Genome Sciences Nasdaq: HGSI After Market Close Huntsman Corporation NYSE: HUN Before Market Open Huttig Building Products, Inc NYSE: HBP After Market Close I-many, Inc. Nasdaq: IMNY After Market Close IAC Nasdaq: IACI Before Market Open Imperial Sugar Nasdaq: IPSU Before Market Open Indesit Company IND.MI Time Not Supplied Indigo Books & Music Inc. IDG.TO After Market Close Innospec Inc. Nasdaq: IOSP After Market Close Innovative Solutions and Support, Inc. Nasdaq: ISSC After Market Close Insure,com, Inc. Nasdaq: NSUR Time Not Supplied itelligence AG ILH.F Time Not Supplied Itron, Inc. Nasdaq: ITRI After Market Close JAPAN STEEL TOWER CO LTD JPTEF.PK 03:00 am ET JAVO BEVERAGE COMPANY INC JAVO.OB Time Not Supplied Jones Apparel Group Inc. NYSE: JNY Before Market Open Kemet NYSE: KEM Before Market Open KEPPEL LAND LTD KPPLF.PK Time Not Supplied Kimco Realty Corporation NYSE: KIM Before Market Open KURITA WATER INDUSTRIES KTWIF.PK 01:00 am ET Kyocera Corporation NYSE: KYO 03:00 am ET L-1 Identity Solutions, Inc. NYSE: ID Before Market Open Lazard Ltd. NYSE: LAZ Before Market Open LHC GROUP INC Nasdaq: LHCG After Market Close LITTELFUSE INC Nasdaq: LFUS Before Market Open Lloyds TSB Group LLDTF.PK Before Market Open LoopNet, Inc. Nasdaq: LOOP After Market Close MacDonald, Dettwiler and Associates Ltd. MDA.TO 5:00 pm ET Magal Security Systems Nasdaq: MAGS Time Not Supplied MAGIX AG MGX.F Time Not Supplied MAN AG MAN.F Time Not Supplied ManTech International Corporation Nasdaq: MANT After Market Close MarketAxess Holdings Inc. Nasdaq: MKTX Before Market Open MARSULEX INC MLX.TO After Market Close MasTec NYSE: MTZ After Market Close MDC Partners Inc. Nasdaq: MDCA After Market Close MEDIATEK INC 2454.TW Time Not Supplied MELCOR DEVS LTD MRD.TO Time Not Supplied Mercer International Nasdaq: MERC After Market Close Mercury Computer Systems Nasdaq: MRCY Time Not Supplied Meredith Corporation NYSE: MDP Before Market Open Merix Nasdaq: MERX Before Market Open Michelin ML.PA 02:00 am ET MILTON CORP MLT.AX Time Not Supplied MIRANDA TECHNOLOGIES INC MT.TO Time Not Supplied Monaco Coach NYSE: MNC Time Not Supplied Mondadori (Arnoldo) Editore SP MN.MI Time Not Supplied MONDI PLC MONDY.PK Before Market Open Moody's Corporation NYSE: MCO Before Market Open Morton's Restaurant Group, Inc. NYSE: MRT After Market Close MPS Group NYSE: MPS Before Market Open MTR Gaming Group Nasdaq: MNTG Before Market Open Murphy Oil Corporation NYSE: MUR After Market Close NAGAHORI CORP NAAHF.PK 12:00 am ET Neurocrine Biosciences, Inc. Nasdaq: NBIX After Market Close New Jersey Resources NYSE: NJR Time Not Supplied Newport Corporation Nasdaq: NEWP After Market Close NIC Nasdaq: EGOV After Market Close NightHawk Radiology Holdings, Inc. Nasdaq: NHWK Time Not Supplied NIPPON MINING HOLDINGS INC. NMHDY.PK 02:00 am ET Noble Energy, Inc. NYSE: NBL Time Not Supplied NTT DoCoMo NYSE: DCM 02:00 am ET O-I NYSE: OI After Market Close O2 Micro Nasdaq: OIIM After Market Close Oceaneering International, Inc. NYSE: OII After Market Close Office Depot Inc. NYSE: ODP Before Market Open Oppenheimer Holdings Inc. NYSE: OPY Before Market Open Owens Corning NYSE: OC Before Market Open Panacos Pharmaceuticals, Inc. Nasdaq: PANC After Market Close Parmalat SPA PRF.MI Time Not Supplied PDF Solutions Nasdaq: PDFS Time Not Supplied Penske Automotive Group NYSE: PAG Before Market Open Pfizer Ltd. PZRLF.PK Time Not Supplied PGT, Inc. Nasdaq: PGTI After Market Close Pinnacle West Capital Corporation NYSE: PNW Time Not Supplied Poligrafici Editoriale POL.MI Time Not Supplied POLYPORE INTL INC NYSE: PPO After Market Close Prosegur Compañía de Seguridad S.A. PSG.MC Time Not Supplied Provident Financial plc PFG.L 02:00 am ET Prudential Financial, Inc. NYSE: PRU After Market Close Psychiatric Solutions, Inc. Nasdaq: PSYS After Market Close PZENA INVESTMENT MANAGEMENT INC NYSE: PZN Time Not Supplied Quaker Chemical Corporation NYSE: KWR After Market Close R.H. Donnelley Corporation NYSE: RHD Before Market Open RAB CAPITAL PLC RBCPF.PK Before Market Open RC2 CORP Nasdaq: RCRC After Market Close Realty Income Corporation NYSE: O Time Not Supplied Red Eléctrica de España (REE) REE.MC Time Not Supplied RehabCare Group, Inc. NYSE: RHB Before Market Open Reliv International Nasdaq: RELV Before Market Open Reynolds American, Inc. NYSE: RAI Before Market Open Rhodia S.A. RHADF.PK 01:30 am ET Richardson Electronics Nasdaq: RELL After Market Close RightNow Technologies, Inc. Nasdaq: RNOW After Market Close Rockwood Holdings, Inc. NYSE: ROC Time Not Supplied Rogers Corporation NYSE: ROG After Market Close RUBICON TECHNOLOGY INC Nasdaq: RBCN Time Not Supplied Sadia S.A. NYSE: SDA After Market Close Safilo Group SpA SFL.MI Time Not Supplied SAMUEL MANU TECH INC SMT.TO Time Not Supplied SANJO MACHINE WORKS LTD SNJOF.PK 01:00 am ET Sauer-Danfoss NYSE: SHS After Market Close Sciele Pharma, Inc. Nasdaq: SCRX After Market Close Scientific Learning Nasdaq: SCIL Time Not Supplied Sealed Air NYSE: SEE Time Not Supplied SEASPAN CORPORATION NYSE: SSW After Market Close SELOGER.COM SLG.PA After Market Close Sequenom Nasdaq: SQNM After Market Close Shinhan Financial Group Co. Ltd. NYSE: SHG Time Not Supplied SHUTTERFLY INC Nasdaq: SFLY Time Not Supplied Siemens AG NYSE: SI Time Not Supplied Silicon Laboratories Inc. Nasdaq: SLAB Before Market Open SNC-Lavalin Group SNC.TO Time Not Supplied Southern Company NYSE: SO Before Market Open Southwestern Energy NYSE: SWN After Market Close Span-America Medical Systems Nasdaq: SPAN Time Not Supplied Spartan Stores, Inc. Nasdaq: SPTN After Market Close Sport Chalet Nasdaq: SPCHB After Market Close SPX NYSE: SPW Time Not Supplied STAAR Surgical Nasdaq: STAA After Market Close Standard Pacific Corp. NYSE: SPF After Market Close Starbucks Nasdaq: SBUX After Market Close State Bancorp, Inc. Nasdaq: STBC Time Not Supplied Steiner Leisure Nasdaq: STNR After Market Close STERIS NYSE: STE Before Market Open Stewart Information Services NYSE: STC Before Market Open SUNTEC REAL ESTATE INVT TRUST F3G.SI Time Not Supplied Superior Energy Services NYSE: SPN After Market Close Symantec Nasdaq: SYMC After Market Close Symyx Technologies, Inc. Nasdaq: SMMX Time Not Supplied Synthes, Inc. SYST.VX 01:00 am ET Sypris Solutions Inc. Nasdaq: SYPR Time Not Supplied TECHWELL INC Nasdaq: TWLL After Market Close TECO Energy Inc. NYSE: TE After Market Close Tele Norte Celular Participações S.A. (Amazonia) NYSE: TCN Before Market Open TeleCity PLC 3TH.F Before Market Open Telular Corporation Nasdaq: WRLS After Market Close TEMENOS GROUP AG TMNSF.PK Time Not Supplied Temple-Inland Inc. NYSE: TIN Before Market Open Tesoro Corporation NYSE: TSO After Market Close Tetra Tech Nasdaq: TTEK After Market Close The Interpublic Group of Companies, Inc. NYSE: IPG Before Market Open The Timberland Company NYSE: TBL Before Market Open The Timken Company NYSE: TKR Time Not Supplied Thomas Weisel Partners Nasdaq: TWPG Time Not Supplied THQ Inc Nasdaq: THQI After Market Close Titan International NYSE: TWI Time Not Supplied Travis Perkins plc TPK.L Before Market Open Trex Company, Inc. NYSE: TWP Before Market Open Trican Well Service Ltd. TCW.TO After Market Close Trinity Industries NYSE: TRN After Market Close Tronox Incorporated NYSE: TRX Before Market Open TSYS NYSE: TSS After Market Close Tyco Electronics NYSE: TEL Before Market Open UGI NYSE: UGI Time Not Supplied United Microelectronics Corporation (UMC) NYSE: UMC Time Not Supplied Unum Group NYSE: UNM After Market Close USJ CO LTD OSAKA USJCF.PK 02:00 am ET Vidrala SA VID.MC Time Not Supplied Virage Logic Corporation Nasdaq: VIRL Time Not Supplied ViroPharma Nasdaq: VPHM Before Market Open Virtusa Corporation Nasdaq: VRTU After Market Close Visa Inc. NYSE: V After Market Close Visteon Corporation NYSE: VC Before Market Open VIVO PARTICIPACOES S A VIVO4.SA Before Market Open Voltaire Nasdaq: VOLT Before Market Open Vossloh AG VOS.F Time Not Supplied Wabash National NYSE: WNC After Market Close WABCO Holdings Inc. NYSE: WBC Time Not Supplied Walt Disney NYSE: DIS After Market Close West Fraser Timber Co. WFT.TO Time Not Supplied WEST JAPAN RAILWAY CO WJRYY.PK 02:00 am ET WestJet Airlines WJA.TO Time Not Supplied Whiting Petroleum Corp. NYSE: WLL After Market Close Willis Group Holdings Limited NYSE: WSH After Market Close Wright Express Corporation NYSE: WXS Before Market Open Zoom Technologies Inc. Nasdaq: ZOOM Before Market Open Zucchi S.p.A ZUC.MI Time Not Supplied

Thursday

Thursday and Friday should more than make up for the quiet start to the week, with a ton of data reaching the wire. The Monster Employment Index (Nasdaq: MNST) kicks off the festivities with its 6:00 AM release. The index fell three points last month to 163, but had been as low as 160 in January.

At 8:30, the Advance Report for Q2 GDP is expected to show economic stimulus and export driven real growth of 2.4% quarter-to-quarter. First quarter GDP rose just 1.0% by the time the final tally was taken. So, you must be thinking, "wow, what recession?" Stimulus will disappear in Q3 though, but the government hopes its done enough to stabilizing housing and the financial sector to drive economic recovery. Those concerned with the global economic situation, and that should be all of you, will note Japan's indusrial output release for June, set for Thursday.

Initial weekly jobless claims picked up last week, reaching 406K. The consensus forecast seems to track closely to the prior week result, and so this coming week's expert view is for another 398K of new filings. In any event, it looks like unemployment is trending higher moving into the second half. We think there's good reason for this, since stimulus will dissipate, leading consumers to spend even less on restaurant and retail outings. As a result, we expect store closings and layoffs to intensify in the very saturated consumer sector. Also, as global growth slows and slips into recession in some markets, American exports should suffer and manufacturing capacity could stand alone in the cold of excess. Also at 8:30, the Employment Cost Index is expected to post a 0.7% increase, as compared to the same rise in Q1.

The monthly tally on Chicagoland manufacturing is set for Thursday at 9:45. NAPM-Chicago is seen measuring at 49.0, as the Midwest remains in economic contraction. The Midwestern measure showed tough times in June as well, when it measured 49.6. Still, we've been as low as 44.5 in February, so the struggle is not so bad relatively speaking.

Treasury Secretary Paulson is set to speak on Thursday, so mark your schedule for 1 p.m. ET to catch it. Keeping with regulators, the SEC has scheduled a telephone conference on the topic of financial reporting. Also, Donald Marron, White House economic advisor, will also speak on Thursday and might catch some media attention.

At 10:30, look for the EIA's Natural Gas Report. It has regularly offered data showing builds in gas stocks. Oil giant ExxonMobil (NYSE: XOM) posts results on Thursday as well. Closing out the day in the late afternoon, at 3:00, look for Farm Prices news. Interesting how this report has become interesting in such a short time.

EPS Reports for Thursday, July 31 Company Symbol Time 3PAR inc. NYSE: PAR Before Market Open 8x8, Inc. Nasdaq: EGHT Time Not Supplied ABINGTON BANCORP INC Nasdaq: ABBC Time Not Supplied Activision Blizzard, Inc. Nasdaq: ATVID After Market Close Adaptec, Inc. Nasdaq: ADPT Time Not Supplied Aetna Inc. NYSE: AET Before Market Open AGL Resources NYSE: ATG Before Market Open Aker Solutions AKSO.OL 02:30 am ET Akorn, Inc. Nasdaq: AKRX After Market Close All Nippon Airways ALNPY.PK 02:00 am ET ALLGREEN PROPERTIES LTD A16.SI Time Not Supplied Alliance Imaging, Inc. NYSE: AIQ After Market Close Altria Group, Inc. NYSE: MO Before Market Open ALUMINA LTD NYSE: AWC Time Not Supplied American Ecology Nasdaq: ECOL Before Market Open American Electric Power NYSE: AEP Time Not Supplied American Financial Group NYSE: AFG After Market Close Anglogold Ashanti Limited NYSE: AU Before Market Open ANTENA 3 DE TELEVISION SA A3TV.MC Time Not Supplied Antigenics Inc. Nasdaq: AGEN Before Market Open Aon Corporation NYSE: AOC After Market Close Apache Corporation NYSE: APA Before Market Open APCapital, Inc. Nasdaq: ACAP After Market Close APP Pharmaceuticals, Inc. Nasdaq: APPX After Market Close Arch Chemicals, Inc. NYSE: ARJ Before Market Open ASAT Holdings Limited ASTTY.OB Time Not Supplied ASM International N.V. Nasdaq: ASMI Time Not Supplied Assurant, Inc. NYSE: AIZ Before Market Open ASTRA OTOPARTS TBK AUTO.JK Time Not Supplied AstraZeneca PLC NYSE: AZN Before Market Open Atlantic Tele-Network Nasdaq: ATNI After Market Close Atlas Pipeline Holdings, LP NYSE: AHD After Market Close Automatic Data Processing NYSE: ADP Before Market Open Auxilium Pharmaceuticals, Inc. Nasdaq: AUXL Before Market Open AVANQUEST SOFTWARE SA AVQ.PA Time Not Supplied Aventine Renewable Energy, Inc. NYSE: AVR After Market Close Balchem Nasdaq: BCPC 09:30 am ET Baldwin&Lyons A Nasdaq: BWINA Before Market Open Ballantyne Omaha NYSE: BTN After Market Close BANCO PASTOR SA LA CORUNA PAS.MC 02:15 am ET BANK PAN INDONESIA PNBN.JK Time Not Supplied Barrick Gold NYSE: ABX Before Market Open BASF BASFY.PK Time Not Supplied BE Semiconductor Industries BESIY.PK 02:30 am ET Beasley Broadcast Group, Inc Nasdaq: BBGI Before Market Open BEIJING NORTH STAR CO LTD BEIJF.PK Time Not Supplied Big 5 Sporting Goods Corporation Nasdaq: BGFV After Market Close BigBand Networks Nasdaq: BBND After Market Close BioScrip Nasdaq: BIOS Before Market Open BorgWarner, Inc. NYSE: BWA Time Not Supplied Breakwater Resources Ltd. BWR.TO After Market Close Brembo SPA BRE.MI Time Not Supplied British American Tobacco NYSE: BTI Before Market Open British Sky Broadcasting Group plc BSY.L Time Not Supplied British Sky Broadcasting Group plc BSY.L Time Not Supplied Brookfield Properties Corp NYSE: BPO Before Market Open BT Group PLC BTGOF.PK Time Not Supplied Builders FirstSource, Inc. Nasdaq: BLDR After Market Close CA NYSE: CA After Market Close Cabela's Inc. NYSE: CAB After Market Close Cablevision Systems Corp. NYSE: CVC Before Market Open Calgon Carbon Corporation NYSE: CCC Before Market Open Camden Property Trust NYSE: CPT After Market Close Cap Gemini SA CAP.PA 01:00 am ET Capella Education Company Nasdaq: CPLA Before Market Open CARBO Ceramics NYSE: CRR Time Not Supplied Carpenter Technology NYSE: CRS Before Market Open Cbeyond Inc. Nasdaq: CBEY After Market Close CBIZ, Inc NYSE: CBZ Before Market Open CBS Corporation NYSE: CBS Before Market Open CDI Corp. NYSE: CDI Before Market Open CENTERRA GOLD INC CG.TO Before Market Open Central Pacific Financial Corp. NYSE: CPF Before Market Open Centrica plc CNA.L Time Not Supplied CenturyTel, Inc. NYSE: CTL Before Market Open Cerus Nasdaq: CERS Time Not Supplied CGGVeritas NYSE: CGV 02:00 am ET Chart Industries Inc. Nasdaq: GTLS Time Not Supplied Chemtura Corp. NYSE: CEM After Market Close Chesapeake Energy Corporation NYSE: CHK After Market Close CHI MEI OPTOELECTRONICS CORP CMEOF.PK Time Not Supplied Chiquita Brands International, Inc. NYSE: CQB After Market Close Chordiant Software Nasdaq: CHRD After Market Close Cincinnati Bell Inc. NYSE: CBB Before Market Open CIR S.p.A. CIR.MI 04:30 am ET CITRA MARGA NUSAPHALA PERSADA CMNP.JK Time Not Supplied Cofide COF.MI Time Not Supplied Cognizant Technology Solutions Nasdaq: CTSH After Market Close Coinstar, Inc. Nasdaq: CSTR After Market Close Comfort Systems USA NYSE: FIX After Market Close COMSCORE INC Nasdaq: SCOR After Market Close COMSYS IT Partners, Inc. Nasdaq: CITP Before Market Open CONSOL Energy NYSE: CNX Time Not Supplied Constellation Energy Group, Inc. NYSE: CEG Before Market Open CORDERO ENERGY INC COR.TO Time Not Supplied Cott Corporation NYSE: COT Before Market Open Credit Agricole ACA.PA 11:00 am ET CryoLife, Inc. NYSE: CRY Before Market Open CV Therapeutics Nasdaq: CVTX After Market Close CVS Caremark Corporation NYSE: CVS Before Market Open Cytokinetics, Inc. Nasdaq: CYTK After Market Close D&B NYSE: DNB Time Not Supplied DAEKYO CO LTD DAEKF.PK Time Not Supplied DAIICHI SANKYO CO LTD DSKYF.PK 12:00 am ET Dairy Farm International Holdings Ltd. DFILF.PK Time Not Supplied Dalsa Corp DSA.TO After Market Close Dassault Systemes Nasdaq: DASTY Time Not Supplied Dawson Geophysical Nasdaq: DWSN Before Market Open DELPHI ENERGY CORP DEE.TO 09:00 am ET Deluxe Corporation NYSE: DLX Before Market Open Depomed Nasdaq: DEPO After Market Close Deutsche Bank NYSE: DB Time Not Supplied Deutsche Börse AG DB1.F Time Not Supplied Deutsche Post AG DPW.DE Time Not Supplied DIANA SHIPPING INC NYSE: DSX Before Market Open Dolby Laboratories, Inc. NYSE: DLB After Market Close Dominion Resources Inc. NYSE: D Time Not Supplied Dresser-Rand Group Inc. NYSE: DRC Before Market Open drugstore.com Nasdaq: DSCM After Market Close DUNDEE PRECIOUS METALS INC DPM.TO Time Not Supplied Dynamic Materials Nasdaq: BOOM After Market Close Dynamics Research Corporation Nasdaq: DRCO Time Not Supplied Eastman Kodak Company NYSE: EK Before Market Open ELEC & ELTEK INTERNATIONAL CO E16.SI Time Not Supplied EMAK Worldwide Inc. EMAK.PK After Market Close Enbridge NYSE: ENB Before Market Open Endo Pharmaceuticals Nasdaq: ENDP Time Not Supplied Enel S.p.A. ESOCF.PK Time Not Supplied Energy East Corporation NYSE: EAS Time Not Supplied Energy Focus, Inc. Nasdaq: EFOI Time Not Supplied Enersis SA ADS NYSE: ENI Time Not Supplied Eni S.p.A. NYSE: E 01:45 am ET Environmental Power NYSE: EPG Time Not Supplied EPCOS EPCYY.PK Time Not Supplied EQUITABLE GROUP INC ETC.TO Before Market Open Exar Nasdaq: EXAR After Market Close Expedia, Inc. Nasdaq: EXPE Before Market Open Extreme Networks Nasdaq: EXTR After Market Close ExxonMobil Corporation NYSE: XOM Before Market Open Fairfax Financial Holdings NYSE: FFH After Market Close FIRST CALGARY PETROLEUM LTD FCP.TO Time Not Supplied Fisher Communications, Inc. Nasdaq: FSCI Before Market Open Forrester Research Nasdaq: FORR Time Not Supplied FPL Group NYSE: FPL Time Not Supplied France Telecom NYSE: FTE Time Not Supplied FRASER PAPERS INC FPS.TO 6:00 pm ET GEA Group G1A.DE Time Not Supplied Gen-Probe Nasdaq: GPRO After Market Close Genco Shipping & Trading Limited NYSE: GNK Time Not Supplied GENESIS LEASE LTD NYSE: GLS Before Market Open GENOPTIX INC Nasdaq: GXDX After Market Close Gentiva Health Services Nasdaq: GTIV Before Market Open GFI Group Inc. Nasdaq: GFIG After Market Close Giga-tronics Incorporated Nasdaq: GIGA After Market Close Goldcorp NYSE: GG Before Market Open Goodyear Tire & Rubber NYSE: GT Before Market Open Green Mountain Coffee Roasters, Inc. Nasdaq: GMCR Before Market Open Greenhill & Co., Inc. NYSE: GHL Before Market Open Greggs plc GRG.L Before Market Open Grey Wolf, Inc. NYSE: GW After Market Close Gruppo Finarte - Semenzato Casa d'Aste FCD.MI Time Not Supplied GSI Group Inc. Nasdaq: GSIG Before Market Open GSI TECHNOLOGY INC Nasdaq: GSIT After Market Close Guaranty Financial Group Inc. NYSE: GFG Before Market Open Hansen Medical, Inc. Nasdaq: HNSN After Market Close Harvest Natural Resources, Inc. NYSE: HNR Before Market Open Hawesko Holding AG HAW.F Time Not Supplied HBOS plc HBOS.L Before Market Open Helmerich & Payne, Inc. NYSE: HP Before Market Open Hitachi Limited NYSE: HIT 01:00 am ET Hornbeck Offshore Services, Inc. NYSE: HOS 06:00 am ET HOUSEVALUES INC Nasdaq: SOLD Time Not Supplied HUDBAY MINERALS INC HBM.TO Time Not Supplied Hugo Boss AG BOS.F Time Not Supplied I.D. Systems Nasdaq: IDSY After Market Close iCAD, Inc Nasdaq: ICAD Before Market Open IGM Financial Inc. IGM.TO Time Not Supplied ILOG Nasdaq: ILOG Time Not Supplied Imerys SA NK.PA Before Market Open Immersion Corporation Nasdaq: IMMR After Market Close Imperial Oil Limited NYSE: IMO Time Not Supplied Incyte Corporation Nasdaq: INCY Before Market Open Innophos Nasdaq: IPHS After Market Close Insightful Corporation Nasdaq: IFUL After Market Close IntegraMed America, Inc. Nasdaq: INMD Before Market Open INTELLON CORP Nasdaq: ITLN After Market Close Intermec, Inc. NYSE: IN After Market Close InterMune Inc. Nasdaq: ITMN Time Not Supplied International Flavors & Fragrances NYSE: IFF Before Market Open International Paper Co. NYSE: IP Before Market Open Internet Capital Group Nasdaq: ICGE Before Market Open Investment Technology Group NYSE: ITG Before Market Open IPCS INC Nasdaq: IPCS After Market Close Iron Mountain Incorporated NYSE: IRM Before Market Open ISILON SYSTEMS INC Nasdaq: ISLN After Market Close iStar Financial NYSE: SFI Before Market Open K-Swiss Inc. Nasdaq: KSWS Before Market Open Kaman Corporation Nasdaq: KAMN After Market Close Kansas City Southern NYSE: KSU Before Market Open Kaupthing Bank KPBIF.PK Before Market Open Kellogg Co. NYSE: K Time Not Supplied KEPPEL CORPORATION LTD KPELF.PK Time Not Supplied Kindred Healthcare Inc. NYSE: KND After Market Close KLA-Tencor Nasdaq: KLAC After Market Close Kopin Corporation Nasdaq: KOPN Time Not Supplied KUMHO INDUSTRIAL CO LTD KUHOF.PK After Market Close Lafarge LFRGY.PK After Market Close LAUTAN LUAS LTLS.JK Time Not Supplied Ligand Pharmaceuticals Incorporated Nasdaq: LGND After Market Close LKQ Corporation Nasdaq: LKQX Before Market Open Lojas Americanas LAME4.SA Time Not Supplied Lottomatica S.p.a LTOMF.PK Time Not Supplied Lubrizol NYSE: LZ Before Market Open Luxottica Group NYSE: LUX Time Not Supplied M.D.C Holdings NYSE: MDC Before Market Open M/I Homes, Inc. NYSE: MHO Time Not Supplied Mack-Cali Realty Corporation NYSE: CLI Before Market Open Magellan Health Services Nasdaq: MGLN Before Market Open Mahanagar Telephone Nigam Limited NYSE: MTE Time Not Supplied Makita Corporation Nasdaq: MKTAY 02:10 am ET Marathon Oil Corporation NYSE: MRO Before Market Open Marcopolo, S.A. POMO3.SA After Market Close MarineMax Inc. NYSE: HZO Time Not Supplied Massey Energy Company NYSE: MEE After Market Close MasterCard Incorporated NYSE: MA Time Not Supplied Maxygen, Inc. Nasdaq: MAXY After Market Close McAfee, Inc. NYSE: MFE After Market Close Mediaset MS.MI Time Not Supplied Mediolanum MED.MI 04:30 am ET MELEXIS NV MELE.BR Time Not Supplied Mentor NYSE: MNT After Market Close METALICO INC NYSE: MEA Time Not Supplied Metro Group MEO.F 01:15 am ET Metrovacesa SA MVC.MC Time Not Supplied Mid-America Apartment Communities NYSE: MAA Time Not Supplied Milacron MZIA.PK Before Market Open Millipore Corp. NYSE: MIL After Market Close MITSUBISHI CORP MSBHY.PK 12:00 am ET Monolithic Power Systems, Inc. Nasdaq: MPWR Time Not Supplied Monster Worldwide Nasdaq: MNST After Market Close MORNINGSTAR INC Nasdaq: MORN After Market Close Motorola Inc. NYSE: MOT Before Market Open MPC AG MPC.F Time Not Supplied Muehlbauer Holding AG MUB.F Time Not Supplied Multi-Color Corporation Nasdaq: LABL 08:00 am ET MWI Veterinary Supply, Inc. Nasdaq: MWIV Time Not Supplied NAGARJUNA CONSTRUCTIONS CO LTD NGRJF.PK Time Not Supplied Nanometrics Nasdaq: NANO After Market Close National Express Group NEX.L Time Not Supplied NATIONAL INTERSTATE CORP Nasdaq: NATL After Market Close National Retail Properties, Inc. NYSE: NNN Before Market Open Natus Medical Incorporated Nasdaq: BABY Before Market Open Nautilus, Inc. NYSE: NLS After Market Close Navigant Consulting NYSE: NCI After Market Close NEI, Inc. Nasdaq: NENG Before Market Open NESTLE INDIA 500790.BO Time Not Supplied Newell Rubbermaid NYSE: NWL Before Market Open NewMarket Corp NYSE: NEU After Market Close Newpark Resources, Inc. NYSE: NR After Market Close NIFTY CORP TOKYO NFTYF.PK 03:00 am ET NITTO FLOUR MILLING CO LTD NFMLF.PK 03:00 am ET NMS Communications Nasdaq: NMSS After Market Close NN Inc. Nasdaq: NNBR Before Market Open Nordfyns Bank A/S NRDF.CO Time Not Supplied NorthBridge Financial Corp NB.TO After Market Close Northgate Minerals Corp AMEX: NXG Time Not Supplied NORTHSTAR NEUROSCIENCE INC Nasdaq: NSTR After Market Close NorthWestern Corporation NYSE: NWE Time Not Supplied Novamed, Inc. Nasdaq: NOVA Before Market Open Nu Skin NYSE: NUS Before Market Open NYMEX Holdings, Inc. NYSE: NMX Before Market Open OCEANA GOLD LTD OGC.NZ Time Not Supplied Odyssey Re Holdings Corp. NYSE: ORH After Market Close OGE Energy NYSE: OGE Before Market Open Oil States International NYSE: OIS After Market Close Olympic Steel Nasdaq: ZEUS Time Not Supplied Omnicare NYSE: OCR Before Market Open Onvia.com, Inc. Nasdaq: ONVI Time Not Supplied Orchid Cellmark Inc Nasdaq: ORCH Before Market Open ORIGEN FINL INC Nasdaq: ORGN After Market Close Osteotech Nasdaq: OSTE Time Not Supplied OUTDOOR CHANNEL HLDGS INC Nasdaq: OUTD After Market Close Palomar Medical Technologies, Inc. Nasdaq: PMTI 08:00 am ET Parker Hannifin Corp. NYSE: PH Before Market Open Partner Communications Nasdaq: PTNR Time Not Supplied Patterson-UTI Energy, Inc. Nasdaq: PTEN Before Market Open PC Connection, Inc. Nasdaq: PCCC Before Market Open Peet's Coffee & Tea Nasdaq: PEET 4:00 pm ET Pericom Semiconductor Nasdaq: PSEM After Market Close PETROSEA PTRO.JK Time Not Supplied Pharmacopeia Nasdaq: PCOP After Market Close PharmaNet Development Group, Inc. Nasdaq: PDGI Before Market Open Photon Dynamics Nasdaq: PHTN After Market Close Pioneer Corporation PNCOF.PK 02:00 am ET PMA Capital Corporation Nasdaq: PMACA After Market Close Poniard Pharmaceuticals Nasdaq: PARD After Market Close Powerwave Technologies Nasdaq: PWAV Time Not Supplied PRIMUS Telecommunications Group, Incorporated PRTL.OB After Market Close PROGRESS ENERGY TR PGX-UN.TO After Market Close PROSPEX RES LTD PSX.TO Time Not Supplied Prudential PLC NYSE: PUK Before Market Open Radiant Systems Nasdaq: RADS After Market Close RADVISION Nasdaq: RVSN Before Market Open Rainmaker Systems, Inc. Nasdaq: RMKR After Market Close Randgold Resources Limited Nasdaq: GOLD Before Market Open Rank Group Plc. RANKF.PK 02:00 am ET RealNetworks Nasdaq: RNWK After Market Close Reed Elsevier Group PLC RUKEF.PK Time Not Supplied Repsol YPF NYSE: REP Before Market Open Revlon, Inc. NYSE: REV Before Market Open RHI AG WIEN RHI.VI Time Not Supplied Rit Technologies Limited Nasdaq: RITT Time Not Supplied Rochester Medical Corporation Nasdaq: ROCM After Market Close RPS Group PLC RPS.L Before Market Open RSC HOLDINGS INC NYSE: RRR After Market Close Ruddick Corporation NYSE: RDK Time Not Supplied SAFRAN SAF.PA Time Not Supplied SALARY.COM INC Nasdaq: SLRY After Market Close Sanofi-Aventis NYSE: SNY 01:00 am ET Santander BanCorp NYSE: SBP Before Market Open Sappi Limited SPPJF.PK Before Market Open Scientific Games Corporation Nasdaq: SGMS After Market Close Selective Insurance Group, Inc. Nasdaq: SIGI After Market Close SGL Carbon SGLFF.PK Time Not Supplied Shire Plc SHP.L 07:00 am ET SODA NIKKA CO LTD SDNKF.PK 12:00 am ET SOURCEFIRE INC Nasdaq: FIRE After Market Close Souza Cruz CRUZ3.SA Time Not Supplied Spirit AeroSystems Holdings, Inc NYSE: SPR Before Market Open SQUARE ENIX CO LTD TOKYO SQNXF.PK 01:00 am ET Stanley, Inc. NYSE: SXE After Market Close Stantec Inc. NYSE: SXC Time Not Supplied StarTek NYSE: SRT Before Market Open Stoneridge NYSE: SRI Before Market Open Stratasys Nasdaq: SSYS Before Market Open Strategic Diagnostics Nasdaq: SDIX After Market Close Sun Life Financial Inc. NYSE: SLF 1:00 pm ET SupportSoft Nasdaq: SPRT After Market Close Synaptics Incorporated Nasdaq: SYNA After Market Close Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC) NYSE: TSM Time Not Supplied Takkt AG TTK.F Before Market Open Taleo Corporation Nasdaq: TLEO After Market Close TATA STEEL LTD TAELF.PK Time Not Supplied TC PipeLines, LP Nasdaq: TCLP Time Not Supplied TDK NYSE: TDK Time Not Supplied Technip NYSE: TKP 01:00 am ET Telecinco TL5.MC Before Market Open TeleCommunication Systems, Inc. Nasdaq: TSYS After Market Close Telefonica S.A NYSE: TEF Time Not Supplied Telegate AG TGT.F Time Not Supplied Tenneco Inc NYSE: TEN Before Market Open Tessera Technologies Inc Nasdaq: TSRA After Market Close TF1 SA TFI.PA Time Not Supplied The Brinks Company NYSE: BCO Time Not Supplied The First American Corporation NYSE: FAF Before Market Open The Hanover Insurance Group, Inc. NYSE: THG After Market Close The Laclede Group, Inc. NYSE: LG After Market Close The Pantry Inc. Nasdaq: PTRY Before Market Open The Phoenix Companies, Inc. NYSE: PNX Before Market Open The Scotts Miracle-Gro Company NYSE: SMG After Market Close Theragenics Corporation NYSE: TGX Before Market Open TheStreet.com Nasdaq: TSCM Before Market Open thinkorswim Group Inc. Nasdaq: SWIM After Market Close Thoratec Corporation Nasdaq: THOR After Market Close Tomkins PLC NYSE: TKS Before Market Open TOP Ships Nasdaq: TOPS Before Market Open Torstar Corp. TS-B.TO 06:30 am ET Town Sports International Holdings, Inc. Nasdaq: CLUB Time Not Supplied Transalta Corporation NYSE: TAC Before Market Open TransCanada Corporation NYSE: TRP Time Not Supplied TriMas Corporation NYSE: TRS Time Not Supplied Trinity Mirror plc TNI.L Before Market Open TRW Auto NYSE: TRW Before Market Open Tyco International NYSE: TYC Before Market Open Ultralife Corporation Nasdaq: ULBI Before Market Open Unifi NYSE: UFI Before Market Open Unilever PLC NYSE: UL 02:00 am ET UNIMICRON TECHNOLOGY 3037.TW Time Not Supplied Union Drilling, Inc. Nasdaq: UDRL After Market Close United Stationers Inc. Nasdaq: USTR After Market Close United Therapeutics Nasdaq: UTHR Before Market Open Universal American NYSE: UAM After Market Close UROPLASTY INC NYSE: UPI After Market Close USA Mobility Nasdaq: USMO After Market Close Valassis Communications Inc. NYSE: VCI Before Market Open Vallourec VK.PA 11:45 am ET ValueClick, Inc. Nasdaq: VCLK After Market Close Vectren Corporation NYSE: VVC After Market Close Vertex Pharmaceuticals Incorporated Nasdaq: VRTX After Market Close VIRGINIA MINES INC VGQ.TO Time Not Supplied VistaPrint Nasdaq: VPRT After Market Close VOLGATELECOM PUB JT STK CO VLGAY.PK Time Not Supplied Wacker Chemie AG WKCMF.PK 01:15 am ET Wayside Technology Group, Inc. Nasdaq: WSTG After Market Close Weight Watchers International, Inc. NYSE: WTW After Market Close Weingarten Realty Investors NYSE: WRI After Market Close Wessanen WES.AS 02:00 am ET WEST BANCORPORATION INC Nasdaq: WTBA Before Market Open William Hill PLC WMH.L 02:00 am ET Wisconsin Energy Corporation NYSE: WEC Before Market Open Wyndham Worldwide NYSE: WYN Before Market Open Xcel Energy NYSE: XEL Before Market Open Zeltia, S.A. ZEL.MC Time Not Supplied Zilog Nasdaq: ZILG After Market Close Zones Inc. Nasdaq: ZONS Time Not Supplied

Friday

Friday, August 1st brings with it monthly motor vehicle sales data. Buckle your seat belt because this could get nasty (or nastier). Toyota Motors (NYSE: TM) just adjusted its global demand forecast lower, perhaps a sign of trouble upcoming within its own data. If Toyota gets hit, that will leave Honda Motors (NYSE: HMC) as the last survivor, but for how long...

Friday also of course brings the monthly Employment Situation Report, and the data will be released at 8:30 promptly, so you'll want to be near a TV to catch CNBC's timely commentary. Nonfarm Payrolls are seen declining 72,000 in July, after a loss of 62K jobs in June. The unemployment rate is expected to edge higher to 5.6%, from 5.5% reported in June. June's data allowed for digestion of May's jump from 5.1% to 5.5%, so we expect you'll see a modest rise again this month. Of more significance, weekly jobless claims have stuck hot. Average hourly earnings should keep up with its recent pace, rising 0.3%.

The national manufacturing survey is due a day after the Midwest data. ISM's Manufacturing Report at 10:00 AM is expected to mark contraction at 49.2. This compares to the June report above water at 50.2. Corporate investment is at a cautionary level now, consumer spending is seen declining, even globally, so it seems just a matter of time before order data wanes again, despite last week's decent Durables news for June.

Construction Spending for June is seen declining 0.3%, after a drop of 0.4% in May. No surprises here. We told you over a year ago that commercial construction, the hot space at that time, would follow residential lower as the broader economy recessed. Look around and you'll note vacancies where there use to be your favorite little shop, even within malls.

EPS Reports for Friday, August 1 Company Symbol Time Administaff NYSE: ASF Before Market Open Allete NYSE: ALE Before Market Open Alliance & Leicester AL.L Time Not Supplied Ameren Corporation NYSE: AEE Before Market Open Andritz AG ANDR.VI Time Not Supplied Apartment Investment & Management NYSE: AIV Before Market Open ARC Energy Trust AET-UN.TO Time Not Supplied Astronics Nasdaq: ATRO Before Market Open Bekaert BEKB.BR Before Market Open BOLSAS Y MERCADOS ESPANOLES SOHMF.PK Time Not Supplied Boyd Gaming NYSE: BYD Before Market Open British Airways BAIRY.PK Time Not Supplied Brookfield Homes Corporation NYSE: BHS 08:00 am ET Brush Engineered Materials NYSE: BW Time Not Supplied Bulgari SpA BUL.MI Time Not Supplied CapitaLand C31.SI Time Not Supplied Caraustar Nasdaq: CSAR Time Not Supplied Cell Genesys Nasdaq: CEGE After Market Close Chevron NYSE: CVX Before Market Open CIGNA NYSE: CI Before Market Open Ciments Français S.A. CMA.PA Time Not Supplied Clorox NYSE: CLX Before Market Open Dada SPA DDB.MU Time Not Supplied Digimarc Corporation Nasdaq: DMRC Time Not Supplied Dorman Products, Inc. Nasdaq: DORM Before Market Open DSV A/S DSV.CO Time Not Supplied Eldorado Gold Corporation NYSE: EGO Time Not Supplied ELECTRICITE DE FRANCE EDF ECIFF.PK Time Not Supplied EMERA INC EMA.TO Time Not Supplied EnBW Energie Baden-Württemberg AG EBK.F Time Not Supplied Equitable Resources, Inc. NYSE: EQT Before Market Open FirstEnergy NYSE: FE Before Market Open GAMMA HLDG NV GAMMA.AS Time Not Supplied Gefran GE.MI Time Not Supplied Gold Fields Limited NYSE: GFI Before Market Open Graham NYSE: GHM Before Market Open Haemonetics NYSE: HAE Before Market Open Hearst-Argyle Television, Inc. NYSE: HTV Before Market Open HMS Holdings Corp Nasdaq: HMSY Before Market Open Ingersoll-Rand Co. Ltd. NYSE: IR 07:00 am ET Ingles Markets, Incorporated Nasdaq: IMKTA Before Market Open Iowa Telecommunications Services Inc NYSE: IWA Before Market Open Italcementi SPA IT.MI Time Not Supplied JARDINE CYCLE & CARRIAGE LTD JCYCF.PK Time Not Supplied Jardine Lloyd Thompson Group PLC JLT.L Time Not Supplied JCDecaux DEC.PA Before Market Open KBR, Inc. NYSE: KBR 11:00 am ET Libbey NYSE: LBY Time Not Supplied Linde AG LIN.F Time Not Supplied MEISEI ELECTRIC CO LTD MSRCF.PK After Market Close Navarre Nasdaq: NAVR After Market Close Negri Bossi NGB.MI Time Not Supplied Nissan Motor Co. Ltd. Nasdaq: NSANY 02:50 am ET NITTO KAKO CO LTD NKKLF.PK 01:00 am ET Nortel Networks NYSE: NT Before Market Open NUVO RESEARCH INC NRI.TO Time Not Supplied NYSE Euronext NYSE: NYX Before Market Open OneBeacon Insurance Group NYSE: OB Before Market Open Oshkosh Corporation NYSE: OSK Before Market Open OTRUM ASA OTR.OL Before Market Open Pargesa Holding SA PRGAF.PK Time Not Supplied Peapack-Gladstone Financial Corporation NYSE: PGC Time Not Supplied PPL Corporation NYSE: PPL Before Market Open Premuda S.p.A. PR.MI Time Not Supplied PSEG NYSE: PEG Before Market Open RAIT Financial Trust NYSE: RAS Before Market Open SCANA Corporation NYSE: SCG Time Not Supplied SCHNEIDER ELECTRIC S A SBGSF.PK Before Market Open StatoilHydro ASA NYSE: STO 02:00 am ET Sun Microsystems Nasdaq: JAVA Before Market Open SYSTRAN SA RAN.PA Time Not Supplied Tasty Baking Company Nasdaq: TSTY Time Not Supplied TEMBEC INC TMB.TO After Market Close The Washington Post Company NYSE: WPO Time Not Supplied Tidewater NYSE: TDW Before Market Open Total NYSE: TOT 02:00 am ET TRIPEP AB TPEP.ST Time Not Supplied Tsakos Energy Navigation Limited NYSE: TNP Before Market Open UCB S.A UCB.BR Time Not Supplied Vianini Industria VIN.MI Time Not Supplied WILH WILHELMSEN ASA WWI.OL Time Not Supplied Winbond Electronics Corporation 2344.TW Time Not Supplied

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