"TAP não sobrevive se se mantiver pública", garante Pinto Luz

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Com os resultados apresentados na semana passada o mercado tremeu! Nesta próxima semana deve confirmar qual a tendencia a seguir.

The quarterly results period hits high gear this week, with American Express, Apple, Coca-Cola, Yahoo and Microsoft all on tap.

Last Updated: October 18, 2009: 9:21 AM ET

NEW YORK (CNNMoney.com) -- So far, so good. But next week brings the first big test for corporate profits.

"Earnings have been beating and revenues have been roughly in line, which is good, but it's also raised expectations," said David Chalupnik, head of equities at First American Funds.

Those expectations will be put to the challenge in the week ahead, the first of the two peak weeks for results, according to profit tracker Thomson Reuters.

Apple (AAPL, Fortune 500) on Monday kicks off a big week for marquee-name corporations to report results, with 135, or 27% of the S&P 500 on the docket. That list includes 13 Dow components. The standouts are: American Express (AXP, Fortune 500), Microsoft (MSFT, Fortune 500), Merck (MRK, Fortune 500), Pfizer (PFE, Fortune 500), 3M (MMM, Fortune 500) and Coca-Cola (KO, Fortune 500). Other big names due to report include: Yahoo (YHOO, Fortune 500), Wells Fargo (WFC, Fortune 500), Amazon.com (AMZN, Fortune 500) and eBay (EBAY, Fortune 500).

Chalupnik said that results are likely to be decent over the next few weeks, helping the market inch a bit higher through year's end, although not at the breathless pace of the recent rally. Any market advance will also be helped by a slowly improving economy, stronger world markets and a weaker dollar.

Since bottoming at a 12-year low March 9, the S&P 500 has rallied nearly 61%, while the Dow has rallied nearly 53%, through Friday's close. The Dow topped 10,000 twice last week, a key psychological level, but it failed to hold on to it through year end.

In addition to profits, Fed Chairman Ben Bernanke speaks twice next week and economic reports are due on housing, inflation and the jobs market.

0:00 /3:59AmEx CEO: Disaster averted
A good start: With 61 companies, or 12% of S&P 500 companies having reported results, both earnings and revenue have beaten expectations by a solid margin. According to Thomson Reuters, 79% of the companies that have reported results have beat on earnings and 61% have beat on revenue.

Should that number hold up it would be the best percentage in Thomson history, going back over a dozen years. But the first big week of reports was front loaded with names like Goldman Sachs, JPMorgan Chase and Intel, all of whom were expected to easily beat forecasts.

"It's a good start, but it could prove to be similar to what happened in the second quarter, where a strong start weakened by the end," said John Butters, senior research analyst at Thomson Reuters.

Financials in particular are providing the early strength, as has been expected. The sector is on track to outperform all others, with profits expected to grow nearly 100% from a year ago, when results plummeted amid the height of the credit crisis.

Despite Alcoa's better-than-expected sales and earnings reports, the materials sector is expected to be the worst performer, posting declines of 63% versus a year ago.

But materials is the smallest sector in the S&P 500 and poor results there will have a limited impact.

Currently, overall profits are on track to have dropped 22.6% versus a year ago, an improvement from a week ago when the year-over-year decline was expected to be just short of 25%. Still, the drop in profits this quarter means the S&P's losing streak stretches to nine straight quarters, the worst since Thomson has been tracking results.

Revenue is expected to have fallen 10.4% versus a year ago.

See the chart for details on next week's big reports.

Economy
Monday: Federal Reserve Chairman Ben Bernanke is speaking at the Federal Reserve Bank of San Francisco on Asia and the financial crisis, starting at around 11:00 a.m. ET.

Tuesday: The Producer Price index (PPI) a measure of wholesale inflation, is due before the start of trading. The government report is expected to show no change in September after rising 1.7% in August. So-called core PPI, which strips out volatile food and energy prices, is expected to have risen 0.1% after rising 0.2% in August.

September housing starts and building permits are due shortly after the start of trading. Housing starts are expected to have risen to a 610,000 annual unit rate from a 598,000 unit annual rate in August. Building starts, which measure builder confidence, are expected to have risen to a 590,000 unit annual rate from a 579,000 unit annual rate in August.

Wednesday: The weekly crude inventories report from the government is due in the morning.

Shortly after the start of trading, the state-by-state unemployment rates are due for release.

Fed Governor Daniel Tarullo speaks about the economy in Washington D.C., starting around 1 p.m. ET.

The Federal Reserve releases its periodic "beige book" survey on the economy in the afternoon.

Thursday: The weekly jobless claims report from the Labor Department is due before the start of trading. Around 517,000 Americans are expected to have filed new claims for unemployment last week versus 514,000 in the previous week.

Continuing claims, a measure of those who have been receiving benefits for a week or more, are expected to have fallen to a 5.990 million from 5.992 million in the previous week.

The Conference Board's index of leading economic indicators (LEI) is due after the start of trading. LEI is expected to have risen 0.9% after rising 0.6% last week.

Friday: Chairman Bernanke is speaking at the Federal Reserve Bank of Boston conference on financial regulation and supervision after the crisis. He is due to start speaking at around 8:30 a.m. ET.

The September existing home sales index is due out shortly after the start of trading. Sales are expected to have risen to a 5.35 million unit annual rate from a 5.10 million unit.

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Vem ai a semana de todas as decisões! Estamos ainda em recessão ou nâo? As empresas, principalmente as financeiras, estão a fazer dinheiro? O consumo aumentou? Vai ser em grande e pode tomar qualquer rumo.

Goldman Sachs, Bank of America, Google, IBM and Intel are among the heavy-hitters due to open their books, giving the rally its first big challenge in weeks.

By Alexandra Twin, CNNMoney.com senior writer
October 11, 2009: 7:36 AM ET


NEW YORK (CNNMoney.com) -- The stalled-out stock-market rally got a reboot last week, pushing the Dow and S&P 500 to fresh one-year highs. But that resilience will be tested in the week ahead with the release of the first big batch of third-quarter financial results.

Dow components Bank of America, JPMorgan Chase, IBM, Intel, Johnson & Johnson and General Electric are all on tap.

Google, Nokia, Citigroup and Goldman Sachs are among the other big names due to report.

"Everyone knows Goldman is going to blow it out of the water, but we'll have to see what the other banks say," said Dave Rovelli, managing director of U.S. equity trading at Canaccord Adams.

Rovelli said that the major gauges are sitting at key levels, with the S&P 500 at 1,071 and the Dow edging ever closer to 10,000. That puts stocks in position to either push a lot higher or see another 3% to 5% pullback, he said.

"If we get some real revenue growth in the next few weeks, you could see a bigger move up," Rovelli said.

But a big surge in profits isn't likely, said Tom Hepner, financial advisor at Ruggie Wealth Management. And with the S&P 500 having spiked 58% since bottoming at 12-year lows in March, stocks remain vulnerable.

"I think the S&P is overextended and the expectations have gotten too high," Hepner said. "You could see a gradual run off over the next six weeks before some of the end of year buying comes in."

0:00 /3:49The hunt for banking profits
Gearing up for results: Dow component Alcoa (AA, Fortune 500) is the only major company to have reported results so far, and it threw investors for a loop last week by reporting a profit instead of a quarterly loss.

One company doesn't change the overall outlook -- broad S&P 500 earnings are still expected to have fallen more than 20% versus a year ago, according to Thomson Reuters. Even a burst of better-than-expected results won't be enough to turn the final number positive, Thomson analysts' say, with the S&P 500 set to see the ninth straight quarter of declines, the longest streak in a decade.

But what was notable about Alcoa was that the aluminum maker reported both earnings and revenue that topped estimates, a key for investors after the second quarter. In the April through June period, more than 70% of S&P 500 companies reported better-than-expected earnings, but the results were largely driven by cost-cutting amid the recession. Meanwhile, revenue -- the so-called top-line -- barely budged.

This time around, Wall Street wants to see signs that revenue is at least stabilizing, if not improving.

"Everyone is focused on topline growth," said Rovelli. "Better-than-expected earnings won't be enough this time."

Results
Monday: There are no market-moving profit reports due out Monday.

Tuesday: Dow component Johnson & Johnson (JNJ, Fortune 500) reports results in the morning. The consumer products firm is expected to have earned $1.13 per share versus $1.17 per share a year ago, according to a consensus of analysts surveyed by Thomson Reuters.

Dow component Intel (INTC, Fortune 500) is due to report results after the close Tuesday. The chipmaker is expected to have earned 27 cents per share versus 35 cents a year ago.

Wednesday: Dow component JPMorgan Chase (JPM, Fortune 500) is expected to report a profit of 49 cents per share versus 11 cents a year ago, when it releases its results in the morning.

Thursday: Citigroup (C, Fortune 500) is due to report results before the start of trading. The troubled financial firm is expected to report a loss of 21 cents per share versus a loss of 60 cents a year ago.

Also Thursday, Goldman Sachs (GS, Fortune 500) is expected to report a quarterly profit of $4.24 per share.

Nokia (NOK), also due Thursday morning, is expected to have earned 18 cents versus 33 cents a year ago.

Thursday night, Google (GOOG, Fortune 500) is expected to report a profit of $5.37 versus $4.92 per share.

Dow component IBM (IBM, Fortune 500) is expected to have earned $2.38 versus $2.05 per share.

Friday: Dow component Bank of America (BAC, Fortune 500) reports results before the start of trading. The financial firm is expected to have lost 6 cents per share after earning 15 cents per share a year ago.

Dow component General Electric (GE, Fortune 500) is also due to report before the start of trading. GE is expected to have earned 20 cents per share, versus 45 cents a year ago.

Economic news
Monday: The bond market is closed for the Columbus Day holiday, but other financial markets remain open.

Tuesday: Treasury auctions $30 billion in 6-month notes and $30 billion in 3-month notes.

Federal Reserve Vice Chairman William Dudley and Fed Governor Donald Kohn are both due to speak.

Wednesday: Last week a variety of individual chain stores reported better-than-expected September sales. This week, the Commerce Department releases its broad retail sales report.

Sales are expected to have dropped 2% in September after rising 2.7% in August, according to a consensus of economists surveyed by Briefing.com.

August business inventories are expected to have fallen 0.8% after falling 1% in July. The Commerce Department report is due in the morning.

Also on tap: September import and export prices in the morning and the minutes from the last Fed policy meeting in the afternoon.

Thursday: The Consumer Price index (CPI), a measure of consumer inflation, is expected to have risen 0.2% in September after rising 0.4% in August. The so-called Core CPI, which strips out volatile food and energy, is expected to have risen 0.1% after rising 0.1%.

The Philadelphia Fed index is due at around 10 a.m. ET. The index is expected to have dipped to 12.3 from 14.1.

The weekly jobless claims report from the Labor Department is also due, however, no economists' estimates were available as of Friday.

The weekly crude oil inventories report is also due in the morning.

Fed Governor Daniel Tarullo is due to speak.

Friday: The October consumer sentiment index from the University of Michigan is due shortly after the start of trading. The always market-moving index is expected to have held steady at 73.5, where it stood in October, according to estimates.

Also Friday, government readings on September industrial production and capacity utilization are due. Production is expected to have risen 0.1% after rising 0.8% in the previous month. Capacity utilization is expected to have risen to 69.7% from 69.6% in August.