Chicago, IL – October 22, 2009 - Zacks Research Equity Strategist, Dirk Van Dijk says that S&P 500 earnings are continuing to show red ink. He tracks companies on the Zacks.com web site, naming names, while forecasting trends for the months ahead.

Key Points from Van Dijk's Latest Earnings Assessment Earnings Trends Key Points:

• Earnings surprise ratio (#beat / #miss) at 5.56
• Median Earnings Surprise 7.90%
• Year-over-year earnings growth ratio (# Positive Growth/# Negative Growth) at 0.74
• Sales surprise ratio at 2.0
• Sales growth ratio at just 0.35
• Total net income for S&P 500 reported firms is 12.1%. This is above what those same 66 firms reported a year ago and 4.9% above what they earned in Q209
• Total S&P 500 revenues reported down 4.7% year over year, off 0.16% from Q209.
• 2009 earnings revisions ratio for full S&P 500 up to 2.31, from 1.85
• Revenue revisions ratio at 1.63 for 2009

The overall picture is very similar to the second quarter with most firms beating both earnings and revenues expectation, but both the top and bottom lines are lower than a year ago. As far as the surprises are concerned, firms are doing better on the bottom line than on the top line. Of the 66 firms that have reported so far, 50 have come in with EPS that are higher than expected, while only 9 have disappointed, a ratio of 5.56:1. While firms have long tried to under-promise and over-deliver, the normal ratio has been about 3:1 positive to negative (over the last five years or so), so this definitely counts as a better than normal bottom line earnings season so far.

The median earnings surprise is a very strong 7.9%. (Normally the median surprise runs at about 3%.) However, this is in large part a triumph of low expectations. There are 38 companies with earnings that are lower than a year ago while only 28 have seen positive year-over-year growth.

The disparity between firms beating estimates, but having negative year-over-year earnings growth is particularly noticeable in Tech, where the earnings surprise ratio is a huge 10, but the growth ratio is just 0.36. A similar situation, but not quite as extreme, is true for Retailers. Staples and Medical have been both growing earnings and beating expectations.

On the top line, it has also been a successful season so far relative to expectations. In terms of actual year-over-year growth, however, it has been downright ugly. The total revenues of the 66 firms that have already reported are 4.6% below year ago levels. A total of 44 firms have reported higher-than-expected revenues, versus only 22 that have disappointed, for a ratio of 2.0. On the other hand, only 17 actually had higher sales than a year ago, versus 49 with lower revenues.

For the market as a whole, but especially for Tech, the better than expected, but worse than a year ago story also applies to revenues. While only 13.3% of the Tech firms have actually grown revenues from a year ago, 86.7% have seen revenues drop. Still, the expectations were set very low on the revenue side. As a result, 86.7% of them have exceeded expectations and only 13.3% have fallen short.

For the S&P 500 as a whole, 23.3% of reported companies have generated positive year-over-year revenue growth, while 76.7% have seen revenue declines. However, 66.0% have exceeded revenue expectations, while 34.0% have fallen short.

In other words, cost cutting has been the major force driving earnings. However, the costs to one company are either the revenues of another company, or someone’s paycheck, which is then spent to create revenues for firms. Still, the strategy seems to be working as earnings are coming in much better than expected and analysts have responded by increasing earnings estimates for 2009. The estimate increases are widespread across sectors, with 6 sectors seeing more than 4 increases for each cut, while only 2 sectors, Utilities and Aerospace, seeing more cuts than increases.

For the S&P 500 as a whole the revisions ratio now stands at 2.31, its highest level in over a year. The current ratio is also in distinct contrast to earlier in the year when it fell below 0.15 at one point.

Scorecard & Earnings Surprise

• Still early, just over one in five reports in
• Data presented reflects only firms that have reported so far
• Early reports extremely positive
• Earnings Surprise ratio (#beat/#miss) at 5.56
• Tech perfect with 10 beats and no misses; Medical strong at 13:1
• Median Earnings Surprise is 8.70%, a very strong reading
• Very skewed sample, no Aerospace or Utilities, but over 20% of 3 sectors
• Year over year Earnings Growth ratio (# Positive Growth/# Negative Growth) at 0.74
• Staples and Finance only sectors with more positive growth firms than negative growth

In evaluating the data presented here, keep the % reported in mind, especially since the sample size for some sectors is extremely small. The move to the 16 Zacks sectors means that even when all reports are in, some of the sectors will still have relatively few firms in them. For sectors with only a few reports in, the median surprise will be very volatile as new companies are added to the sample. Thus, the 76.7% median surprise in Basic Materials is probably less significant than the 15.15% surprise in Consumer Staples, especially when you consider that the consensus is usually much tighter for Staples firms than for materials firms.

Some of the more impressive earnings surprises in staples include General Mills (GIS), Constellation Brands (STZ) and Campbell Soup (CPB). Tech has also had a number of impressive earnings surprises including Intel (INTC) and National Semiconductor (NSM).

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Zacks Equity Research provides the best of quantitative and qualitative analysis to help investors know what stocks to buy and which to sell for the long-term.

Continuous coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.

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Zacks.com is a property of Zacks Investment Research, Inc., which was formed in 1978 by Len Zacks. The company continually processes stock reports issued by 3,000 analysts from 150 brokerage firms. It monitors more than 200,000 earnings estimates, looking for changes.

Then, when changes are discovered, they’re applied to help assign more than 4,400 stocks into five Zacks Rank categories: #1 Strong Buy, #2 Buy, #3 Hold, #4 Sell, and #5 Strong Sell. This proprietary stock-picking system continues to outperform the market by a nearly 3-to-1 margin.

The best way to unlock profitable Zacks' stock recommendations and market insights is through the free daily email newsletter: "Profit from the Pros." It provides a steady flow of profitable ideas GUARANTEED to be worth your time. Register for your free subscription at http://at.zacks.com/?id=5616

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Visit http://www.zacks.com/performance for information about the performance numbers displayed in this press release.

Disclaimer: Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.

Contact:
Dirk Van Dijk
Director of Research
312-265-9211
Visit: www.zacks.com

• After yesterday's close, Bank of America (NYSE:BAC) CEO, Ken Lewis, announced plans to retire. The bank also reported plans to sell its asset-management unit to Ameriprise (NYSE:AMP) for between $900 and $1.2 billion

• Goldman Sachs (NYSE:GS) received two brokerage upgrades

• Comcast (NASDAQ:CMCSA) denied reports of talks with General Electric (NYSE:GE) over the purchase of a stake in NBC Universal

• Cisco Systems (NASDAQ:CSCO) initiated a $3 billion cash offer for Norwegian video-conferencing firm Tandberg

• Microsoft (NASDAQ:MSFT) was removed from Goldman Sachs' (NYSE:GS) Conviction Buy List, with its "buy" rating maintained and a $30 price target

• Constellation Brands (NYSE:STZ) reported fiscal second quarter results of 45 cents up from estimates of 41 cents equaling last year's 45 cents

• After yesterday's close, Bank of America (NYSE:BAC) CEO, Ken Lewis, announced plans to retire. The bank also reported plans to sell its asset-management unit to Ameriprise (NYSE:AMP) for between $900 and $1.2 billion

• Goldman Sachs (NYSE:GS) received two brokerage upgrades

• Comcast (NASDAQ:CMCSA) denied reports of talks with General Electric (NYSE:GE) over the purchase of a stake in NBC Universal

• Cisco Systems (NASDAQ:CSCO) initiated a $3 billion cash offer for Norwegian video-conferencing firm Tandberg

• Microsoft (NASDAQ:MSFT) was removed from Goldman Sachs' (NYSE:GS) Conviction Buy List, with its "buy" rating maintained and a $30 price target

• Constellation Brands (NYSE:STZ) reported fiscal second quarter results of 45 cents up from estimates of 41 cents equaling last year's 45 cents

Before we begin, let's explain the contrarian stance that makes Schaeffer's so unique. When searching for a bullish pick, we like to see heavy skepticism toward an outperforming stock, as this leaves ample room for upgrades or other positive catalysts to fuel the stock higher. When searching for a bearish pick, on the other hand, contrarians are looking for significant bullish sentiment toward an underperforming stock, as we believe an excess of optimism is a sign that everyone has already bought into the stock and sideline money is virtually tapped out.

However, keep in mind that some optimism and pessimism is genuinely warranted and isn't always a contrarian indicator - like an outperforming stock with many "buy" ratings or an underperforming stock with a plethora of "sell" ratings.

The Bullish Bandwagon

During the course of Thursday's session, Constellation Brands - which produces and markets a plethora of alcoholic beverages - saw roughly 3,700 calls change hands. The activity was more than five times the security's average daily volume of fewer than 700 contracts, with calls outnumbering puts by more than 43:1.

Digging deeper into the data, the majority of the activity centered on STZ's Nov 17.50 call. The out-of-the-money option saw 3,310 contracts trade on open interest of only 33 contracts, with 56% of the volume changing hands at the ask price, suggesting they were bought. In other words, it appears that a bevy of bulls initiated new back-month positions on STZ.

The optimistic uprising echoes the recent trend on the International Securities Exchange (ISE) and Chicago Board Options Exchange (CBOE), where speculators during the past couple of weeks have bought to open nearly 21 times more STZ calls than puts. In fact, the equity's ISE/CBOE 10-day call/put volume ratio of 20.88 ranks in the 90th annual percentile, implying that option traders on these exchanges have scooped up STZ calls at a faster pace only 10% of the time during the past year.

The bullish bandwagon's escalating momentum is further echoed in the stock's Schaeffer's put/call open interest ratio (SOIR), which measures options slated to expire within three months. The equity's SOIR has stair-stepped lower during the past couple of months, and now sits at an annual optimistic acme of 0.21. In other words, short-term option speculators haven't been more bullishly biased toward STZ at any other time during the past 52 weeks.

On the Charts

So, now that we've determined the sentiment in the options pits, let's take a look at STZ's technical backdrop to see if option traders' rose-colored glasses are warranted...

Since flirting with the $11 level in April, the shares of STZ have advanced roughly 39%, to hang out in the $15.30 neighborhood. Nevertheless, the stock is still sitting on a year-to-date deficit of 1.9%, compared to the broader S&P 500 Index's (SPX) gain of 15.5% since the start of 2009. Plus, from a more historical perspective, the equity is fast approaching a potential hurdle on the charts in the form of its 20-month moving average, which has descended into the $16 area. This long-term trendline has contained all but one of STZ's rally attempts since December 2006, and could once again smack the shares lower.

In Conclusion

Considering STZ's impressive rebound from its April lows, it's not surprising that option traders have flocked to the bullpen. However, this excessive optimism could actually handicap the equity in the near term. Should the shares' 20-month moving average continue to play the part of impenetrable resistance - halting the stock's recent run higher - the bulls could abandon ship. An unwinding of optimism in the options pits could exacerbate any potential pullbacks on the charts.

Zacks Investment Research

• Citigroup (NYSE:C) analysts lowered their rating on Abercrombie and Fitch (NYSE:ANF) to "sell" from "hold" and cut the price target to $24 from $33

• Costco (NASDAQ:COST) received an upgrade from JP Morgan (NYSE:JPM)

• H&R Block (NYSE:HRB) reported fiscal first quarter loss from continuing operations of 39 cents a share, a bit worse than the Zacks expectations of a 37 cent loss, as revenues grew 1.3% to $275.5 million, off estimates of $281 million. The firm, however, maintained full year projections of $1.60-$1.80

• Cooper Companies (NYSE:COO) reported third quarter earnings of 54 cents a share ex-items, missing Zacks estimates of 62 cents a share, but up from last year's 39 cents, as sales gained to $285 million, though slightly off estimates of $287 million

• S&P upped ratings on Constellation Brands (NYSE:STZ) too BB from BB-, with outlook positive

• Collective Brands (NYSE:PSS) reported a fiscal second quarter earnings miss, with results of 29 cents a share, in line with Zacks projections, as revenues fell 8.3% to $836.3 million, missing estimates of $850 million

• FBR Capital raised its target for WW Grainger (NYSE:GWW) to $104 from $93, reiterating its "outperform" expectations

• Elan (NYSE:ELN) faced a Federal court ruling that its Johnson & Johnson (NYSE:JNJ) deal for multiple sclerosis drug Tysabri violates a joint marketing deal with Biogen Idec (NASDAQ:BIIB)

* Microsoft's (NASDAQ:MSFT) new Bing browser gained market share from Google (NASDAQ:GOOG), during its first month of operation, surpassing Yahoo (NASDAQ:YHOO) as the number two search engine

* Pfizer (NYSE:PFE) said it is terminating its late-stage drug trial of Sutent, for first-time treatment of metastatic colorectal cancer

* AMAG Pharmaceuticals (NASDAQ:AMAG) announced FDA approval of its iron deficiency drug

* Goldman Sachs (NYSE:GS) upgraded shares of Yum! Brands (NYSE:YUM) to "buy"

* Constellation Brands (NYSE:STZ) reported fiscal first quarter earnings of 33 cents a share, one penny above estimates, versus 43 cents a share a year ago.  The company reiterated its full year guidance

Chicago, IL - June 29, 2009 - Zacks.com releases the list of companies likely to issue earnings surprises. This week's list includes Apollo Group (APOL), Constellation Brands (STZ), General Mills (GIS) and H&R Block (HRB). To see more earnings analysis, visit http://at.zacks.com/?id=3207.

Every day, Zacks.com makes 4 stock picks available, free of charge. To see them, go to http://at.zacks.com/?id=5612.

The Week's Events

This will be a holiday week with a limited number of earnings reports and low volume.

Out of the 19 companies confirmed to report, 4 are in the S&P 500: Apollo Group (APOL), Constellation Brands (STZ), General Mills (GIS) and H&R Block (HRB).

June unemployment and nonfarm payrolls data will be published a day early on Jul 2. Combined with what should be really light volume, the numbers could result in a sizeable market move on Thursday.

• Tuesday: June Conference Board consumer confidence survey, S&P/Case-Schiller housing index, Chicago PMI
• Wednesday: ISM manufacturing survey, ADP employment survey, May pending home sales, May construction spending, June auto sales, weekly crude inventories
• Thursday: June unemployment and nonfarm payrolls, weekly initial jobless claims, May factory orders

No Fed officials are scheduled to speak.

The U.S. financial markets will be closed on Friday, Jul 3. The stock exchanges will operate normal hours on Thursday, Jul 2.

As stated above, this is going to be a light volume week. Any move we see on Thursday should be taken in the context that a lot people are probably going be on vacation or looking to get out of the office early.

Have a great holiday.

Companies That Could Issue Positive Earnings Surprises

Apollo Group (APOL) has topped expectations during 7 out of the last 8 quarters and is currently riding a streak of 8 consecutive positive surprises. Recently, the fiscal third-quarter consensus earnings estimate has risen by a penny. Analysts now expect the education provider to have earned $1.13 per share. Apollo Group is scheduled to report on Monday, Jun 29, after the close of trading.

Companies That Could Issue Negative Earnings Surprises

Two analysts recently cut their forecasts on H&R Block (HRB). The negative revisions have pushed the fiscal fourth-quarter estimate down 3 cents to $2.07 per share. The most accurate estimate is more bearish at $2.07 per share. HRB has missed once over the past 3 quarters. H&R Block is scheduled to report on Monday, Jun 29, after the close of trading.

Charles Rotblut, CFA, is the senior market analyst for Zacks.com.

About the Zacks Rank

Since 1988, the Zacks Rank has proven that "Earnings estimate revisions are the most powerful force impacting stock prices." Since inception in 1988, #1 Rank Stocks have generated an average annual return of +26%. During the 2000-2002 bear market, Zacks #1 Rank stocks gained +43.8%, while the S&P 500 tumbled -37.6%. Also note that the Zacks Rank system has just as many Strong Sell recommendations (Rank #5) as Strong Buy recommendations (Rank #1). Since 1988, Zacks Rank #5 stocks have underperformed the S&P 500 by 111% annually (-0.8% versus +8%). Thus, the Zacks Rank system allows investors to truly manage portfolio trading effectively.

Zacks "Profit from the Pros" e-mail newsletter offers continuous coverage of the industries and the stocks poised to outperform the market. Subscribe to this free newsletter today by visiting http://at.zacks.com/?id=5614.

About Zacks

Zacks.com is a property of Zacks Investment Research, Inc., which was formed in 1978 by Leonard Zacks. As a PhD in mathematics Len knew he could find patterns in stock market data that would lead to superior investment results. Amongst his many accomplishments was the formation of his proprietary stock picking system; the Zacks Rank, which continues to outperform the market by nearly a 3 to 1 margin. The best way to unlock the profitable stock recommendations and market insights of Zacks Investment Research is through our free daily email newsletter; Profit from the Pros. In short, it's your steady flow of Profitable ideas GUARANTEED to be worth your time! Register for your free subscription to Profit from the Pros by going to http://at.zacks.com/?id=5615.

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Zacks Investment Research is under common control with affiliated entities (including a broker-dealer and an investment adviser), which may engage in transactions involving the foregoing securities for the clients of such affiliates.

Visit http://www.zacks.com/performance for information about the performance numbers displayed in this press release.

Disclaimer: Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.

Contact: Charles Rotblut, CFA
Company: Zacks.com
Phone: 312-265-9352
Email: pr@zacks.com
Visit: www.Zacks.com

June unemployment and nonfarm payrolls data will be published a day early on Jul 2. Combined with what should be really light volume, the numbers could result in a sizeable market move on Thursday.

• Tuesday: June Conference Board consumer confidence survey, S&P/Case-Schiller housing index, Chicago PMI
• Wednesday: ISM manufacturing survey, ADP employment survey, May pending home sales, May construction spending, June auto sales, weekly crude inventories
• Thursday: June unemployment and nonfarm payrolls, weekly initial jobless claims, May factory orders

No Fed officials are scheduled to speak.

The U.S. financial markets will be closed on Friday, Jul 3. The stock exchanges will operate normal hours on Thursday, Jul 2.

As stated above, this is going to be a light volume week. Any move we see on Thursday should be taken in the context that a lot people are probably going be on vacation or looking to get out of the office early.

Have a great holiday.

Companies That Could Issue Positive Earnings Surprises

Apollo Group (APOL) has topped expectations during 7 out of the last 8 quarters and is currently riding a streak of 8 consecutive positive surprises. Recently, the fiscal third-quarter consensus earnings estimate has risen by a penny. Analysts now expect the education provider to have earned $1.13 per share. Apollo Group is scheduled to report on Monday, Jun 29, after the close of trading.

Companies That Could Issue Negative Earnings Surprises

Two analysts recently cut their forecasts on H&R Block (HRB). The negative revisions have pushed the fiscal fourth-quarter estimate down 3 cents to $2.07 per share. The most accurate estimate is more bearish at $2.07 per share. HRB has missed once over the past 3 quarters. H&R Block is scheduled to report on Monday, Jun 29, after the close of trading.

Charles Rotblut, CFA is the senior market analyst for Zacks.com.

Earnings Calendar

Here is a list of companies that we have confirmed will report during the week of Jun 29 - Jul 3¹. Prices are as of Thursday's, Jun 25, market close.

Company	Stock	Zacks Estimate	Year Ago EPS	Last Qtr Surprise	Date	Time	Price
Adv Photonix -A	API	($0.05)	($0.13)	N/A	6/29	AMC	$0.62
Apollo Group	APOL	$1.13	$0.85	20.3%	6/29	AMC	$67.32
Block H & R	HRB	$2.07	$2.11	122.2%	6/29	AMC	$15.49
Exfo Electro	EXFO	($0.06)	$0.12	50.0%	6/30	AMC	$3.33
Investors Rl Es	IRET	$0.21	N/A	(4.6%)	6/30	AMC	$8.62
Sealy Corp	ZZ	$0.04	$0.08	300.0%	6/30	AMC	$2.04
Synnex Corp	SNX	$0.48	$0.56	13.5%	6/30	AMC	$23.92
Transcda Corp	TRP	$0.39	$0.57	2.3%	6/30	N/A	$27.15
Constellatn Brd	STZ	$0.32	$0.34	(8.7%)	7/1	BTO	$12.50
Demandtec Inc	DMAN	($0.08)	($0.04)	233.3%	7/1	AMC	$9.20
Genl Mills	GIS	$0.80	$0.73	(9.2%)	7/1	BTO	$55.95
Lindsay Corp	LNN	$0.29	$1.15	(95.2%)	7/1	BTO	$32.62
Unifirst Corp	UNF	$0.74	$0.87	40.3%	7/1	BTO	$36.97
Acuity Brands	AYI	$0.57	$1.01	(20.8%)	7/2	BTO	$29.02
Methode Elect-A	MEI	($0.16)	$0.42	(100.0%)	7/2	BTO	$6.88
Msc Indl Direct	MSM	$0.39	$0.81	5.0%	7/2	BTO	$34.53
Msci Inc-A	MXB	$0.24	$0.18	0.0%	7/2	N/A	$24.92
Zep Inc	ZEP	$0.14	$0.28	87.50%	7/2	BTO	$12.66

BTO = Before The Market Open, AMC = After The Market Close

¹Some of the companies listed in the earnings calendar may not be in the Zacks Rank universe.

Zacks Investment Research

Japan's Nikkei 225 stock average closed up 108.09 points, or 1.2%, to 8,857.93, while Hong Kong's Hang Seng jumped 452.35 points, or 3.1%, to close at 14,998.04. South Korea's Kospi advanced 1.1% to 1,297.85.

Oil prices rose by almost $1 per barrel on hopes of economic recovery. US premarket futures suggest a continuation of equity interest this week, even as a dismal quarter for corporate results is anticipated.

Last week saw the DJIA registering a 3.1% advance on the week.   The index, which is now up 21.5% since March 6, recorded its best four weeks of gains since 1933.  The S&P 500, which rose 3.3% last week, has advanced 23.2% from its March 6 lows. And the tech-heavy NASDAQ jumped 5% for the week, with a 25.3% surge from its March lows. The CBOE Vix, the Chicago Board Options Exchange Volatility Index, closed below 40 on Friday for the first time since January.

Gold prices went below $900, off $11.60 on Friday as risk-appetite grew, resulting in shares of Harmony Gold (NYSE:HMY) to drop 13.9% on the week.  Rangold Resources (NASDAQ:GOLD) declined 5.4%.

Last week all but one of the S&P sectors recorded gains, led by a 7% advance among financials, and 6% increases in technology and basic material sector shares. Lagging the S&P sector action were health care stocks, which declined 1.9% during the week. Among financials, SLM Corp (NYSE:SLM) jumped 19.7%; Huntington Bancshares (NASDAQ:HBAN) 19.6%; ING Corp (NYSE:ING) 19.3%; and Friedman Billings and Ramsey (NYSE:FBR) 19.1%. On the DJIA, Citigroup (NYSE:C) rose 8.8% during the week, while JP Morgan (NYSE:JPM) jumped 6.9%, and American Express (NYSE:AXP) was up 6.1%.  Even though expected, FASB's moves to relax accounting standards for treatment of toxic assets were interpreted as likely to improve near-term results.

Commodity markets also jumped on hopes of economic recovery. Copper prices went above $4,000 per ton. Basic materials sector gains were led by a 22.8% weekly gain in Dow Chemical (NYSE:DOW), 21.7% in Arcelor Mittal (NYSE:MT), 21.1% in PPG Industries (NYSE:PPG), 16.1% in AK Steel (NYSE:AKS) and 15.1% in Celanese (NYSE:CE).

Technology shares, driven by increased risk appetites, advanced 6% during the week, led by a 32% jump in shares of Research in Motion (NASDAQ:RIMM), which reported better-than-expected results for the quarter on record revenues. Corning (NYSE:GLW) jumped 17.7% after several analysts' increased 2009 profit estimates and increased price targets, and in advance of a Barron's article noting a 39% increase in February flat-panel TV sales. Fairchild Semiconductor (NYSE:FCS) rose 14.4% and National Semiconductor (NYSE:NSM) gained 13.8%. 

However, health care sector remained the weak group, declining 1.9% on the week. Shares losing ground included Amgen (NASDAQ:AMGN), off 9.8% and Abbott Labs (NYSE:ABT), down 5.3%. Friday losses hit Bristol Myers (NYSE:BMY) shares, off 5.4% as analysts lowered expectations the company was a takeover candidate, and Humana (NYSE:HUM), off 5.7%, on analyst warnings that earnings would be hurt by changes in the US Medicare Advantage Program.

This week will indicate the market's ability to push beyond its month-long rally in the face of an earnings season likely to suffer first quarter declines of 36.9% from year ago levels, according to Thomson Reuters (NYSE:TRI), with a record nine straight quarterly declines. All S&P sectors are expected to post declines, led by a 97.4% drop in consumer discretionary earnings due to losses at General Motors (NYSE:GM) and Ford (NYSE:F). Material sector earnings are expected to have fell 74.9%, energy 56.7%, and financial firms - no longer at the top of the list - are projected down 33% according to FactSet. Alcoa (NYSE:AA) kicks off earnings season on Tuesday, with key corporate results also due out from Bed Bath & Beyond (NASDAQ:BBBY), Mosaic (NYSE:MOS), Constellation Brands (NYSE:STZ), Family Dollar (NYSE:FDO) and Pep Boys (NYSE:PBY).

Among key economic posts, February consumer credit is slated for Tuesday, February wholesale inventory data and the Fed minutes from the March 17-18 FOMC meeting on Wednesday, and weekly jobless claims and key February trade balance figures on Thursday. Fed Governor Warsh speaks on financial markets today at 5:00 PM ET, with Minneapolis Fed President Stern and Kansas City Fed President Hoenig speaking on Thursday.

First-quarter earnings season "officially" starts on Tuesday afternoon with Alcoa's (AA) report.

Per share earnings for the S&P 500 (SPX) are projected to have fallen 13.9%. Median company earnings are likely to be worse, down 21%. (The difference is that median earnings are not weighted, whereas index earnings are.) More than 370 companies could report a year-over-year drop in profits.

The big keys for first-quarter earnings season will be whether actual results are not as bad as feared and how much visibility do companies have. If a super-majority of companies can surpass expectations, then the numbers could give the market an additional boost.

Joining AA this week will be 29 other companies, including S&P 500 members Bed Bath & Beyond (BBBY), Constellation Brands (STZ) and Family Dollar Stores, Inc. (FDO).

The minutes from the March Fed meeting will be released on Wednesday afternoon (about 2 p.m.). The reaction to the notes could cause volatility in both the bond and equity markets.

• Tuesday: February consumer credit
• Wednesday: February wholesale inventories, March Fed minutes, weekly crude inventories
• Thursday: March import and export prices, February trade balance, weekly initial jobless claims

Fed governor Kevin Warsh will speak about the financial markets at a conference in Washington D.C. on Monday afternoon.

The U.S. markets will be closed on Friday in observance of Good Friday. Have a happy Easter and a good Pesach. (Find that afikomen!)

Companies That Could Issue Positive Earnings Surprises

Thrifty consumers drove same-store sales at Family Dollar Stores, Inc. (FDO) 6.4% higher last quarter. This strong performance prompted the discount retailer to guide for fiscal second-quarter profits of 59 to 61 cents per share. Brokerage analysts, who had been projecting earnings of 50 cents per share, promptly raised their forecasts to 60 cents per share. FDO has topped expectations during 6 out of the last 7 quarters. Family Dollar Stores is scheduled to report on Wednesday, Apr 8, before the start of trading.

Companies That Could Issue Negative Earnings Surprises

About half of the covering brokerage analysts have cut their first-quarter profit projections on Alcoa, Inc. (AA) in recent weeks. The revisions have widened the projected loss by 19 cents to 51 cents per share. The most accurate estimate is more bearish and calls for a loss of 58 cents per share. AA has disappointed during 3 out of the last 4 quarters. As noted above, Alcoa is scheduled to report on Tuesday, Apr 7, after the close of trading.

Charles Rotblut, CFA is the senior market analyst for Zacks.com. He can be reached at crotblut@zacks.com.

Earnings Calendar

Here is a list of companies that we have confirmed will report during the week of Apr 6 - 10¹. Prices are as of Thursday's, Apr 2, market close.

Company	Ticker	Zacks Consensus Estimate	Year Ago Actual	Last Qtr Surprise	Date	Time	Price
Apogee Entrprs	APOG	$0.30	$0.49	38.1%	4/6	AMC	$11.85
Immucor	BLUD	$0.22	$0.27	14.3%	4/6	AMC	$24.42
Kayne Andsn Egy	KED	$0.34	N/A	N/A	4/6	AMC	$10.07
Alcoa Inc	AA	($0.51)	$0.44	(460.0%)	4/7	AMC	$8.18
Bed Bath&Beyond	BBBY	$0.44	$0.66	0.0%	4/7	AMC	$26.65
Chattem Inc	CHTT	$1.13	$0.94	(5.4%)	4/7	BTO	$53.00
Intl Speedway	ISCA	$0.63	$0.80	(1.4%)	4/7	BTO	$23.99
Kit Digital Inc	KDGL	($0.35)	($9.44)	0.0%	4/7	AMC	$8.98
Landec Corp	LNDC	$0.07	$0.15	(45.5%)	4/7	AMC	$5.86
Mitcham Inds	MIND	$0.17	$0.32	(6.9%)	4/7	AMC	$4.09
Mosaic Co/The	MOS	$0.26	$1.17	8.5%	4/7	AMC	$43.87
Resources Cnctn	RECN	$0.07	$0.19	0.0%	4/7	AMC	$16.43
Ruby Tuesday	RT	$0.11	$0.19	81.8%	4/7	AMC	$3.61
Constellatn Brd	STZ	$0.23	$0.34	1.7%	4/8	BTO	$12.18
Family Dollar	FDO	$0.60	$0.45	5.0%	4/8	BTO	$32.13
Greenbrier Cos	GBX	($0.02)	$0.28	(200.0%)	4/8	N/A	$4.50
Richardson Elec	RELL	$0.12	($0.12)	63.2%	4/8	AMC	$4.03
Rpm Intl Inc	RPM	($0.06)	$0.10	(10.8%)	4/8	BTO	$14.17
Shaw Group Inc	SGR	$0.60	$0.44	13.6%	4/8	BTO	$29.56
Standard Micros	SMSC	($0.51)	$0.58	178.6%	4/8	AMC	$18.87
Tortoise Cap Rs	TTO	$0.16	($0.23)	(128.6%)	4/8	N/A	$6.30
Wd 40 Co	WDFC	$0.27	$0.51	15.0%	4/8	AMC	$25.49
A-Power Energy	APWR	$0.15	N/A	(17.7%)	4/9	BTO	$4.13
Christopher&Bnk	CBK	($0.64)	($0.07)	100.0%	4/9	AMC	$4.85
Fcstone Grp Inc	FCSX	($1.48)	$0.61	50.0%	4/9	N/A	$2.56
Franklin Covey	FC	$0.10	$0.16	N/A	4/9	AMC	$4.47
Matrix Service	MTRX	$0.26	$0.28	(5.0%)	4/9	BTO	$9.15
Penford Corp	PENX	($0.07)	$0.21	81.3%	4/9	N/A	$3.72
Pep Boys M M &J	PBY	($0.26)	($0.09)	(1500.0%)	4/9	N/A	$5.11
Zep Inc	ZEP	($0.08)	$0.09	-105.00%	4/9	BTO	$12.37

BTO = Before The Market Open, AMC = After The Market Close

¹Some of the companies listed in the earnings calendar may not be in the Zacks Rank universe.

Zacks Investment Research

Third-quarter earnings season will not "officially" start until Oct 7, when Alcoa (AA) reports. Nonetheless, 21 companies are confirmed to report during the week of Sep 29 - Oct 3. Among these are S&P 500 members Constellation Brands (STZ), Family Dollar (FDO), Marriott International (MAR), Micron Technology (MU), Pepsi Bottling Group (PBG) and Walgreen (WAG).

September employment data will be released on Friday, capping a busy week for economic data.

• Monday: August personal income and spending
• Tuesday: Conference Board September consumer confidence survey, September Chicago PMI
• Wednesday: September ISM manufacturing index, September auto sales, August construction spending, weekly crude inventories
• Thursday: August factory orders, weekly initial jobless claims
• Friday: September unemployment and nonfarm payrolls, ISM services index

The Federal Reserve's web site is not listing any scheduled speeches from Fed officials.

Rosh Hashanah starts Monday at sundown. This should result in lower volume on Tuesday.

Companies That Could Issue Positive Earnings Surprises

Family Dollar Stores (FDO) enjoyed a 3.6% increase in same-store sales last month. Several of the covering brokerage analysts responded by raising their fiscal fourth-quarter profit projections. The consensus estimate now calls for the discount retailer to have earned 34 cents per share, a penny above the average forecast of a few weeks ago. The most accurate consensus is even more bullish at 35 cents per share. Family Dollar Store is scheduled to report on Friday, Oct 3, before the start of trading.

Companies That Could Issue Negative Earnings Surprises

Xyratex Ltd (XRTX) has missed consensus during 2 out of the past 4 quarters. Within the past week, 1 of the 5 covering brokerage analysts cut his profit forecast ahead of the company's fiscal third-quarter report. The revision sent the consensus estimate down by 2 cents to 33 cents per share. The most accurate estimate is more bearish at 28 cents per share. Xyratex is scheduled to reporton Tuesday, Sep 30, after close of trading.

Charles Rotblut, CFA is the senior market analyst for Zacks.com. He can be reached at crotblut@zacks.com.

Earnings Calendar

Here is a list of companies that we have confirmed will report during the week of Sep 9 - Oct 3¹.

Company	Ticker	Zacks Consensus Estimate	Year Ago Actual	Last Qtr Surprise	Report Date	Report Time
Circuit City Gp	CC	($1.04)	($0.38)	2.0%	9/29/2008	BTO
Steelcase Inc	SCS	$0.22	$0.25	(9.1%)	9/29/2008	BTO
Walgreen Co	WAG	$0.45	$0.40	(1.7%)	9/29/2008	BTO
Landec Corp	LNDC	$0.10	$0.11	18.2%	9/30/2008	AMC
Pepsi Bottling	PBG	$1.04	$0.99	2.6%	9/30/2008	BTO
Xyratex Ltd	XRTX	$0.33	$0.17	16.67%	9/30/2008	AMC
Actuant Corp	ATU	$0.54	$0.49	1.8%	10/1/2008	BTO
Immucor	BLUD	$0.23	$0.25	13.0%	10/1/2008	AMC
Micron Tech	MU	($0.21)	($0.19)	3.3%	10/1/2008	AMC
Mosaic Co/The	MOS	$2.94	$0.64	15.6%	10/1/2008	AMC
Standard Micros	SMSC	$0.32	$0.42	66.7%	10/1/2008	AMC
Wolverine World	WWW	$0.60	$0.54	3.1%	10/1/2008	BTO
Angiodynamics	ANGO	$0.11	$0.10	17.6%	10/2/2008	AMC
Constellatn Brd	STZ	$0.44	$0.35	6.3%	10/2/2008	BTO
Demandtec Inc	DMAN	($0.03)	($0.10)	0.0%	10/2/2008	AMC
Global Payments	GPN	$0.60	$0.54	(2.0%)	10/2/2008	AMC
Lawson Software	LWSN	$0.05	$0.06	0.0%	10/2/2008	AMC
Marriott Intl-A	MAR	$0.32	$0.31	4.1%	10/2/2008	BTO
Msci Inc-A	MXB	$0.26	N/A	(28.0%)	10/2/2008	N/A
Resources Cnctn	RECN	$0.25	$0.23	16.7%	10/2/2008	AMC
Family Dollar	FDO	$0.34	$0.26	12.2%	10/3/2008	BTO

BMO = Before The Market Open, AMC = After Market Close

Aditi Samajpati contributed to this article.

¹Some of the companies listed in the earnings calendar may not be in the Zacks Rank universe.

"XRTX" Free Stock Analysis: Buy? Sell? Hold?
"PBG" Free Stock Analysis: Buy? Sell? Hold?
"MAR2" Free Stock Analysis: Buy? Sell? Hold?
"CDG" Free Stock Analysis: Buy? Sell? Hold?
"FDS1" Free Stock Analysis: Buy? Sell? Hold?
"DRAM" Free Stock Analysis: Buy? Sell? Hold?
"WAG" Free Stock Analysis: Buy? Sell? Hold?
"AA" Free Stock Analysis: Buy? Sell? Hold?
Zacks Investment Research