The rating agencies have to review their quality control procedure after all the legal hassles they have faced recently. A bill has been placed in the U.S. Senate to review the functioning of the rating agencies. But it is expected that it will be rendered ineffective by the time it reaches the President, and only a part of the problem will be addressed.   Rating agencies such as Fitch, Moody’s Investor Service (MCO), Standard & Poor’s Rating Services, and A.M. Best have recently come up against some strong criticism. This led to the Rating Accountability and Transparency Enhancement Act (RATE) of 2009, which was introduced in May. The bill has been referred to the Senate committee, but has not yet been passed. As per the new bill, the Securities and Exchange Commission (SEC) will be empowered to monitor the functioning of the rating agencies. Besides, both retail and ...

For Immediate Release

Chicago, IL – July 20, 2009 – Zacks.com releases the list of companies likely to issue earnings surprises. This week’s list includes Caterpillar (CAT), Texas Instruments (TXN), Intersil (ISIL), Qualcomm (QCOM) and Tractor Supply (TSCO). 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.

This Week's Events

Earnings season will hit full stride with reports from nearly 500 companies. Approximately 1 out of every 4 earnings release will be from a firm in the financial sector.

Large-cap stocks will once again dominate the headlines, as 139 S&P 500 members are on the docket. Caterpillar (CAT) and many other Dow components are included in this group.

The highlight of the economic calendar will be Ben Bernanke's semi-annual report

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Highlights include Bristol-Myers Squibb (BMY), Biogen Idec (BIIB), Strayer Education, Inc. (STRA) and Guess? Inc. (GES).Fed Chairman Ben Bernanke told a Senate committee this morning that "there is a reasonable prospect that the current recession will end in 2009," and that "2010 will be a year of recovery."The chairman's prediction is dependent on the financial system stabilizing at some point this year. He acknowledged that his forecast could prove to be wrong if the global economic crisis becomes more severe than expected or if the fears about the economy lead to reduced spending -- the so-called adverse feedback loop.Overall, this morning's testimony from the chairman brought no new surprises. Bernanke called things as he saw them while trying to provide an ounce of optimism.For investors, the chairman's speech is just another data point. Nothing has changed since ...