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Zacks Earnings Preview: Ciena, Hovnanian, National Semiconductor and Toll Brothers releases the list of companies likely to issue earnings surprises. This weeks list includes Hovnanian (NYSE: HOV) and Toll Brothers (NYSE: TOL). To see more earnings analysis, visit

Earnings Preview is written by Charles Rotblut, CFA, Senior Market Analyst for

There are only 55 companies confirmed to report during the first week of June. Two of these are members of the S&P 500: Ciena (Nasdaq: CIEN) and National Semiconductor (NYSE: NSM). Two homebuilders, Hovnanian (NYSE: HOV) and Toll Brothers (NYSE: TOL) are also on the docket.

The May ISM surveys and May employment data will be released, making for a relatively packed economic schedule. However, the Fed is on hold, so economists will be more concerned with the overall trend than anything else. Barring a surprise jump in wages or something unexpected in the surveys, I don't anticipate the data having much influence on inflation expectations.

Here is a list of the week's economic releases.:

  • Monday: May ISM manufacturing survey, April construction spending
  • Tuesday: April factory orders, May auto sales
  • Wednesday: May ISM services index, revised first-quarter productivity, crude inventories
  • Thursday: Weekly jobless claims
  • Friday: May unemployment and nonfarm payrolls, April wholesale inventories, April consumer credit

Federal Reserve Chairman Ben Bernanke will give two speeches. The first will discuss his outlook for the economy and will be presented, via satellite, to the International Monetary Conference on Tuesday. The second will be on economic challenges and is part of Thursday's Harvard Alumni Association's Class Day Exercise.

Volume has been lackluster as of late and could stay that way. Oil remains the wildcard. Keep an eye on the dollar, as it is trying to rebound.

The Stock Trader's Almanac says that election year Junes have been good for the major indexes. Hopefully the historical trends will hold.

Companies That Could Issue Positive Earnings Surprises during the Week of June 2 - 6

Though there will probably be some positive earnings surprises, recent revisions to earnings estimates are not favoring any single company.

Companies That Could Issue Negative Earnings Surprises during the Week of June 2 - 6

A prediction for disappointing earnings from Hovnanian (NYSE: HOV) and Toll Brothers (NYSE: TOL) should not be a surprise to anyone. Both companies have missed profit expectations for two consecutive quarters and earnings estimates for the fiscal-second quarter have been falling. (HOV and TOL are projected to post losses of $3.00 per share and 86 cents per share, respectively.)

Hovnanian Enterprises is scheduled to report on Tuesday, June 3, after the close of trading. Toll Brothers is also scheduled to report on Tuesday, though its results will be released before the start of trading.

Charles Rotblut, CFA, is the senior market analyst for

Want to turn earnings surprises into quick profits? Learn how by visiting

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 +32%. 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 129% annually (+5% versus +12%). Thus, the Zacks Rank system allows investors to truly manage portfolio trading effectively.

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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.

Charles Rotblut, CFA
Phone: 312-265-9352

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