Week Ahead Market Report: August 23, 2010
Monday, August 23, 11:39 AM ET

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Markets are mixed around the world today. Hong Kong’s Hang Seng index fell by 0.4 percent. Japan’s Nikkei 225 dropped 0.7 percent and China’s Shanghai Shenzen edged lower 2.3 percent.

European shares were positive this morning, with the German DAX rising 0.5 percent. Britain’s Footsie 100 was surging 1 percent higher in mid-day trading.

U.S. S&P 500 index futures were up 0.5 percent in pre-market action.

Crude oil is up on Monday morning, trading just over $74 a barrel.

Spot gold was flat in Monday morning trading, hovering around $1,228 an ounce.

On the economic front, existing home sales for July will roll in on Tuesday, with sales expected to come in at a 465,000 annual rate.

On Wednesday, new home sales for July will be released with forecasters expecting an annualized 340,000 number.

The durable goods report is also slated for Wednesday. Forecasters are expecting 2.5 percent growth for the month of July.

On Thursday, initial jobless claims will be released with expectations for 495,000 new unemployment claims for the week of August 21th. Last week the numbers showed a sharply higher increase than forecast of 500,000.

And on Friday, all eyes will be on the second quarter revised GDP growth number. The initial estimate was 2.4 percent. The consensus estimate is a much slower 1.3 percent growth rate.

On the earnings front, Medtronic (NYSE:MDT) will post second quarter profits on Tuesday before the market opens, with a consensus estimate of 81 cents per share.

Burger King (BKC) will also report results on Tuesday before the market opens. Analysts are expecting 34 cents per share in earnings.

Home builder Toll Brothers (NYSE:TOL) reports before the market opens on Wednesday, with forecasters expecting minus 14 cents earnings per share.

Also on Wednesday, telecommunications manufacturer JDS Uniphase (NASDAQ:JDSU) will post profits after the market closes. Analysts are expecting earnings per share of 14 cents.

Ship Finance (NYSE:SFL) will report earnings on Thursday before the market opens with expectations of 58 cents per share.

Also on Thursday, Novell (NOVL) will report second quarter profits after the market closes. Analysts are expecting 7 cents per share.

Oil tanker company Frontline (NYSE:FRO) will report earnings on Thursday after the market closes, with expectations of 67 cents per share.

And on Friday morning, jewelry retailer Tiffany (NYSE:TIF) posts profits, with analysts expecting 53 cents per share.

Join us on Friday for the “Weekly Market Wrap” and have a wonderful week.