EQUITIES ANALYSIS

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Equities Analysis

Except for further escalation in the Middle East, Dell's announcement on Friday got all the attention over the weekend. The company is no longer the high-flier that it once was as HP and others are eating into Dell's market share. Plenty of big Nasdaq names continue to break lower and naturally, this sets the tone for the broader market and impact Europe and Asia as well.

On Thursday, we said that the Bernanke-induced rally on the day before looked a whole lot like a June 29th FOMC redux and our call proved correct: Thursday and Friday were both losing days and the weekly close on Friday doesn't bode well for the short-term outlook. Then there's the broader technical backdrop: we're seeing severel dead crosses form on the major indices (50- and 200-day moving average crossover) and considering the fierce rejection following rallies, it's as clear as ever that the market is focused on selling not buying. The earnings season was supposed to bail out those who kept on their longs through the month of May. Well, that hasn't happened and so now the market looks to accelerate lower.

Another major week in terms of earnings, with Thursday toppingt the list. Here's this week's key releases (Bloomberg estimates as of July 21st):

Monday

US: AXP (0.74), MRK (0.66), TXN (0.47), SNDK (0.44)
EU: Reckitt Benckiser (22.53)

Tuesday

US: 3M (1.07), Altria (1.37), AT&T (0.53), Du Pont (0.93), McDonald’s (0.59), Amazon.com (0.07), Lockheed (1.16), UPS (1.00), XTO Energy (0.83).
EU: Telecom Italia (0.05), Endesa (0.64), ST Micro (0.18)

Wednesday

US: Boeing (-0.22), GM (0.52), Conoco (2.80), Symantec (0.21),
EU: Banco Bilbao (0.34), Glaxo Smithkline (23.83), Serono (11.33)

Thursday

US: XOM (1.64), Phelps Dodge (4.02), Monster (0.30)
EU: Telefonica (0.24), Siemens (0.95), Repsol (0.70), Banco Santander (0.27), Alcatel (0.12), Daimler-Chrysler (0.66), Volkswagen (2.02), Astra Zeneca (0.92), Centrica (10.66).

Friday

US: Centex (1.36), Chevron (2.21)
EU: Linde (0.97), TeliaSonera (0.83), Gamesa (0.19).

As far as macro data goes, in focus will be tomorrow's consumer confidence and Friday's GDP, both for the US.

Corporate News:

AstraZeneca: Britain's second-largest drugmaker won U.S. regulatory approval on July 21 to sell the Symbicort asthma drug earlier than the company had expected.

EADS: Airbus, an EADS unit, says its new A380 supersized jet creates more turbulence than it previously thought and planes landing behind it will need to keep a longer distance, cutting capacity at airports, the Wall Street Journal reported. The shares rose 2 cents to 21.09 euros on Friday.

Valeo: Europe's third-biggest car-parts maker plans to report quarterly results after the market close. The company may report net income rose 8.3 percent to 52 million euros, according to analysts surveyed by Bloomberg News.