The Week Ahead For The Week Of June 4th-8th

This Week: Focus: Earnings Warnings

1.  Introduction
2.  Earnings Releases
3.  Economic Releases
4.  Stock Splits
5.  Initial Public Offerings
6.  Disclaimer

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The Week Ahead: Focus: Earnings Warnings

1.	Introduction

Next week the equity markets will have little to focus on in
the way of economic data and corporate earnings releases.
As a result, earnings warnings will take on added significance
in determining market direction in the coming week.
The Federal Reserve will closely monitor these warnings,
attempting to distinguish the recrement from hard data that
the central bank will employ to decide its monetary policy
at month end.


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2.	Earnings Releases

Talk about a slow week for earnings!  Next week, only a
handful of companies are set to report earnings. Of those,
Comverse Technology {CMVT} is the only one worthy of any
special notice because the company is a leader in the
communications equipment industry and it continues to grow
rapidly. According to analysts, Comverse should earn $0.42 a
share in its latest quarter versus $0.33 a share for the same
time period one year ago. Investors should note that the
projected annual earnings growth of 28 percent for Comverse
comes at a time when most other technology companies have
reported earnings in the latest quarter that were lower than
the previous year.


To view the entire slate of earnings releases next week, click
on the link below.  In addition, investors may want to listen
to the conference calls that accompany a company's earnings
release. For a list of conference calls for next week, click
on the link after the earnings release link.


http://clyde.investools.com/T/A28.146.322.2.113719

http://clyde.investools.com/T/A28.146.322.3.113719

To view more detailed information on The Week Ahead, click
the link below and then click on The Week Ahead column.

http://clyde.investools.com/T/A28.146.322.4.113719
____________________________________________________________

3.	Economic Releases

Next week's economic calendar is fairly light, with nonfarm
productivity, unit labor costs, factory orders, and the
National Association of Purchasing Management's (NAPM)
non-manufacturing index commencing the week's major economic
data on Tuesday the 5th. Market consensus is calling for
nonfarm productivity to have dropped 0.7 percent in its final
revision of the first quarter, off from its prior estimate of
a 0.1 percent decline, while unit labor costs are expected to
have increased 6 percent in their final revision of the quarter,
up from their prior showing of 5.2 percent.  Factory orders for
the month of April are forecasted to have fallen 2.7 percent,
off sharply from a revised 1.4 percent increase in the previous
month. The NAPM non-manufacturing index is predicted to have
risen to 48.5 in May, up from a 47.1 index reading in April.
An index posting below 50 indicates contracting business within
the sector. Jobless claims, wholesale inventories, and U.S.
consumer credit are all slated for release on Thursday the 7th,
and close out the week's major economic data. Wholesale
inventories are forecasted to have dropped 0.1 percent
in April, off from a 0.1 percent increase in March. U.S.
consumer credit is expected to have climbed to $8.6 billion
in April, up from $6.2 billion in the previous month.


To view a chart outlining the effects of this data on the
financial markets click on the link below.

http://clyde.investools.com/T/A28.146.322.5.113719


REPORT             	DATE  	TIME
------------------------------------------------------------
Nonfarm Productivity    6/05	 8:30 a.m. EDT
Unit Labor Costs        6/05  	 8:30 a.m. EDT
Factory Orders          6/05    10:00 a.m. EDT
NAPM Non-Manuf.         6/05    10:00 a.m. EDT
Jobless Claims          6/07     8:30 a.m. EDT
Wholesale Inventories   6/07    10:00 a.m. EDT
Consumer Credit         6/07     3:00 a.m. EDT
-------------------------------------------------------------

____________________________________________________________

4.	Stock Splits For The Week Of June 4th

Eight stocks are scheduled to beginning trading on
split-adjusted basis on Monday: Cortech {CRTQ}, Genzyme
{GENZ}, PerkinElmer {PKI}, Summit Bancorp {SBPA}, and
Universal Health Services {UHS} will split 2-1; Cardinal
Bankshares {CDBK} will split 3-1; Knight Transportation
{KNGT} will split 3-2, and First Financial Bankshares {FFIN}
will split 5-4.  Stocks that are scheduled to split during
the remainder of the week are listed in the table below.


Company                 Ticker   Split   Ex-Dividend Date
----------------------------------------------------------
Columbia Sportswear     COLM     3-2      6/5/01
Fair, Isaac & Company   FIC      3-2      6/5/01
Whole Foods Market      WFMI     2-1      6/5/01
Cross Timbers Oil       XTO      3-2      6/6/01

____________________________________________________________

5.	Initial Public Offerings

Next week could be one the busiest weeks of the year for IPOs
with five offerings tentatively scheduled to price.
Unfortunately, this is not the year's best group of IPOs
since each deal has negative characteristics that are likely
to dampen the opening day returns.

Typical of the group are Alliance Data Systems {proposed
ticker "ADS"} and General Maritime {proposed ticker "GMR"}.
ADS provides financial transaction services, a sector that
has performed well this year with stocks such as eFunds
{EFDS}, Concord EFS {CEFT}, and First Data Corp. {FDC} up 161,
22, and 15 percent, respectively.  Alliance Data's allure,
however, may be tarnished by its high dependency on the
Limited {LTD}, which is experiencing a tough retail market,
and the possible loss of a big customer.  General Maritime
operates a fleet of mid-size oil tankers and is a competitor
of Teekay Shipping {TK}.  TK has caught the eye of investors
this year with a year-to-date return of 31 percent.  A low
valuation has contributed to much of Teekay's rise and, at
its current proposed pricing range, GMR will be making its
public debut at considerably higher multiples (P/E of 20-22
compared to 5 for TK).

Details on all of the offerings tentatively scheduled to
price next week is listed in the table below.

Company                  Proposed   Shares      Proposed
                         Ticker     (millions)  Price Range
------------------------------------------------------------
Alliance Data Systems    ADS        13.0        12 - 14
General Maritime         GMR        7.0         17 - 19
Torch Offshore           TORC       5.0         14 - 16
Unilab Corporation       ULAB       6.7         14 - 16
United Surgical Partners USPI       9.0         13 - 15




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6.	Disclaimer

WallStreetCity's The Week Ahead is published solely for
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representations are being made that these techniques will
result in or guarantee profits in trading.  Past performance
is no indication of future results.

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