The Week Ahead For The Week Of June 11th-15th

This Week: Focus: Earnings Warnings/CPI

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/CPI

1.	Introduction

Next week corporate earnings releases remain scant, leaving
Friday's Consumer Price Index (CPI) data as the main focus
of the equity markets. This is especially the case as the
Federal Reserve's policy meeting draws near on June 26-27.
Earnings warnings will also continue to influence market
direction and will weigh heavily into forthcoming Fed policy.


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2.	Earnings Releases

The only sparks that could happen during the week will likely
come from Adobe Systems and CMGI.  CMGI's earnings release
could generate significant interest because the company
appears to be living on borrowed time due to the thundering
crash in dot com stocks, which were CMGI's lifeblood.
On the flipside, Adobe has exhibited quite a knack for beating
earning estimates as it accomplished that task for four
straight quarters at an average of 12 percent each quarter.
In fact, Adobe has beat estimates by a greater percentage
in each of its last three quarters (7.7 percent, 10.3 percent,
14.7 percent, and 15.2 percent, respectively).  Can Adobe do
it again this quarter? Tune in next week to find out!


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/A28.146.334.2.113719

http://clyde.investools.com/T/A28.146.334.3.113719

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/A28.146.334.4.113719
____________________________________________________________

3.	Economic Releases

Next week major economic data commences with May's retail
sales data, and the Federal Reserve's Beige Book survey on
regional business activity, which are both slated for
release on Wednesday the 13th.  Market consensus is calling
for retail sales to have risen 0.4 percent in May, off from
a revised 0.8 percent increase in April, while the Fed's
survey is expected to show declining business activity in
most regions of the nation. The producer price index (PPI),
core PPI - less the volatile food and energy sectors -
jobless claims and business inventories are all due to be
published on Thursday the 14th. PPI - a measure of wholesale
inflation - is expected to have gained 0.3 percent in May,
unchanged from its April showing, with the core rate
increasing 0.2 percent in May, also unchanged from its prior
posting. U.S. business inventories are likely to have fallen
in April, near their 0.3 percent decline in March.
The consumer price index (CPI), core CPI - less food and
energy, U.S. real earnings, industrial production and capacity
utilization, and the University of Michigan's index of consumer
sentiment close out the week's major economic data.  CPI -
the most widely used measure of inflation at the consumer
level - is forecasted to have risen to 0.4 percent in May, up
from a 0.3 percent decrease in April.  The core rate - less
food and energy - is forecasted to have increased 0.2 percent,
unchanged from the previous month's showing.  U.S. earnings
adjusted for inflation, or real earnings, are likely to have
dropped 0.2 percent in May, from a 0.1 percent decline in April.
Industrial production is predicted to have dropped 0.4 percent
in May, following April's 0.3 percent decline.  Capacity
utilization, a measure of plant usage, is expected to post
at 78 percent in May, from 78.5 percent April.  The University
of Michigan's Confidence index - a measure of consumer's sentiment
for the economy and personal finances - is forecasted to have
fallen to a index reading of 90 in its preliminary June
estimate, off from its final May showing of 92.

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

http://clyde.investools.com/T/A28.146.334.5.113719


REPORT             	DATE  	TIME
------------------------------------------------------------
Retail Sales            6/13	 8:30 a.m. EDT
Fed's Beige Book        6/13  	 2:00 p.m. EDT
PPI                     6/14     8:30 a.m. EDT
Core PPI                6/14     8:30 a.m. EDT
Jobless Claims          6/14     8:30 a.m. EDT
Business Inventories    6/14     8:30 a.m. EDT
CPI                     6/15     8:30 a.m. EDT
Core CPI                6/15     8:30 a.m. EDT
U.S. Real Earnings      6/15     8:30 a.m. EDT
Industrial Production   6/15     9:15 a.m. EDT
Capacity Utilization    6/15     9:15 a.m. EDT
U. of Mich Confidence   6/15    10:00 a.m. EDT
____________________________________________________________


4.	Stock Splits For The Week Of June 11th


Stock Splits

The only stock that will begin trading on a split-adjusted
basis on Monday will be Nestle SA {NSRGY}, which will split
2-1.  Stocks that are scheduled to split during the remainder
of the week are listed in the table below.

Company                  Ticker   Split   Ex-Dividend Date
-----------------------------------------------------------
Equitable Resources      EQT      2-1     6/12/01
Laboratory Corp of Amer	 LH       2-1     6/12/01
Oneok                    OKE      2-1     6/12/01
Applebees                APPB     3-2     6/13/01
Evans Bancorp            EVBN     5-4     6/13/01
Johnson & Johnson        JNJ      2-1     6/13/01
GTM Holdings             GTMH     13-1    6/14/01
Krispy Kreme             KREM     2-1     6/15/01
____________________________________________________________

5.	Initial Public Offerings

It is virtually impossible to talk about next week's IPO
calendar without giving mention to Kraft Foods {proposed
ticker "KFT"}, the second largest initial public offering in
U.S. history.  KFT is being spun-off from Dow component
Philip Morris {MO} in a deal that could be worth as much as
$8.4 billion.  Given that the massive size will limit the
amount of upside realized on the opening day, investors may
want to instead focus on the longer-term outlook for the
stock.  KFT's valuation of 28-30x last year's earnings
represents a premium to competitors such as General Mills
{GIS} and Sara Lee {SLE}, but is in line with the company's
forecasted annual growth rate of 18-22 percent.

KFT is valued at 28-30x last year's earnings, which is a
premium to competitors such as General Mills and Sara Lee,
but given Kraft's leadership across several categories, but
is in line with the forecasted annualized earnings growth rate
of 18-22 percent range.

Investors who are looking to stay away from the hype that
surrounds Kraft, may want to give OdysseyRe Holdings
{proposed ticker "ORH"} a look.  ORH underwrites reinsurance
for property and casualty products.  The company notes in its
SEC filings that premium renewal rates for both insurance and
reinsurance policies have been on the rise since the second
half of 2000 and could continue to increase over the next
several years, with growth rates of 15-20 percent for the U.S.
and 20-50 percent for the international markets.  Despite this
bullish outlook, ORH's proposed price range is very reasonable
with a P/E multiple of 12.9-15.3 (astute investors may want to
also note that this is a discount to relative to many of the
company's peers).  Banc of America will serve as the lead
underwriter.

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
------------------------------------------------------------
FMC Technologies        FTI       11.1        19 - 21
General Maritime	GMR        7.0        17 - 19
Kraft Foods             KFT      280.0        27 - 30
OdysseyRe Holdings	ORH       17.1        16 - 19
Willis Group Holding    WSH       20.0        10 - 12



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6.	Disclaimer

Wall Street City's The Week Ahead is published solely for
informational purposes and is not a solicitation or an offer
to buy or sell any stock, mutual fund or other security.
The information obtained from internal and external sources
is considered reliable, but has not been independently
verified for accuracy and completeness.  Wall Street City,
its employees, and/or officers and directors, may from time
to time have a position in the securities mentioned and may
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and other losses.  Trading results may vary. No
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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