11 Stocks to Watch: Bank of America, Goldman

NEW YORK (TheStreet) -- Bank of America (BAC) reported a second-quarter loss of 90 cents a share, in line with analysts' expectations. During the same time last year, Bank of America reported profit of 27 cents a share.

Shares were down 0.8% to $9.64 in premarket trading Tuesday.

Goldman Sachs(GS) posted second-quarter profit $1.85 a share, below the consensus target of $2.27 a share but above last year's earnings of 78 cents a share.

Shares of the financial services firm were tumbling 3% to $125.50.

Tech bellwether IBM(IBM) earned $3.09 a share in the second quarter, up from $2.62 cents a share in the prior year's quarter, beating analysts' forecasts of $3.03 a share.

IBM shares were gaining 1.7% to $178.30.

Bank of New York Mellon(BK) reported second-quarter earnings of 59 cents a share, beatings analysts' estimates of 56 cents a share. The company reported earnings of 54 cents a share in the year-ago period.

Shares were advancing 1.1% to $24.90.

iPad maker Apple(AAPL) is expected to post third-quarter profit of $5.85 a share Tuesday after the markets close. The company reported $3.51 a share last year.

Shares were adding 1.1% to $377.94.

UnitedHealth(UNH) said Tuesday it earned $1.16 a share in the second quarter versus the average analyst estimate of 94 cents a share. UnitedHealth earned 99 cents a share a year earlier.

Revenue in the quarter rose to $25.23 billion vs. the consensus estimate of $25.24 billion and $23.26 billion a year earlier.

The managed care company raised its outlook for 2011.

Shares were down 0.9% to $51.50.

Wells Fargo(WFC) reported second-quarter profit of 70 cents a share Tuesday morning vs. the consensus estimate of 68 cents a share and last year's profit of 55 cents a share.

Shares were up 0.8% to $27.10.

Soda giant Coca-Cola(KO) reported second-quarter earnings of $1.17 versus the average analyst estimate of $1.16. Earnings per share were $1.06 a year ago.

Shares were rising 0.5% to $67.48.

Networking giant Cisco(CSCO) said it will cut 11,500 people, or 16% of its work force, through job cuts, buyouts and a manufacturing outsourcing deal with Foxconn.

Shares were up 0.5% at $15.51.

Consumer products giant Johnson & Johnson(JNJ) reported second-quarter profit of $1.28 a share Tuesday. The average analyst estimate was $1.24 a share. The company reported earnings of $1.21 a year ago.

J&J maintains its full-year earnings guidance at $4.90 to $5 a share.

Shares were up 0.2% to $67.20.

Internet company Yahoo!(YHOO) is expected to report second-quarter profit of 18 cents a share after the markets close Tuesday. During the same time last year, the company reported profit of 15 cents a share.

-- Written by Andrea Tse in New York.

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Housing Starts, IBM, Coke Boost Stocks

NEW YORK (TheStreet) -- Solid earnings from IBM(IBM) and Coca-Cola(KO), and progress on U.S. debt talks sent stocks soaring Tuesday.

The Dow Jones Industrial Average accelerated by more than 100 points after President Obama signaled his support for a deal that would cut the deficit by $3.7 trillion. The ambitious plan has been gaining support from Democrats and Republicans, and includes changes to Medicare and in the tax code but not Social Security. The Dow was up 211 points, or 1.7%, at 12,597.

The S&P 500 also drifted up on the news, last gaining 22 points, or 1.7%, at 1327. The Nasdaq was ahead by 62 points, or 2.2%, at 2827.

"This is the first sign that [lawmakers] are coming to an agreement on the debt ceiling," said Jim Paulsen, chief investment strategist at Wells Capital Management. "There was a big discount in the market for fear and a potential Armageddon... if it turns out better, there's room to move up."

Receding fears of a U.S. debt default triggered a gold selloff. August futures were dropping $13.40 to $1,589 an ounce, well off from Monday's record high above $1,600. August crude oil contract gained $1.76 to trade at $97.69 a barrel.

The tech sector gave stocks a lift early in the session, with IBM(IBM) shares up 4.3% at the top of the Dow. The company reported strong sales growthacross its hardware, software and services businesses late Monday, and also lifted its full-year profit outlook to adjusted earnings of at least $13.25 a share, up from its prior guidance for earnings of $13.15 a share.

Microsoft(MSFT) and Intel(INTC) were also among the top Dow gainers.

Apple(AAPL) is expected to report third-quarter earnings of $5.85 a share after the closing bell. Shares were trading 0.7% higher at $376.57. Coca-Cola(KO) was up popping by 3.7% to $69.62 after the company beat expectations by 1 cent, with adjusted earnings of $1.17 a share and said global volume grew 6% in the second quarter.

On the weaker end of the Dow were Bank of America(BAC) and Johnson & Johnson(JNJ), which reported earnings on Tuesday, alongside 3M(MMM), AT&T(T) and Verizon(VZ).

Bank of America met analysts' estimates with a loss of 90 cents a share. The loss was largely a result of the bank's recent agreement to settle claims with investors who lost money on Countrywide-issued mortgage-backed securities before the downfall of the housing market. Excluding mortgages, BofA had net income of $3.7 billion, or 33 cents a share. The stock was down 1.2% at $9.60.

Although Johnson & Johnson beat consensus estimates by 4 cents with an adjusted second-quarter profit of $1.28 a share, the company reported a 19.4% decline in quarterly profit as a result of higher litigation and recall costs. The stock was declining 0.7% to $66.61.

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News Hub: Stocks Tumble on Europe Debt Worries

Rocking with the Stones, rescuing hostages, riding bulls: Getting your ya-yas out, boomer-style.

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News Hub: Stocks Fall on Debt Concerns

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News Hub: Stocks End Higher on Strong Earnings

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Markets Hub: Stocks Tumble on Europe Jitters

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News Hub: Bernanke Takes Wind Out of Stocks

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News Hub: Stocks End Higher on Bernanke Comments

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Stocks poised to rebound on strong housing

Click chart to track futures.

NEW YORK?(CNNMoney) -- U.S. stocks were set to rebound Tuesday, as investors react to strong reports on the housing market and digest the latest batch of corporate earnings.

Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were higher ahead of the opening bell. Futures measure current index values against perceived future performance.

Stocks began the week sharply lower, selling off nearly 1% on Monday, as worries about Europe's debt crisis and uncertainty over the U.S. debt ceiling continued to hang over the market. Meanwhile, gold prices surged.

The failure of eight banks to pass Europe's latest round of bank stress tests, coupled with the ongoing struggle to find a solution for Greece's debt crisis, have done little to restore investor confidence overseas.

And lawmakers at home have made little progress on a deal to raise the debt ceiling. There are now only two weeks before the Aug. 2 deadline to raise the country's legal borrowing limit.

Philip Isherwood, equities strategist at Evolution Securities, said there are just enough bright spots in corporate results to distract investors -- however briefly -- from the European sovereign debt crisis and political brinkmanship in the United States.

"Some of the results have been coming out well," Isherwood said. "It's just a question of how long you can carry on thinking about that."

Economy: Before the opening bell, the Commerce Department reporting stronger-than-expected numbers of June housing starts and building permits, giving the markets an extra boost.

The government reported an annual rate of 629,000 housing starts and 624,000 housing permits for June.

Economists polled by Briefing.com had forecast that housing starts would rise to an annual rate of 570,000 units in June, while permits were expected to remain unchanged at 609,000 units.

Companies: Quarterly reports from the banking sector will take center stage Tuesday morning.

Before the opening bell, Bank of America (BAC, Fortune 500) reported a net loss of $8.8 billion, or 90 cents per diluted share, in line with analyst expectations.

The bank was not expected to report a profit after agreeing to pay an $8.5 billion settlement to investors burned by fraudulent mortgage securities.

Goldman Sachs (GS, Fortune 500) posted second-quarter earnings of $1.1 billion profit, or $1.85 a share -- missing analysts' forecasts. The investment firm reported net revenue of $7.28 billion.

Citing strong demand, Coca-Cola (KO, Fortune 500) reported earnings per share of $1.20 on revenue of $12.7 billion, beating analyst expectations. Shares of the soft-drink maker were up more than 1% in premarket trading.

Investors will also hear from Dow component Johnson & Johnson (JNJ, Fortune 500) before the market open.

Apple (AAPL, Fortune 500) is scheduled to report its earnings after the closing bell. The iPod, iPad and Mac computer maker is forecast to have earned $5.85 a share. Also out after the close on Tuesday are results from Yahoo! (YHOO, Fortune 500).

Cisco (CSCO, Fortune 500) announced plans late Monday to lay off 9% of its work force, and to transfer another 7% of its staff to another company in a sale of one of its businesses. Shares of Cisco rose about 1% in premarket trading.

IBM said Monday its profit for the quarter rose 8% from last year to $3.7 billion. Excluding one-time charges, earnings per share were $3.09. The positive news had IBM (IBM, Fortune 500) shares up almost 2% in premarket trading.

World markets: European stocks were higher in morning trading. Britain's FTSE 100 edged higher 0.5%, the DAX in Germany advanced 1.5% and France's CAC 40 added 1.3%.

Asian markets ended mixed. The Shanghai Composite was off 0.7% and Japan's Nikkei lost 0.9%, while the Hang Seng in Hong Kong ticked up 0.5%.

Currencies and commodities: The dollar weakened against the euro, the Japanese yen and British pound.

Gold futures for August delivery hit an intraday record of $1,610.70 an ounce, before retreating to $1,605.60 -- a gain of $3.20 an ounce.

Oil for August delivery gained 80 cents to $96.73 a barrel.

Bonds: The price on the benchmark 10-year U.S. Treasury dropped, pushing the yield up to 2.96% from 2.91% late Monday.  

First Published: July 19, 2011: 6:32 AM ET

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