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The Week Ahead: Wall Street Earnings Reports and May Inflation Numbers

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[Editor's Note: Our second new feature we're rolling this week is a preview for coming week. It should work as a companion to our Monday morning look back at last week's action. We haven't quite decided on a name for this feature yet. Please feel free to submit your ideas to tips @ or leave a comment below.]
Wall St. May Qs. We're hitting those slow summer weeks already. Much of the news that Wall Street will talk about will come from various boondoggles conferences the investment banks hold in an attempt to stay relevant during the weeks that movers and shakers do their moving and shaking out at the beach rather than the conference room. The real news will come when three big investment banks release second-quarter earnings reports. First up, tomorrow, is Lehman Brothers, which is expected to be a top performer in the sector. It may even beat out last years bountiful earnings. Thursday's reporters, Goldman Sachs and Bear Stearns, may not be as lucky. Goldman's premier hedge fund has had a rough time, causing many to expect it will be down year-over-year.
Inflation less higher prices. We'll get some official inflation numbers at the end of week, with May Producer Price Index numbers on Thursday and Consumer Price Index numbers on Friday. Expect both to be up, which may kill the "every Friday is a rally day" trend we've seen for the past three months. Whatever the numbers are, we're sure someone will manage to prove that when you back out anything that has higher prices, there was no inflation at all.