The Fed kicks off its two-day meeting, April consumer confidence data hits the tape, and the voice of Aflac's new duck just might be unveiled. But earnings are the big story Tuesday. Netflix, whose earnings we previewed yesterday, saw its shares tumble after it gave conservative guidance. Here's what we're watching…
1. Ford Focus: It wasn't so long ago that a share of Ford cost less than a gallon of gas. Despite the high cost of energy, Ford's rapid recovery from the brink has richly rewarded bold investors. The automaker is scheduled to report first quarter earnings before the market open. The big questions this quarter: what they say about raw material costs and what, if any, impact Ford sees as a result of supply disruptions in Japan. Analysts expect the company to deliver earnings per share of $0.50.
2. The World of Coca-Cola: Coca-Cola is as much of an international proxy as you'll find, and global shocks from Japan to the Middle East could be critical to the company's numbers. The world's largest drink maker reported a strong uptick in North American sales last quarter, marking a break from recent reliance on growth overseas. But, its biggest boon on the homefront is the sinking dollar, which means windfall for a company that gets an overwhelming majority of its profits abroad. The stock is trading near multi-year highs, but well off its all-time peak ($86.12 on July 17, 1998), as Wall Street anticipates earnings of 87 cents a share from Coke.
3. What Can Brown Do for Investors: Ok, UPS might be right there with Coca-Cola when it comes to insight into the global economy. Still, the tough headwinds of terrible winter weather and ubiquitously rising input costs will test the shipping company as it tries to beat analyst estimates of 84 cents a share. UPS is pegging growth to expansion in strong foreign markets like Germany and China. We'll find out what UPS delivered before the market opens Tuesday.
4. Over/Under Armour: Athletic apparel retailer Under Armour is expected to report earnings per share of $0.19, as shares race towards an all-time high. CNBC's Darren Rovell notes that, while the company's seen very little international growth and struggled to find traction with its shoe line, the continued success of its core products remains a driver. Early reports indicate that its new Charged Cotton line is selling well.
5. Netflx's After-Hours Discount: Shares in subscription-based Netflix tumbled after the bell Monday, despite the company's bottom-line earnings beat and its ascent as the most popular video service in America. The problem? Lower than expected guidance for the second quarter. Netflix has been on an absolute tear over the last year, and viewpoints on its future couldn't be more polarized. Does the after-hours drop give investors an opportunity to buy on the dip? CNBC's Julia Boorstin sits down for an exclusive interview with Netflix CEO Reed Hastings.