New year highs for Dax and Ibex

MARKET OUTLOOK

- US: US markets had another bullish week, driven by better than expected February pending home sales data and lower oil prices. Except for the commercial and banks which lost ground, all sectors had a positive week led by shares from the automobile, food and beverage, software and pharma and bio. Technically, the current race should continue as daily indicators are now bullish, calling for further advance.

- EUROPE: European markets strongly furthered their bounce week-on-week, with the Dax and Ibex indexes reaching new year highs. Except for oil and gas, all sectors ended in the green, led by the utilities, construction and materials, retail and basic resources. Technically, the bias should remain positive as indicators are well oriented, suggesting a bullish scenario.

COMPANY PREVIEW

Acergy Sa (NOK 128.5 ; 0.78% ; ACY ; SUB.OL)

On Wednesday, Acergy may deliver 1Q/Apr EPS of $0.10 ($0.23 expected) on revenue of $367.6m ($493m expected). The street will focus on the Co's oil and gas infrastructure revenue, order backlog, new business, capital investment, labour/benefits costs, sector position and margins. Equally, comments regarding the guidance for oil/gas infrastructure services from the Co's existing and new clients, and for the sector as a whole, will be significant.

Bed Bath and Beyond (USD 41.39 ; 3.04% ; BBBY ; BBBY.O)

Bed Bath and Beyond is expected to publish on the same day 4Q/Feb EPS of $0.78 ($0.67 a year ago) on a revenue of $1.95bln ($1.68bln). The group should post strong 4Q results and the market will review the Co's same store sales, new stores opened, overall traffic, average ticket, domestic merchandise revenue, home furnishings revenue, new products introduced, operating expenses, labour/benefits costs, sector position and margins. In other news, the group agreed on March 23 to purchase Buybuy Baby for $67m.

Progressive (USD 21.69 ; -0.6% ; PGR ; PGR.N)

Still on Wednesday, Progressive Corp is seen reporting 1Q/Mar EPS of $0.46 ($0.55 a year ago) on a revenue of $3.59bln ($3.65bln). In February, the group posted a 1% increase in net premiums written to $1.194 from $1.209 a year ago. Net premiums decreased for the same monthly period to $1.075 from $1.078 as well as net income to $94.7m from $126.5m.

Advanced Micro Devices (USD 13.35 ; 2.22% ; AMD ; AMD.N)

Thursday, AMD is to publish its 1Q/Mar earnings results. The market sees LPS of $0.24 (EPS of $0.41 a year ago) on a revenue of $1.58bln ($1.33bln). To date, more than 200m AMD Imageon media processors have been delivered to mobile device manufacturers. With the acquisition of ATI Technologies in 2006, the group has become the leading supplier of media processors to the handheld market. In February, the average selling prices on the microprocessor market declined by 15% while sales rose by 8%.

General Electric (USD 34.78 ; -1.64% ; GE ; GE.N)

Finally, on Friday, General Electrics delivers its 1Q/Mar results. EPS is seen at $0.44 ($0.39 a year ago) on a revenue of $39.9bln ($37.37bln last year). According to the Frankfurter Allgemeine Zeitung on May 4, the group plans to increase its presence in the German energy and medical technology industry. GE could raise its sales staff in the country and cooperate with utilities including E.ON and RWE to help catch up Siemens. In other news, GE and Dogus Holding, which jointly control Turkish lender Turkiye Garanti Bankasi AS, seek to merge their Romanian businesses.