There seems to be plenty of high hopes here, and not necessarily just for those sources you'd expect to do better in tough times. These companies, except for EL and RDEN, have tended to beat estimates in recent quarters. Analysts on average recommend buying most of these stocks (and most of the decliners below as well, for that matter). URBN, EL, TJX, and WMT are trading nearer their 52-week highs, while FOSL and RDEN are trading nearer their lows.

Analysts anticipate that the following companies will report a significant decline in quarterly profits.

• Liz Claiborne Inc. (NYSE: LIZ): $0.00 EPS (-100%) on revenue of $970.4 million (-14.2%)
• JCPenney Co. Inc. (NYSE: JCP): $0.49 EPS (-37.1%) on revenue of $4.3 billion (-2.8%)
• Macy's Inc. (NYSE: M): $0.19 EPS (-34.5%) on revenue of $5.8 billion (-2.3%)
• Kohls Corp. (NYSE: KSS): $0.73 EPS (-12%) on revenue of $3.8 billion (+4.5%)
• Nordstrom Inc. (NYSE: JWN): $0.64 EPS (-9.9%) on revenue of $2.3 billion (-3.0%)
• Gildan Activewear Inc. (NYSE: GIL): $0.45 EPS (-4.3%) on revenue of $355.6 million (+21.9%)
• Abercrombie & Fitch Co. (NYSE: ANF): $0.87 EPS (-1.1%) on revenue of $855.2 million (+6.3%)

Analysts are forecasting some significant declines here, reflecting the struggle many retailers face with the pull back of consumer spending. From this list, JCP, KSS, JWN, and ANF have tended toward positive surprises recently. Perhaps not surprisingly, none of these expected decliners are trading near their 52-week highs.

A bit more of a surprise: American Apparel Inc. (AMEX: APP), whose forecast $ 0.10 EPS (which is flat year-over-year) on revenue of $126.3 million (+32.1%), gets a strong buy rating from analysts. Shares are trading nearer the 52-week low.

Also, Phoenix Footwear Group Inc. (AMEX: PXG) is expected to narrow its net loss to $ 0.02 EPS (from $ 0.10 a year ago) on revenue of $20.7 million (-17.6%). It has tended to fall short of estimates in recent quarters.

Economic data releases scheduled for this week include:

• U.S. trade balance (June 2008): Tuesday, 8:30 a.m.
• TIFF economic optimism index (August 2008): Tuesday, 9:00 a.m.
• Job vacancies (June 2008): Tuesday, 10:00 a.m.
• Federal budget balance (July 2008): Tuesday, 2:00 p.m.
• Retail sales (July 2008): Wednesday, 8:30 a.m.
• Business inventories (June 2008): Wednesday, 10:00 a.m.
• Consumer price index (July 2008): Thursday, 8:30 a.m.
• Industrial production (July 2008): Friday, 9:15 a.m.
• Preliminary consumer sentiment index (August 2008): Friday, 10:00 a.m.

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