Netflix earnings: one of five things to watch April 25

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Netflix earnings: one of five things to watch April 25

Netflix announces earnings after the market close. Also on the radar: Rajaratnam closing arguments wrapping up; March housing numbers.

Paul Sakuma/AP/File

In this file photo taken April 21, 2010, Carleen Ho poses with a Netflix movie she is picking up from her mail box in Palo Alto, Calif. Netflix is due to report earnings April 25, 2011.

April 25, 2011, 1:53 a.m. ET

The anticipation of Helicopter Ben's date with the press, the waiting game for Raj Rajaratnam's verdict and the speculation surrounding Japanese recovery. As we previewed last week, a slew of better-than-expected earnings powered a surge in stock prices last week. Here's what we're watching鈥�

1. Earnings Bonanza: Quarterly results were the driver for equity markets last week, with a slew of big beats helping the Dow to a multi-year high before the Easter holiday. This week won't be a letdown, with no fewer than 180 S&P 500 components set to report. Buzzworthy content distributor Netflix is the standout Monday, delivering numbers after the Market close. Everyone's got an opinion about Reed Hastings' company, but the consensus calls for earnings per share of $1.07.

2. Raj Watch: Can you be guilty of insider trading if you don't, in fact, trade on insider information? Accused hedge fund manager Raj Rajaratnam sure hopes that's the conclusion, likely to wrap Monday, leaving his fate in the hands of jury deliberation. Of course, it's more than just Raj wondering what the 12 men and women decide. Observers anticipate a wave of similar suits if the government wins.

3. What New Homes?: was historically terrible, indicating an annualized rate less than 20% the size of its peak rate six years prior. See: housing bubble. And, really, why would there be a bounce back? Unemployment remains, consumer sentiment is weak and the real estate market is plagued by a glut of inventory. Monday's March numbers shouldn't be as apocalyptic as what we saw in February, but don't expect a ton of good news.

4. Forecasting Japan: The Bank of Japan is from 1.6% to 0.8% in the wake of the earthquake-related devastation that still grips the island nation. Investors are trying to make some sense of Japanese recovery, as the Nikkei has rebounded by more than 10% since its post-quake low, but remains more than 10% off its February highs.

5. Waiting for Ben: Ok, as the essential driver this week. On Wednesday, the Fed's Open Market Committee concludes a policy meeting. While that's never less than noteworthy, this edition marks the inaugural Fed news conference at which Chairman Ben Bernanke will answer questions. Markets will hang on every word.