Apple’s (AAPL) fiscal third-quarter earnings report, due after markets close on July 22, will likely surpass Wall Street analysts’ expectations, advancing the argument made by chipmaker Intel (INTC) this month that spending on computer equipment is snapping back. New market research forecasting record third-quarter Macintosh sales, combined with Apple historical proclivity toward issuing conservative guidance for its upcoming quarters, are leading Wall Street analysts to look for a surprisingly strong report.

For the third quarter ended June 27, analysts expect Apple to report sales of $8.2 billion and earnings of $1.16 per share. A year ago, Apple reported $7.5 billion in sales and $1.08 in per-share profit. A strong report would make Apple the latest tech company to exhibit strength that could point to a recovery in technology spending, especially among consumers.

Source: BusinessWeek

Bernanke Says Fed Can Foil Inflation

Federal Reserve Chairman Ben Bernanke says that the continued need to pump money into the economy will not hinder the Fed’s ability to stem inflation in the future. Writing in a newspaper opinion piece, Bernanke explained how the Fed could raise interest rates even as money continues to flood the U.S. financial system.

Source: Reuters

Magna, RHJ, and Beijing Auto Final Three Bidders for Opel

General Motors has received its three final offers for its German Opel unit. Canadian auto parts manufacturer Magna, Germany’s preferred bidder, is facing rival offers from RHJ International SA and Beijing Automotive Industry Holding Co.

Source: Bloomberg

Health Care Reform Drafters Reap Industry Money

Senate Finance Committee chairman Max Baucus (D – Mont.) and other lawmakers closely involved in health care reform have been huge recipients of insurance company, hospital and health care firm donations. The sector gave nearly $170 million to federal lawmakers in the last two years, 54% to Democrats, while Baucus’s political committees received $1.5 million.

Source: Washington Post

Swiss Banks Snub U.S. Clients

As the IRS pressures Swiss banking giant UBS to release information on 52,000 U.S.-based clients as part of an ongoing tax fraud investigation, a number of smaller Swiss banks are starting to refuse business from U.S. account holders.

Source: Wall Street Journal

CIC Buys Diageo Stake

Sovereign wealth fund China Investment Corp has bought a 1.1% stake in Diageo drinks group. After facing criticism at home for paper losses following earlier investments in Morgan Stanley and Blackstone, the fund has quietly started purchasing again and recently bought shares in a Canadian miner, an Australian property firm as well as increased its stake in the now cheaper-priced Morgan Stanley.

Source: Financial Times

Oil’s Outlook Is Hard to Refine

Amid the near-term uncertainty for the global economy, energy traders continue to position themselves for the future. But what does the future hold? Predictions are all over the map. Estimates range from a low of $40 to a high of $80.

Source: BusinessWeek

Obama Lacks Clear Strategy to Support Manufacturing

Despite policies to support green energy initiatives, the auto bailout, and Buy America clauses in the stimulus package, many argues President Obama does not have a clear strategy to boost manufacturing. The U.S. today ranks only second to France amongst industrial nations in smallest percentage of economic activity spurred by manufacturing—just 13.9%, down 4% in the last decade, the World Bank reports.

Source: New York Times