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Earnings may be just good enough for stocks

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How earnings are saving the market: Pro

A hot new sports car stock could leave a group of blue chips in its dust, as traders also watch earnings reports Wednesday to see if corporate profits are cooling.

Ferrari NV begins trading Wednesday after its initial public offering priced at $52, the top of the range Tuesday. The luxury sports carmaker has found plenty of interest in the 9 percent stake it offered, versus other companies' offerings that have been priced on the weak side. Both Nordstrom and Albertsons delayed their IPOs in the past week, and First Data Corp. went ahead with its big IPO though its stock is trading under the $16 offer price.

Earnings are expected from Boeing, Coca-Cola, General Motors, EMC, Abbott Labs, St. Jude Medical, Kimberly-Clark, Baker Hughes, Polaris Industries, Northern Trust, Sky, ARM Holdings, ManPower Group and Owens Corning before the bell. American Express, eBay, Texas Instruments, Tractor Supply, Fortune Brands, Kinder Morgan, Morningstar and Sallie Mae report after the close.