The final Labor Department jobs report for 2011 will punctuate
another holiday-shortened week. In addition to the figures on
joblessness--some of the most closely watched indicators--markets
will mull over monthly sales figures from retailers for the key
holiday-shopping month of December.
Stock Exchanges Closed Monday For New Year's Holiday
Major U.S. stock exchanges will be closed Monday in observance
of the New Year's holiday the day before.
Jobs Data Leads Lineup Of Indicators
Heading the slate of economic indicators next week are nonfarm
payrolls data and the latest unemployment rate from the U.S.
Department of Labor on Friday. The report will determine whether
2011 ends with continuing improvement in the job market. In the
prior month, the U.S. unemployment rate fell to 8.6%, the lowest
level since March 2009. Economists surveyed by Dow Jones Newswires
predict payrolls will rise by 155,000 but the unemployment rate,
which is determined by a separate survey, will tick up to 8.7%.
The Institute for Supply Management releases data on
manufacturing activity Tuesday and services Thursday, and the U.S.
Census Bureau's factory orders report comes Wednesday.
U.S. Retail Sales Likely Rose In December
U.S. retailers next week will report December's same-store sales
results, the broadest indication yet of how the key
holiday-shopping season played out. Analysts surveyed by Thomson
Reuters expect same-store sales to climb across store categories
for an average increase of 4.3%. They expect discounters like
Costco Wholesale Corp. (COST) and Target Corp. (TGT) to report the
strongest growth at 6% on average, with apparel retailers like Gap
Inc. (GPS) and Limited Brands Inc. (LTD) expected to have the
weakest at 2%.
Auto Makers To Release December Sales Results On Wednesday
The auto industry will report its December U.S. sales on
Wednesday. Online automotive-information provider Edmunds.com
expects December new car sales to rise 24% from November, although
transactions slowed down by the middle of the month. Among the
major auto makers, Edmunds said General Motors Co. (GM) will enjoy
the biggest month-over-month increases in both sales and market
share, up 31% and 1% respectively. Meanwhile, Chrysler Group LLC
will have the biggest year-over-year sales and market share growth,
rising 37% and 2.4%, respectively, on the success of its Dodge
brand.
Monsanto, Mosaic Expected To Improve Quarterly Earnings
Two key agricultural companies--seed maker Monsanto Co. (MON)
and fertilizer producer Mosaic Co. (MOS)--release quarterly results
next week.
Monsanto, which reports Thursday, raised its earnings guidance
for the quarter earlier this month on strong Brazilian and
Argentinian business. It was a boost on a forecast that already
beat expectations when it was originally released. Chief Executive
Hugh Grant has said the company has turned a corner from a backlash
a year ago, when customers balked at high prices for a new premium
corn seed.
Mosaic, reporting Wednesday, is expected to continue its streak
of climbing profits. Growing worldwide demand for food has pushed
up selling prices more quickly than input costs for the company.
Earlier this week, Mosaic said it would cut phosphate production
because of oversupply, but it still expected record fertilizer
demand next year.
Among other notable companies reporting next week, restaurant
chain Ruby Tuesday Inc. (RT), for-profit educator Apollo Group Inc.
(APOL) and discount retailer Family Dollar Stores Inc. (FDO) report
Thursday as well.
FOMC Minutes May Shed Light On Debate Over Internal Rate Forecasts
The Federal Open Market Committee on Tuesday will release the
minutes of its last meeting of the year, which might reveal more
about state of its debate over whether to make its internal
interest-rate forecasts public.
The official statement released after the meeting on Dec. 13
gave no indication of the where the debate stands, which suggested
the Fed has left it resolved for the year. At that meeting, nine
out of 10 Fed officials voted to keep the U.S. central bank's
easy-credit policies unchanged for the second meeting in a row, and
the statement offered an guardedly more upbeat economic assessment
but one still marked by downside risks.
Iowa Caucus Kicks Off GOP Presidential Nomination Season
Iowans will select their picks for the Republican Party's
presidential candidate Tuesday, in the first major event of the
2012 nomination calendar. A recent poll ahead of the state's
caucuses, one from CNN/Time/ORC International, showed former
Massachusetts Gov. Mitt Romney led the field with 25% support in
Iowa, followed by Texas Rep. Ron Paul with 22% and former
Pennsylvania Sen. Rick Santorum with 16%. Newt Gingrich, former
speaker of the U.S. House, has seen his support fall to 14% from
the 33% he polled at in early December.
However, the Iowa caucuses have a spotty record of predicting
the GOP's eventual nominee for president. Since the mid-1970s, when
the Iowa caucuses' prominence rose, they have correctly predicted
the eventual Republican nominee four times and misfired thrice when
the race lacked an incumbent.
France To Auction Bonds, Testing Borrowing Waters
France plans to auction bonds Thursday, an event financial
markets will be watching closely to see just how deeply fears of
European recession have penetrated. It and a German sale Wednesday
represent the first in a heavy schedule of bonds set to be issued
by European governments in the new year.
Earlier this week, Italy's latest government bond auction had
mixed results. Yields dropped on the closely watched three- and
10-year benchmark bonds compared with a month earlier, a welcome
drop that followed the government's passage of an austerity package
to improve it finances. But the bond auction failed to meet the
government's maximum quota, and Italian bond yields remained
elevated.
The European Central Bank earlier this month allotted nearly
half a trillion euros, a record high, in three-year loans to banks.
The move was expected to help finance demand for shorter-dated
government debt.
U.S. Envoy To Visit Asia Following Death Of Kim Jong Il
The administration of President Barack Obama is sending a top
diplomat to China, South Korea and Japan next week to discuss
changes in the region following the death of North Korea's former
ruler Kim Jong Il. Kurt M. Campbell, assistant secretary for East
Asian and Pacific affairs, will arrive in Beijing Tuesday and
depart Tokyo Jan. 7, having visited Seoul in between. In addition
to discussing "the latest developments related to North Korea,"
Campbell will discuss changes in Myanmar, where the
military-dominated government recently has opened the impoverished
country to broader diplomatic relations, as well as freeing some
political prisoners and entering talks with the opposition and
ethnic minorities.
NFL Regular Season Ends Sunday
Seven teams will vie for three available playoff slots as the
curtain closes on the National Football League's regular season
Sunday. The game with the highest stakes is a rivalry showdown
between the Dallas Cowboys and the New York Giants, the only
faceoff that automatically will shunt the loser off the road to the
Super Bowl. Five other teams--the Cincinnati Bengals, the Denver
Broncos, the Oakland Raiders, the Tennessee Titans and the New York
Jets--are in contention for the last two playoff spots, depending
on how they and other teams fare.
-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291;
joan.solsman@dowjones.com
--Nathalie Tadena, Luca Di Leo, Jeffrey Sparshott, David Wessel
and Dow Jones Newswires staff contributed to this article.
Apollo Education Group, Inc. (NASDAQ:APOL)
Historical Stock Chart
From May 2024 to Jun 2024
Apollo Education Group, Inc. (NASDAQ:APOL)
Historical Stock Chart
From Jun 2023 to Jun 2024
