US EQUITIES WEEK AHEAD: Consumer Confidence; AIG Nears Choice For Taiwan Business
December 23 2010 - 2:31PM
Dow Jones News
A consumer confidence report due next week for December is
expected to show U.S. consumers are becoming increasingly more
optimistic -- with the index seen rising for the third month.
Meanwhile, directors of American International Group Inc. (AIG)
are expected to confer Thursday to try to agree on a preferred
bidder for its Taiwan business, according to people familiar with
the situation.
While only a few companies are expected to report their
quarterly earnings, Cal-Maine Foods Inc. (CALM) and Imperial Sugar
Co. (IPSU) -- which both focus on food -- are expected to report
higher sales for their latest results.
Consumer Confidence, Chicago PMI December Data Due
Next week's economic reports will include The Conference Board's
Consumer Confidence report on Tuesday and the Chicago Purchasing
Managers' Index on Thursday.
Consumer confidence is expected to rise for a third consecutive
month, according to Briefing.com, after the figure jumped to 54.1
in November from 49.9 the prior month. The November reading beat
expectations by increasing to a five-month high.
The Chicago PMI is seen holding steady at 62.5, a figure that
encouraged investors last month as signaling the manufacturing
sector remains strong, although Briefing.com said there is some
evidence that calls into question the stability of future
production growth.
AIG Nears Choice Of Taiwan Business Buyer
AIG directors are expected to meet Thursday to try to choose a
preferred bidder for Nan Shan Life Insurance Co., according to
people familiar with the situation. That choice likely will be
announced next week, the people said.
AIG has been struggling to raise more than $2 billion by selling
its Taiwan business as part of its broad sale of assets to help
repay taxpayers for its financial-crisis-era bailout.
Cal-Maine, Imperial Sugar Quarterly Results Expected
Cal-Maine, the largest U.S. producer and distributor of fresh
shell eggs, and sugar refiner and marketer Imperial Sugar are among
the companies expected to report their latest quarterly
results.
Although a major recall of eggs rocked Cal-Mine's sector in the
U.S. earlier this year, it had a minimal impact on the company's
fiscal first-quarter results, as it came shortly before the period
ended. The latest results will could be hurt more by the recall,
although analysts polled by Thomson Reuters expect profit and
revenue to rise.
Imperial Sugar, which earlier this month delayed its fiscal
fourth-quarter results as it reviews whether some repair and
maintenance costs should be recorded as capital spending, is
expected to report a large increase in revenue, although the
period's loss is seen widening.
Stock Markets To Remain Open On New Year's Eve
The New York Stock Exchange will remain open on Friday, Dec. 31,
as it is the end of both a monthly and yearly accounting period.
Therefore, the exchanges will be open that day and also the
following Monday.
However, CME Group Inc. (CME) -- the world's biggest futures
exchange operator -- observes U.S.-recognized holidays, and thus
trading for most of its products will be closed on Friday.
Hyundai E&C Creditors Likely To Name Preferred Bidder
Creditors-turned shareholders of Hyundai Engineering &
Construction Co. (000720.SE) are expected to name conglomerate
Hyundai Motor Group the preferred bidder for their controlling
stake in the construction firm next week, according to Korea
Finance Corp. Chief Executive Ryu Jae-han. Korea Finance is one of
nine Hyundai E&C creditors that are selling a collective 34.88%
stake in Hyundai E&C.
--By John Kell, Dow Jones Newswires; 212-416-2480;
john.kell@dowjones.com
--Dow Jones Newswires staff contributed to this report.
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