US EQUITIES WEEK AHEAD: Oracle Results, Housing Data, Patent Case
December 16 2011 - 3:15PM
Dow Jones News
A few notable companies, including business-software giant
Oracle Corp. (ORCL), are slated to report their latest quarterly
results during the muted business week before Christmas.
A handful of economic indicators are expected next week,
including housing starts and existing home sales.
The International Trade Commission is expected to rule on Apple
Inc.'s (AAPL) patent case against HTC Corp. (HTCXF, 2498.TW) on
Monday after the ruling had been postponed twice earlier this
month.
Oracle Expected To Post Earnings, Revenue Growth
Analysts polled by Thomson Reuters expect Oracle, which reports
Tuesday, to post higher earnings and revenue for its fiscal second
quarter. Oracle has reported strong bottom-line growth for several
quarters, as the top line benefited from the $7.4 billion
acquisition of Sun Microsystems in early 2010 and increased revenue
from new licenses and services. But declining sales of Oracle's
hardware products in the fourth quarter raised questions about its
decision to expand beyond its traditional software business.
Other notable companies reporting next week include cruise-line
operator Carnival Corp. (CCL), food company ConAgra Foods Inc.
(CAG), investment bank Jefferies Group Inc. (JEF), athletic-shoe
maker Nike Inc. (NKE) and drugstore chain Walgreen Co. (WAG).
Housing Data Due Next Week
Markets will examine multiple reports on the housing market next
week. The U.S. government will release data on November housing
starts Tuesday. U.S. home building fell less than expected in
October, while a gauge of future construction surged, a sign the
long-suffering housing sector might be stabilizing.
A day later, the National Association of Realtors will report
November sales figures for existing homes. A month earlier, the
group's data showed sales of previously owned homes in the U.S.
unexpectedly climbed in October, but prices continued to drop.
Meanwhile, a report on new home sales in November is expected
Friday. New-home sales rose slightly in October, but the level of
demand is historically very weak because of high unemployment in
the U.S. and competition from cheaper existing homes.
Other governments data points due next week include November
durable-goods orders, the final revision to third-quarter gross
domestic product, and reports on November personal income and
spending.
HTC, Apple Patent Case Scheduled For Monday
The International Trade Commission in Washington is expected to
rule Monday whether some phones made by Taiwanese handset maker HTC
violate Apple's patents. The ruling could lead to a ban on handsets
sold by HTC, which uses Google Inc.'s (GOOG) Android system.
The ruling had been postponed twice this month.
Apple has been tangling in courts with other prominent Android
device makers, including Samsung Electronics Co. (SSNHY, 005930.SE)
and Motorola Mobility Holdings Inc. (MMI). The cases reflect
Apple's belief that many competing smartphones violate features
Apple popularized with its iPhone and iPad tablet computer.
Trump Seeks To Kick Off Auction For Florida's Doral
On Monday, the company that owns Doral Golf Resort & Spa
will be in the New York bankruptcy court to seek approval to put
the Florida resort on the auction block.
Donald Trump's hotel group has offered to buy the resort for
$150 million, down from an initial offer of $170 million. At
Monday's hearing, the Trump group will seek permission to serve as
the lead, or stalking-horse, bidder at the auction.
Doral is owned by hedge fund Paulson & Co. and Winthrop
Realty Trust (FUR), which placed the well-known Miami-area golf
venue into Chapter 11 protection in February along with four other
luxury resorts.
IMF Officials To Go To Rome Next Week, But Not Official Review
International Monetary Fund officials will review the state of
Italy's economy and its new budget next week in Rome, but the visit
won't be the official "monitoring mission" the debt-beleaguered
country agreed to at a summit of world leaders last month, an IMF
official said Thursday.
As the debt crisis threatens to engulf Europe's core economies,
Italy told world leaders at the Group of 20 industrialized and
developing economies summit last week it would allow the IMF to
monitor its progress on fiscal changes. The euro zone's biggest
fear is that markets will cease financing Italy's massive spending
needs, sparking a meltdown Europe would be powerless to stop.
Officials indicated in early November an IMF team would be
shortly heading to Rome to start the monitoring mission. But the
cost of Italian borrowing has receded slightly since then, and
there's been no official monitoring mission scheduled.
-By Nathalie Tadena, Dow Jones Newswires; 212-416-3287;
nathalie.tadena@dowjones.com
-Marie Beaudette, Ian Sherr, Ian Talley and Dow Jones Newswires
staff contributed to this report.)
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