US EQUITIES WEEK AHEAD: 3Q Results, Clock Change, Veterans Day
November 05 2010 - 2:43PM
Dow Jones News
Major retailers, more media giants and networking-gear maker
Cisco Systems Inc. (CSCO) are among the companies that will post
quarterly results next week.
Countries in North America will turn back their clocks one hour
Sunday as they leave daylight saving time.
Stock markets will be open but bond markets and government
offices will close Thursday for the Veterans Day holiday.
Cisco, Disney, Retailers To Post Results
Cisco and media and entertainment giant Walt Disney Co. (DIS),
both components of the Dow Jones Industrial Average, and more than
a dozen other companies in the Standard & Poor's 500 Index,
will report quarterly results next week. Cisco, which reports
Wednesday, is expected to post a sharp gain in sales as analysts
note signs that the tech giant managed to regain its footing in an
unpredictable market after a shaky start to the quarter.
Disney, which reports Thursday, is likely to show a slight
improvement in revenue with earnings down a bit as it benefits from
strong international box-office and consumer-products sales for
"Toy Story 3." Disney's prior-year quarter included an extra week,
which could hurt theme-park comparisons.
Also posting results next week are department-store operators
Macy's Inc. (M) on Wednesday, Kohl's Corp. (KSS) Thursday and J.C.
Penney Co. (JCP) Friday.
September Trade Deficit Likely To Change Little
The U.S. trade deficit for September, to be released Wednesday,
likely changed little from a month earlier, according to a poll of
economists by Briefing.com. The deficit widened to $46.3 billion in
August as import demand remained strong despite a weaker dollar.
The government also will report on September wholesale inventories
Tuesday. Next Friday, the Reuters/University of Michigan consumer
sentiment index will issue its preliminary reading for
November.
Among appearances by Federal Reserve officials, Chairman Ben
Bernanke and Chicago Fed President Charles Evans speak Saturday in
Jekyll Island, Ga.; Dallas Fed President Richard Fisher speaks
Monday in San Antonio, Texas; St. Louis Fed President James Bullard
speaks Monday in New York; and Atlanta Fed President Dennis
Lockhart speaks Thursday in Atlanta.
Officials, Execs To Discuss Financial Reform
Federal officials, regulators and leaders of major banks will be
featured speakers at the Securities Industry and Financial Markets
Association's annual meeting Monday in New York. U.S. Sen. Chris
Dodd (D., Conn.), Federal Reserve Governor Kevin Warsh, Securities
and Exchange Commission Chairwoman Mary Schapiro, Federal Deposit
Insurance Corp. Chairwoman Sheila Bair, Morgan Stanley President
and Chief Executive James Gorman and others will discuss financial
regulatory reform legislation, capital requirements and market
structure.
Oracle CEO To Testify In Suit Against SAP
Larry Ellison, Oracle Corp.'s (ORCL) co-founder and CEO, is
expected to testify Monday in a federal trial of the
business-software giant's suit against German rival SAP AG (SAP,
SAP.XE). The case involves the actions of SAP acquisition target
TomorrowNow, which Oracle says improperly downloaded software and
documents from its website. SAP is not contesting those
allegations, but the two sides have locked horns over how much SAP
should pay in damages. Oracle has asked for as much as $2 billion,
while SAP has suggested $40 million.
Obama On Visit To India, Indonesia, Korea
President Barack Obama will spend the next week in Asia,
visiting India and Indonesia before heading to the summit of the
Group of 20 largest economic powers in Seoul. The G-20 meeting,
which starts Thursday, will address trade surpluses and deficits as
part of efforts to restore so-called balanced global growth. The
world leaders also will consider stronger global banking
regulations.
Ceremony To Launch Work On Disabled Vets Memorial
Secretary of Veterans Affairs Eric Shinseki and actor Gary
Sinise will be among the speakers at a ground-breaking ceremony
Wednesday for the American Veterans Disabled for Life Memorial in
Washington, D.C. The memorial will be the only permanent public
tribute to more than 3 million living disabled U.S. veterans. Lois
Pope, a Palm Beach, Fla., philanthropist, thought of the project
almost 15 years ago while visiting the Vietnam Veterans Memorial.
The Disabled Veterans' LIFE Memorial Foundation was established in
1998 to raise money for the effort.
Clinton To Meet With Israeli Leader In US
Secretary of State Hillary Clinton plans to meet Israel Prime
Minister Benjamin Netanyahu in the U.S. next week amid efforts to
keep Middle East peace talks alive. Speaking Thursday on a visit to
New Zealand, Clinton said she believed the fledgling
Israeli-Palestinian talks would continue, despite Palestinian
threats to abandon them over Israel's refusal to halt settlement
building in the West Bank.
Iraqi Parliament To Elect Speaker Monday
Iraq's parliament is scheduled to convene Monday to elect a new
speaker and two deputies, the first steps in forming a government
nearly eight months after inconclusive elections. The
Sunni-dominated Iraqiya bloc of former premier Iyad Allawi narrowly
won the March 7 election with 91 seats in the 325-member
parliament, followed by Prime Minister Nuri al Maliki's Shiite
State of Law Alliance with 89. Neither has been able to muster the
majority needed to form a government, despite back-door
negotiations with various Shiite, Sunni and Kurdish blocs that also
picked up seats.
Conferences
Among the significant conferences next week are the Bank of
America Merrill Lynch Defense Outlook Forum on Tuesday in New York;
Credit Suisse Group Healthcare Conference from Tuesday through
Friday in Phoenix; JPMorgan Ultimate Services Investor Conference
on Tuesday in New York; Piper Jaffray Technology, Media &
Telecommunications Conference on Tuesday and Wednesday in New York;
Robert W. Baird Industrial Conference on Tuesday and Wednesday in
Chicago; Wells Fargo Securities Technology, Media & Telecom
Conference on Tuesday and Wednesday in New York; UBS Building and
Building Products CEO Conference on Wednesday and Thursday in New
York; and Bank of America Merrill Lynch Global Energy Conference
from Wednesday through next Friday in Miami.
-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357;
kathy.shwiff@dowjones.com
(Dow Jones Newswires staff contributed to this article.)
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