Retailers, food companies, tech bellwether Dell Inc. (DELL) and
Home Depot Inc. (HD), a component of the Dow Jones Industrial
Average, are among the companies posting quarterly results next
week.
Data on January home sales and December home prices are due next
week, along with a revised figure for fourth-quarter gross domestic
product.
President Barack Obama will present his first budget after
outlining his spending plans in a speech to a joint session of
Congress Tuesday evening.
Retailers, Food Companies To Report<
Retailers continue posting fiscal fourth-quarter results next
week, with Nordstrom Inc. (JWN) reporting Monday; Macy's Inc. (M)
and Target Corp. (TGT) on Tuesday; and Gap Inc. (GPS), Sears
Holdings Corp. (SHLD) and Kohl's Corp. (KSS) on Thursday. Giant
home-improvement retailer Home Depot reports Tuesday.
A number of food companies will detail their financial results,
including Campbell Soup Co. (CPB) on Monday, H.J. Heinz Co. (HNZ)
on Tuesday and Smithfield Foods Inc. (SFD) on Thursday. Also
reporting are restaurant-chain owners Papa John's International
Inc. (PZZA) on Tuesday, Applebee's and IHOP owner DineEquity Inc.
(DIN) on Wednesday, and Wendy's/Arby's Group Inc. on Friday.
Supermarket chain Safeway Inc. (SWY) posts results Friday.
Nasdaq OMX Could Have Write-Downs<
When transatlantic exchange operator Nasdaq OMX (NDAQ) reports
fourth-quarter results Thursday, the market will be on the lookout
for possible goodwill write-downs related to recent acquisitions,
such as Nordic exchange group OMX AB, as well as a response to NYSE
Euronext (NYX) throwing down the gauntlet for U.S. equities market
share earlier this month.
Other expected highlights include an outlook for Nasdaq OMX
Europe, the exchange's struggling European multilateral trading
facility, and forays into clearing cash equities and interest rate
swaps.
Dell 4Q Results Likely To Drop Again<
Dell, which reports fiscal fourth-quarter results Thursday, is
expected to post earnings of 27 cents a share on revenue of $14.39
billion, according to a poll by Thomson Reuters. That is down from
31 cents and $15.99 billion, respectively, a year earlier.
The personal-computer maker, which has undergone multiple rounds
of restructuring since early 2007, has tried to cut production
costs and increase sales in such areas as consumer PCs and tech
services for businesses. But Dell has reported uneven results in
the past several quarters, and last quarter reported falling
revenue and profit.
New Data On Home Sales, Prices<
Reports will detail January sales of existing homes and new
homes on Wednesday and Thursday, respectively, after the S&P
Case-Shiller home price index lists December home prices in major
cities Tuesday. Existing home sales could climb, as they did last
month, while new homes sales are expected to fall slightly from
December, which saw a 45% drop from a year earlier.
On Friday, the government will release its preliminary figure on
fourth-quarter GDP, which is expected to show a decline of 5.4%,
rather than the 3.8% drop released last month.
The private Conference Board issues its February Consumer
Confidence Index on Tuesday, and the government reports on January
durable goods orders Thursday. The University of Michigan Consumer
Sentiment Index for February is out Friday.
Reports on regional manufacturing activity are due Monday from
the Chicago and Dallas Feds, Tuesday from the Richmond Fed and
Thursday from the Kansas City Fed.
Among appearances by Federal Reserve officials: Atlanta Fed
President Dennis Lockhart discusses the economic outlook Monday in
Champions Gate, Fla., and Dallas Fed President Richard Fisher
speaks on the current financial crisis Monday in Cambridge, Mass.,
and Tuesday in Smithfield, R.I.
Obama To Release Budget After Speech<
President Obama will speak before Congress on Tuesday night,
then release his first budget proposal two days later. The spending
plan is expected to include a record deficit.
On Monday, the administration has scheduled a White House summit
on fiscal responsibility, at which Democratic and Republican
lawmakers from the House and Senate will meet with experts on
taxes, health care, Social Security and the budget process to
discuss long-term budget reform.
Most Agree On Likely Oscar Winners<
"Slumdog Millionaire," an independent movie filmed in Mumbai, is
expected to win the Oscar for best picture at the Academy Awards
ceremony Sunday night. The consensus for winners in other
categories is Kate Winslet as best actress, Sean Penn as best
actor, the late Heath Ledger as supporting actor, and Danny Boyle
as director, for "Slumdog." Hollywood's biggest night will be
hosted by first-timer Hugh Jackman, an Australian famous for
playing Wolverine in the "X-Men" movies.
Late Designer's Art To Be Sold<
On Monday, auction house Christie's International will begin a
three-day Paris sale of up to $425 million worth of art collected
by the late fashion designer Yves Saint Laurent and his partner,
industrialist Pierre Berge. The sale will include nearly 700
artworks - from Roman antiquities to paintings by Mondrian and
Picasso. The sale arrives at one of the art industry's bleakest
moments, as galleries around the world are closing and museums cope
with dwindling endowments.
Conferences
Among the significant conferences next week are the Credit
Suisse Group Global Services Conference from Sunday through
Wednesday in Phoenix, BMO Capital Markets Global Metals &
Mining Conference from Sunday through Wednesday in Hollywood, Fla.,
Merrill Lynch Insurance Investor Conference on Tuesday and
Wednesday in New York, Goldman Sachs Technology and Internet
Conference from Wednesday through Friday in San Francisco,
Jefferies & Co. Internet & Media Conference on Thursday and
Friday in New York, and Robert W. Baird & Co. Inc. Business
Solutions Conference on Thursday and Friday in Boston.
-By Kathy Shwiff, Dow Jones Newswires; 201-938-5975;
kathy.shwiff@dowjones.com
(Jacob Bunge and other Dow Jones Newswires staff contributed to
this report.)