A handful of notable companies, including business-software
giant Oracle Corp. (ORCL) and shipping company FedEx Corp. (FDX),
are set to report their latest quarterly results next week.
Markets will examine a plethora of housing data next week for
signs of improvement in the ailing housing sector.
Software firm ExactTarget Inc. leads a slate of five companies
across a range of industries expected to go public next week.
Oracle, FedEx Set To Report Quarterly Results
Software company Oracle will release its latest quarterly
results Tuesday, a report that will shed insight into enterprise
spending on technology. Oracle, one of the technology industry's
bellwethers, in December reported weak fiscal second-quarter
earnings as delayed customer purchases caused sales in its core
software business to grow less than expected and revenue in its
newer hardware division to decline more than it had feared.
However, the company is expected to post top- and bottom-line
growth for the third quarter.
FedEx, the world's largest air-cargo carrier, is expected to
post improved fiscal third-quarter results Thursday. FedEx suffered
drops in both its key international priority and domestic U.S.
shipping segments during the second quarter, though the company
said in December that it had set a new daily record for domestic
shipments, driven by online holiday shopping sales.
Other notable companies reporting next week include software
company Adobe Systems Inc. (ADBE), investment bank Jefferies Group
Inc. (JEF), luxury jewelry retailer Tiffany & Co. (TIF),
credit-card company Discover Financial Services (DFS), food maker
General Mills Inc. (GIS) and sporting-goods maker Nike Inc.
(NKE).
NAHB Index, Other Housing Data Due
Several housing data reports next week will provide more insight
into the housing sector's sluggish recovery.
On Monday, the National Association of Realtors will release its
March housing index, a reading on home-builder confidence. The
index in February rose to its highest level in nearly five years, a
clear sign of improvement for an industry trying to climb out of a
deep slump.
Data on February housing starts will be released the next day.
U.S. home building rose slightly in January and beat economists'
forecasts.
February existing-home sales will be reported Wednesday, while
data on new home sales will be released Friday.
January sales of existing homes topped expectations with a 4.3%
monthly gain, but December's number was revised sharply lower,
damping some of the positive sentiment. Meanwhile, sales of new
homes in the U.S. slipped in January, after climbing for several
months. The recent decline could reflect buyers opting for
less-expensive previously occupied homes rather than new ones as
Americans' wages and the overall economy grow modestly.
ExactTarget, BATS Exchange Among Companies To Debut Next Week
This coming week will be an active one in the U.S. IPO market,
with a wide range of industries represented, including a software
company, an electronic stock exchange and the first Chinese company
in seven months to attempt to debut in America.
In total, five initial public offerings are expected to price,
led by interest in the software firm ExactTarget Inc. The company,
which makes tools that help businesses market to their customers
via email, mobile, social media and website interactions, is hoping
to raise as much as $144 million through a listing on the New York
Stock Exchange as "ET."
Deals from payment processor Vantiv Inc. and electronic exchange
BATS Global Markets also could draw interest next week. Vantiv,
which wants to raise $592 million on the NYSE under the symbol
"VNTV," allows businesses to accept and process credit, debit and
prepaid payments. BATS, the third-largest exchange in the U.S.,
wants to raise $113 million on its own exchange under the symbol
"BATS."
Other companies expected to debut next week are quartz
countertop maker Caesarstone Sdot-Yam Ltd. and Chinese online
retailer Vipshop Holdings Ltd.
Bankruptcy Court To Hear Kodak's Request To Sell Online-Photo Business
On Tuesday, a Manhattan judge will take up Eastman Kodak Co.'s
(EKDKQ) request to sell its online-photo business to rival
Shutterfly Inc. (SFLY), subject to a competitive-auction
process.
Shutterfly's $23.8 million bid for Kodak Gallery would serve as
what is known as the stalking-horse bid at an auction Kodak wants
to hold April 26.
Under Kodak's proposal, competing bidders would submit their
offers by April 20, and Shutterfly would receive a $600,000 breakup
fee if it lost to one of those bids.
Kodak Gallery allows users to store, edit, share and print
images online, as well as to create photo books and gifts. In court
papers, Kodak said this business has lost customers, orders and
revenue over the past five years and would require significant
investment to become competitive.
The sale includes the Gallery business as well as customer
accounts and uploaded images.
Senate To Hold Fed Confirmation Hearings Next Week
The Senate Banking Committee expects to begin confirmation
hearings for the two nominees to the U.S. Federal Reserve Board of
Governors next Tuesday, according to a Senate Democratic aide.
More than two months after being nominated by President Barack
Obama, Harvard University finance professor Jeremy Stein and
private-equity executive Jerome Powell are scheduled to appear
Tuesday before the Senate committee that will kick-start their
congressional review.
Federal Reserve Chairman Ben Bernanke hinted to lawmakers at a
recent hearing that he would like to see the two vacant seats
filled at the Fed's Board of Governors, which hasn't had a full
roster of seven confirmed governors since April 2006. Currently,
the Board has five governors, including Bernanke.
Conferences
Among the significant conferences next week are the J.P. Morgan
Gaming, Lodging, Restaurant & Leisure Management Access Forum
Monday and Tuesday in Las Vegas; the Sidoti & Co LLC
Institutional Investor Forum on Monday and Tuesday in New York; the
Hart Energy Marcellus Midstream Conference & Exhibition Monday
to Wednesday in Pittsburgh; the Pacific Crest Future of IT
Conference on Tuesday in Boston; and the Mizuho Securities USA
Technology Summit on Tuesday in Boston.
-By Nathalie Tadena, Dow Jones Newswires; 212-416-3287;
nathalie.tadena@dowjones.com
--Lynn Cowan, Jacqueline Palank, Kristina Peterson and Dow Jones
Newswires staff contributed to this article.
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