More retailers as well as some big food companies are among
those posting quarterly results next week.
Economic reports are expected to show increases in April sales
of both new and existing homes from a month earlier.
The U.S. House of Representatives is scheduled to vote Tuesday
on a measure to raise taxes on investment managers, many
professionals and some multinational businesses, in order to pay
for economic-relief initiatives.
Tiffany, Costco Among Retailers Reporting
Such retailers as upscale jeweler Tiffany & Co. (TIF) and
warehouse chain Costco Wholesale Corp. (COST), and apparel
companies Phillips-Van Heusen Corp. (PVH) and J. Crew Group Inc.
(JCG) are scheduled to post results next week. Several apparel
retailers that posted results this week said continuing uncertainty
in the economy is keeping shoppers from returning to previous
levels of spending.
Also scheduled to detail their financial performances are
Campbell Soup Co. (CPB) on Monday, H.J. Heinz Co. (HNZ) on
Thursday, digital-video-recording company TiVo Inc. (TIVO) on
Tuesday, and luxury-home builder Toll Brothers Inc. (TOL) on
Wednesday.
Medtronic Results To Cover Defibrillator Market
Medical-devices heavyweight Medtronic Inc. (MDT) will report its
fiscal fourth-quarter results Tuesday. The big issue will be
conditions in the market for implantable heart defibrillators after
the recent U.S. sales halt at Boston Scientific Corp. (BSX) because
of paperwork problems. Medtronic's fiscal schedule means its recent
quarter included the period of the event--from mid-March to
mid-April--at Boston Scientific, plus the early phase of that
company's return to market. As the largest defibrillator seller,
Medtronic could have fresh insight about what this event means for
product prices and market-share trends.
Homes Prices Could Show First Quarterly Rise In Years
The first-quarter reading of the S&P Case-Shiller home-price
indexes will be released Tuesday. The measures rose year-on-year in
February for the first time in three years, at minimum showing
stabilization in the housing market. The National Association of
Realtors last week said 91 out of 152 metro areas had price
appreciation from the first quarter of last year, including 29 with
double-digit increases.
Meanwhile, April readings on existing- and new-home sales are
due Monday and Wednesday, respectively. Small increases from March
are expected.
GDP Reading Could Edge Higher; Consumer Confidence On Tap
The U.S. government will release its revised estimate of
first-quarter gross domestic product Thursday. A small increase
from the first reading of 3.2% growth is expected. Due Wednesday is
the April orders for durable goods, those expected to last more
than three years, while next Friday comes data on April personal
income and spending. Out the same day is the final May figure for
the Reuters/University of Michigan consumer confidence index.
Reports on regional manufacturing activity are expected Tuesday
from the Richmond Fed and Thursday from the Kansas City and Chicago
Feds. The Institute for Supply Management will issue its May
national manufacturing index next Friday.
Among appearances by Federal Reserve officials: Cleveland Fed
President Sandra Pianalto speaks Sunday at Ohio Northern University
in Ada, Ohio, and St. Louis Fed President James Bullard speaks
Tuesday in London and Thursday in Stockholm.
SEC To Vote Wednesday On Audit Trail Rules
The Securities and Exchange Commission is scheduled to vote
Wednesday on rules requiring national securities exchanges to give
regulators data for a consolidated audit trail that collects and
aggregates real-time market data, SEC Chairman Mary Schapiro said
Thursday. The May 6 flash crash has put pressure on the SEC to
speed up its creation of a single market trail.
Also, the major exchanges will meet next week with the Financial
Industry Regulatory Authority to discuss new market rules to ensure
a unified response to volatile market situations. The exchanges
have been given two weeks to present the SEC with a unified plan
for how and when trades should be broken during unexplained market
plunges.
House To Vote Tuesday On Business-Tax Increases
The U.S. House is scheduled to vote Tuesday on proposed
legislation that would raise taxes on investment managers, as well
as many professionals and some multinational businesses, to offset
the cost of a new grab bag of economic-relief initiatives.
Democrats, who introduced the bill, are effectively daring
Republicans to side with Wall Street and big business in opposing
the legislation. But even a few Democrats have expressed unease
with the tax increase on investment managers, which would fall
heavily on real-estate and other partnerships.
House Also May Vote On Stronger Iran Sanctions
House Majority Leader Steny Hoyer (D., Md.) expressed hopes this
week that the chamber will vote on the final version of a bill
strengthening sanctions on Iran and companies that do business with
it. Companies that do business with Iran's energy sector or that
assist the Islamic republic in importing gasoline would be
penalized by cutting off their access to the lucrative U.S.
market.
House Panel To Hear J&J Testimony On Recall
The House Committee on Oversight and Government Reform will hold
a hearing Thursday on Johnson & Johnson's (JNJ) recent recall
of over-the-counter children's medicines. Colleen Goggins, chairman
of JNJ's consumer unit, is expected to testify. Some samples of
recalled infants' Tylenol were found to contain as much as 24% more
of an active ingredient than shown on the label, according to a
letter the company sent to doctors and poison-control officials and
reviewed by The Wall Street Journal. J&J said the suspect
medicines hadn't reached the marketplace and its testing of other
batches that had been released to the market didn't find any
problems.
U.S.-China Meeting To Focus On Procurement Rules
China's policies on government procurement will be a significant
focus of the annual U.S. Strategic and Economic Dialogue, to be
held Monday and Tuesday. China recently moved to limit access by
foreign companies to its massive government procurement market by
giving priority to domestically developed and patented products,
but it isn't clear whether the U.S. has any legal means to force
that country to back down.
Investors also will be watching for any talk on the yuan
exchange rate. China is expected to allow the yuan to start moving
against the dollar before the end of June. Attending the meeting
will be more than a dozen U.S. cabinet secretaries or agency heads,
including Treasury Secretary Timothy Geithner and Secretary of
State Hillary Clinton.
Geithner To Meet With UK, German Finance Chiefs
Treasury Secretary Timothy Geithner will travel next week to the
U.K. and Germany to meet with top economic officials and discuss
ways to resolve the current economic crisis in Europe. He will meet
Wednesday with U.K. Chancellor of the Exchequer George Osborne in
London, on his way back from the U.S.-China Strategic and Economic
Dialogue. He will then fly to Frankfurt on Wednesday evening to
meet with European Central Bank President Jean-Claude Trichet. The
next day, he will meet with German Finance Minister Wolfgang
Schaeuble in Berlin.
SBA To Award Outstanding Small-Business Owners
The Small Business Administration will recognize top
entrepreneurs from throughout the country for their accomplishments
Sunday through Tuesday in Washington. The National Small-Business
Person of the Year will be named on Tuesday.
Conferences
Among the significant conferences next week are the Bank of
America Merrill Lynch Services Conference from Monday through
Wednesday in New York; the UBS Global Oil and Gas Conference from
Monday through Thursday in Austin, Texas; the B. Riley & Co.
Investor Conference from Monday through Wednesday in Santa Monica,
Calif.; the Wells Fargo Securities Gaming and Lodging Conference on
Tuesday and Wednesday in Las Vegas; the Barclays Capital
Communications, Media and Technology Conference on Wednesday and
Thursday in New York; and the Citi Global Healthcare Conference on
Wednesday and Thursday in New York.
-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357;
kathy.shwiff@dowjones.com
(Jon Kamp and other Dow Jones Newswires staff contributed to
this article.)
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