Government reports next week include January trade deficit
figures, which are likely to undergo continued narrowing.
Retailers, solar energy companies, home builder Hovnanian
Enterprises Inc. (HOV) and supermarket chain Kroger Co. (KR) are
among the companies reporting quarterly results next week.
And the Senate is expected to vote on a $410 billion omnibus
spending bill to fund the government for the rest of the fiscal
year.
Trade Deficit, Retail Sales Data Due
The government is expected to report another decline in the
January trade deficit this coming Friday. The gap between how much
the U.S. imports and exports has been narrowing since October. The
December deficit of $39.9 billion was the smallest since 2003.
A government report on February retail sales, out next Thursday,
is likely to show a decline of 0.4% after an unexpected jump in
January. The government also details wholesale inventories Tuesday
and business inventories Thursday.
Next Friday, the Reuters/University of Michigan consumer
sentiment index issues its preliminary reading for March. The index
dropped 5 points in February from a month earlier and was only
slightly above the November level, the lowest since 1980.
Among appearances by Federal Reserve officials: Fed Chairman Ben
Bernanke speaks Saturday in his hometown of Dillon, S.C. A highway
exchange there, Exit 190 on Interstate 95, will be named in his
honor.
Retailers, Solar Companies Report Results
Retailers continue reporting financial details of the poor
holiday season, with J. Crew Group Inc. (JCG) posting quarterly
results Tuesday, the Neiman Marcus Group Inc. (NMGA) and Men's
Wearhouse Inc. (MW) on Wednesday, and several teen retailers
Thursday.
Home builder Hovnanian Enterprises and supermarket chain Kroger
both report results Tuesday. Solar energy companies JA Solar
Holdings Co. Ltd. (JASO), LDK Solar Co. Ltd. (LDK) and ReneSola
Ltd. (SOL) report in succession Tuesday, Wednesday and
Thursday.
On Monday, semiconductor maker Texas Instruments Inc. (TXN) will
issue its midquarter update and fast food titan McDonald's Corp.
(MCD) reports on monthly same-store sales.
Senate Weighs $410B Omnibus Spending Bill
The Senate will vote next week on a $410 billion omnibus
spending bill for fiscal 2009 that contains at least 8,570 earmarks
at a cost of $7.7 billion. The spending measure, needed to finance
the government through Sept. 30, is expected to pass with some
Republican support.
This week, some Senate Democrats said they would break with the
party and oppose the bill because it is too bloated with spending
on special projects. They also urged President Barack Obama to veto
the package.
Officials To Explain Stimulus Programs
The White House will host a conference Thursday on how states
can obtain funds from the $787 billion economic stimulus package.
The event is aimed at making sure government cash is spent wisely
and transparently. Governors were asked to send senior officials
working on implementing the recovery funds to hear presentations by
cabinet secretaries and administration officials, including Earl
Devaney, who runs the Recovery Act Transparency and Accountability
Board.
Toyota Execs To Meet With Auto Task Force
Officials at Toyota Motor Corp. (TM) will meet with Obama's auto
industry task force next week to discuss the crisis facing the
industry. A company spokeswoman said the car maker isn't seeking
assistance from the U.S. government.
The task force, headed by Treasury Secretary Timothy Geithner
and White House economic adviser Lawrence Summers, has met with
various parties tied to the auto industry as it considers whether
to give more loans to General Motors Corp. (GM) and Chrysler LLC.
The task force is also considering a request from auto parts
suppliers for more than $25 billion in emergency aid.
Clocks 'Spring Forward' Early Sunday
Most of the U.S. and Canada will change their clocks at 2 a.m.
Sunday to "spring forward" an hour for daylight-saving time. Mexico
doesn't move to daylight savings time until April 5. Time changes
will occur in most of Europe on March 29 and in Australia and New
Zealand on April 5.
Japanese, US Envoys Discuss Afghanistan
Japanese and U.S. envoys on Afghanistan policy meet in
Washington next week for major talks on ways to assist the
war-battered country. U.S. special envoy Richard Holbrooke is set
to meet Monday or Tuesday with Motohide Yoshikawa, the new special
envoy to Afghanistan and Pakistan.
G20 Finance Ministers Gather Next Week
The Treasury's Geithner heads next week to the Group of 20
meeting of finance ministers, where he will be discussing financial
regulatory reform, fiscal stimulus, and changes in the
International Monetary Fund.
The summit of the Group of 20 developed and developing nations
takes place April 2 in London. Leaders of those countries will face
a range of issues, from trade and financial regulation to helping
poorer countries tackle the global slump.
Conferences
Among the significant conferences next week are the Raymond
James Institutional Investors Conference from Sunday through
Wednesday in Orlando, Fla.; Barclays Capital Healthcare Conference
on Tuesday and Wednesday in Miami; Deutsche Bank Securities
Hospitality and Gaming Conference on Tuesday in New York; and Bank
of America Securities Consumer Conference on Wednesday and Thursday
in New York.
-By Kathy Shwiff, Dow Jones Newswires; 201-938-5975;
kathy.shwiff@dowjones.com
(Dow Jones Newswires staff contributed to this report.)