US EQUITIES WEEK AHEAD: Retail Earnings; July Housing Data
August 12 2011 - 3:09PM
Dow Jones News
Most big U.S. retailers will report quarterly earnings next
week, recapping a period of slightly higher spending despite a
recent slide in consumer confidence. Data on July housing starts
and permits will also show whether a crippled construction industry
is on the mend or still has more ground to cover.
Big Box Stores Post Quarterly Earnings
U.S. retail heavyweight Wal-Mart Stores Inc. (WMT) will report
quarterly earnings Tuesday, followed by Target Corp. (TGT) and
Sears Holding Corp. (SHLD) later in the week. Apparel retailers
including TJX Cos. (TJX), Limited Brands Inc. (LTD) and Gap Inc.
(GPS) will also weigh in. Most retailers have posted healthy
metrics through July even as high gasoline prices force consumers
to pare their spending.
Iowa Straw Poll To Highlight GOP Frontrunner
Republican presidential candidates are ramping up campaign
events ahead of Saturday's straw poll in Ames, Iowa. The survey is
anyone's to win among a crowded field, especially after organizers
opted to allow write-in candidates. Texas Gov. Rick Perry will also
formally announce his candidacy that day, leading some Iowa
Republicans to grumble he is sucking the air out of their state's
headline political event.
Housing Starts, Industrial Production
The U.S. government on Tuesday releases data on new housing
starts and building permits for July. Construction has been picking
up lately, especially in the volatile multifamily sector, but many
economists say building activity remains well below healthy levels.
Construction of homes and apartments jumped 15% in June from the
prior month, while building permits, a gauge of planned future
construction, increased 2.5%.
Dodgers Move To Sell Media Rights
Los Angeles Dodgers owner Frank McCourt on Tuesday will ask a
Delaware bankruptcy court for permission to hire an investment bank
to market the team's media rights. News Corp.'s (NWS, NWSA) Fox
Sports, the current holder of those rights, is opposing the
request. News Corp. is the parent company of Dow Jones & Co.,
the publisher of this newswire.
Lehman To Seek Cut In State Street's Claim
Lehman Brothers Holdings Inc. (LEHMQ) on Wednesday will ask the
New York bankruptcy court to sign off on a settlement with State
Street Bank & Trust Co. (STT) that would allow the collapsed
investment bank to cut the claim against it by more than a
third.
Wisconsin Democrats Face Recall Challenge
Two Democratic Wisconsin state senators will face recall
elections on Tuesday, one week after two of their GOP counterparts
lost to Democrats who had challenged their support of a
controversial collective-bargaining law. Regardless of the outcome,
Democrats this week fell one seat short of a majority in
Wisconsin's Senate, making a legislative repeal of the law
unlikely.
Forest Labs Shareholders To Weigh Icahn Challenge
Forest Laboratories Inc. (FRX) holds its much-awaited
shareholder meeting Thursday as billionaire investor Carl Icahn
steps up his campaign to replace four of its boardmembers. Icahn
has criticized the drug maker's governance and alleged lack of
succession planning for Chief Executive Howard Solomon. The company
maintains that it has a detailed succession plan. Proxy-advisory
firms ISS and Egan-Jones have sided with Forest Labs.
Merkel, Sarkozy To Discuss Euro Zone Governance
French President Nicolas Sarkozy is scheduled to meet with
German Chancellor Angela Merkel Tuesday to discuss proposals to
strengthen the euro zone's economic governance, according to the
French presidency. The latest call for a long-term plan comes amid
spreading fears over the Continent's ability to extricate itself
from the growing sovereign-debt crisis.
Biden To Visit China Wednesday
Vice President Joe Biden will arrive in China on Wednesday for
an offical visit. The event could prompt Chinese officials to allow
the yuan to trade within a more relaxed band this week, as they
typically do in the days leading up to high-profile bilateral
meetings with the U.S. China's currency has already set fresh highs
this week.
-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909;
Andrew.FitzGerald@dowjones.com
--Marie Beaudette and Dow Jones Newswires staff contributed to
this report.
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