CORRECT:US EQUITIES WEEK AHEAD: Retailers Earnings, Egypt Stocks To Reopen
March 04 2011 - 3:12PM
Dow Jones News
Earnings results from a handful of U.S. retailers will dominate
corporate news next week, with teen retailers seen posting mixed
results as consumers begin to spend more, although high
unemployment and rising fuel and cotton costs remain top
concerns.
Egypt's stock exchange, shut since Jan. 27 due to political
unrest in the country, is expected to resume trading on Sunday.
Video-rental chain Blockbuster Inc. (BLOAQ, BLOBQ) on Thursday
will be in court to seek permission to auction its assets, but it
will also have to contend with a bid to convert its Chapter 11 case
to a Chapter 7 liquidation
Retailers To Report Latest Quarterly Results
A handful of retailers is scheduled to report their latest
quarterly results next week. Teen-focused retailers Aeropostale
Inc. (ARO), American Eagle Outfitters Inc. (AEO) and Hot Topic Inc.
(HOTT) are expected to post mixed results, according to analysts
polled by Thomson Reuters, with only Zumiez Inc. (ZUMZ) expected to
post stronger top- and bottom-line results.
Other retailers reporting next week include AnnTaylor Stores
Corp. (ANN), Bon-Ton Stores Inc. (BONT), Buckle Inc. (BKE),
Children's Place Retail Stores Inc. (PLCE) and Stage Stores Inc.
(SSI).
Egypt's Stock Market Expected To Reopen Sunday
Egypt's stock exchange, shut since Jan. 27 due to political
unrest in the country, has delayed again the resumption of trading
to Sunday as it attempts to soften the fallout for investors from
the likely wave of selling set to hit the market. It was originally
scheduled to return to business on Feb. 13 but strikes in the
country caused a delay.
Blockbuster Seeks Permission To Auction Its Assets
Blockbuster will be in court next week to seek permission to
auction its assets, but it will also have to contend with a bid to
convert its Chapter 11 case to a Chapter 7 liquidation. Blockbuster
filed for Chapter 11 protection in September 2010 with plans to
reorganize, but lackluster holiday sales forced the company to put
itself on the market.
China To Unveil Economic Targets Saturday
China will unveil economic targets for the year, as well as the
five-year period starting 2011, on Saturday when the country's
Parliament kicks off its annual meeting. Key policy pronouncements
from the National People's Congress will signal the latest official
thinking on how to balance inflation-fighting efforts with the fast
economic growth.
Australia PM Gillard To Visit U.S. Next Week
Australian Prime Minister Julia Gillard is expected to discuss
China's growth and the situation in Afghanistan with President
Barack Obama next week during a visit to the U.S. Gillard is set to
meet with Obama on Monday on the nine-day visit, which begins
Saturday. She is also scheduled to meet with U.S. Secretary of
State Hillary Clinton, Treasury Secretary Timothy Geithner and
Federal Reserve Chairman Ben Bernanke, as well as hold meetings
with Wall Street executives.
EU Leaders Plan Summit To Discuss Developments In Libya
European Union leaders plan to hold a special summit in Brussels
on March 11 to discuss developments in Libya and what additional
steps the 27-nation bloc may need to take. The meeting will also
discuss developments in North Africa and the E.U.'s reaction to the
events in Tunisia and Egypt.
IMF To Visit New Zealand For Post-Earthquake Review
The International Monetary Fund said it will send a delegation
to New Zealand next week as part of its review of the nation's
economy. The IMF said it plans to downgrade its growth forecast for
the country. The IMF's comments follow a devastating earthquake
that razed the country's second-largest city Christchurch last
month.
Poland To Send Pension Law To Parliament Next Week
The Polish government is expected to send to parliament next
week draft legislation cutting cash transfers to private pension
funds in an effort to reduce the pace of growth of public debt. The
government expects the law to cut the country's borrowing needs by
180 billion zlotys ($62.9 billion) until 2020, cabinet minister
Michal Boni said.
South Korea Mulls Savings-Bank Sector Stabilization Plan
South Korea's Financial Services Commission will announce a plan
to stabilize the trouble savings-bank sector early next week as the
government tries to head off systemic risks posed by the small
lenders. Financial authorities are trying to contain potential
risks posed by the savings banks, which are suffering from their
exposure to the weak real-estate market.
Conferences
Among the significant conferences next week are the Raymond
James Institutional Investors Conference Sunday through Wednesday
in Orlando, Fla.; Cowen and Co. Health Care Conference Monday
through Wednesday in Boston; Credit Suisse Group Convergence
Conference Monday through Wednesday in Miami; Deutsche Bank
Securities Inc. Media and Telecom Conference Monday through
Wednesday in Palm Beach, Fla.; Kaufman Brothers L.P. Green
Technology Conference on Tuesday in Boston; Bank of America Merrill
Lynch Consumer Conference on Wednesday and Thursday in New York;
Citi Financial Services Conference on Wednesday and Thursday in New
York; and the Wedbush Morgan Securities Technology, Media &
Telecommunications: Management Access Conference on Wednesday and
Thursday in New York.
-By John Kell, Dow Jones Newswires; 212-416-2480;
john.kell@dowjones.com
--Dow Jones Newswires staff contributed to this article.