By John Kell
Campbell Soup Co. (CPB), Dean Foods Co. (DF), Kraft Foods Group
Inc. (KRFT) and Mondelez International Inc. (MDLZ) are among the
food and beverage companies poised to report their latest quarterly
results next week.
Federal Reserve Chairwoman Janet Yellen is expected to deliver
congressional testimony to House and Senate committees next
week.
Auction house rivals Christie's and Sotheby's both are planning
to hold sales of postwar and contemporary art in London next
week.
Quarterly Results Due From Food and Beverage Companies
Campbell Soup, Kraft and Mondelez are some of the top food
makers expected to report results next week, and analysts surveyed
by Thomson Reuters expect all three to report stronger profits.
Top-line expectations are more mixed, as Wall Street sees small
gains for Kraft and Mondelez but a 3% sales drop for Campbell.
Results are less encouraging for beverage-focused companies.
Dairy company Dean Foods is projected to post double-digit sales
and profit declines. The company already has warned it expects
slack sales volumes through the first half of the year as it
grapples with the loss of some major retail customers and the high
cost of raw milk.
PepsiCo Inc. (PEP) and Dr Pepper Snapple Group Inc. (DPS) are
also due to report. Beverage companies have faced pressure from
declining demand for soft drinks in the U.S., and analysts see
choppy results from both.
Fed's Yellen to Testify Before Congress
Janet Yellen, sworn in earlier in February as Federal Reserve
chairwoman, will deliver her first congressional testimony in that
role to House and Senate committees. Ms. Yellen, due to speak
Tuesday and Thursday, is expected to talk about the outlook for the
economy and monetary policy.
Art Auctions to Hold More Sales
Christie's and Sotheby's are both planning to hold sales of
postwar and contemporary art in London next week. Observers were
relieved when both fared well earlier in February with the sale of
Impressionist and Modern sales.
Advantage Seeks Permission to Tap a New Loan
Advantage Rent a Car will ask for permission to tap an
additional $20 million in bankruptcy financing. A U.S. bankruptcy
court judge Wednesday will consider the financing, which is in
addition to the $46 million that Canadian private-equity firm
Catalyst Capital Group Inc. already has pumped into the car-rental
chain during its Chapter 11 case.
Data on U.S. Retail Sales, Production Due
On Thursday, the Commerce Department will report January retail
sales. Some auto makers and retailers already have complained that
wintry weather hurt sales and store traffic. The median forecast
for last month's retail sales calls for no change in total sales
and a small 0.1% gain when vehicles are excluded.
On Friday, an industrial production report is due. Economists
projected total industrial production to rise 0.4% in January.
Committee to Discuss Overseas Swaps Rules Extension
An advisory committee is schedule to discuss the overseas
application of the Commodity Futures Trading Commission's swaps
rules next week. Banks have largely opposed the CFTC's efforts to
extend its swaps rules overseas.
-Andrew Ackerman, Stephanie Gleason and Kathleen Madigan
contributed to this article.
Write to John Kell at john.kell@wsj.com