By Everdeen Mason
Earnings reports from major companies such as Oracle Corp.
(ORCL) and Nike Inc. (NKE) will trickle in during a typically slow
week for earnings.
Also, AMC Entertainment is expected to make its public trading
debut after two prior attempts at an IPO in 2007 and 2010.
The city of Detroit faces bankruptcy court next week hoping to
gain approval for its $350 million debt plan that opponents say is
too expensive.
Oracle Expected to Report Earnings, Revenue Growth
Major companies in tech, food and retail trickle will report
earnings this coming week, with software giant Oracle reporting
fiscal second-quarter earnings Thursday.
The company is expected to continue its modest growth set in the
first quarter as demand for its software rebounded. Analysts polled
by Thomson Reuters expect the company to report a 5% increase in
per-share earnings to 67 cents on revenue of $9.2 billion.
Sportswear retailer Nike will also report fiscal second-quarter
earnings Thursday after it posted strong revenue growth and wider
margins in its first quarter. Analysts expect the company, whose
stock debuted on the Dow Jones Industrial Average in September, to
post revenue of $6.44 billion and earnings of 58 cents a share.
Other companies scheduled to report earnings in the coming week
include package-delivery company FedEx Corp. (FDX), packaged-food
company ConAgra Foods Inc. (CAG) and Darden Restaurants Inc. (DRI),
which owns the Olive Garden, Red Lobster and LongHorn Steakhouse
brands.
AMC Entertainment to Debut on Public Market
AMC Entertainment expects its initial public offering Wednesday
to price at $18 to $20 a share under the symbol AMC. Current owner
Dalian Wanda Group will maintain a 79.8% stake after the offering.
The company will use the proceeds to retire outstanding debt and
for other general corporate purposes. The U.S.-based theater chain
has withdrawn two previous IPO filings in 2007 and 2010.
Detroit Seeks $350 Million Loan Approval in Bankruptcy Court
The city of Detroit's plan to access a $350 million loan will be
reviewed in Detroit bankruptcy court Tuesday. The loan is thought
to be the first major financing pact taken out by a city operating
under Chapter 9 bankruptcy protection. The city's bankruptcy
lawyers said without the loan, the city will run out of cash by
next May. But opponents say the financing package costs too much
and would unfairly pay certain creditors ahead of others.
Meanwhile, Penthouse Magazine publisher FriendFinder Networks
Inc. (FFNTQ) will petition the Wilmington, Del. bankruptcy court to
exit Chapter 11 protection by trading $234.3 million in senior
notes, while junior noteholders owed $330.8 million will get the
restructured company's new common shares.
Patriot Coal Corp. (PCXCQ) will also seek to exit Chapter 11
bankruptcy with a $576 million financing plan and proceeds of the
sale of new notes and warrants in a $250 million rights
offering.
October, September Housing Starts Data to be Released
Wednesday, the Commerce Department is expected to release the
number of housing starts and completions from September and October
after the government shutdown prevented the data from being
released.
New-housing starts have been volatile in recent months, though
they have shown steady gains, providing key support to the economic
recovery. Growth for the sector has been held back by supply
constraints as the industry emerges from its long slump.
--Jacqueline Palank contributed to this article.
Write to Everdeen Mason at everdeen.mason@wsj.com
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