By Melodie Warner
Retailers are due to report their monthly sales for July on
Thursday, while Walgreen Co. (WAG) reports same-store sales Monday
and McDonald's Corp. (MCD) joins the pack Thursday.
On Tuesday, bankruptcy hearings are planned for Orchard Supply
Hardware Corp. (OSHWQ), Maxcom Telecomunicaciones S.A.B. (MXT) and
Jefferson County, Ala., while several indexes next week will give
insight to the U.S. economy and employment.
Quarterly Earnings Due From Food, Beverage Companies
Some major food and beverage companies are expected to report
results, including Tyson Foods Inc. (TSN), Dean Foods Co. (DF),
Hillshire Brands Co. (HSH), Green Mountain Coffee Roasters Inc.
(GMCR), Molson Coors Brewing Co. (TAP) and Monster Beverage Corp.
(MNST).
Tyson, the biggest U.S. chicken producer, has posted improved
revenue in recent years as higher poultry prices helped mitigate
weaker demand for beef and pork products. But rising feed costs and
increasingly frugal shoppers have challenged its bottom line.
Green Mountain has been the dominant player in the single-serve
coffee industry, but the company has been reviewing its business to
improve manufacturing and marketing and to possibly expand into new
products as it faces increasing competition from Starbucks Corp.'s
(SBUX) single-serve coffee brewer.
Other notable quarterly reports next week are agricultural giant
Archer Daniels Midland Co. (ADM), energy company Marathon Oil Corp.
(MRO) and the media company Time Warner Inc. (TWX).
Economic Indicators
The Conference Board releases the July Employment Trends Index
Monday. The index rose 3.8% year-over-year in June, but the board
warned that growth was easing. The index, which is an aggregate of
eight labor-market indicators, seeks to facilitate forecasts for
employment, unemployment and wages by filtering out the noise and
volatility of monthly labor market indicators and showing
underlying trends more clearly.
Meanwhile, the Institute for Supply Management's July
nonmanufacturing purchasing managers' index comes out on Monday and
the August IBD/TIPP Economic Optimism Index, which measures how
consumers feel about the economy and their personal Finances, is
scheduled for Tuesday.
Bankruptcy Court Hearings
Orchard Supply Hardware Corp. (OSHWQ) on Tuesday will ask the
Wilmington, Del., bankruptcy court for permission to pay up to $3.1
million in bonuses to its top executives. The West Coast chain of
hardware and garden-supply stores says the bonuses will motivate
the executives to scrounge the market for bidders for its upcoming
auction, but a federal bankruptcy watchdog says the bonuses are
"quite large, and excessive."
Also Tuesday, Mexican phone company Maxcom Telecomunicaciones
S.A.B. (MXT) will seek approval of a key component of its
fast-track restructuring plan. The Wilmington bankruptcy court will
consider a deal under which investors led by private-equity firm
Ventura Capital Privado S.A. will pump $45 million into the company
through an equity tender offer for up to 100% of the new shares in
the restructured Maxcom.
Jefferson County, Ala., will seek bankruptcy-court approval to
send its plan to restructure $3.1 billion in sewer debt to its
creditors for a vote. Also on the agenda for Tuesday's hearing is a
$4.5 million settlement with the Internal Revenue Service.
Companies Planning to Go Public
Pricings are expected Friday for energy-services company Frank's
International NV's public debut of 30 million shares and the 20
million-share IPO of QEP Midstream Partners LP, a spinoff of QEP
Resources Inc.'s (QEP) natural gas and oil pipelines in Wyoming and
North Dakota.
YuMe Inc.'s initial public offering of five million shares is
expected to price Tuesday and price talk for the video-advertising
technology company was between $12 and $14 a share. Fox Factory
Holding Corp.'s IPO of 8.57 million shares is expected to price
Wednesday and price talk for the maker of high-performance
suspension products was in the range of $13 to $15 a share.
Other IPOs expected to price on Friday are
event-planning-software maker Cvent Inc., biotechnology company
Intrexon Corp., the lumber and building materials company Stock
Building Supply Holdings Inc. and World Point Terminals LP, a
fee-based limited partnership recently formed to own and develop
terminals and other assets relating to the storage of refined
products and crude oil.
--Jacqueline Palank contributed to this report.
Write to Melodie Warner at melodie.warner@wsj.com
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