The earnings parade continues next week, as a number of Dow
Jones Industrial Average companies are expected to report their
latest quarterly results.
U.S. President Barack Obama will deliver the State of the Union
address Tuesday, while U.S. House Budget Committee Chairman Paul
Ryan (R, Wis.) was selected to deliver the Republican party's
response.
Meanwhile, Rep. Sander Levin of Michigan, a top U.S. House
Democrat, is planning to introduce as early as Monday legislation
targeting China's management of its currency, according to
aides.
Handful Of Dow 30 Companies Among Those Reporting Results
A handful of Dow Jones Industrial Average companies--including
Halliburton Co. (HAL), American Express Co. (AXP) and McDonald's
Corp. (MCD)--are among those reporting their latest quarterly
results. The trio--all due to report their results Monday--are all
forecast to post improved top and bottom line results from a year
ago, according to analysts polled by Thomson Reuters.
Other companies from the Dow 30 planning to report their results
next week include 3M Co. (MMM), Johnson & Johnson (JNJ),
Verizon Communications Inc. (VZ), Boeing Co. (BA), Caterpillar Inc.
(CAT) and Bristol-Myers Squibb Co. (BMY).
Obama To Deliver State Of The Union Address Tuesday
U.S. President Barack Obama will deliver the State of the Union
address Tuesday, a speech that traditionally is used to outline
priorities for the coming year and provide clues about what to
expect in the president's budget request. Republicans on Friday
selected U.S. House Budget Committee Chairman Paul Ryan (R, Wis.)
to deliver their party's response to the president's address.
Tech Earnings Results Due From Yahoo, Amazon.com
The tech earnings parade continues this week with Internet giant
Yahoo Inc. (YHOO) reporting Tuesday, and ecommerce leader
Amazon.com Inc. (AMZN) reporting Thursday.
Yahoo is seen to have benefited from positive display ad trends
throughout the quarter, but company fundamentals are coming under
pressure due to growing competition from Google Inc. (GOOG) and
Facebook Inc. Some analysts are also concerned management may have
been distracted during the quarter by extensive media speculation
on a possible buy-out by private equity firms, as well as the
firm's latest round of layoffs in December. A major part of Yahoo's
turnaround plan, a search deal with Microsoft Corp. (MSFT), went
into full force in October, so investors will be eager to see how
it affects the bottom line.
Analysts expect another blow-out quarter from Amazon, which is
widely seen as the biggest beneficiary of the healthy ecommerce
trends this holiday season. In addition, the company should benefit
from strong sales of its third-generation Kindle ereader and
continued traction for Amazon Web Services. The ecommerce leader is
also expected to issue strong guidance for 2011.
House Democrat To Introduce Currency Bill Next Week
Rep. Sander Levin of Michigan, a top U.S. House Democrat, is
planning to introduce as early as Monday legislation targeting
China's management of its currency, according to aides. The bill
would allow countervailing duties to be assessed against countries
that undervalue their currency. The move highlights the simmering
tensions between the U.S. and China despite Chinese President Hu
Jintao's much-hyped state visit to Washington.
CFTC To Meet Next Week On Hedge Fund Reporting Requirement
The Commodity Futures Trading Commission will meet Wednesday to
issue draft proposals requiring hedge funds and commodity pool
operators to report certain systemic risk information to the
government. The reporting requirement, mandated by last year's
Dodd-Frank financial law, is meant to help regulators spot problems
that could threaten the financial system.
Argentina Economy Minister Plans Paris Club Debt Talks
Argentina's economy minister will travel to Europe next week to
meet with representatives of the Paris Club to try to hammer out a
deal over the total amount of debt it owes to the informal group of
sovereign creditors. Economy Minister Amado Boudou said last month
that Argentina hoped to wrap up a conciliation over the amount
owed--estimated at about $7.5 billion--and then move on to
negotiating payment terms.
Economists Expect India Central Bank To Raise Rates
India's central bank is likely to resume monetary tightening
Tuesday with a 25 basis-point hike in key policy rates as it seeks
to rein in inflation that has stoked popular protests. The meeting
comes as central banks across Asia are raising interest rates to
try to keep a lid on inflation. China, Taiwan, South Korea and
Thailand all have hiked rates in the past month.
Intel Poised To Get European Commission OK In McAfee Buy
The European Commission is poised next week to approve Intel
Corp.'s (INTC) $7.68 billion purchase of security specialist McAfee
Inc. (MFE) after the chipmaker offered more concessions to ease
competition concerns, Reuters reported, citing two sources familiar
with direct knowledge of the matter. EU Competition Commissioner
Joaquin Almunia is expected to hold a news conference Wednesday to
announce the decision.
Spain Government Plans To Deliver Pension Reform
Spanish Labor Minister Valeriano Gomez said the government will
next week deliver its promised pension reform, a key part of its
efforts to put its finances on a more solid footing. The government
is expected to approve its draft legislation at its weekly cabinet
meeting next Friday. The reform comes as Spain grapples with a
double-digit budget deficit and ailing economy following the
collapse of a decade-long housing boom.
Korea Express Stake Sale Process To Bring Next Week
South Korean conglomerate Kumho Asiana Group and Korea
Development Bank will be set to start the sale process for a
controlling stake in Korea Express Co. (000120.SE) next week, a
deal that the market believes could fetch more than KRW2 trillion
($1.81 billion). An official told Dow Jones Newswires that Asiana
Airlines and lead creditor Korea Development Bank will likely sell
a combined stake of around 40%, although the exact size of the
stake hasn't been decided yet.
Clinton To Discuss Drug War, Border Issues In Mexico
U.S. Secretary of State Hillary Clinton will make a one-day
visit to Mexico on Monday to discuss bilateral issues including
organized crime and border topics. The visit comes as drug violence
continues to escalate in parts of Mexico.
NFL Conference Championships To Be Held Sunday
The National Football League's conference championship games on
Sunday will determine which two teams will head to Super Bowl XLV
at Cowboys Stadium in Arlington, Texas. The Chicago Bears will host
divisional rival the Green Bay Packers at 3 p.m. EST, while the
Pittsburgh Steelers will host the New York Jets at 6:30 p.m.
EST.
Conferences
Among the significant conferences next week are the Burba Hotel
Network Americas Lodging Investment Summit Monday through Wednesday
in San Diego, SNL Financial LC Financial Analysis of P&C
Insurer Operations Conference Tuesday and Wednesday in New York
City, Sandler O'Neill Partners LP Mid-Atlantic Bank Strategy Forum
on Wednesday in Philadelphia, and the Turnaround Management
Association Distressed Investing Conference Wednesday through
Friday in Las Vegas.
-By John Kell, Dow Jones Newswires; 212-416-2480;
john.kell@dowjones.com
(Scott Morrison, Jessica Holzer and Dow Jones Newswires staff contributed to this report.)
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