A handful of apparel and retail companies will report quarterly
results next week, with many expected to post improved sales.
High unemployment, worries about the housing market and broader
economic concerns continue to pressure the sector's ability to
convince consumers to open their wallets.
Meanwhile, U.S. trade data for the month of July will be
released next week, with the U.S. trade deficit seen falling on a
sequential basis after jumping sharply in June. Deflationary and
economic worries may have been partly responsible for the widening
deficit, according to Briefing.com.
Stock markets, banks, businesses and government offices in the
U.S. and Canada will be closed Monday for the Labor Day
holiday.
July Trade Balance Expected To Decline Slightly
The Census Bureau will release July trade data on Thursday. The
U.S. trade deficit jumped in June to $49.9 billion from $42 billion
in May, its widest point since October 2008. According to
Briefing.com's consensus forecast, the figure should decline
slightly in July.
Also out next week is a report on wholesale trade, which
includes sales and inventory statistics from the second stage of
the manufacturing process. The latest data is also for July.
Among appearances by Federal Reserve officials: Fed Minneapolis
President Narayana Kocherlakota speaks Wednesday in Missoula,
Mont.
Retailers, Apparel Companies Report Latest Results
More retailers and apparel companies will report quarterly
results in the coming week, and while many are expected to report
higher sales, concerns remain about a cautious consumer sentiment
in the second half of the year. On Thursday, most retailers
delivered better than expected sales in August, although
expectations weren't very high due to concerns about the
economy.
Apparel company Phillips-Van Heusen Corp. (PVH) will report
Tuesday, while auto-parts retailer Pep Boys-Manny Moe & Jack
(PBY) and women's apparel retailer Talbots Inc. (TLB) report a day
later. All three are expected to post higher revenue from a year
ago, according to analysts polled by Thomson Reuters, with
Phillips-Van Heusen to greatly benefit from its $3 billion
acquisition of Tommy Hilfiger.
Other notable companies reporting results next week include
commercial truck and engine maker Navistar International Corp.
(NAV) on Wednesday and chip maker National Semiconductor Corp.
(NSM) and gun maker Smith & Wesson Holding Corp. (SWHC) on
Thursday.
Obama To Celebrate Labor Day In Milwaukee
President Obama will speak Monday in Milwaukee to mark Labor
Day, traditionally the kickoff of the fall political campaign. But
the November congressional elections have been drawing attention
for months, and the nation's high unemployment rate is likely to be
the dominant issue in many races. Obama also is scheduled to travel
to Cleveland on Wednesday, and he will hold a White House press
conference next Friday as he cranks up efforts to try and help
revive the slowing economy.
Texas Instruments, Altera To Update Views
Semiconductor companies Texas Instruments Inc. (TXN) and Altera
Corp. (ALTR) are scheduled to update their third-quarter guidance
on Thursday and Tuesday, respectively. Intel Corp. (INTC), the
world's largest chip maker, a week ago slashed its third-quarter
revenue and margin targets because of weaker-than-expected consumer
demand for mobile personal computers in the U.S. and Europe. Some
analysts believe softening demand among consumers and businesses
will lead to an inventory correction in an industry that has seen
strong sales and margin growth in recent quarters.
Financial Crisis Panel To Meet Residents
The Financial Crisis Inquiry Commission, which is tasked with
investigating the causes and fallout from the credit-market
collapse, will hold public meetings Tuesday in Bakersfield, Calif.,
and Wednesday in Las Vegas. The panel plans to hear testimony from
local residents about the causes and effects of the financial
crisis in their communities.
SEC Chairwoman Schapiro To Speak In NYC
Securities and Exchange Commission Chairwoman Mary Schapiro will
speak at an Economic Club of New York luncheon Tuesday. The SEC is
facing a mammoth workload in the wake of the financial crisis. It
has been given the task of more studies and rules from the
sprawling Dodd-Frank financial bill than any other federal agency.
Meanwhile, it is racing to implement changes aimed at preventing
another "flash crash." An SEC report on the causes of the May 6
crash is due this month.
More Financial Aid For Greece Likely
Euro-zone finance ministers are scheduled to approve the next
EUR9 billion ($11.57 billion) tranche of emergency financial aid to
Greece at a special meeting Tuesday in Brussels. In May, countries
using the euro currency along with the European Central Bank and
the International Monetary Fund agreed to a EUR110 billion loan
package for Greece to help it pay its debts. A first payment of
EUR20 billion was paid soon afterward.
NY Fashion Week To Fill Lincoln Center
New York's Mercedes-Benz Fashion Week, which begins Thursday,
moves to Lincoln Center this year, and several designers have
signed on to present their spring collections in venues beyond the
Damrosch Park tents, including at locations normally occupied by
New York City Ballet, New York City Opera or the New York
Philharmonic. Designers were encouraged to make use of those venues
out of an interest in combating what was seen as Fashion Week's
increasing decentralization during its years based in Bryant Park,
when many designers opted to host shows off-site.
U.S., South Korea Plan Joint Navel Exercise
South Korea plans to stage a joint naval exercise with the U.S.
next week, the latest in a series of drills aimed at warning North
Korea after its alleged attack on a warship. The anti-submarine
drill will take place in the Yellow Sea from Sunday through
Thursday. Any war games involving the U.S. in the Yellow Sea are a
sensitive issue because of the area's proximity to China and the
disputed maritime boundary between South and North Korea.
Conferences
Among the significant conferences next week are the Barclays
Back-To-School Consumer Conference from Monday through Wednesday in
Boston; Citi Global Technology Conference on Tuesday and Wednesday
in New York; Keefe, Bruyette & Woods Inc. Insurance Conference
on Tuesday and Wednesday in New York; Jefferies & Co. Global
Shipping & Logistics Conference on Wednesday in New York; and
Credit Suisse Auto & Transportation Conference on Wednesday and
Thursday in New York.
-By Kathy Shwiff and John Kell, Dow Jones Newswires;
212-416-2357; kathy.shwiff@dowjones.com
(Dow Jones Newswires staff contributed to this report.)
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