August 10, 2010 at 08:43 AM EDT
This Week: FOMC, International Trade, Retail Sales Key
This week brings several important economic events, including the Federal Open Market Committee (FOMC) meeting and policy decision Tuesday. You will not want to miss the Treasury Budget, International Trade, Retail Sales and Consumer Sentiment readings either.
"The Greek" earned clients a 23% average annual return over five years as a stock analyst on Wall Street. While writing for Wall Street Greek and others, he presciently predicted the financial crisis and housing and banking failures of the Great Recession. Visit the front pages of Wall Street Greek now to see our current coverage of business news, the global economy & financial markets, real estate, shipping, fine art & antiquities and global affairs.
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This Week: FOMC, International Trade, Retail Sales Key
With no economic reports scheduled for Monday, most will ease into the summer week. The day's corporate news schedule highlights presentations by EMC (NYSE: EMC) and Citrix Systems (Nasdaq: CTXS) at the Pacific Crest Securities Technology Leadership Forum. The day's earnings schedule highlights reports from King Pharmaceuticals (NYSE: KG), Tyson Foods (NYSE: TSN), Scripps Networks (NYSE: SNI), Acadia Pharmaceuticals (Nasdaq: ACAD), Anika Therapeutics (Nasdaq: ANIK) and Avi BioPharma (Nasdaq: AVII).
Also look for EPS reports from Advocat (Nasdaq: AVCA), Allied Nevada Gold (AMEX: ANV), Alumina (NYSE: AWC), Ambac (NYSE: ABK), Amedysis (Nasdaq: AMED), America First Tax Exempt (Nasdaq: ATAX), American Dairy (NYSE: ADY), American Oriental Bioengineering (NYSE: AOB), American Science and Engineering (Nasdaq: ASEI), Answers (Nasdaq: ANSW), Applied Energetics (Nasdaq: AERG), Arcadia Resources (AMEX: KAD), Array BioPharma (Nasdaq: ARRY), Ascent Media (Nasdaq: ASCMA), Assisted Living Concepts (NYSE: ALC), Athersys (Nasdaq: ATHX), Ballantyne Strong (AMEX: BTN), Baltic Trading (Nasdaq: BALT), Banks.com (AMEX: BNX), Beacon Power (Nasdaq: BCON), Bidz.com (Nasdaq: BIDZ), Blackboard (Nasdaq: BBBB), Blount Int'l (NYSE: BLT), BMP Sunstone (Nasdaq: BJGP), Bovie Medical (AMEX: BVX), Breeze-Eastern (AMEX: BZC), Broadwind Energy (Nasdaq: BWEN), Capstone Therapeutics (Nasdaq: CAPS), Capstone Turbine (Nasdaq: CPST), Carrols Restaurant (Nasdaq: TAST), Century Casinos (Nasdaq: CNTY), China Automotive (Nasdaq: CAAS), China Fire & Security (Nasdaq: CSFG), China Natural Gas (Nasdaq: CANL), China XD Plastics (Nasdaq: CXDC), China-Biotics (Nasdaq: CHBT), ChinaCast Education (Nasdaq: CAST), Chindex (Nasdaq: CHDX), Clayton Williams Energy (Nasdaq: CWEI), Clean Energy Fuels (Nasdaq: CLNE), Clear Channel Outdoor (NYSE: CCO), Clinical Data (Nasdaq: CLDA), Coeur d'Alene Mines (NYSE: CDE), Compass Diversified (Nasdaq: CODI), Composite Technology (Nasdaq: CPTC), Connecticut Water (Nasdaq: CTWS), Convergys (NYSE: CVG), Converted Organics (Nasdaq: COIN), Cousins Properties (NYSE: CUZ), CPEX Pharmaceuticals (Nasdaq: CPEX), Crawford & Co. (Nasdaq: CRDB), Ctrip.com (Nasdaq: CTRP), CytRX (Nasdaq: CYTR), DISH Network (Nasdaq: DISH), DTS, Inc. (Nasdaq: DTSI), Ebix (Nasdaq: EBIX), Echostar (Nasdaq: SATS), Emeritus (NYSE: ESC), Energy Transfer Equity (NYSE: ETE), Energy Transfer Partners (NYSE: ETP), Enterprise GP (NYSE: EPE), eResearch Technology (Nasdaq: ERES), EV Energy Partners (Nasdaq: EVEP), First Citizens Banc (Nasdaq: FCZA), Fisher Communications (Nasdaq: FSCI), Freddie Mac (OTC: FMCC.OB), Fuel Tech (Nasdaq: FTEK), Full House Resorts (AMEX: FLL), FX Energy (Nasdaq: FXEN), G. Willi-Food (Nasdaq: WILC), Genco Shipping (NYSE: GNK), Geokinetics (AMEX: GOK), Giant Interactivey (NYSE: GA), Gladstone Capital (Nasdaq: GLAD), GLG Partners (NYSE: GLG), GLG Life Tech (Nasdaq: GLGL), Golden Star Resources (AMEX: GSS), Grand Canyon Education (Nasdaq: LOPE), Granite City Food & Brewery (Nasdaq: GCFB), GSE Systems (AMEX: GVP), GTx, Inc. (Nasdaq: GTXI), Gulf Resources (Nasdaq: GFRE), Harbin Electric (Nasdaq: HRBN), Harvest Natural Resources (NYSE: HNR), Hawaiian Electric (NYSE: HE), Healthcare Realty Trust (NYSE: HR), HearUSA (AMEX: EAR), Heckmann (NYSE: HEK), Heritage Fin'l (Nasdaq: HBOS), Himax Tech (Nasdaq: HIMX), Horsehead Holding (Nasdaq: ZINC), Hospitality Properties Trust (NYSE: HPT), Houston Wire & Cable (Nasdaq: HWCC), HQ Sustainable Maritime (AMEX: HQS), Image Metrics (Nasdaq: IMGX), Industrial Services of America (Nasdaq: IDSA), Inergy (Nasdaq: NRGP), Inergy LP (Nasdaq: NRGY), UTEK (AMEX: INV), Integrated Electrical (Nasdaq: IESC), Inter Parfums (Nasdaq: IPAR), Iridium Communications (Nasdaq: IRDM), Isis Pharmaceuticals (Nasdaq: ISIS), Keryx Biopharmaceuticals (Nasdaq: KERX), Kohlberg Capital (Nasdaq: KCAP), KSW (Nasdaq: KSW), Landry's (NYSE: LNY), Lexicon Pharmaceuticals (Nasdaq: LXRX), Liberty Media (Nasdaq: LINTA), Lion's Gate Entertainment (NYSE: LGF), LJ Int'l (Nasdaq: JADE), Loral Space & Communications (Nasdaq: LORL), Macerich (NYSE: MAC), MarkWest Energy (NYSE: MWE), MBIA, Inc. (NYSE: MBI), McDermott Int'l (NYSE: MDR), Medcath (Nasdaq: MDTH), Medical Action (Nasdaq: MDCI), Medivation (Nasdaq: MDVN), Mindray Medical (NYSE: MR), Motorcar Parts (Nasdaq: MPAA), MPG Office Trust (NYSE: MPG), MTR Gaming (Nasdaq: MNTG), MYR Group (Nasdaq: MYRG), Nelnet (NYSE: NNI), NGP Capital Resources (Nasdaq: NGPC), Northern Oil Gas (AMEX: NOG), Nuance Communications (Nasdaq: NUAN), Old Point Fin'l (Nasdaq: OPOF), On Track Innovation (Nasdaq: OTIV), Ophthalmic Imaging (Nasdaq: OISI), Optimumbank Holdings (Nasdaq: OPHC), Orbcomm (Nasdaq: ORBC), Osteotech (Nasdaq: OSTE), Paragon Shipping (Nasdaq: PRGN), Parexel (Nasdaq: PRXL), PDC Energy (Nasdaq: PETD), Pegasystems (Nasdaq: PEGA), Pericom Semi (Nasdaq: PSEM), PICO Holdings (Nasdaq: PICO), Pinnacle Bancshares (Nasdaq: PCLB), Poniard Pharma (Nasdaq: PARD), Presstek (Nasdaq: PRST), Primoris (Nasdaq: PRIM), Progenics (Nasdaq: PGNX), Qiagen (Nasdaq: QGEN), Quicksilver Gas (NYSE: KGS), Quicksilver Resources (NYSE: KWK), Quinstreet (Nasdaq: QNST), Rackspace Hosting (NYSE: RAX), RADNET (Nasdaq: RDNT), Regency Energy (Nasdaq: RGNC), RenaSola (NYSE: SOL), Repros Therapeutics (Nasdaq: RPRX), Salem Communications (Nasdaq: SALM), Salix Pharma (Nasdaq: SLXP), Sanders Morris Harris (Nasdaq: SMHG), SciClone Pharma (Nasdaq: SCLN), Southwest Gas (NYSE: SWX), Southwest Water (Nasdaq: SWWC), SRI Surgical (Nasdaq: STRC), Starwood Property Trust (Nasdaq: STWD), Sterling Construction (Nasdaq: STRL), Stifel Fin'l (NYSE: SF), Stonemor (Nasdaq: STON), Sun Hydraulics (Nasdaq: SNHY), Superior Well Services (Nasdaq: SWSI), Synta Pharmaceuticals (Nasdaq: SNTA), Synutra (Nasdaq: SYUT), TechTarget (Nasdaq: TTGT), THQ (Nasdaq: THQI), Toreador (Nasdaq: TRGL), Tower (Nasdaq: TWGP), Transcept Pharma (Nasdaq: TSPT), Transmontaigne (NYSE: TLP), TravelCenters of America (AMEX: TA), US Energy (Nasdaq: USEG), Unigene Labs (Nasdaq: UGNE), United Capital (AMEX: AFP), Universal Display (Nasdaq: PANL), Uranium Resources (Nasdaq: URRE), Vantage Drilling (AMEX: VTG), VCG Holding (Nasdaq: VCGH), Verenium (Nasdaq: VRNM), ViaSat (Nasdaq: VSAT), Viasystems (Nasdaq: VIAS), Walter Investment (AMEX: WAC), Wave Systems (Nasdaq: WAVX), Wellcare Health (NYSE: WCG), Westway Group (Nasdaq: WWAY), Wonder Auto (Nasdaq: WATG), Xinyuan Real Estate (NYSE: XIN) and Xoma (Nasdaq: XOMA).
Tuesday's news will key on the Federal Open Market Committee (FOMC) meeting, a one-day version of it this time around. Thus, the day will result in a decision by the Fed men. The market is hopeful Bernanke and crew will produce some sort of expansionary magic, and so if the meeting only results in talk of potential action, then stocks should take a hit. The market might also benefit from some sort of follow through here by the Fed as well. Look for the FOMC Announcement at 2:15 PM ET.
There will be plenty of news ahead of the Fed release, including the government's Productivity and Costs Report. The premarket release covering activity in the second quarter is expected to show Nonfarm Productivity stayed put in Q2, with no change from Q1 2010. Unit Labor Costs are expected to have increased though, by 1.5%. Q1 Productivity increased 2.8%, while ULC declined 1.3%.
Surely Bloomberg Radio will have Bill Dunkelberg on for the release of the NFIB Small Business Optimism Index Tuesday morning. We are a fan of Bill's here at the blog, since he was the Dean of Temple's University's business school and presided over The Greek's undergraduate graduation ceremony there. He gave a great speech I'll never forget. Readers may have interest in our old report, "Small Business: The Little Engine that Could," which covers both Bill and small business.
Wholesale Trade will be reported at 10:00 AM ET. The consensus of economists sees June Wholesale Trade Inventory increasing 0.4%, as compared to May's 0.5% monthly increase.
The International Council of Shopping Centers (ICSC) data for the period ended July 31 showed same-store sales fell 0.1% week-to-week. Sales were 3.9% higher compared to the prior year period.
In DC town, Congress will be up to something other than the sanctioning of its members. The House considers a bill to provide another $26 billion in aid to states. Colorado and Georgia will be holding primary votes as well, and Linda McMahon of WWE (NYSE: WWE) fame is seeking a role to play in Connecticut.
Overseas, the Bank of Japan (BOJ) closes out its own meeting Tuesday. There is some speculation that the BOJ might move on the strengthening yen via monetary policy easing. The neighboring Chinese will be reporting on economic activity, including inflation and exports.
The corporate news schedule includes Akamai's (Nasdaq: AKAM) presentation to the Pacific Crest Securities conference. Honeywell (NYSE: HON) and Avery Dennison (NYSE: AVY) will both present to the Jefferies & Co. Global Industrial and A&D Conference. The earnings schedule highlights news from Walt Disney (NYSE: DIS), CareFusion (NYSE: CFN), AirCastle (NYSE: AYR), Apollo Commercial Real Estate (NYSE: ARI) and Applied Industrial Technologies (NYSE: AIT).
Expect to hear a lot about the budget on Wednesday, since the government will issue its Treasury Budget Report for the month of July at 2:00 PM ET. Bloomberg's consensus of economists shows expectation for a monthly deficit of $170 billion for July. That will follow June's $68.4 billion deficit. June's result took the year-to-date deficit to $1.004 trillion, which in comparison to last year's $1.086, ain't bad?
International Trade also gets a look see on Wednesday at 8:30 AM. Despite a counter impact from petroleum goods, the trade gap widened to $42.27 billion in May on strong imports; though exports also increased. Economists expect the deficit to have expanded modestly further in June, to $42.35 billion.
The Mortgage Bankers Association reports on mortgage application activity weekly. Last week's report covering the period ended July 30 showed the Market Composite Index increased 1.3%. Mortgage rates backed down last week, taking the average contracted rate on 30-year fixed rate mortgages down to 4.6%, from 4.69% the week before. The Refinance Index showed benefit, rising 1.3%. Purchase activity also gained, as the Purchase Index rose 1.5%.
The EIA will post its Weekly Petroleum Status Report at 10:30 as usual. While inventory activity has varied week to week, both crude oil and total motor gasoline inventory remain above the upper limit of the average range for this time of year.
In corporate news, Rockwell Collins (NYSE: COL) presents at the Jefferies & Co. Conference. The big EPS releases come from Macy's (NYSE: M), Cisco Systems (Nasdaq: CSCO), Computer Sciences (NYSE: CSC), Advanced Life Sciences (Nasdaq: ADLS), Aegean Marine Petroleum (NYSE: ANW) and AirMedia Group (Nasdaq: AMCN).
Weekly Initial Jobless Claims kick off your Thursday. Last week's report covering the period ended July 31, produced an increase of 19K claims, to a total of 479K. The four-week moving average remained troubling, and it got worse, rising 5,250 last week to 458,500. Economists are looking for a reading of 460K this week, which would only nudge the average higher.
The Import/Export Prices data for July are due for release at 8:30 AM. Looking back at June's data, export prices fell 0.2% while import prices fell 1.3%. Excluding volatile energy prices, export prices still fell, and prices of imported finished goods also dipped, which should be attributable to the stronger dollar. Economists are looking for a 0.4% increase in import prices for July.
The EIA reports on natural gas inventory at 10:30 AM ET. The latest report for the period ended July 30 showed natural gas stores increased by 29 Bcf. Natural gas stocks were 221 Bcf above the five-year average for this time of year.
When the FOMC meeting is through, Fed governors hit the speaking tour. At 12:30 Thursday, look for Governor Elizabeth Duke to speak on the Community Reinvestment Act in Chicago.
In the corporate wire, look for Dell's (Nasdaq: DELL) annual meeting with shareholders to potentially turn up some new information. Ericsson (Nasdaq: ERIC) will host a forum in San Jose for its North American investors. The EPS wire highlights news from Kohls (NYSE: KSS), NVIDIA (Nasdaq: NVDA), Sara Lee (NYSE: SLE), Nordstrom (NYSE: JWN), Autodesk (Nasdaq: ADSK) and Estee Lauder (NYSE: EL).
Four reports flood your Friday morning. At 8:30, in the premarket, look for the Consumer Price Index (CPI) Report. Economists expect the Headline CPI to have increased 0.2% month-to-month in July. That compares against June's 0.1% price decline. The Core CPI, excluding food and energy prices, is expected to have risen by 0.1% in July. The Fed will have already taken some sort of action or not ahead of this report, but it will still have its eyes keenly attuned to the data here for signs of price deflation.
Retail Sales are due for the month of July at 8:30 AM. After falling by 0.5% in June, economists expect a bounce of 0.5% in July. When excluding autos, retail sales should have risen by 0.2%, according to economists.
At 9:55 AM ET, look for the Consumer Sentiment reading from the University of Michigan/Reuters. The final reading for the month of July showed a modest increase in the index, to 67.8; this occurred after a sharp drop in confidence before that. Economists are looking for a reading of 69.0 this time around.
At 10:00 AM ET, look for Business Inventories for the month of June. After increasing by 0.1% in May, business inventories are seen increasing by 0.2% in June.
The corporate news schedule includes EPS data from J.C. Penney (NYSE: JCP), Allied Motion Technologies (Nasdaq: AMOT), Cowen Group (Nasdaq: COWN) and Acorn Energy (Nasdaq: ACFN).
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ADVOCAT, Inc. Acadia Pharmaceuticals, Inc. Acorn Energy, Inc. Aegean Marine Petroleum Network AirMedia Group, Inc. Aircastle Akamai Technologies, Inc. Allied Motion Technologies, Inc. Alumina Ltd ADS Amedisys, Inc. America First Tax Exempt Investors, L.P. Beneficial Unit Certificates American Science and Engineering, Inc. Anika Therapeutics, Inc. Apollo Commercial Real Estate Finance Applied Industrial Technologies, Inc. Array Biopharma, Inc. Ascent Media Corporation series A Assisted Living Concepts, Inc. New Athersys, Inc. Autodesk, Inc. Avery Dennison Corp. Blount International, Inc. COWEN GRP-A Capstone Turbine Corp CareFusion Corporation Carrols Restaurant Group, Inc. Century Casinos, Inc. China Automotive Systems, Inc. China XD Plastics Company Limited Chindex International, Inc. Cisco Systems, Inc. Citrix Systems, Inc. Clayton Williams Energy, Inc. Clean Energy Fuels Corp. Clear Channel Outdoor Holdings Coeur Mining, Inc. Computer Sciences Corp. Connecticut Water Service, Inc. Convergys Corp. Cousins Properties, Inc. Ctrip.com International, Ltd. DISH Network Corp. DTS, Inc. Dell, Inc. EMC Corp. EV Energy Partners, L.P. Ebix, Inc. EchoStar Corporation Emeritus Energy Transfer Equity L.P. Energy Transfer Partners Ericsson Telephone Company Estee Lauder Cos., Inc. FX Energy, Inc. Federal Home Loan Mortgage Corporation First Citizens Banc Corp Fisher Communications, Inc. Fuel Tech, Inc. G Willi-Food International Ltd GTX, Inc. GULF RES Genco Shipping & Trading Ltd. Giant Interactive Group, Inc. Gladstone Capital Corp Grand Canyon Education, Inc. Granite City Food & Brewery Ltd Harvest Natural Resources, Inc. Hawaiian Electric Industries, Inc. Healthcare Realty Trust, Inc. Heckmann Himax Technologies, Inc. Honeywell International, Inc. Horsehead Hldg Corporation Hospitality Properties Trust Houston Wire & Cable Company IRIDIUM COMM Industrial Services of America Integrated Electrical Systems, Inc. Inter Parfums, Inc. Isis Pharmaceuticals, Inc. J.C. Penney Co., Inc. Keryx Biopharmaceuticals, Inc. Kohls Corp. LJ International, Inc. Lexicon Pharmaceuticals, Inc. Liberty Media Holding Corporation Interactive Common Series A Lions Gate Entertainment Loral Space and Communications, Inc. MBIA, Inc. MPG Office Trust MTR Gaming Group, Inc. MYR Group, Inc. Macerich Co. Macys MarkWest Energy Partners LP McDermott International, Inc. Medical Action Industries, Inc. Medivation, Inc. Mindray Medical International Motorcar Parts of America, Inc. NGP Capital Resources Company Nelnet Inc. Cl A Nordstrom, Inc. Nuance Communications, Inc. Nvidia Corp ORBCOMM, Inc. OTI On Track Innovations Ltd Old Point Financial Corp Parexel International Corp Pegasystems, Inc. Pericom Semiconductor Corp Pico Holdings, Inc. PowerShares QQQ Trust, Series 1 Primoris Services Corporation ProShares Short Dow30 ProShares Ultra QQQ Progenics Pharmaceuticals, Inc. Qiagen NV Quicksilver Resources, Inc. QuinStreet, Inc Rackspace Hosting RadNet, Inc. ReneSola Ltd. ADS Rockwell Collins, Inc. S&P DEP RECEIPTS STERLING CONSTRUCTION COMPANY, Inc. Salem Communications Corp /DE Salix Pharmaceuticals Ltd Sciclone Pharmaceuticals, Inc. Scripps Networks Interactive Southwest Gas Corp. Stifel Financial Corp. Sun Hydraulics, Inc. Synta Pharmaceuticals, Inc. Synutra International, Inc. TechTarget, Inc. Tower Group, Inc. Transcept Pharmaceuticals, Inc. Transmontaigne Partners Tyson Foods Inc. Cl A US Energy Corp Wyoming Universal Display Corp VERENIUM VIASYSTEMS GROUP Viasat, Inc. Walt Disney Wave Systems Corp WellCare Health Plans, Inc. World Wrestling Entertainment Inc. Cl A Xinyuan Real Estate Co. Ltd. ADS
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