Business News Preview 03-02-10

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Business News

On Tuesday morning, look for the regular premarket data out of the International Council of Shopping Centers (ICSC). Last week, the data reported for the period ended February 20 showed same-store sales recovery over the prior week's weather burdened results. Sales improved 2.3% on a week-over-week basis, and gained 0.9% against the prior year period. In the week before, sales fell 1.6% week-to-week and dropped 0.7% in the yearly comparison. Weather seems likely to render this data useless to economic gaugers through the next two weeks at least.

Automobile manufacturers will report on their motor vehicle sales for the month of February sporadically throughout the day Tuesday. The data threatens to offer bad news for Toyota Motors (NYSE: TM), as the company saw impact as early as January related to its now notorious recalls and quality questions. Toyota's month-to-month sales sank 45% for its cars and 47% for its trucks in January, and the company's troubles have only escalated since.

Ford (NYSE: F) benefited from Toyota's woes in January, thanks to its solid image as the only US auto company that made it through the crisis unscathed. Also, Ford and GM smelled blood and struck quickly, offering special incentives to individuals switching brands from Toyota. Expect more of the same market share exchange in February.

As for overall sales, January's annual rate of domestic unit sales slipped to 7.9 million, from 8.4 million in December. Total sales declined to an annual pace of 10.8 million units, down from 11.2 million units in December. Economists surveyed by Bloomberg are looking for the 7.9 million unit annual rate to stick through February.

In timely Washington news, a Senate panel will hear testimony on Toyota's safety recall. Keeping busy in DC, the Senate Banking Committee will hear testimony on the state of small business lending. Meanwhile, Treasury Secretary Timothy Geithner is due to testify before the House Financial Services group. Boston Fed President Eric Rosengren will address a group in Philadelphia at 1:00 p.m., discussing the current state of capital markets. At 2:00 p.m., look for news of Minneapolis Federal Reserve Bank President Naranyana Kocherlakota's speech to the Allied Executives Business & Economic Outlook Symposium in Minneapolis.

Overseas, the Reserve Bank of Australia and the Bank of Canada are due to offer their latest monetary policy, with the RBA seen hiking.

Corporate News Drivers

The world's largest computer fair, CeBit, kicks off in Germany. Chico's FAS (NYSE: CHS), CMS Energy and Anadarko Petroleum are holding their investor days. Tuesday's EPS schedule includes Allied Irish Banks (NYSE: AIB), Alon USA Energy (NYSE: ALJ), BanColombia (NYSE: CIB), Bank of Montreal (NYSE: BMO), CDC Software (Nasdaq: CDCS), China Nuokang (Nasdaq: NKBP), Cooper Tire & Rubber (NYSE: CTB), CRH Plc (NYSE: CRH), Diamond Foods (Nasdaq: DMND), Diana Shipping (NYSE: DSX), EntreMed (Nasdaq: ENMD), Hercules Offshore (Nasdaq: HERO), HickoryTech (Nasdaq: HTCO), Hovnanian Enterprises (NYSE: HOV), Hypercom (NYSE: HYC), LJ International (Nasdaq: JADE), McDermott Int'l (NYSE: MDR), Nacco Industries (NYSE: NC), Natural Beauty Bio-Technology (OTC: NBBTF.PK), Omega Navigation (Nasdaq: ONAV), PRG-Schultz International (Nasdaq: PRGX) and Staples (Nasdaq: SPLS).


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