Weekly Business Schedule: Earnings Season Starts

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Weekly Business Schedule - Earnings Season Starts

Your weekly business schedule highlights the beginning of earnings season with Alcoa's after market report on Monday. The week includes a heavy load of economic data, peaking on your tax deadline of April 15 with seven reports. There are also many high-profile earnings reports due, with Google (Nasdaq: GOOG), J.P. Morgan Chase (NYSE: JPM), General Electric (NYSE: GE), Intel (Nasdaq: INTC) and others. Refer back to our schedule all week long, and look for our premarket reports each morning for more color and analysis.

Monday

The market opened Monday with an economic rescue plan for Greece reviving Greek stocks, supporting the euro and lifting the Dow Jones Industrials Average above 11,000. The day is also keyed by President Obama's two-day Nuclear Summit in Washington. Some 47 nations will attend, as the US leader focuses attention to preventing nuclear terrorism.

The only economic report due Monday is the US Treasury Budget at 2:00 PM. Bloomberg's survey of economists pegs the consensus forecast for a March deficit of $62 billion, versus February's deficit of $220.9 billion. Over the past five years, the average budget deficit in March as been $144.3 billion, and as you might expect, this year will offer no change in trend.

The US Senate is scheduled to hold a procedural vote Monday for the extension of unemployment benefits. A "truth commission" report is due to opine on Iceland's financial crisis.

In corporate news, Microsoft (Nasdaq: MSFT) is expected to introduce new mobile phones targeting a younger audience. The formal start to earnings season launches at the close of the market with Alcoa's (NYSE: AA) traditional report. The rest of the day's EPS schedule includes Agora S.A. (OTC: AGPJF.PK), California Pizza Kitchen (Nasdaq: CPKI), China Southern Airlines (NYSE: ZNH), Cosmos Pharmaceutical (OTC: CSMYF.PK), Create SD Holdings (OTC: CYKHF.PK), Double-Take Software (Nasdaq: DBTK), Far Eastone Telecommunications (OTC: FETLY.PK), First Philippine Holdings (OTC: FPHHF.PK ), Geely Automobile (OTC: GELYY.PK), Magal Security Systems (Nasdaq: MAGS), North-West Telecom (OTC: NWTEY.PK), POSCO (NYSE: PKX), Shanghei Electric (OTC: SIELF.PK), UBS (NYSE: UBS) and Wegener (Nasdaq: WGNR).

Tuesday

International Trade keys the pre-market wire Tuesday morning, as the International Trade Report is expected to show a February trade deficit of $39 billion. The latest month's trade gap will compare against January's $37.3 billion deficit.

Also in the early AM, look for the Import/Export Prices data at 8:30. Economists see March import prices gaining 1.0% last month, versus the 1.4% price increase in February. Export prices rose 3.1% that same month.

The International Council of Shopping Centers (ICSC) will post its latest weekly same-store sales data for the period ended April 10. Last week's report for the period closed April 3, showed Easter aided sales growth of 2.1% week-to-week, and 4.7% year-over-year. This time around, year-over-year comps should prove detrimental to the data, since last year's Easter holiday came a week later.

The FDIC board is considering topics like banker compensation as a risk factor for deposit insurance. At 7:15 PM, Richmond Federal Reserve Bank President Jeffrey Lacker addresses the economic outlook to a group of West Virginia business leaders, with a press conference to follow.

In corporate news, look for Novartis (NYSE: NVS) data on its multiple-sclerosis drug Gilenia. The day also highlights investor conferences from McCormick (NYSE: MKC) and Aegon (NYSE: AEG). Earnings reports are due from CSX Corp. (NYSE: CSX), Fastenal (Nasdaq: FAST), Infosys Technologies (Nasdaq: INFY), Intel (Nasdaq: INTC), Linear Technology (Nasdaq: LLTC) and Talbots (NYSE: TLB).

Wednesday

Things get quite a bit busier on Wednesday, with five significant economic reports due to hit the wire. Three of the five reach the market before the bell, with highlights on retail and consumers.

Expect March Retail Sales data at 8:30 AM. Economists expect further improvement in March, with sales seen rising 1.2%, against February's sales increase of 0.3%. Easter will again play a role in driving the gain. Excluding auto sales, economists are looking for a gain of 0.5%, versus the 0.8% increase in February.

The Consumer Price Index (CPI) is due for March at 8:30 as well. Both the Headline CPI and Core price indexes are seen increasing by 0.1% in March. In February, Headline consumer prices were unchanged, versus the 0.1% increase seen in the Core.

The Mortgage Bankers Association reports on Mortgage Activity in the early going as well. Last week's data, covering the period ended April 2, was rate impacted, with 30-year and 15-year rates rising to 5.31% (from 5.04%) and 4.54% (from 4.34%), respectively. This caused the Refinance Index to decrease by 16.9%, and quelled tax incentive inspired Purchase Activity, keeping the Purchase Index rise to just 0.2%. The Market Composite Index of mortgage activity fell 11.0%.

February's Business Inventories data is due for release at 10:00 AM. Inventories are expected to have increased by 0.5% in February, versus no change in January. Given the depressed level of inventory-to-sales, we concur. As sales pick up, we should see inventory levels boosted as well.

The EIA's Petroleum Status Report is due at 10:30. Last week's report for the period ended April 2, showed crude oil inventories increased by 2.0 million barrels. Crude oil inventory was above the upper limit of the average range for this time of year. Gasoline stocks fell by 2.5 million barrels, but remains above the upper limit of the average range for the season.

The House Financial Services Committee will hold hearings on "loan modifications," which may help many Americans who are now stuck in deadend mortgage agreements. At 10:00 AM, Federal Reserve Chief Bernanke testifies about the economic outlook before the Joint Economic Committee. At 2:00 PM, the Federal Reserve releases its Beige Book of economic indicators. Five Federal Reserve representatives are scheduled to speak during the day Wednesday, including Sandra Pianalto at 9:30 AM, Jeffrey Lacker at 11:00 AM, Kevin Warsh at 12:15 PM, Richard Fisher at 1:00 PM and Brian Sack at 7:00 PM.

Wednesday's earnings report schedule includes several heavy hitters. Look for data from J.P. Morgan Chase (NYSE: JPM), Yum! Brands (NYSE: YUM), Acergy SA (Nasdaq: ACGY), ADTRAN (Nasdaq: ADTN), ASML Holdings (Nasdaq: ASML), Biomet (Nasdaq: BMET), China Industrial Waste Management (Nasdaq: CIWT), Dave & Buster's (NYSE: DAB), Hooker Furniture (Nasdaq: HOFT), iGate (Nasdaq: IGTE), Landstar System (Nasdaq: LSTR), MEDTOX Scientific (Nasdaq: MTOX), Pacific Continental Corp. (Nasdaq: PCBK), San Miguel (OTC: SMGBY), Tanzanian Royalty Exploration (AMEX: TRE), Universal Forest Products (Nasdaq: UFPI) and W.W. Grainger (NYSE: GWW).

Thursday

Tax day brings with it seven economic reports, and four of them will hit the pre-market wire, so get your rest Wednesday night. Of the group of data points, Weekly Jobless Claims packs the most punch. Last week's report exposed a still unstable labor situation, as unemployment claims spiked by 18K. This week's report covers the period ended April 10, and economists expect filings to drop back to 440K in the absence of holiday impact.

The Empire State Manufacturing Survey is up at 8:30. The New York Federal Reserve's survey of local manufacturing conditions has trended well above zero of late, indicating economic expansion. Still, the pace of growth has leveled off. Economists see April's General Business Conditions Index gaining to 25.0, versus 22.86 in March. The Philadelphia Federal Reserve publishes an index as well, and you can look for that at 10:00 AM. Economists foresee a reading of 20.0 for the Philly Fed measure, versus 18.9 in March.

The Treasury International Capital (TIC) data is due at 9:00 AM. This report tracks the flow of foreign funds into and out of US financial instruments. The last report covered January, and showed a net inflow of $19.1 billion, down from $63.3 billion in December and $126.4 billion in November. There is no forecast for this data point.

Industrial Production will be reported for the month of March at 9:15 AM. This is perhaps the most important report of the day, but there are strong expectations for another improvement. Productivity is seen improving 0.8% in March, versus a 0.1% increase the month before. Capacity Utilization is also expected to gain to 73.4%, from 72.7%.

The EIA Natural Gas Report is due at 10:30 AM. Last week's report for the period ended April 2, showed a 31 Bcf increase in inventory. Stocks were 180 Bcf above the five-year average for this time of year.

Finally, the Housing Market Index is due at 1:00 PM. There is no forecast available for this data point, but the National Association of Home Builders reported a two point drop in the index in March, to a sad level of 15. Look for a modest improvement this month.

Lehman Brothers is asking a US bankruptcy court to allow it to spin off a new asset management company. Several Fed representatives are scheduled to speak, including Jeffrey Lacker at 10:30 & 3:15, James Bullard at 12:15, Dennis Lockhart at 1:40 and Janet Yellen at 8:30 PM.

In geopolitical activity, BRIC nation leaders are scheduled to meet Thursday. President Obama is due to outline his plan for NASA.

Don't forget to file your taxes by the midnight deadline!

Wal-Mart (NYSE: WMT) is running a field trip to its Asda UK chain. Also, DexCom's lockup period expires Thursday. Google (Nasdaq: GOOG) reports earnings, along with Advanced Micro Devices (NYSE: AMD), Alliance Financial (Nasdaq: ALNC), AptarGroup (NYSE: ATR), Christopher & Banks (NYSE: CBK), Commerce Bankshares (Nasdaq: CBSH), Cubist Pharmaceuticals (Nasdaq: CBST), Datalink (Nasdaq: DTLK), Fairchild Semiconductor (NYSE: FCS), Independent Bank (Nasdaq: INDB), Intuitive Surgical (Nasdaq: ISRG), Krispy Kreme (NYSE: KKD), Mission West Properties (Nasdaq: MSW), People's United Financial (Nasdaq: PBCT), PPG Industries (NYSE: PPG), Radient Pharmaceuticals (AMEX: RPC), Rio Tinto (NYSE: RTP), Simmons First National (Nasdaq: SFNC), Titan Machinery (Nasdaq: TITN) and Valmont (NYSE: VMI).

Friday

No break for the weary on Friday, with two more economic reports due. March Housing Starts will be first, at 8:30. Economists see an increase in the annual pace of Starts in March, to 605,000. You'll recall several blizzards bombarded the East Coast in February, limiting activity to 575,000.

Look for the Reuters/ University of Michigan Consumer Sentiment Index at 9:55 AM. Springtime has a way of making things seem brighter, and so sentiment is expected to improve to 75.0, per the index. This would also agree with March's upward trend, as the index closed out the month at a level of 73.6.

At 9:00 a.m., Federal Reserve Governor Kevin Warsh addresses the 19th Annual Hyman Minsky Conference at the Levy Economic Institute of Bard College. Mexico's central bank is expected to keep rates steady at 4.5% Friday.

Corporate news drivers include the earnings reports of General Electric (NYSE: GE) and Bank of America (NYSE: BAC). Also, ING (NYSE: ING) is scheduled to hold an investor day in London. Look for EPS reports from Eastern Virginia Bankshares (Nasdaq: EVBS), First Horizon National (NYSE: FHN), Gannett (NYSE: GCI), Genuine Parts (NYSE: GPC), Knoll Inc. (NYSE: KNL), Lakeland Industries (Nasdaq: LAKE), Mattel (NYSE: MAT) and Petrobras (NYSE: PBR).


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