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This Week: Wither WaMu and Wells?
by Liz Gunnison
Apr 14 2007
Apr 14 2007
Big mortgage lenders are among the companies posting earnings this week. Clear Channel finally puts its sale up to a vote.
An upbeat earnings forecast and a legal victory overshadow potentially crushing regulatory news on Merck's latest drug. Read More
I'm standing by my prediction that interest-rate politics will come roaring back. The latest fed minutes show Bernanke and company are even more concerned about inflation than we thought. Read more
Hype Report: companies
| gainers for Today | ||
| Rank | companies | 1-Day Move |
|---|---|---|
| 1 | Hunt Consolidated Inc. | 3200% |
| 2 | Genuine Parts Company | 250% |
| 3 | Golub & Co. | 233% |
| 4 | Qualcomm, Incorporated | 233% |
| 5 | US Bancorp | 200% |
Major corporate earnings reports this week will start on Monday with pharmaceutical giant Eli Lilly and financial services firms Wachovia and Citigroup. No surprises expected for any of the three—even Citigroup, which has taken a publicity beating over the heavy layoffs it announced to try to prop up its flagging share price.
Retail sales figures for March are also scheduled to be released on Monday, and are expected to jump 0.5 percent based on a warm March and an early Easter.
Since April 15th falls on a Sunday this year and April 16th is Emancipation Day, Tuesday April 17th will most notably bring Tax Day—the deadline for filing federal income tax.
Intel, Yahoo, and I.B.M. are scheduled to post earnings that day, as are Washington Mutual and Wells Fargo. Those two mammoth mortgage lenders may well move the markets if they come in better or worse than analysts are forecasting.
Tuesday also brings Consumer Price Index data for March (which will stay on the rise—no change in interest rates anytime soon). Housing starts, which have become an increasingly key indicator amid worry in the mortgage market, will also be available on Tuesday.
The earnings digest on Wednesday will include J.P. Morgan and two recent headline grabbers, Motorola and Tribune. Results for Motorola are expected to be dim, as foreshadowed by the launch of Carl Icahn’s proxy fight at the close of last week. Crude oil inventories will also be released on Wednesday—a drop in inventories could lead to higher oil prices worldwide.
Thursday brings earnings news for Merrill Lynch, Google, and Merck. Despite making news for a recent F.D.A. drug rejection, Merck’s stock has been riding high on expected quarterly earnings of 78 cents per share, a full 34 percent higher than forecast.
Also on Thursday, Clear Channel shareholders will meet to approve or reject the board’s decision last November to sell itself to Thomas H. Lee Partners and Bain Capital Partners for $19 billion.
The economics calendar is quiet on Friday, April 20th, but Schlumberger and Xerox are due to post results.
Retail sales figures for March are also scheduled to be released on Monday, and are expected to jump 0.5 percent based on a warm March and an early Easter.
Since April 15th falls on a Sunday this year and April 16th is Emancipation Day, Tuesday April 17th will most notably bring Tax Day—the deadline for filing federal income tax.
Intel, Yahoo, and I.B.M. are scheduled to post earnings that day, as are Washington Mutual and Wells Fargo. Those two mammoth mortgage lenders may well move the markets if they come in better or worse than analysts are forecasting.
Tuesday also brings Consumer Price Index data for March (which will stay on the rise—no change in interest rates anytime soon). Housing starts, which have become an increasingly key indicator amid worry in the mortgage market, will also be available on Tuesday.
The earnings digest on Wednesday will include J.P. Morgan and two recent headline grabbers, Motorola and Tribune. Results for Motorola are expected to be dim, as foreshadowed by the launch of Carl Icahn’s proxy fight at the close of last week. Crude oil inventories will also be released on Wednesday—a drop in inventories could lead to higher oil prices worldwide.
Thursday brings earnings news for Merrill Lynch, Google, and Merck. Despite making news for a recent F.D.A. drug rejection, Merck’s stock has been riding high on expected quarterly earnings of 78 cents per share, a full 34 percent higher than forecast.
Also on Thursday, Clear Channel shareholders will meet to approve or reject the board’s decision last November to sell itself to Thomas H. Lee Partners and Bain Capital Partners for $19 billion.
The economics calendar is quiet on Friday, April 20th, but Schlumberger and Xerox are due to post results.
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