MARKET OUTLOOK
- US: US markets fell for a third straight week on concerns that the the Federal Reserve will keep raising interest rates. Banks and utilities had the worst performances out of 10 industry groups in the S&P 500. The FOMC rate decision is expected on Thurday. Mondays's new home sales and Friday's personal income will be key data for the week ahead. US indices should remain under pressure.
- EUROPE: European stocks gained for the first week in four on company marger and acquisitions and positive outlook about earnings. Siemens and Nokia gained after the two companies agreed to combine their telecommunications network equipment units in a transaction worth about E25bln. There are few earnings reports expected this week. On the economic side, watch Tuesday's Germany IFO-Business Climate.
COMPANY PREVIEW
Walgreen (USD 43.61 ; 0.95% ; WAG ; WAG.N)
On Monday before markets open Walgreen publishes its 3Q results. The market is looking for an EPS which is expected to have increased by 4 cents YoY to $0.44 on revenue up 12% to $12.14bln.
Nike (B) (USD 84.36 ; 1.46% ; NKE ; NKE.N)
On Tuesday Nike reports its results. The company announced last week its plan to repurchase as much as $3bln worth of stock over the next 4 years, its largest ever share buyback program, which would represent 14% of the athletic-shoemaker's market value.
Monsanto (USD 77.46 ; -0.58% ; MON ; MON.N)
On Thursday Monsanto publishes its 3Q results. EPS is expected to have risen to $1.20 from $1.06 a year earlier, but below the $1.62 reported last quarter, on revenue up 9% to $2.22bln YoY.
General Mills (USD 51.11 ; 1.33% ; GIS ; GIS.N)
Later on the same day General Mills reports its results. The stock was raised recently to "buy" from "neutral" by Merrill Lynch. The market will be expecting an EPS of $0.60, down from the $0.64 it reported at the same time last year.
CA Inc (USD 20.89 ; -2.2% ; CA ; CA.N)
And finally after US markets close that day, CA Inc. reports its 4Q results. EPS is expected to climb 10% to $0.22 on revenue up 7% to $910m.
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US equites head down again
- Monday, June 26 - 2006 at 12:45
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US markets fell for a third straight week on concerns that the the Federal Reserve will keep raising interest rates. Banks and utilities had the worst performances out of 10 industry groups in the S&P 500. European stocks gained for the first week in four on company marger and acquisitions and positive outlook about earnings.
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InternaxxMonday, June 26 - 2006 at 12:45 UAE local time (GMT+4)
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This article was updated on Sat May 26 2007.
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