Retailers Gap Inc. (GPS), Macy's Inc. (M) and Target Corp.
(TGT)--which all reported higher same-store sales the past two
months--are among the companies scheduled to post quarterly results
next week.
In Washington, a congressional hearing about Toyota Motor Corp's
(TM, 7203.TO) recall is planned on Wednesday, while lawmakers mull
bills addressing job creation and financial regulation.
Retailers Among Next Wave Of Quarterly Reports
Gap, which returned to television advertising late last year
after a two-year absence, is expected to report results on
Thursday, while Macy's already reported better-than-expected fiscal
fourth-quarter sales. The department-store company reports full
results on Tuesday.
Other retailers set to report include luxury retailer Nordstrom
Inc. (JWN) on Monday, Target on Tuesdsay and apparel retailers
Limited Brands Inc. (LTD) and Chico's FAS Inc. (CHS) on
Wednesday.
New Credit-Card Rules Go Into Effect Monday
The Credit Card Accountability, Responsibility and Disclosure
Act, known as the CARD Act, takes full effect Monday and is meant
to ensure that borrowers with a poor credit score and a history of
late payments get treated the same way as borrowers who have kept
their credit record clean. For example, starting next week, due
dates for monthly payments must be the same each month. Payments
beyond the minimum due must be applied to the highest-rate debt on
the account, and rate hikes on existing balances on fixed-rate
cards are prohibited under most conditions.
In addition, card issuers won't be able to charge additional
fees when consumers pay by mail, electronic transfer, online or
telephone unless the customer requests an expedited payment to
avoid a late fee.
Toyota President Set To Testify In Washington Wed
Toyota President Akio Toyoda changed his mind and will testify
at a congressional hearing Wednesday about the Japanese auto
maker's recent recalls. The House Oversight and Government Reform
Committee is investigating Toyota's recall of more than six million
U.S. vehicles for gas-pedal and sudden-acceleration problems.
Bernanke To Report On Monetary Policy Wed
Federal Reserve Chairman Ben Bernanke will appear before
Congress next week to give his semi-annual monetary policy report
to Congress. The appearance--Wednesday at the House Financial
Services Committee and Thurdsday before the Senate Banking
Committee--comes a month after Bernanke was confirmed for a second
term as Fed chairman after a contentious debate in the Senate.
Senators voted 70-30 to give the Fed chief another four years, the
strongest opposition a central banker chief has ever faced as the
fallout from the financial crisis continues to resonate in
Washington.
AstraZeneca Faces Legal Battles In 2 States
U.K.-based drug maker AstraZeneca PLC (AZN) will be fighting
legal battles on two U.S. fronts beginning Monday. In New
Brunswick, N.J., opening arguments begin in a state-court trial for
a lawsuit filed by a man who alleges his use of AstraZeneca's
Seroquel antipsychotic caused diabetes and that the drug maker
failed to properly warn of the risks. It's the first of more than
10,400 pending Seroquel product-liability lawsuits to go to trial.
In Wilmington, Del., AstraZeneca will defend the validity of the
patent for its cholesterol drug Crestor, in an effort to stave off
the entry of generic versions of the drug before the patent expires
in 2016.
Dodd To Introduce Financial Regulation Bill
Senate Banking Committee Chairman Christopher Dodd (D., Conn.)
is planning to introduce a bill next week to overhaul financial
regulation, and his panel could begin debating the proposal in the
first week of March. The House passed its version of new financial
rules in December, but progress has been slower in the Senate
because of differences between Democrats and Republicans.
The Senate legislation is expected to establish a council of
regulators to monitor emerging risks to the economy and a new
banking regulator to oversee nationally chartered banks. The bill
would also create more transparency for exotic financial products
such as derivatives and create a mechanism for breaking up large
financial companies without taxpayer-funded bailouts.
Obama To Host Summit On Health-Care Overhaul
The White House plans to hold a bipartisan health-care meeting
with lawmakers Thursday, and has promised to publish its version of
overhaul legislation by Sunday. Nearly 40 legislators are invited
to the meeting, which will include discussion on four topics:
insurance reforms, cost containment, expanding coverage, and the
impact a health overhaul would have on the deficit. Administration
officials have said the president still hopes that Congress will
pass a comprehensive health plan. Given Republican opposition in
the Senate and Democrats' loss of their 60-seat supermajority, that
could require the House to pass the health bill already approved by
the Senate and for both chambers to make adjustments to that bill
using a parliamentary move called reconciliation, which only
requires 51 Senate votes.
Procedural Vote On Jobs Bill Expected Monday
The Senate is slated to hold a crucial procedural vote on $15
billion legislation aimed at spurring job creation when lawmakers
return to Washington Monday. The outcome of the vote is far from
clear, however, as Majority Leader Harry Reid's (D., Nev.) decision
to abruptly replace a bipartisan job-creation bill with a more
streamlined version of the legislation upset Republicans.
Data on Housing, Consumer Confidence Due Next Week
The government will release new homes sales data for the month
of January on Wednesday, while the National Association of Realtors
will report its data for existing home sales on Friday. Both are
expected to report higher sales, after the figures declined in
December as buyers rushed into the market before the expiration of
a government tax credit, which was originally set to expire in
November but was extended through April.
Meanwhile, a consumer confidence report is expected to report a
slight decline in February, as consumers remained concerned about
the economic recovery, although the sentiment has improved in
recent months. The report is due Tuesday.
Olympics Coverage Continues On NBC
General Electric Co.'s (GE) NBC Universal unit will continue its
broadcast of the Winter Olympics in Vancouver, with continued
coverage of ice hockey, figure skating, snowboarding, among other
events. The United States leads the medal count, followed by
Germany, Norway and Canada.
Conferences
Among the significant conferences next week are the American
Bankers Association National Conference for Community Bankers from
Sunday through Wednesday in Hollywood, Fla.; Credit Suisse Group
Global Services Conference from Sunday through Wednesday in
Phoenix; Wells Fargo/Wachovia Housing and Building Products
Conference from Monday through Wednesday in Scottsdale, Ariz.; Bank
of America Merrill Lynch Insurance Conference on Tuesday and
Wednesday in New York; Dow Jones Newswires Global Ethics Summit on
Tuesday and Wednesday in New York; Goldman Sachs Technology &
Internet Conference on Tuesday through Thursday in San Francisco;
and Morgan Stanley Global Basic Materials Conference on Thursday
and Friday in New York.
-By John Kell and Kathy Shwiff, Dow Jones Newswires;
212-416-2480; john.kell@dowjones.com
(Peter Loftus and other Dow Jones Newswires staff contributed to
this report.)
LandBridge (NYSE:LB)
Historical Stock Chart
From Jul 2024 to Aug 2024
LandBridge (NYSE:LB)
Historical Stock Chart
From Aug 2023 to Aug 2024
