By Kristin Jones
Shareholders are expected to finally get their say on founder
and Chief Executive Michael Dell's proposal to take Dell Inc.
(DELL) private, with the twice-delayed vote scheduled for
Thursday.
Meanwhile, investors looking for fresh insight into the strength
of the U.S. housing recovery may find clues in the week ahead as a
major home builder and an up-and-coming furniture retailer report
quarterly results.
The days ahead will also feature results from makers of yoga
pants and men's suits, among other clothing vendors, which come as
their boardrooms tussle over who's on top.
Bankruptcy courts remain busy, with an envelope-maker, a Mexican
telecommunications company and a coal maker on the docket.
Dell Shareholders To Cast Their Vote
The fate of technology giant Dell hangs in the balance, as
shareholders prepare to cast their vote on Mr. Dell's proposal.
The go-private deal has faced fierce opposition by billionaire
investor Carl Icahn and Southeastern Asset Management. But with a
higher offer based on a buyout price of $13.88 a share, and a
favorable change in the voting rules, Mr. Dell and Silver Lake are
expected to gain shareholder support.
The bid also got a lift from the endorsement of three major
proxy advisory firms, Institutional Shareholder Services, Glass
Lewis and Egan Jones.
Counting Profits from the U.S. Housing Recovery
Home builder Hovnanian Enterprises Inc. (HOV) is due to report
quarterly results Monday. Like its peers, Hovnanian has generally
seen its profits improve as the housing market recovers from the
worst downturn in generations.
Constructing houses isn't the only way to profit from the
recovery. Sales have rocketed for upscale furnishings company
Restoration Hardware Holdings Inc. (RH), which is expected to
report quarterly results Tuesday. The company has big plans to
expand the square footage of its stores in the U.S. and Canada,
which sell things like $3,000 leather couches and $1,300 Venetian
glass mirrors.
Assessing Results from Clothing Retailers in Leadership Tumult
Men's Wearhouse Inc. (MW) will post quarterly results Wednesday
for the first time since the company ousted co-founder George
Zimmer as executive chairman in June, when it said Mr. Zimmer
wanted "full control of the company."
Meanwhile, the search continues for a new chief executive at
athletic-apparel seller Lululemon Athletica Inc. (LULU) after
Christine Day said in early June she would step down after more
than five years at the helm. The company is scheduled to report
quarterly results Thursday.
Other companies reporting during the week include super-market
chain operator Kroger Co. (KR), organic-food supplier United
Natural Foods Inc. (UNFI), Analogic Corp. (ALOG), Palo Alto
Networks Inc. (PANW), Pep Boys-Manny Moe & Jack (PBY), PVH
Corp. (PVH) and Christopher & Banks Corp. (CBK).
August Sales Results From Two American Mainstays
McDonald's Corp. (MCD) is reporting its August sales results on
Tuesday. The company has been promoting its Dollar Menu in the U.S.
to attract cost-conscious eaters, and launching value menus in
other markets.
Manufacturer W.W. Grainger Inc. (GWW) will report its monthly
sales figures Thursday. The company, which supplies goods ranging
from lighting to janitorial products, is sometimes seen as a
bellwether for the national economy because of the breadth of its
offerings.
National Envelope Seeks Sale of Manufacturing Business in Bankruptcy
National Envelope will seek to sell its manufacturing business
and assets in three deals that would raise around $65 million and
allow the envelope-maker to pay off its bankruptcy financing. The
sales are subject to the approval of the Wilmington, Del.,
bankruptcy court.
Also before the Wilmington court this week is the restructuring
plan of Mexican company Maxcom Telecomunicaciones S.A.B. de C.V.
(MAXCOM.MX, MXT). The company sought Chapter 11 bankruptcy
protection in July after securing creditors' support for a plan to
reduce its debt load of more than $200 million, and the court will
consider confirming the plan Tuesday.
On Friday, Patriot Coal Corp. (PCXCQ) will ask the St. Louis
bankruptcy court to force former parent Peabody Energy Corp. (BTU)
to cooperate with an ongoing probe into its 2007 spinoff from
Peabody. Patriot's unsecured creditors are investigating whether
the spinoff can be challenged in litigation.
Trona-Ore Miner Expected to Launch Public Offering
OCI Resources LP, a newly launched affiliate of soda-ash
producer OCI Wyoming, expects to begin trading Friday. The company
estimates its initial public offering of 5 million shares will
price between $19 and $21. The company was formed to operate the
trona-ore mining and soda-ash-production business of OCI Wyoming,
of which it owns a 50.5% stake.
Write to Kristin Jones at kristin.jones@wsj.com
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