By Michael Calia
It will be a short but eventful and crucial week for markets as
retailers' biggest time of the year kicks into a higher gear as
Black Friday awaits.
Several big names are due to report their quarterly earnings
this week, as well.
Finally, key economic data--third-quarter gross domestic product
and housing stats--are on tap, too.
Markets will be closed Thanksgiving Day, and will close early
Friday.
Black...Thursday?
Several big retailers aren't waiting for the day after
Thanksgiving to kick off this year's holiday shopping season.
Instead, more are opening their doors on Thanksgiving, in a bid to
stretch the shorter-than-usual sales window between then and
Christmas. Chains such as Best Buy Co. Inc. (BBY), Macy's Inc. (M)
and Toys 'R' Us Inc. will be open on the holiday.
Wal-Mart Stores Inc. (WMT), which will start to offer its Black
Friday promotions on 6 p.m. Thanksgiving night, has already started
matching its competitors' holiday deals
Barnes and Noble, H-P Lead Earnings Pack
Barnes & Noble Inc. (BKS), which has launched an aggressive
marketing campaign for the holiday season, is among several big
names scheduled to report results Tuesday. Analysts expect the
beleaguered bookseller to post a loss of four cents a share for its
fiscal second quarter.
Hewlett-Packard Co. (HPQ) is expected to report Tuesday, as
well. Chief Executive Meg Whitman is trying to turn around the
company as it struggles with declining demand for PCs. Analysts are
predicting earnings of $1 a share for H-P's fiscal fourth
quarter.
Hormel Foods Corp. (HRL), whose margins have been squeezed
recently by higher commodity costs, is expected to post earnings
for its fiscal fourth quarter Tuesday morning. Wall Street expects
earnings of 54 cents a share.
Other key names expected to report earnings Tuesday: Guess Inc.
(GES), Tiffany & Co. (TIF), Cracker Barrel Old Country Store
Inc. (CBRL) and asset manager Eaton Vance Corp. (EV).
Housing Data, U.S. GDP, Consumer Sentiment
Data for pending home sales and in October are scheduled for
Monday. Observers will be looking to see if pending home sales,
considered a more timely measure of the market because the figure
measures when contracts are signed, can bounce back from an
unexpected drop in September. Consensus estimates have the sales up
1.1%,
The second take on third-quarter U.S. gross domestic product is
expected Tuesday. Initially, the government said the economy grew
at a 2.8% annual rate in the quarter, due to a larger-than-expected
gain in certain inventories in September.
The consumer confidence reading for November is also expected on
Tuesday, giving markets a read on the U.S. consumer's mindset
heading into the biggest shopping season of the year.
Write to Michael Calia at michael.calia@wsj.com
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