By Kathy Shwiff
- Dow Jones Industrial Average components Wal-Mart and Home Depot Inc. and nearly two dozen other companies in the Standard & Poor’s 500 Index will report quarterly results next week. Wal-Mart and Home Depot both report Tuesday, a day after Nordstrom Inc. and Lowe’s Cos. Target Corp. will post results Wednesday, followed by Gap Inc. and Sears Holding Corp. on Thursday.
- General Motors is expected to price its initial public offering of 365 million shares Wednesday evening. The estimated price range is $26 to $29. The IPO allows the U.S. to begin offloading the stake it acquired through last year’s rescue of the auto industry. GM will have about 1.5 billion shares outstanding afterward, and the Treasury Department’s stake will fall to as little as 41% from the current 61%.
- Measures of wholesale and consumer inflation likely rose for October, according to economists surveyed by Briefing.com. The Producer Price Index, to be released Tuesday, and Consumer Price Index, out Wednesday, are expected to rise 0.7% and 0.3%, respectively. For September, the PPI grew 0.4% and the CPI ticked up 0.1%.
- The government will report on October retail sales and September business inventories Monday and will release October industrial-production figures Tuesday. Data on October housing starts and building permits will be issued Wednesday.
- On Thursday, the nonprofit Conference Board will release its October index of leading indicators and the Philadelphia Fed will report on regional manufacturing activities.
- Among appearances by Federal Reserve officials: Richmond Fed President Jeffrey Lacker will speak Sunday; Atlanta Fed President Dennis Lockhart is on tap Tuesday; St. Louis Fed President James Bullard will speak Wednesday; Minneapolis Fed President Narayana Kocherlakota appears Thursday in Chicago; Philadelphia Fed President Charles Plosser will speak Thursday in Washington; and Chairman Ben Bernanke will speak next Friday at the 6th European Central Bank Banking Conference in Frankfurt.
- President Obama has invited Senate Minority Leader Mitch McConnell (R., Ky.) and other congressional leaders to the White House on Thursday to talk about Bush-era tax cuts and other issues. Even though Republicans chalked up big gains during the midterm elections, those new members won’t be sworn in until January, and Democrats will still control both chambers of Congress until then. Obama will need support from at least a few Senate Republicans to pass any bill related during the lame-duck session, giving McConnell a direct say on what any deal might look like, especially regarding taxes.
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