Wall Street Aims for Positive Week
The major U.S. averages are still down for the week, but within shouting distance of breakeven after a Thursday rally that helped the Dow and the S&P 500 avoid their first 4-day losing streaks of 2013. A losing week, however, would be the third in the past four.
The week concludes with a number of key economic reports, beginning with the May Producer Price Index at 8:30 a.m. ET. Economists expect both the headline number and the so-called "core" rate to be up 0.1 percent. The overall PPI had dropped 0.7 percent in April while the ex-food and energy rate was up 0.1 percent. We'll also get first quarter current account deficit figures at the same time.
At 9:15 a.m. ET, the Federal Reserve is out with industrial production and factory capacity utilization numbers for May. Consensus forecasts call for a 0.2 percent increase in production for May following a 0.5 percent decline in April, while utilization is expected to come in at 77.9 percent compared to 77.8 percent in April.
At 9:55 a.m. ET, the University of Michigan's consumer sentiment index is seen at 84.3 for the preliminary June reading, compared to May's final 84.5.
Restoration Hardware (RH) is a stock to watch today, reporting first quarter profit of $0.06 per share, excluding certain items, two cents above estimates. Revenues also beat consensus, as did the furniture retailer's raised forecast for the current quarter.
News Corp. (NWSA) announced its chief financial officer David DeVoe will retire at the end of the fiscal year on June 30. He'll be replaced by deputy CFO John Nallen.
Smith & Wesson (SWHC) expects fourth quarter financial results to top Street estimates on both the top and bottom lines when it reports its numbers on June 25. The gun maker pegs its preliminary Q4 earnings at $0.44 per share, four cents above estimates. It also plans to buy back up to $100 million in shares.
Pandora (P) is the target of a lawsuit by Broadcast Music Inc., better known as BMI, over licensing fees. That comes after the internet radio service rejected a request to pay higher fees for playing songs across multiple devices.
Boeing (BA) will announce plans next week for a larger version of its 787 Dreamliner, according to multiple sources. The new version – to be announced at the Paris Airshow next week, would hold 323 passengers.
Google (GOOG) is the target of an informal EU probe over the pricing of its Android mobile phone operating system, according to the Financial Times. The probe comes following complaints by Google competitors.