What to Watch in The Day Ahead; Friday, May 16
(The Day Ahead is an email and PDF publication that includes the day's major stories and events, analyses and other features. To receive The Day Ahead, Eikon users can register at . Thomson One users can register at RT/DAY/US. All times in ET/GMT) U.S. housing starts were likely up last month as the housing market continues to recover from the unseasonably cold temperatures that gripped some parts of the United States. The Commerce Department is expected to report that housing starts increased to a 980,000-unit rate in April from 946,000 units in March. Permits likely increased to a 1.01 million-unit pace from 997,000 million units in March (0830/1230). Separately, the Thomson Reuters/ University of Michigan preliminary gauge of consumer confidence for May is also scheduled for release. (0955/1355) Federal Reserve Bank of St. Louis President James Bullard speaks on the U.S. economy and monetary policy at an event hosted by the Arkansas Bankers Association. Solar panel maker Canadian Solar is expected to post a quarterly profit for the third straight quarter when it reports first-quarter results, as demand from the United States and Japan keeps improving. But China was subdued in the first quarter due to seasonal weakness. Weak panel prices are also likely to continue to weigh on the company's results. Investors will be looking for details on the solar power plant business and the company's plans to spin off some plants into a separate, publicly-listed company. Chinese online cosmetics retailer Jumei International Holding Ltd is set to go public in an IPO that will likely value the company at $1 billion. However, the company has tempered its IPO expectations, saying it now plans to raise $200 million from its initially planned $400 million offering. Jumei plans to sell 9.5 million American Depositary Shares at $19.50-$21.50 each. The company is backed by venture-capital firm Sequoia Capital. Car comparison website TrueCar is looking to raise up to $109 million by offering 7.78 million shares at $12-$14 per share. Truecar.com allows visitors to view the average selling price of a new car, its sticker price, the site's estimates of a good price and the price that dealers in its network are offering. At the top end of the expected price range, TrueCar would be valued at about $1 billion. (Compiled By Ayesha Sruti Ahmed in Bangalore)
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