What to Watch in the Day Ahead - Thursday, Nov. 13
(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) Dow component Wal-Mart Stores Inc is expected to report a slight fall in third-quarter net profit, dragged down by sluggish sales in the United States and as a stronger dollar dampens its overseas earnings. Analysts on average expect Wal-Mart's net profit to fall to $3.62 billion from $3.74 billion a year earlier. Federal Reserve Bank of Philadelphia President Charles Plosser speaks at a conference titled "Monetary Policy After Recovery: What Is the New Normal?" (1230/1730). Meanwhile, Minneapolis Fed President Kocherlakota, a stalwart defender of monetary policy easing, gives a talk at the Stanford Institute for Economic Policy Research's State of the West conference (1530/2030). Separately, Federal Reserve Chair Janet Yellen gives welcome remarks before the European Central Bank, Federal Reserve Board, and Federal Reserve Bank of New York Conference: Global Research Forum on International Macroeconomics and Finance (1245/1745). The U.S. Department of Labor releases its weekly update on new applications for unemployment insurance. New jobless claims are forecast to have climbed slightly in the latest week, as did continued claims, but are still at levels consistent with an improving labor market. The Labor Department is expected to report that initial claims for state unemployment benefits rose to a seasonally adjusted 280,000 from 278,000 the prior week (0830/1330). Separately, the Treasury Department issues the monthly budget report for October (1400/1900). Department store chain Kohl's Corp said last month its full-year earnings would be at low end of its forecast as demand for its women's wear slowed. The retailer, which caters to price-sensitive middle-class shoppers and competes with Macy's Inc and J.C. Penney Co Inc, plans to hire over 67,000 workers to support its holiday season sales. When the company reports third-quarter results before the bell, investors will be interested to see if it keeps or changes its holiday quarter forecasts, following comments from Wal-Mart and J.C. Penney that the season would be more challenging than expected. Analysts expect Viacom Inc to report strong fourth-quarter results, helped by growth in the company's movie studio business. Viacom, which owns cable networks MTV and Comedy Central as well as movie studio Paramount Pictures, released two movies in the quarter "Hercules" and "Teenage Mutant Ninja Turtles", as opposed to none in the same quarter last year. Analysts estimate the two films turned a hefty profit even after Viacom split revenue from them with theaters and distributors. Moreover, Viacom bagged a lion's share of profit from its biggest hit of the year - "Transformers: Age of Extinction" in the fourth quarter. Manulife Financial Corp will release its third-quarter financial results, with investors keen to see the impact of volatile financial markets on the country's largest insurer, as well as any updates on its plan to buy the Canadian assets of Standard Life. The insurer is expected to report adjusted earnings per share of 40 Canadian cents, up from 36 a year earlier. Investors will be looking for indications of whether heathly demand for chips for PCs and mobile devices like smartphones will remain healthy as semiconductor gear maker Applied Materials Inc posts its fourth-quarter results. New rules announced by the Obama administration to curb tax inversions appear not to have put a stop to Applied's merger with Toky Electron although completion of the deal is now expected early next year instead of in the current quarter. Bank of America's annual financial services conference in New York continues with speakers for the day including Citigroup's co-president of the institutional clients group, James Forese, and Wells Fargo Chief Financial Officer John Shrewsberry. The Bank of Canada publishes its semi-annual publication featuring articles related to the Canadian economy and central banking. The articles include "Recent Developments in Experimental Macroeconomics", "Should Forward Guidance Be Backward-Looking?" and "Spillover Effects of Quantitative Easing on Emerging-Market Economies" among others. Canadian new housing prices data released by Statistics Canada is expected to have edged up 0.2 percent in September, showing the country's housing market remains on strong footing (0830/1330). Bank of Canada Senior Deputy Governor Carolyn Wilkins will speak on "Money in a Digital World" at the School of Business and Economics in Wilfrid Laurier University in Waterloo, Ontario. The speech begins at 1505 ET (2005 GMT). (Compiled by Ayesha Sruti Ahmed in Bangalore; Editing by Savio D'Souza)
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