April 8, 2015 / 6:44 PM / 3 years ago

What to Watch in the Day Ahead - Thursday, April 9

(The Day Ahead is an email and PDF publication that includes the day's major stories and
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Walgreens Boots Alliance Inc will report second-quarter fiscal 2015 results. Analysts expect
earnings may miss estimates slightly due to weak gross margins driven by pharmacy reimbursement
pressures. Investors will watch out for management comments on the second-half of 2015 and
fiscal 2016, integration of Alliance Boots, update on the synergies target, cost cutting
efforts, plans to manage gross margins, ongoing generic inflation, step-down related to Medicare
Part D which the company has been pursuing heavily. Also in focus will be any update on plans to
increase wages as labor groups have started targeting drug chains.
The U.S. Labor Department issues its weekly update on new applications for unemployment
insurance claims, which likely climbed last week. Continued claims are seen rising in the latest
week adding to signs the labor market might be faltering. The latest monthly unemployment report
released last Friday showed tepid job growth in the last two months. (0830/1230) Separately, the
U.S. Commerce Department releases February number for wholesale inventories. Analysts polled by
Reuters expect both inventories and sales to have risen last month. (1000/1400)
Constellation Brands Inc, known for brands such as Corona beer, Robert Mondavi wine and Svedka
vodka, is expected to report fourth-quarter profit and sales above analysts' average estimates,
according to Thomson Reuters StarMine, largely helped by sales of higher-priced beer. The
company had said in its third-quarter report that it was on track to meet its full-year goals
and expected its wine brands such as Ravenswood to outperform the broader U.S. wine category.
Investors will be looking for forecasts for fiscal 2016.
LIVE CHAT - Bidding up the dollar on global weakness with Marc Chandler
Across developed and emerging economies the recurring theme of dollar strength is building into
the second quarter, reinforcing bets that rising U.S. interest rates will only put more muscle
behind the greenback. Join Marc Chandler, Brown Brothers Harriman's senior vice president and
global head of markets strategy, for a conversation about currencies and economics in the Global
Markets Forum. (1000/1400) To join the Global Markets Forum, click bit.ly/1kTxdKD
In a decision that could reshape U.S. tobacco regulation, an advisory panel to the U.S. Food and
Drug Administration will vote on whether Swedish Match should allowed to claim its smokeless
tobacco products known as snus are less harmful than cigarettes. The vote, to be taken after two
days of discussion, could pave the way for the first FDA approval of a modified risk tobacco
product and set a precedent for companies seeking to make similar claims.
A group of experts will meet at the Securities and Exchange Commission to possibly propose
reforms concerning proxy access and SEC rules governing dueling proposals between shareholders
and management. SEC Chair Mary Jo White and other commissioners are expected to make an
appearance. At the same time, SEC top compliance official Andrew Bowden will speak to the mutual
fund directors forum.
IMF Managing Director Christine Lagarde gives her traditional "curtain-raiser" speech ahead of
the IMF and World Bank's spring meetings in Washington next week. She is likely to focus on the
risks from Fed tightening and also discuss currency issues and economic growth in Europe,
including Greece.
Statistics Canada issues February data for building permits, which is expected to increase by 5
percent. The value of Canadian building permits issued in January sank by 12.9 percent.
(0830/1230) Separately, data will likely show new home prices in Canada were unchanged in
February after it fell 0.1 percent in the previous month. (0830/1230)
Joe Oliver, Canada's finance minister, will have a regular meeting with economists to discuss
their projections ahead of the April 21 budget. He bases the budget on their forecasts. He will
hold a news conference after the meeting.
Mohamed A. El-Erian, chief economic advisor at Allianz, the corporate parent of PIMCO, will be
giving a speech in Toronto about geopolitical threats and their impact on economies and markets.
Peru's central bank decides whether to hold the benchmark interest rate at 3.25 percent for the
third month in a row as economic growth remains weak and the sol currency slides. Separately,
the central bank of Mexico will publish the minutes of March policy meeting (1000/1400) and
Mexico's statistics agency releases data for March inflation. (1000/1400)

 (Compiled by Sourav Bose in Bengaluru; Editing by Savio D'Souza)
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