The initial public offering of Facebook reportedly will take place on May 18 with the social networking company's roadshow seen starting in less than a week. The Wall Street Journal said Facebook plans to begin the roadshow on May 7, with the IPO following 11 days later, on a Friday.
Sears (SHLD - Get Report) meets with shareholders Wednesday outside Chicago, and investors will look for clues on how the retailer will turn around a business that has seen annual revenue fall 20% since 2006. On Tuesday, Sears said it expected first-quarter net income of between $155 million and $195 million, or between $1.46 a share to $1.84 a share. A year earlier, Sears posted a loss of $165 million, or $1.53 a share.
Credit card giants MasterCard (MA - Get Report) and Visa (V - Get Report) both report first-quarter earnings on Wednesday. Analysts expect MasterCard to post earnings of $5.29 a share, up from $4.29 a share a year earlier. Visa is expected by Wall Street analysts to post first-quarter earnings of $1.50 a share, up from $1.23 a share in the year-earlier period.
Ascena Retail Group (ASNA) agreed to acquire Charming Shoppes (CHRS), the parent company of Lane Bryant and Fashion Bug, for $890 million. Ascena will make a cash tender offer for all outstanding common shares of Charming Shoppes at $7.35 a share. Charming Shoppes closed trading Tuesday at $5.90.
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