On Tap Today: Consumer Price Index, Industrial Production Report
Bloodied and battered, the market limps into today's
triple-witching in search of an antidote for its most recent ailments. Today's cauldron combines a healthy dose of economic data, a pinch of earnings, a dash of IPO news and plenty of uncertainty.
Headlining the spate of scheduled events are the releases of the
Consumer Price Index and the
Industrial Production report for May. The CPI measures prices of a fixed basket of goods such as food, shelter, transportation, utilities, medical care and the like. Economists view the data as a cost-of-living benchmark in that they are used to adjust Social Security payments, union contracts and tax brackets.
The industrial production data measure the change in production of the country's factories, mines and utilities. Both indicators should factor in today's trading session.
On the earnings front, consumer electronics retailer
Circuit City
(CC) - Get Report
issues its quarterly results. According to
Thomson Financial/First Call
, the Richmond, Va.-based firm is expected to post first-quarter profits of 4 cents a share, which would be down from 28 cents a share in the year-ago period.
Shares traded down 38 cents, or 2.4%, to $15.40 yesterday.
Economic Data
(Forecasts are from
Reuters
. Times are Eastern. For a longer-term economic calendar and more, see
TSC's
Economic Databank.)
- 8:30 a.m.:
Consumer Price Index for May. Source:
Labor Department. Forecast: +0.3%. Previous: +0.3%.
Ex-Food and Energy: Forecast: +0.2%. Previous: +0.2%
8:30 a.m.:
Real earnings for May. Source:
Labor Department. Forecast: n.a. Previous: -0.1%.
9:15 a.m.:
Industrial Production for May. Source:
Federal Reserve. Forecast: -0.4%. Previous: -0.3%.
Capacity utilization: Forecast: 78.0%. Previous: 78.5%.
10 a.m.:
Consumer Sentiment Index for May-preliminary. Source:
University of Michigan. Forecast: 91.9. Previous: 92.9.
IPO Quiet Periods Expiring
(TheStreet.com's
Ben Holmes, who heads
TSC's
ipoPros.com subsidiary, keeps a close eye on quiet period expirations every week. For more on quiet periods and why they matter, check out Holmes' primer on the subject. For information on IPO pricings, filings and aftermarket activity, plus a calendar of upcoming IPOs, check out
TheStreet.com's
IPO data section.)
Quiet Period End | Deal Name | Symbol | Lead Underwriter |
6/15/01 | Peabody | (BTU:NYSE) | Lehman Brothers |