On Tap Today: FOMC Begins Two-Day Meeting

Author:
Publish date:

Heading up today's major events is the long-awaited

Federal Open Market Committee meeting. This two-day event is the FOMC's first gathering of 2001. (The committee's decision about rates will not be announced until Wednesday.) Wall Street is expecting the Fed to cut rates at the meeting to give the economy a shot in the arm and thus spare us from using such dirty words as "recession."

And then, of course, earnings season continues. Today's announcements are led by Old Economy electric

Emerson

(EMR) - Get Report

, consumer staple

Procter & Gamble

(PG) - Get Report

, and confectionery king

Hershey

(HSY) - Get Report

.

Ahead of earnings, Hershey recently finalized its acquisition of Nabisco's gum and mint businesses, in a deal totaling $135 million.

Shares of Hershey traded up 1.4% to finish at $59.31 yesterday.

In economic news, the

BTM-UBSW Weekly Chain Store Sales Index and the

Redbook Retail Average are due out at 9 a.m. and 10:30 a.m. respectively. These two timely yet volatile indicators have the potential to move markets and should give us the lowdown on consumer spending. Sanwiched between those weekly indicators is the

Consumer Confidence Index, which hits the Street at 10 a.m..

Also: check out the list of recent IPOs coming out of their lockup periods.

Expected Earnings Reports

This table includes S&P 500 companies only. Dates are as expected according to First Call/Thomson Financial, and may change. The full week's earnings calendar is published separately.

Economic Data

(

Forecasts are from

Reuters

. Times are Eastern. For a longer-term economic calendar and more, see

TSC's

Economic Databank.

)

  • 9 a.m.: BTM-UBSW Weekly Chain Store Sales Index for the week ended Jan. 27. Source: Bank of Tokyo-Mitsubishi and UBS Warburg Forecast: n.a. Previous: -0.7%.
  • 10 a.m.: Consumer Confidence Index for January. Source: Conference Board. Forecast: 124.2. Previous: 128.3.
  • 10:30 a.m.: Redbook Retail Average for the week ended Jan. 27. Source: LJR Redbook. Forecast: n.a. Previous: 2.4%.

IPO Lockups Expiring

(TheStreet.com's

Michael Falbo, who writes for

TSC's

ipoPros.com subsidiary, keeps a close eye on lockup expirations every week. For more on lockup expirations and why they matter, check out Falbo's primer on the subject. The full current lockup expiration list is published separately. For information on IPO pricings, filings and aftermarket activity, plus a calendar of upcoming IPOs, check out

TheStreet.com's

IPO data section.

)

Conferences and Meetings

    The Federal Open Market Committee, the Fed's monetary policy making committee, holds its first meeting of the year in Washington. Any change in monetary policy will be announced tomorrow at around 2:15 p.m.