On Tap Today: Nortel, BMC Software Report Results; Greenspan Speaks Again
Yesterday's big newsmaker, Nortel Networks (NT) , is back in the headlines once again. Today, the world's No. 2 networking equipment supplier will hook investors up with its second-quarter earnings report.
Monday morning,
The Wall Street Journal
reported that Nortel is in talks to sell its optical-parts unit to
Corning
(GLW) - Get Corning Inc Report
, in a deal that could be valued at over $100 billion. Additionally yesterday, Nortel said it plans to spend $1.9 billion to more than double its fiber-optic manufacturing capacity over the next 18 months to meet customer demand.
Also in the earnings hot seat today is
BMC Software
(BMCS)
. Things don't look so cushy for the software company: Just a few weeks ago, BMC warned investors that its first-quarter profit would fall well behind analyst expectations because of weakness in its mainframe business.
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
(
TheStreet Recommends
Forecasts are from
Reuters
. Times are Eastern. For a longer-term economic calendar and more, see
TSC's
Economic Databank.
)
- 9 a.m.:
BTM Weekly U.S. Retail Chain Store Index for the week ended Saturday. Source:
Bank of Tokyo-Mitsubishi. Forecast: N/A. Previous: -0.6%.
10 a.m.:
Consumer Confidence Index for July. Source:
Conference Board . Forecast: 139.3. Previous: 138.8.
10 a.m.:
Existing Home Sales for June. Source:
National Association of Realtors. Forecast: 5.02 million. Previous: 5.09 million.
10:30 a.m.:
Redbook Retail Average for the month through Saturday, vs. June. Source: LJR Redbook. Forecast: N/A. Previous: +1.2%.
IPO Lockups Expiring
(TheStreet.com's
Ben Holmes, who heads
TSC's
ipoPros.com subsidiary, keeps a close eye on lockup expirations every week. For more on lockups and why they matter, check out Holmes' primer on the subject. The full current lockup list is published separately.
)
Speeches and Testimony
- Federal Reserve Chairman Alan Greenspan repeats last week's testimony before the Senate Banking Committee on the economy and monetary policy, an appearance formerly known as Humphrey-Hawkins, for the House Banking Committee.
