NEW YORK (
) -- Tuesday will see the calendar turn over to September, headlined by earnings from video-game maker
and monthly auto sales data.
The heart of Tuesday's earnings slate is scheduled for release late in the day, with Take-Two in the spotlight. Analysts expect that maker of
Grand Theft Auto
to post a loss of 68 cents a share, swinging from a year-ago profit of 93 cents a share, according to a poll by Thomson Reuters.
In the absence of any major title release, analysts expect Take-Two's sales to slide to $125.3 million in the quarter from $433.8 million in the year-ago quarter.
In addition to Take-Two,
will post quarterly results after Tuesday's closing bell.
Meanwhile, the start of a new month brings the latest monthly auto sales data, due to be released by carmakers throughout the session. Edmunds.com said new vehicle sales (including fleet sales) are expected to be around 1.17 million units, nearly a 6% decrease from a year ago but up nearly 18% from the previous month.
A week-by-week analysis by Edmunds.com showed that this summer has been the industry's most volatile period in history due to the government's Car Allowance Rebate System (CARS), better known as the Cash for Clunkers program.
"Cash for Clunkers sent the sales rate on a wild roller coaster ride," said Jessica Caldwell, a senior analyst with Edmunds.com. "The
seasonally adjusted annualized rate surpassed 19 million in late July, bounced around in the 15 million range early in August and has fallen to around eight million currently. Ending August on such a low note does not bode well for September."
Adjusted for fewer selling days, Edmunds.com estimates that
saw sales rise 26% from a year ago, up 13% from July.
is expected to see auto sales fall 25% from a year ago, although that number should be 18% higher from July.
is expected to see August sales rise 3% from a year ago and 20% compared to July's data.
Also on the economic calendar, the Institute for Supply Management will release the August read on its manufacturing index at 10 a.m. EDT. Economists expect the index to rise to 50.2 from 48.9 in July. Any reading over 50 is considered to show expansion in the manufacturing sector.
At the same time, the Census Bureau will release construction spending data for July. Economists expect a decline of 0.2%, compared to a 0.3% rise in June.
-- Written by Robert Holmes in New York