Retail stocks will once again be in focus Wednesday, one day after a better-than-expected read on consumer confidence sent the sector higher.
Before the start of trading Wednesday,
will all report quarterly results.
Retail stocks surged Tuesday following the Conference Board's report that
to its best level since September. Shortly before the close of trading Tuesday, Staples shares were higher by 5.1%, American Eagle was up 5.8%, Chico's surged 8.7%, and Dollar Tree was gaining 3.8%.
is among a small number of companies expected to release quarterly results after Wednesday's close. Analysts expect TiVo to post a loss of 5 cents a share on revenue of $48.6 million, according to Thomson Reuters.
On the economic front, the lone report due Wednesday is the April read on existing home sales. Economists expect the number to improve to 4.65 million annualized units from 4.57 million in March.
may be worth watching, as the company will hold its annual shareholder meeting at 9 a.m. EDT in New York. The meeting will be the first since
, which helped diffuse worries the satellite radio giant's debt load would force the company into bankruptcy.
At Sirius XM's last meeting, shareholders approved measures that allowed it to raise the number of shares outstanding from 4.5 billion shares to 8 billion shares. Shareholders also approved an amendment that permitted the board of directors to initiate a reverse stock split by a ratio of not less than 1-for-10 and not more than 1-for-50.
Sirius XM isn't the only company holding its annual shareholder meeting Wednesday.
are among those companies with meetings scheduled.
will also be closely watched as the deadline for a
GM bankruptcy filing
nears. On Tuesday, shares rebounded sharply after several positive headlines for the company, including reports that the United Auto Workers union will own 17.5% of the automaker under an agreement that has been reached.
However, bondholders face a midnight deadline for an offer of a 10% stake in the restructured automaker in return for their $27 billion in debt.
reported that the number of bondholders likely to accept was in the single digits, well below the 90% required for the deal to happen. If the offer is not accepted and the deadline is not extended, GM could file for bankruptcy court protection in the next few days.