Earnings reports will finally slow down this week, and most eyes will be on the July employment report to be released on Friday.
Most in the market are looking for a solid increase on the heels of June’s disappointing report of 112,000 new jobs–a significant falloff from the previous three months in which the economy created 235,000, 324,000 and 353,000 new jobs.
Analysts say they expect to hear that the economy created between 215,000 and 240,000 new non-farm jobs in July.
Economist Sung Won Sohn of Wells Fargo & Co. in Minneapolis is looking for a sizable advance, in excess of 200,000 positions, a pace he expects will continue through the year.
“The consensus is that it will show a gain of 240,000, and it could even be a bit more,” said Sohn.
Looking further ahead, the Federal Reserve’s Open Market Committee meets Aug. 10 to discuss the economy and evaluate interest rates.
EARNINGS RELEASES
Monday: ABN Amro Holdings; Collins & Aikman Corp.; First Health Group Corp.; HSBC Holdings PLC; Priceline.com Inc.; Principal Financial Group; Proctor & Gamble Co.; R.J. Reynolds Tobacco Holdings; Unocal Corp.
Tuesday: Coach Inc.; Emerson Electric Co.; Equity Office Properties Trust; Martha Stewart Living Omnimedia Inc.; Masco Corp.; Meredith Corp.; Perot Systems Inc.; Prudential Financial Inc.; Qwest Communications International Inc.; Revlon Inc.; Ryanair Holdings PLC; Tenet Healthcare Corp.; Toyota Motor Corp.; Tyco International Inc.
Wednesday: Aksys Ltd.; Aon Corp.; Cigna Corp.; CVS Corp.; Orbitz Inc.; Polo Ralph Lauren Corp.; Reliant Energy Inc.; R.R. Donnelley & Sons Co.; Univision Communications Inc.; Warnaco Group Inc.
Thursday: Alcan Inc.; CMS Energy Corp.; Chiquita Brands International Inc.; Clorox Co.; DirecTV Group Inc.; Gemstar-TV Guide International Inc.; Goodyear Tire & Rubber Co.; Keyspan Corp.; May Department Stores Co.; MCI Inc.; Pixar; Playboy Enterprises Inc.; Sara Lee Corp.; ServiceMaster Co.; Trizec Properties Inc.; Williams Cos.
Friday: Pepco Holdings Inc.; Telus Corp.
WALL STREET EVENTS
Monday: LinuxWorld Conference, San Francisco, through Friday; America’s Growth Capital Conference, Boston.
Tuesday: Adams, Harness & Hill summer seminar, Boston.
Thursday: World Shoe Association Show, Las Vegas, through Sunday.
GOVERNMENT
Monday: Treasury bill auction, 2 p.m.
ECONOMIC RELEASES
Monday: Construction spending for June; Institute for Supply Management monthly report on manufacturing sector.
Tuesday: Personal income and spending for June.
Wednesday: June factory orders; automakers release July sales figures; Federal Reserve Beige Book; July ISMS report on services sector.
Thursday: Initial claims for unemployment for week ending Aug. 1; International Council of Shopping Centers releases monthly U.S. retail-chain-store sales indexes.
Friday: July unemployment rate; July average hourly earnings; July change in non-farm and manufacturing payrolls; June consumer credit.
INITIAL PUBLIC OFFERINGS
This week: BioMed Realty Trust Inc., real estate investment trusts; CNL Hospitality Properties Inc., real estate investment trusts; PRN Corp., TV stations; Stereotaxis Inc., electromedical and electrotherapeutic apparatus.
Wednesday: Blount International Inc., manufacturing; Commercial Vehicle Group Inc., auto parts and equipment; Rightnow Technologies, Internet; Symmetry Medical Inc., health-care products.
