Corporate earnings, manufacturing reports to hit this week
by January 25, 2009 4:37 pm 59 views
Financial news from Fort Smith-based Arkansas Best Corp., Van Buren-based USA Truck Inc., and federal reports on GDP and new home sales will be packed into this fourth week of 2009.
Springdale-based Tyson Foods Inc. reports earnings Monday (Jan. 26) morning, and Arkansas Best and USA Truck report earnings Thursday (Jan. 29). Other publicly companies reporting earnings this week are El Dorado-based Murphy Oil Corp. (Jan. 28) and Little Rock-based Acxiom Corp. (Jan. 29).
The City Wire will post summaries of the corporate earnings reports soon after they are released.
Also on Thursday, the federal Commerce Department will report on December new home sales and the November durable goods (manufacturing) orders report.
On Friday, the Commerce Department will report a third-quarter 2008 revision to the closely watched GDP.
PREVIOUS ECONOMIC NEWS
• The past week was not a good week for the U.S. tech sector, with Microsoft reporting Jan. 22 it will cut up to 5,000 jobs. It was the first companywide layoff in the software giant’s 34-year history and was announced after the company reported net income of $4.17 billion, far below expectations.
• On Jan. 21, Intel said it will close five plants and cut about 3,000 jobs. The world’s largest maker of computer chips announced the cuts in response to a continued decline in the shipments of personal computers.
• The national housing sector continues to decline, with the Federal Housing Finance Agency on Jan. 22 reporting that national housing starts fell in December to 550,000, the lowest rate since 1959.