The Federal Reserve is scheduled to release its next Beige Book report of economic conditions on Wednesday, offering perhaps the best glimpse yet whether the recession has bottomed in the United States. The Beige Book report in March suggested that, by most measures, the economy was continuing to deteriorate and that prospects for near-term improvement was poor. But the April report showed that the deterioration was beginning to slow in some regions. Also, the TIPP Economic Optimism Index is scheduled to be released Tuesday, and the University of Michigan Consumer Sentiment Index comes out Friday. So by the end of the week, we could have a good gauge of the mood over the U.S. economy.
Elsewhere on this week's economic calendar, look for wholesale trade numbers for April and job vacancies for April on Tuesday. The trade balance for April and the federal government budget balance for May are due Wednesday, and Thursday brings business inventories for April and retail sales for May. And closing out the week is the Import Price Index for May.
Things will be pretty quiet on the earnings front this week as the current quarter winds down. But analysts surveyed by Thomson Reuters are looking for fiscal third-quarter earnings from Ferrellgas Partners (NYSE: FGP) that are 14.1% higher than a year ago, or $0.64 per share. But revenue for the quarter is expected to be 5.6% lower to $672.5 million. The forecast for the full-year results is thus far for $0.92 per share (+57.6%) on $2.3 billion (-1.7%). The nation's second-largest propane supplier topped expectations in the previous two quarters. The long-term EPS growth forecast is 6.0%, and the forward PE ratio estimate is 10.0, which is higher than that of bigger rival Amerigas Partners (NYSE: APU). And Ferrellgas recently declared its 59th consecutive quarterly dividend. Shares have risen 15.9% since the beginning of the year to $17.00, but they are still 21.0% lower than a year ago.
For a second quarter in which Piedmont Natural Gas Co. Inc. (NYSE: PNY) increased its dividend for the 31st consecutive year, analysts expect the North Carolina-based utility to report a profit of $0.68 per share, which is two cents higher than a year ago. Revenue is expected to total $637.5 million, which is about the same as a year ago. Piedmont's results have tended to fall a bit short of analysts' estimates in recent quarters. The long-term EPS growth forecast is 7.0%, and the forward PE ratio estimate is 15.0, which is better than the industry average. The consensus recommendation remains to buy PNY. Shares are up 4.6% since the beginning of the year to $23.73, but they are still 13.6% lower than a year ago and still well below the 100-day moving average.
Analysts expect San Francisco's Del Monte Foods Co. (NYSE: DLM) to report that its fiscal fourth-quarter earnings slipped three cents per share to $0.26. Revenue is expected to have fallen as well to $956.6 million. The forecast for the full-year results is for $0.66 per share (-10.8%) on $3.5 billion (-5.9%). However, the canned food giant's earnings have topped estimates in the past five quarters, by as much as 34.5%. The long-term EPS growth forecast is 7.0%, and the company's forward PE ratio estimate is 11.0. One analyst shared five reasons to love Del Monte. At $8.20, shares are 14.9% higher year to date.
Other expected earnings decliners scheduled to report this week include services provider North American Energy Partners Inc. (NYSE: NOA), apparel maker Oxford Industries Inc. (NYSE: OXM), filtration systems maker Pall Corp. (NYSE: PLL), and sportswear maker and retailer Quiksilver Inc. (NYSE: ZQK), which was recommended by BloggingStocks contributor Jamie Dlugosch recently.
Companies expected to have swung to loss in the most recent quarter include executive recruiter Korn/Ferry International (NYSE: KFY), Houston-based Men's Wearhouse Inc. (NYSE: MW), watchmaker Movado Group Inc. (NYSE: MOV), National Semiconductor Corp. (NYSE: NSM), and retailer Talbot's Inc. (NYSE: TLB).
Analysts also expect Cinedigm Digital Cinema Corp. (NASDAQ: CIDM) to report a loss for its fiscal fourth quarter. For the quarter in which the company announced agreements with Sony Pictures and MGM in its efforts to bring digital projection to theaters nationwide, Cinedigm is expected to narrowed its loss to $0.21 per share from $0.43 in the year-ago quarter. Revenue for the quarter is forecast to have grown 2.0% to $22.3 million. For the full year, analysts are looking for a loss of $1.23 per share on sales of $87.5 million (+8.0%). However, the company's losses have been deeper than expected in most recent quarters. Yet, the consensus recommendation of three analysts who cover the stock remains to buy CIDM. Shares have surged 78.3% in the past three months, closing Friday at $1.07. But they have also recently slipped below the 50-day moving average.
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