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Cal-Maine Foods Inc. (CALM) is about the only company of note scheduled to release earning results in what will otherwise be a very quiet week between the holidays.
The three months that ended in November saw the poultry industry embroiled in an environment-related lawsuit, and Cal-Maine also ended its streak of special dividends when it reported a first-quarter loss.
Analysts surveyed by Thomson Reuters expect Cal-Maine to report that fiscal second quarter 2010 earnings fell 42.1% from a year ago to $0.66 per share. Revenue for the quarter is expected to total $233.7 million, only 2.0% lower than a year ago. So far, the forecast is for sequential EPS growth in the third quarter, as well as both sequential and year-over-year growth in revenue. However, this Mississippi-based egg producer has fallen short of earnings estimates in the past four quarters.
Cal-Maine's earnings multiple is 12x, which is lower than the food and beverage industry average. The First Call consensus recommendation is to buy CALM and has been for more than 90 days. The Motley Fool considers CALM a Peter-Lynch-style stock pick. Shares have risen 10.9% in the past three months and reached a 52-week high of $31.87 last week.
Elsewhere on the economic calendar, things will be just as quiet this week. The Senate passed its health care reform bill, but the work of reconciliation lies ahead.
Tuesday will bring retail numbers for the final shopping days before Christmas. The International Council of Shopping Centers Retail Chain Store Sales Index has shown some growth in the past two weeks. The Johnson Redbook Retail Sales Index has shown somewhat stronger growth. But another winter storm could have put a damper on some last-minute holiday sales.
The Conference Board's Consumer Confidence Index for December is also scheduled for Tuesday. After a decline in October, the index increased slightly in November, and is expected to increase again this month.
On Wednesday, its the Chicago PMI, a measure of manufacturing activity in the Midwest. After rising in November, the index is expected to decline in December.
Companies scheduled to report quarterly results after the beginning of the new year include Apollo Group Inc. (APOL), Bed Bath & Beyond Inc. (BBBY), Constellation Brands Inc. (STZ), Family Dollar Stores Inc. (FDO), Lennar Corp. (LEN), Monsanto Co. (MON) and Mosaic Co. (MOS).
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