Monday, May 5

• Happy Cinco de Mayo!
• Day one of the two-day FDA Anesthetic/Life Support Drugs & Drug Safety/Risk Management Advisory Committees meeting: Purdue Pharma's NDA for Oxycontin.
  
• Anadarko Petroleum (NYSE:APC) to report Q1 earnings; conference call Tuesday at 10:00am.

Tuesday, May 6

• Day two of the two-day FDA Anesthetic/Life Support Drugs & Drug Safety/Risk Mgmt Advisory Committees meeting: Cephalon's (NASDAQ:CEPH) sNDA for Fentora.
• Molson Coors (NYSE:TAP) to report Q1 earnings; conference call at 12:00pm.
• Walt Disney Company (NYSE:DIS) to report Q2 earnings; conference call at 4:30pm.

Wednesday, May 7

• Marsh & McLennan (NYSE:MMC) to report Q1 earnings; conference call at 8:30am.
• Transocean (NYSE:RIG) to report Q1 earnings; conference call at 10:00am.
• Hot Topic (NASDAQ:HOTT) and Zumiez (NASDAQ:ZUMZ) to report April sales at 4:00pm.

Thursday, May 8

• Wal-Mart (NYSE:WMT) to report April sales at 8:00am. Abercrombie & Fitch (NYSE:ANF) to report sales at 8:15am. Target (NYSE:TGT) to report sales at 8:30am.
  
• NVidia (NADAQ:NVDA) to report Q1 earnings; conference call at 5:00pm.

Friday, May 9

• PDUFA date for Adolor Corp (NYSE:ADLR) and GlaxoSmithKline's (NYSE:GSK) Entereg for management of Post-operative Ileus.
• American International Group (NYSE:AIG) to report Q1 earnings; conference call at 8:30am.
• Sotheby's (NYSE:BID) to report Q1 earnings; conference call at 9:00am.

Monday, April 7

• PDUFA date for Bristol-Myers Squibb Co. (NYSE: BMY)'s supplemental Biologics License Application for Orencia for the treatment of Juvenile Rheumatoid Arthritis.
• Alcoa Inc. (NYSE: AA) to report Q1 earnings; conference call at 5pm.

Tuesday, April 8

• Chattem Inc. (NASDAQ: CHTT) to report Q1 earnings; conference call at 9:00am.
• FOMC to release minutes of the March 18th meeting at 2:00pm.
• Embraer-Empr Bras Aeronautica (ADR) (NYSE: ERJ) conference call to announce new midsize & midlight executive jet concepts at 6:00pm.

Monday, March 10

• Google Inc. (NASDAQ: GOOG) and InterActive Corp. (NASDAQ: IACI) to present at Bear Stearns Media Conference.
• Texas Instruments Inc. (NYSE: TXN) to hold mid-quarter update conference call at 5:00 pm.

Tuesday, March 11

• Foot Locker Inc. (NYSE: FL) to report Q4 earnings; conference call at 9:00 am.
• Chevron Corp. (NYSE: CVX) to hold analyst meeting at 9:00 am.
• Kroger Co. (NYSE: KR) to report Q4 earnings; conference call at 10 am.

Wednesday, March 12

• FDA Oncologic Drugs Advisory Committee Meeting on Schering-Plough Corp.'s (NYSE: SGP) sBLA for Pegintronfor treatment of melanoma at 8:00 am.
• Freddie Mac (NYSE: FRE) to host analyst/investor meeting at 8:30 am.
• Hot Topic (NASDAQ: HOTT) to report Q4 earnings; conference call at 4:30 pm.

MOST NOTEWORTHY: Ericsson, Circuit City and Hot Topic were today's noteworthy downgrades:

• Societe Generale downgraded shares of Ericsson (NASDAQ: ERIC) to Hold from Buy after the company lowered its Q4 guidance. Goldman Sachs downgraded shares to Neutral from Buy on the company's lowered Q4 revenue outlook and the growing probability that the wireless infrastructure market will decline again in 2008.
• Circuit City (NYSE: CC)'s rating was lowered to Neutral from Overweight at JP Morgan, as they believe the company's high cost turnaround will require a strategic partner or acquirer, which may not happen until after 2H08 and this year's holiday season.
• Citigroup downgraded shares of Hot Topic (NASDAQ: HOTT) to Hold from Buy to reflect their pushed out expectations for an earnings recovery.

OTHER DOWNGRADES:

• Office Depot (NYSE: ODP) was downgraded to Peer Perform from Outperform at Bear Stearns.
• Lehman downgraded Telecom Italia (NASDAQ: TI) to Underweight from Equal Weight.
• Goldman removed Freeport McMoRan (NYSE: FCX) from its Conviction Buy List.

Monday, November 5

• BorgWarner (NYSE: BWA) to give business update at 10am.
• Burger King (NYSE: BKC) to report Q1 earnings; conference call at 10am.

Tuesday, November 6

• Merrill Lynch to host conference call discussing Focus Media's (NASDAQ: FMCN) secondary offering at 11am.
• Yahoo (NASDAQ: YHOO) CEO Jerry Yang, Senior VP Michael Callahan & General Counsel to testify before the House Foreign Affairs Committee on how their company gave false information to Congress relating to their role in a human rights case in China which resulted in a journalist being sent to jail for 10 years.

Wednesday, November 7

• Symmetry Medical (NYSE: SMA) to give Q3 business update at 8am.
• Fluor (NYSE: FLR) to report Q3 earnings; conference call at 9:30am.
• Hot Topic (NASDAQ: HOTT) to report October sales at 4pm, American Eagle (NASDAQ: AEO) to report Oct. sales at 5pm.

Thursday, November 8

• Disney (NYSE: DIS) to report Q4 earnings; conference call at 4:30pm.
• CyberSource (NASDAQ: CYBS) to give 2007 guidance at 4:30pm.
• Gap (NYSE: GPS) and Wal-Mart Stores (NYSE: WMT) to report Oct. sales at 8am, Abercrombie & Fitch (NYSE: ANF) to report Oct. sales at 8:15am.

Friday, November 9

• Halozyme Therapeutics (NASDAQ: HALO) to give business update at 11am.
• Goldcorp (NYSE: GG) to report Q3 earnings; conference call at 1pm.

Monday October 8

• PDUFA date for Theravance Inc's (NASDAQ: THRX) Telavancin for complicated skin and soft tissue infections caused by gram-positive bacteria

Tuesday October 9

• Yum! Brands Inc (NYSE: YUM) to report Q3 earnings; conference call at 9:15am
• Optimal Group Inc (NASDAQ: OPMR) to hold conference call at 11am to discuss the WowWee acquisition
• Penn Treaty American Corporation (NYSE: PTA) to hold operational update at 11am
• Alcoa Inc (NYSE: AA) to report Q3 earnings; conference call at 5pm

Wednesday October 10

• Costco Wholesale Corporation (NASDAQ: COST) to report Q4 earnings; conference call at 11am
• Hot Topic Inc (NASDAQ: HOTT) and Zumiez Inc (NASDAQ: ZUMZ) reporting monthly sales at 4pm

Thursday October 11

• Pepsico Inc (NYSE: PEP) to report Q4 earnings; conference call at 11am
• Bebe Stores Inc (NASDAQ: BEBE) to report monthly sales at 7am, Limited Brands Inc (NYSE: LTD) and The Children's Place Retail Stores Inc (NASDAQ: PLCE) at 7:30am, The Gymboree Corporation (NASDAQ: GYMB) at 7:55am, AnnTaylor Stores Corporation (NYSE: ANN), Gap Inc (NYSE: GPS) and Wal-Mart Stores Inc (NYSE: WMT) at 8am, Target Corporation (NYSE: TGT) at 8:30am.

Friday October 12

• PDUFA date for GlaxoSmithKline Plc's (NYSE: GSK) Hycamtin for relapsed Small Cell Lung Cancer

Monday September 3

• Markets closed for Labor Day holiday.

Tuesday September 4

• Ford Motor Company (NYSE: F) to report monthly sales at 1pm; General Motors (GM) at 2pm.
• American Dental Partners Inc (NASDAQ: ADPI) to discuss acquisition of Metropolitan Dental at 1pm.

Wednesday September 5

• Apple Inc (NASDAQ: AAPL) to hold media event to introduce "a new array of digital media offerings."
• The Boeing Company (NYSE: BA) to give update on 787 Dreamliner Program at 10am.
• Hot Topic Inc (NASDAQ: HOTT) and Zumiez Inc (NASDAQ: ZUMZ) to report monthly sales at 4pm, American Eagle Outfitters Inc (NYSE: AEO) at 5pm.

Thursday September 6

• Chico's FAS Inc (NYSE: CHS) to report monthly sales at 7:30am, AnnTaylor Stores Corporation (NYSE: ANN), Gap Inc (NYSE: GPS) and Wal-Mart Stores Inc (NYSE: WMT) at 8am.
• PDUFA date for Johnson & Johnson (NYSE: JNJ) and Omrix Biopharmaceuticals Inc's (NASDAQ: OMRI) Thrombin.
• Campbell Soup Company (NYSE: CPB) to report Q4 earnings; conference call at 11am.
• National Semiconductor Corporation (NYSE: NSM) to report Q1 earnings; conference call at 4:30pm.

Friday September 7

• I did not see anything to compelling going on today, please leave a note in the comments section if you think I missed something.

Hot Topic Inc (NASDAQ: HOTT), the trendy retailer with a downward trending stock price, announced last night that it is buying back $40 million of stock, roughly 11% of the company's value.

As we blogged in early July, the retailer is way off from its $30 high and is now selling for $8.15. The sagging stock price has attracted SAC Capital, which accumulated 5.1% of Hot Topic stock, or 2.3 million shares.

We blogged about the merits of bottom fishing in this retailer, but proved a bit early as investors dumped retail stocks on weak economic data and concerns about the subprime market hit the headlines. Hot Topic also got hit due to Take-Two Interactive Software Inc (NASDAQ: TTWO) delaying the launch of Grand Theft Auto 4, as the introduction of new game consoles is thought to have boosted Hot Topic's results in the past.

Hot Topic has a clean balance sheet and a second concept, Torrid, which provides plus-size fashion-forward apparel and accessories that target young women principally between the ages of 15 and 29, that is doing alright.

Last night's announcement can be credited to SAC Capital. SAC likes the management of overcapitalized balance sheet to put any excess money to work quickly. The combination of a large share repurchase in addition to a potential turn around of the Hot Topic concept could drive this stock considerably higher in 2008.

Monday August 6

• Blue Nile Inc (NASDAQ: NILE) to report Q2 earnings; conference call at 5pm.
• SINA Corporation (NASDAQ: SINA) to report Q2 earnings; conference call at 9pm.

Tuesday August 7

• Tenet Healthcare Corporation (NYSE: THC) to report Q2 earnings; conference call at 11am.
• Cisco Systems Inc (NASDAQ: CSCO) to report Q4 earnings; conference call at 4:30pm.

Wednesday August 8

• Sprint Nextel Corporation (NYSE: S) to report Q2 earnings; conference call at 8am.
• Hot Topic Inc (NASDAQ: HOTT) to report monthly sales at 4pm.

Thursday August 9

• More monthly sales reports, including: Chicos FAS Inc (NYSE: CHS) at 7:30am; Limited Brands Inc (NYSE: LTD) at 7:30am; Wal-Mart Stores Inc (NYSE: WMT) at 8am; AnnTaylor Stores Corporation (NYSE: ANN) at 8am; and Abercrombie & Fitch Co (NYSE: ANF) at 8:15am.

Friday August 10

• EchoStar Communications Corporation (NASDAQ: DISH) to report Q2 earnings; conference call at 12pm.
• PDUFA date for Solvay SA (OTC: SVYSY) and Wyeth's (NYSE: WYE) Bifeprunox for the treatment of Schizophrenia.

MOST NOTEWORTHY: RadioShack (RSH), Weyerhauser (WY), Goodyear Tire (GT), Hot Topic (HOTT) and Unilever (UL, UN) were today's noteworthy downgrades:

• Citigroup downgraded RadioShack (NYSE: RSH) to Sell from Hold on valuation as they believe shares have priced in a more aggressive top-line recovery than the company can deliver over the next 12 months and that margin improvement is likely to slow.

• Merrill downgraded Weyerhauser (NYSE: WY) to Neutral from Buy based on the tighter credit environment and the impact on a potential containerboard divestiture or merger.

• Matrix downgraded shares of Goodyear Tire (NYSE: GT) to Sell from Hold to reflect rising oil prices and negative fundamental trends.

• AG Edwards downgraded Hot Topic (NASDAQ: HOTT) to Sell from Hold to reflect negative performance momentum and a lack of back-to-school prospects.

• Credit Suisse downgraded Unilever (NYSE: UN, UL) to Underperform from Neutral as their analysis suggests the company continues to lose market share...

OTHER DOWNGRADES:

• Baird cut Franklin Electric (NASDAQ: FELE) to Underperform from Neutral.

• Bear Stearns downgraded Kyphon (NASDAQ: KYPH) to Peer Perform from Outperform.

• Jarden (NYSE: JAH) was cut to Neutral from Buy at Goldman.

• Citigroup downgraded PetroChina (NYSE: PTR) to Hold from Buy.

• Alacatel-Lucent (NYSE: ALU) was downgraded to Neutral from Buy at Goldman.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Hot Topic Inc. (NASDAQ: HOTT) reported better than expected same store sales last night, down only 4% versus a consensus decline of 6.7%.

The company, which sells alternative music and pop culture apparel and merchandise to teens, has cut back on promotional activity with inventories becoming more lean, a positive for future quarter performance. Further, its new story formats continue to do well and trends at Torrid remain solid.

We blogged earlier in the week that Hot Topic may be setting the foundation for a meaningful turnaround later this year and going into 2008. The stock is way off from its $30 high and is now at $11. SAC Capital has accumulated 5.1% of Hot Topic stock, or 2.3 million shares, up from the 245K shares it had disclosed at the end of the first quarter.

Hot Topic, with movies like the Transformers and a new generation of video game consoles and games coming to market, will have ample supply of trendy new products to sell and support a nice turnaround. The stock is up 49 cents in trading today.

Hot Topic Inc (NASDAQ: HOTT), the specialty retailer that operates the Hot Topic and Torrid concepts, might be worth a look. The stock is way off from its $30 high and is now selling for $11, and its poor operating performance could be bottoming.

While same-store sales continued to slide in May, down 6.1%, margins for the retailer are beginning to improve. Also, SAC Capital has racked up 5.1% of Hot Topic stock, or 2.3 million shares up from the 245K shares it had disclosed at the end of the first quarter.

With bad inventory out the door and movies like the Transformers and a whole new generation of video game consoles and games coming to market, this trendy retailer stock could be ready for a nice turnaround.

Monday July 9

• The Chicago Board of Trade (NYSE: BOT) and Chicago Mercantile Exchange Holdings Inc (NYSE: CME) to hold a special shareholder meeting in Chicago about merging at 4pm.
• Take-Two Interactive Software (NASDAQ: TTWO) to hold a business update at 4:30pm.
• Alcoa Inc (NYSE: AA) to report Q2 earnings; conference call at 5pm.

Tuesday July 10

• Electronic Entertainment Expo, or E3, to be held from July 10-July 13 in Santa Monica, California.
• The Home Depot Inc (NYSE: HD) to release a 2007 Sales Update at 9am.
• Sealy Corporation (NYSE: ZZ) to report Q2 earnings; conference call at 5pm.

Welcome to the 17th installment of The Wal-Mart Weekly, a weekly column dedicated to bringing you insight, wit, facts, results, opinions and just a bit of everything else when it comes down to a very hot topic these days: Wal-Mart.

Last week I mused on how Wal-Mart Stores (NYSE: WMT) supplies basic customer service to its customers -- or a lack of it. From waiting in lines when there are many empty checkout lanes to blocking aisles with pallets during daytime shopping hours, is the retailer turning off customers by not creating a pleasant atmosphere that is conducive to shopping?

This week, we'll be making the rounds on how the various Wal-Mart departments combine into a cohesive shopping experience, but do not threaten some competitors at all. Why? Well, have you ever thought that Wal-Mart would be seen as lacking in product selection? It does, from this corner, and I'll give you insight on why Wal-Mart will never be able to unseat some retailers at the same time it continues to grow its sales. Read on.

Will players in the specialty retail field bring up solid March sales results this week? Who knows, but analysts expect this and, you know, analysts are always right (well, not exactly). At issue here is the expected strength of March sales in the specialty retail sector, reflecting a sales shift from April due to an earlier Easter. Who may suffer here? Specialty retailers of clothing, that's who.

OK, so what does that mean for April sales and beyond? A sour entry into late spring, perhaps? Who's in the cross-hairs of analysts in this sector? Try retailers like Talbot's (NYSE: TLB), Chico's FAS (NYSE: CHS), and Limited Brands (NYSE: LTD). Throw on that pile companies like Abercrombie & Fitch (NYSE: ANF), which may have seen lower sales due to bottoms (yeah, the "pants" kind) during this season shift that's happened in the last few weeks.

And the good news? While retailers like Pacific Sunwear (NASDAQ: PSUN), Hot Topic (NASDAQ: HOTT) and American Eagle Outfitters (NYSE: AEO) may have an above-average spring, sales are expected to slump over the summer season. Adjust positions accordingly I guess? Heh -- seasonality is the name of the game in clothing and much of specialty retail. The companies that can predict and adjust product lines as fast as possible are the winners.

Disclosure: I own HOTT shares as of 4-11-07.