Twitter Expected to Make Public Trading Debut, U.S. to Post October Jobs Data -- Week Ahead
By Anna Prior
One of the most anticipated initial public offerings in recent years is expected next week, with Twitter Inc. slated to make its public trading debut.
Meanwhile, the October U.S. unemployment rate, set to be released next Friday, is expected to rise to 7.4% from the 7.2% reported for September, according to economists surveyed by Dow Jones Newswires.
Retailers also are expected to report October sales data, while corporate earnings season continues with reports expected from office-supply retailers Office Depot Inc. (ODP) and OfficeMax Inc. (OMX), which recently took another step toward merging.
Also, customers of collapsed brokerage MF Global Inc. may come closer to recovering all of their money in the upcoming week.
Twitter IPO Possible
Twitter is expected to set a final price for its initial public offering on Wednesday, according to a previous report in The Wall Street Journal that cited people familiar with the company's thinking. That means the microblogging service's stock could begin trading Thursday on the New York Stock Exchange.
Twitter will seek to sell as many as 80.5 million shares at $17 to $20 a share, which would raise as much as $1.6 billion at the top of the price range, according to an October filing.
Other IPOs expected in the coming week include cybersecurity and data-storage company Barracuda Networks Inc., telecommunications software provider Mavenir Systems Inc. and website developer Wix.com Ltd.
October Unemployment Rated Expected to Rise to 7.4%
Several economic reports are due in the coming week, including the October employment report from the U.S. Department of Labor. Economists expect nonfarm payrolls increased 120,000 last month, down from the 148,000 added in September.
Retailers to Report October Sales
A handful of U.S. retailers, including Costco Wholesale Corp. (COST), Gap Inc. (GPS) and L Brands Ltd. (LTD) are scheduled to release their October sales results Thursday. Many retailers, including the major department stores, have stopped reporting monthly results over the past year, making it more difficult to gauge the performance of the industry as a whole. Same-store sales came in below expectations for September, with the nine retailers tracked by Thomson Reuters posting 0.4% growth for the month, the weakest showing since the recession when the index registered a 2.4% same-store sales decline in August 2009.
Office Depot, Office Max to Report Quarterly Earnings
Office-supply retailers Office Depot and Office Max are expected to report third-quarter results next week as both companies continue to edge closer to completing a merger.
The Federal Trade Commission cleared the way Friday for Office Depot and OfficeMax to complete their $1.2 billion merger after concluding the corporate marriage wouldn't harm competition.
Other companies reporting quarterly results during the week include Kellogg Co. (K), AOL Inc. (AOL), CVS Caremark Corp. (CVS) and Tesla Motors Inc. (TSLA).
MF Global Could Return 100% of Customer Funds
Two years after MF Global went under, customers of the brokerage may come closer to recovering all of their money.
The trustee overseeing MF Global's liquidation, James W. Giddens, on Tuesday will ask the Manhattan bankruptcy court to let him make a final payment of $305 million to MF Global's commodities futures customers. The payout would result in a 100% recovery rate for all of MF Global's customers, who hold more than 26,000 claims against the brokerage.
In other bankruptcy news, GateHouse Media Inc. (GHSEQ) Wednesday will seek bankruptcy-court approval of its plan to wrap up its quick trip through Chapter 11 protection, while Patriot Coal Corp. (PCXCQ) on Wednesday will ask the St. Louis bankruptcy court to let it send its Chapter 11 exit plan to its creditors for a vote.
-Jacqueline Palank contributed to this article.
Write to Anna Prior at anna.prior@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
By Anna Prior
One of the most anticipated initial public offerings in recent years is expected next week, with Twitter Inc. slated to make its public trading debut.
Meanwhile, the October U.S. unemployment rate, set to be released next Friday, is expected to rise to 7.4% from the 7.2% reported for September, according to economists surveyed by Dow Jones Newswires.
Retailers also are expected to report October sales data, while corporate earnings season continues with reports expected from office-supply retailers Office Depot Inc. (ODP) and OfficeMax Inc. (OMX), which recently took another step toward merging.
Also, customers of collapsed brokerage MF Global Inc. may come closer to recovering all of their money in the upcoming week.
Twitter IPO Possible
Twitter is expected to set a final price for its initial public offering on Wednesday, according to a previous report in The Wall Street Journal that cited people familiar with the company's thinking. That means the microblogging service's stock could begin trading Thursday on the New York Stock Exchange.
Twitter will seek to sell as many as 80.5 million shares at $17 to $20 a share, which would raise as much as $1.6 billion at the top of the price range, according to an October filing.
Other IPOs expected in the coming week include cybersecurity and data-storage company Barracuda Networks Inc., telecommunications software provider Mavenir Systems Inc. and website developer Wix.com Ltd.
October Unemployment Rated Expected to Rise to 7.4%
Several economic reports are due in the coming week, including the October employment report from the U.S. Department of Labor. Economists expect nonfarm payrolls increased 120,000 last month, down from the 148,000 added in September.
Retailers to Report October Sales
A handful of U.S. retailers, including Costco Wholesale Corp. (COST), Gap Inc. (GPS) and L Brands Ltd. (LTD) are scheduled to release their October sales results Thursday. Many retailers, including the major department stores, have stopped reporting monthly results over the past year, making it more difficult to gauge the performance of the industry as a whole. Same-store sales came in below expectations for September, with the nine retailers tracked by Thomson Reuters posting 0.4% growth for the month, the weakest showing since the recession when the index registered a 2.4% same-store sales decline in August 2009.
Office Depot, Office Max to Report Quarterly Earnings
Office-supply retailers Office Depot and Office Max are expected to report third-quarter results next week as both companies continue to edge closer to completing a merger.
The Federal Trade Commission cleared the way Friday for Office Depot and OfficeMax to complete their $1.2 billion merger after concluding the corporate marriage wouldn't harm competition.
Other companies reporting quarterly results during the week include Kellogg Co. (K), AOL Inc. (AOL), CVS Caremark Corp. (CVS) and Tesla Motors Inc. (TSLA).
MF Global Could Return 100% of Customer Funds
Two years after MF Global went under, customers of the brokerage may come closer to recovering all of their money.
The trustee overseeing MF Global's liquidation, James W. Giddens, on Tuesday will ask the Manhattan bankruptcy court to let him make a final payment of $305 million to MF Global's commodities futures customers. The payout would result in a 100% recovery rate for all of MF Global's customers, who hold more than 26,000 claims against the brokerage.
In other bankruptcy news, GateHouse Media Inc. (GHSEQ) Wednesday will seek bankruptcy-court approval of its plan to wrap up its quick trip through Chapter 11 protection, while Patriot Coal Corp. (PCXCQ) on Wednesday will ask the St. Louis bankruptcy court to let it send its Chapter 11 exit plan to its creditors for a vote.
-Jacqueline Palank contributed to this article.
Write to Anna Prior at anna.prior@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
