Second-quarter numbers will show that the big Wall Street firms are still feeling the undertow of the subprime crisis. Lehman Brothers (LEH) (June 16) is expected to post a loss of 31 cents per share. For Goldman Sachs (GS) (June 17), the analyst consensus points to a 28% drop in earnings from a year ago, to $3.56 per share. At Morgan Stanley (MS) (June 20), earnings per share are expected to tumble to $1, a 59% year-over-year drop.
BEST BUY (BBY)
Strong demand for flat-screen television sets boosted the electronics retailer's results at the end of fiscal 2008. But weak consumer spending is expected to drive down earnings for the fiscal first quarter by 79%, to 36 cents per share.
EURO FOREIGN TRADE
June 17, 5 a.m. EDT
The euro zone reports April figures for foreign trade at a time of slowing worldwide growth. The zone's March trade deficit stood at $3.8 billion, following a $2.5 billion surplus in February.
June 17, 8:30 a.m. EDT
Housing starts for May are expected to drop by 6%, to 970,000 units. That follows April's 8.2% month-on-month rebound, to 1.03 million units. Starts are still down more than 30% from the same period last year, though the rate of decline has eased.
June 17, 9:15 a.m. EDT
After falling 0.7% in April, industrial production should log a 0.3% rise for the month of May. But the betting is still that perf- ormance for the second quarter will disappoint.
Bio International, the industry's biggest annual gathering, will feature discussions about patent protection and displays of the newest technologies. Over 20,000 are expected to attend the meeting in San Diego.
The Government Accountability Office is set to rule on a case filed by Boeing (BA), which is contesting the U.S. Air Force's February decision to award rivals Airbus and Northrop Grumman (NOC) a $35 billion contract for 179 refueling tankers.