Congress and a bankruptcy court judge will review the fate of
almost 800 Chrysler LLC dealers scheduled to close next week as
part of the auto maker's restructuring.
Next Friday will be the last day that television stations will
broadcast in analog format. Despite extensive preparations for the
conversion, millions of Americans who rely on free, over-the-air
television may lose access to some or all channels.
And Apple Inc. (AAPL) fans are speculating that Chief Executive
Steve Jobs, who appears on track to return from medical leave after
months of uncertainty about his health, may attend its annual
developers conference Monday.
800 Chrysler Dealers Prepare To Close
Legal arguments on Chrysler's plan to cut its ties with a
quarter of its dealerships are slated to begin Tuesday in
bankruptcy court. Nearly 800 Chrysler dealers are expected to close
next week.
Sen. Bob Corker, R-Tenn., a leading critic of the auto makers,
has proposed a bill that would require Chrysler and General Motors
Corp. (GMGMQ), which filed for bankruptcy protection this week, to
use government bailout funds to reimburse closed dealerships for
unsold vehicles and parts. Others in Congress are trying to slow
down the dealership closings.
TV Turns All-Digital Next Week
The U.S. converts to all-digital broadcast TV next Friday, which
could leave about 3 million households without free access to
programming. That is the number estimated to be using rabbit ears
for analog TV signals. Those people must buy a digital TV or a
digital converter box or subscribe to satellite or cable TV
service.
About half of the roughly 1,800 TV stations in the U.S. have
transitioned to an all-digital format since Feb. 17, the original
date for the digital shift. At the request of President Barack
Obama, the date was delayed to ensure the country was more
prepared.
Jobs To Appear At Apple Event?
Apple holds its annual developers conference Monday in San
Francisco, and some are speculating Chief Executive Steve Jobs, who
took a medical leave from the company in January, could appear -
along with the latest version of the iPhone. The last version of
the iPhone was announced at the same event almost one year ago.
Jobs, a survivor of pancreatic cancer, reportedly will return to
work later this month. Apple has said its marketing chief, Philip
Schiller, will give the keynote address - a role reserved for Jobs
in past years.
Trade Deficit Likely Grew Again
The U.S. trade deficit is expected to expand slightly in April
as it did in March after shrinking every month since November. The
deficit will be detailed Tuesday, a day after the government
reports on April wholesale inventories.
On Wednesday, the Federal Reserve releases its Beige Book, a Fed
survey of regional economic conditions across the U.S.
The government details May retail sales and April business
inventories Thursday, and a day later, the Reuters/University of
Michigan Consumer Sentiment Index issues its preliminary figure for
June. The index has been rising since February.
Among appearances by Federal Reserve officials: Atlanta Fed
President Dennis Lockhart on Thursday in Atlanta.
Retailers, Food Companies Report
Retailers, spirits company Brown-Forman Corp. (BFA) and Del
Monte Foods Co. (DLM) are among the few companies posting quarterly
results next week. Women's apparel retailer Talbots Inc. (TLB)
reports Tuesday and Men's Wearhouse Inc. (MW) and Neiman Marcus
Group Inc. (NMGA) do Wednesday. Brown-Forman also reports
Wednesday, while Del Monte does Thursday.
Diabetes Studies Could Change Market
Studies to be released at the annual American Diabetes
Association conference could shake the market for large diabetes
product makers, such as GlaxoSmithKline PLC (GSK) and Novo Nordisk
(NVO), and change the way patients deal with a disease that can
lead to blindness, kidney disease, heart attacks and death. Among
the pharmaceutical and device companies whose business could be
affected by studies presented through Tuesday in New Orleans are
Takeda Pharmaceutical Co. (4502.TO), Merck & Co. (MRK), Boston
Scientific Corp. (BSX), Bristol-Myers Squibb Co. (BMY) and
AstraZeneca PLC (AZN).
Senate To Debate Tobacco Bill
The Senate is expected to debate a bill tightening regulation of
tobacco products next week. The legislation appeared to have strong
support in the Senate this week, but Sen. Richard Burr, R-N.C., who
opposes the measure, prolonged debate on the measure using a number
of procedural tactics. The measure would give the Food and Drug
Administration authority to regulate tobacco. A substitute measure
proposed by Burr would create an agency within the Health and Human
Services Department rather than placing regulation at the FDA.
Rangel To Present Health Proposals
House Democrats will meet Tuesday to hear proposals from Ways
and Means Chairman Charles Rangel, D-N.Y., on ways to overhaul the
U.S. health-care system. That committee is one of three
collaborating on a health bill. House Speaker Nancy Pelosi wants to
schedule a vote on health legislation before Congress recesses for
its August break.
Obama Marks Invasion Anniversary
President Barack Obama continues his trip to Europe with a stop
to France, where he will take part in commemorations of the 65th
anniversary of D-Day landings in Normandy on Saturday. His
great-uncle, Charlie Payne, who served with U.S. forces in World
War II, will join Obama's party at the Normandy ceremonies at the
U.S. war cemetery at Colleville-sur-mer.
G-8 Finance Ministers Discuss Crisis
Macroeconomic policies and other measures to fight the current
financial crisis and global economic downturn will be at the top of
the agenda of finance ministers from the eight largest
industrialized countries next week. Finance ministers from the G-8
countries will meet in Italy on June 12 and 13.
Political, Business Leaders Meet On Africa
The World Economic Forum on Africa next week will look at how
the global crisis is affecting the continent, including its impact
on commodities exports and farming. South African President Jacob
Zuma, Zambia's Rupiah Banda and Rwanda's Paul Kagame are among the
leaders expected to attend the forum Wednesday through Friday in
Cape Town along with 800 business leaders and experts from 50
countries.
Tony Awards Honor Best On Broadway
Broadway's biggest event, the Tony Awards, will be presented
Sunday night at Radio City Music Hall, with the show broadcast on
CBS. Neil Patrick Harris, star of "How I Met Your Mother," will
host the 63rd annual awards show, which will include musical
numbers from Dreamworks Animation SKG's "Shrek" and front-runner
"Billy Elliot," which has music by Elton John. John will appear as
will Dolly Parton, who wrote the songs for "9 to 5: The
Musical."
Conferences
Among the significant conferences next week are the Credit
Suisse Group Annual Retail Round-up Conference on Monday and
Tuesday in New York; UBS Technology and Service Conference from
Monday through Wednesday in New York; Goldman Sachs Global
Healthcare Conference from Tuesday through Thursday in New York;
Piper Jaffray Consumer Conference on Tuesday and Wednesday in New
York; RBC Capital Technology, Communications and Media Conference
on Tuesday and Wednesday in San Francisco; and Bank of America and
Merrill Lynch Global Transportation Conference on Wednesday and
Thursday in New York.
-By Kathy Shwiff, Dow Jones Newswires; 201-938-5975;
kathy.shwiff@dowjones.com
(Dow Jones Newswires staff contributed to this report.)