Global markets are lower on Wednesday as investors continue to mull the possibility of intervention by central banks in the U.S. and in Europe amid mixed economic news from both sides of the pond. All eyes will be on the U.S. Federal Reserve Board as it issues its Beige Book, a survey of economic conditions around the country.
Here are the stocks we're watching today:
*H.J. Heinz Co., the ketchup giant, will report its fiscal first quarter on Wednesday and analysts expect the Sharpsburg, Penn.-based company to post a profit of 80 cents per share, up from 78 cents one year ago. Company officials reportedly told its shareholders yesterday that its earnings are expected to rise by 23.5 per cent.
*Carrefour SA, an international supermarket chain operator headquartered in France, will report its quarterly results on Thursday. The company recently announced it would shut two stores in Singapore this year after two unsuccessful years of trying to sell its holdings in Singapore and Malaysia. Carrefour is looking to trim costs and word has it the company could cut up to 600 jobs in France in the coming days.
*Dycom Industries Inc. fiscal fourth-quarter earnings rose 2.5 per cent, but shares tumbled by 13 per cent to $16.49 in after hours trading. The Palm Beach Gardens, Fla.-based telecommunications contractor's results missed analyst expectations after posting earnings of 39 cents per share on revenue of $318 million. Analysts had expected 41 cents per share on revenue of $324 million.
*Brown Shoe Co. Inc., which owns the Famous Footwear and Naturalizer shoe store chains in the U.S., saw its revenue in the second quarter fall as it blamed high unemployment and uncertainty about the economy's recovery as weighing on consumer spending. The St. Louis-based company posted a loss of $2.5 million, or 6 cents per share, compared to a loss of $4.6 million, or 11 cents per share, in the same period one-year ago. However, the company raised its 2012 profit forecast to 85 cents from 83 cents per share.