What to Watch in the Day Ahead - Tuesday, Mar. 3
(The Day Ahead is an email and PDF publication that includes the day's major stories and events, analyses and other features. To receive The Day Ahead, Eikon users can register at . Thomson One users can register at RT/DAY/US. All times in ET/GMT) U.S. Federal Reserve Chair Janet Yellen speaks on "Bank Regulation and Supervision" and receives Citizens Budget Commission Medal for High Civic Service. She also speaks at award dinner in New York. The U.S. auto industry will report February sales. Analysts expect the industry to maintain its strong sales pace despite the snow and cold weather in large parts of the United States. Analysts estimate an annual sales rate of 16.6 million-16.7 million vehicles in February, matching that in January. If the industry meets the estimates, February would be the 12th straight month of an annual sales rate above 16 million. Investors will be looking for comments on any price hikes and discounts. (1330/1830) AutoZone Inc, the No.2 U.S. auto parts retailer by market value, is likely to report a rise in fourth-quarter revenue and profit as lower oil prices encouraged people to drive more and cold weather led to greater wear and tear of vehicles. Investors will be looking for comments on how the company hopes to catch up with competitors in the fast-growing commercial repairs business. AutoZone has smaller exposure to the faster-growing commercial repairs market, which contributes about 17 percent to its annual revenue, while rivals Advance Auto Parts Inc and O'Reilly Automotive Inc get more than 40 percent from the commercial repairs business. Consumer electronics chain Best Buy Co Inc reports fourth-quarter results. After a positive earnings surprise in the third quarter and relatively strong holiday sales numbers, investors will look for updates on future growth drivers, including product launches, cost-cutting steps, new investments in its online business and an inventory update following the slowdown at ports. U.S. retailer Target Corp holds a meeting with the financial community in New York. Chief Executive Brian Cornell and other senior executives will be in attendance. Target is expected to give full-year 2015 forecast as well as details on some new investments. Bank of Nova Scotia will close the first-quarter reporting season for Canadian lenders, most of which have met or exceeded market expectations. Analysts expect Canada's third-largest bank to report a slight rise in earnings due to higher revenue. Investors will be watching for signs executives are concerned about the impact of slowing economic growth in Canada and the international markets that the bank operates in. Sociedad Quimica y Minera de Chile, a Chilean nitrates and lithium producer, will release its annual results. The company, led by son-in-law of former military ruler Augusto Pinochet, is under pressure following financial scandals, possible competition from a new state-run lithium company and falling iodine prices. Statistics Canada releases gross domestic product data for the fourth quarter. Canada's economy is expected to have expanded by 2 percent in the quarter, a rate lower than the 2.8 percent expansion reported for the third quarter. The government agency also releases figures for producer prices, which are expected to have fallen 0.7 percent in January. (0830/1330) Mexico's National Statistics Institute will release gross fixed investment data for December. The measure of spending on machinery, equipment and new construction rose 0.3 percent in November. (0900/1400) (Compiled by Astha Rawat in Bengaluru; Editing by Kirti Pandey)
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