What to Watch in the Day Ahead - Tuesday, Sept 22
(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) Shareholders will cast a binding vote on whether to strip Bank of America CEO Brian Moynihan of his chairman title. Shareholders had voted in 2009 to keep the roles separate, but the board reversed that decision in 2014, drawing criticism from several large investors. Carnival Corp, the world's largest cruise ship operator, is expected to report third-quarter revenue below analysts' average estimate. The company, which had to recently abandon a seven-day trip across the Caribbean due to a fire on board its ship, had said a stronger dollar and rising fuel costs would hurt profit in the latest quarter. The company's guests have been spending more onboard, but the dollar's strength has prevented Carnival from fully benefiting from this trend. Investors will watch for updates to full-year forecast and Cuba cruise plans. General Mills Inc is likely to report first-quarter profit above analysts' average estimate. The maker of Cheerios cereal and Betty Crocker cake mixes said this month it will sell its Green Giant frozen foods and Le Sueur canned vegetables brands to snack food maker B&G Foods for about $765 million. General Mills has said it will remove artificial colors and flavors from its cereals and also offer gluten-free cereals as part of a wider plan to boost sales of natural and organic foods. Investors will look for further acquisitions or divestments of the company's product portfolio and its plans to bring down costs. Federal Reserve Bank of Atlanta President Dennis Lockhart speaks on the economic outlook and monetary policy before the Alabama World Affairs Council. (1300/1700) The U.S. Federal Housing Finance Agency issues the home price index for July. (0900/1300) Meanwhile, Federal Reserve Bank of Richmond's monthly service index is due for September. (1000/1400) Darden Restaurants Inc is expected to report first-quarter revenue above analysts' average estimate. The owner of Olive Garden and LongHorn Steakhouse restaurant chains plans to separate some of its restaurants into a publicly traded REIT. But the Internal Revenue Service's recent decision to be more stringent in ruling such spinoffs tax-free may cause some concern. Darden, under its new board led by activist investor Starboard, has been cutting costs and improving menu options to bring back customers. While the company had previously cut back on promotions at Olive Garden, investors will likely watch out for any signs of an uptick in promotions and the impact to margins, as well as any updates on its efforts to form a REIT. ConAgra Foods Inc, the maker of Slim Jim beef jerky and Chef Boyardee pasta, is likely to report first-quarter sales below analysts' average estimate. The company said last June it is planning to exit its struggling private label foods business. ConAgra, which added two Jana Partners nominees to its board in July, is likely to give an update on the auction of the private label business. Investors will also keep an eye on the company's consumer foods business, where sales grew for the first time in two years in the fourth quarter. Boeing Chief Executive Dennis Muilenburg kicks off a three-day aerospace supplier conference in Seattle. Featured speakers include David Walker, deputy assistant secretary of the Air Force, acquisitions; and Christopher Singer, director, Engineering Directorate, NASA Marshall Space Flight Center. Senior executives of Potash Corp, Agrium Inc, CF Industries Holdings Inc and Mosaic Co speak separately to investors at a Scotiabank conference in Toronto. Of interest are comments by Potash Corp on its pursuit of rival K+S, and thoughts on strategy from Mosaic CEO Joc O'Rourke, who is less than two months into his job. Agrium may also be asked about an unconfirmed report that it may sell its Australian retail business, Landmark. Brazil's government statistics agency, IBGE, releases IPCA-15 mid-month consumer price index. The index is expected to have risen 0.38 percent in the month to mid-September, down from 0.43 percent in the previous month. (0800/1200) Separately, Argentina's trade surplus is forecast to have expanded to $275 million in August, compared to $204 million in July. LIVECHAT - CHARTWISE: Weekly technical analysis with Cornelius Luca Renowned author and chartist Conelius Luca covers the use of technical analysis in a variety of markets - stocks, futures, bonds, and currencies - and situations, and provides in-depth details on trends and trend patterns. (0900/1300) To join the Global Markets Forum, click here: bit.ly/1kTxdKD (All references to a company's results expected to beat or miss analysts average estimates are according to Thomson Reuters StarMine, unless mentioned otherwise) (Compiled by Hardik Vyas in Bengaluru; Editing by Sriraj Kalluvila)
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