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Fed officials will gather in Jackson Hole for its annual gathering of central bankers and
economists. Known officially as the Jackson Hole Economic Policy Symposium, and sponsored by the
Kansas City Fed, the event features live speeches and panels. Federal Reserve Bank of Kansas
City President Esther George is expected to give brief welcome remarks before opening dinner for
the Federal Reserve Bank of Kansas City "Re-Evaluating Labor Market Dynamics" Economic
The National Association of Realtors is expected to report that existing home sales fell 0.3
percent to a 5.02 million-unit pace in July. (1000/1400) The U.S. Labor Department is likely to
issue its weekly update on new applications for unemployment insurance, and is expected to show
that fewer people made new claims. (0830/1230) Separately, Markit's gauge of the U.S.
manufacturing sector during August is expected to be released. (0945/1345) The Philadelphia
Federal Reserve Bank is scheduled to release its business activity survey for August.
(1000/1400) Meanwhile, the Conference Board is expected to issue its leading indicators for
Dollar Tree, scheduled to report second-quarter earnings, announced last month that it would buy
rival discount chain Family Dollar Stores for $8.5 billion. Investors will want to know about
progress on the deal as well as measures to ease margin pressure as it looks to slash prices to
woo its lower-income clientele.
Salesforce.com, a provider of enterprise cloud computing and social enterprise solutions, is
expected to report profit and revenue above Wall Street estimates, according to Thomson Reuters
StarMine, due to higher demand for its online sales and marketing software. Analysts say the
company is also likely to forecast full-year revenue above expectations, helped by new contract
Intuit is expected to report a loss for the fourth quarter, hurt by lower demand for its
tax-preparation software, TurboTax. The company's fourth and first quarters are seasonally weak
as it is the tax filing off-season. Intuit sold its financial services unit last year to focus
on expanding its tax-preparation services. The company acquired professional tax filing software
provider KDK Softwares in July to expand its accounting and tax services in India.
Sears Holdings is expected to report second-quarter results. Analysts expect the struggling
retailer to post another quarterly loss, despite its attempts to boost cash by selling assets.
The company has been posting declining sales since 2005 and closed about 300 stores since 2010.
The company is also looking at selling its 51 percent stake in Sears Canada. Investors will be
watching out for details of any new plans to raise cash, as well as for Sears' outlook for the
year. According to Thomson Reuters StarMine, the company is expected to post a
bigger-than-expected loss, but sales are expected to beat estimates on the back of higher
discounting and clearance sales. Separately, global specialty apparel company Gap is likely to
post second-quarter results.
Marvell Technology Group, which makes chips used in mobile communication, is likely to report
quarterly results slightly above analysts' average estimate, according to Thomson Reuters
StarMine. The company is likely to benefit from higher demand for chips used in 4G devices in
China. Analysts, however, expect the decline in the 3G market and growing competition for 4G to
slightly hurt the results. Separately, supplier of networking equipment Brocade Communications
Systems is scheduled to report its third-quarter results.
Mexican GDP data is expected to show that Latin America's No. 2 economy grew 0.83 percent in the
second quarter, a Reuters poll showed, up from a 0.3 percent rate in the first quarter. Factory
output has picked up, but domestic demand has remained sluggish. Weak data could push the
government to revise down its growth outlook of 2.7 percent for 2014. June economic activity
will show if domestic demand is picking up at the end of the quarter. (0900/1300) Brazil's Labor
Ministry may release official data on net payroll job growth in July. The pace of job creation
has slowed in Brazil after three years of meager growth, but unemployment remains around record
lows as more Brazilians opt to dedicate time to education and training. (0800/1200)
(Compiled by Nandi Kaul in Bangalore; Editing by Maju Samuel)