Next Week's News Today (Paulson Talks Recovery, Capitol Hill Calls the Big 3 Auto Makers, and the Big Financial Guns to Testify)

If it's Thursday, then it's time for Next Week's News Today where we publish our own futures calendar of earnings, reports, hearings and political events which will either drive the news, or deserve more attention. Last week we were right on earnings, reports, and ink spent on the next cabinet.

However, our suggestion that because the markets crave stability means the next administration should detail not just who will take up Treasury, but the deputies as well who are implementing the myriad recovery programs did not come to fruition. THAT STORY remains a big deal. Who breaks it will drive the markets.

Here's why you care: Congress is back next week for a lame duck session. We know an auto maker rescue package will be debated. We know the rescue package for the economy will be scrutinized. These are going to drive the market for not only what gets done, but what doesn't. There's a lot of talk about another stimulus package. Passing it before the holidays certainly doesn't mean more money in consumers pockets for the holidays, but it might mean a psychological boost - perhaps at least for the market. Alternatively, letting it languish might mean just the opposite.

Proof in concept? Watch the Big 3 Auto Makers on Capitol Hill for scrutiny of the their needs, and the rescue bill over all. And watch Secy. Paulson on Monday, and then if reports are right, along with Fed Chairman Ben Bernanke and FDIC Chair Sheila Bair testify later in the week on the recovery.

As journalists and news consumers worried about your 401(k)s and home prices, be on the look out for how the stimulus gets defined. Why You Care thinks the stimulus will included infrastructure rebuilding, and not just a check for tax payers. That will be an interesting story - and labor intensive for journalists. Really labor intensive to detail - but well worth it.

Keep in mind that next week's retail earnings are likely to be bad, and so too unemployment reports. Hard for a new administration, and a lame duck Congress that wants to set a tone for 2009 to not be busy working on stimulus and other financial issues. We're not saying you'll see a bill pass next week. We're saying maybe some trial balloons in solid reporting.

Here's why you care about next week's trends:

Big Names/Retail: Retail woes heading into the holidays will be a big theme. Here are some of the selected names noted below you'll see - Lowe's and Target (11/17); HomeDepot and Saks (11/18); Ross Stores (11/19); and Barnes & Noble, Cost Plus, Foot Looker, Gap, and J.Crew (11/20).

Other Big Name to watch: Dell (11/20).

Interesting self explanatory news pegs: Jack in the Box (11/19); Freddie Mac (11/20)

Reports: Housing Starts and Building Permits (11/19), Unemployment (11/20)

As always earnings, events, reports by day are below:

MONDAY 11/17
Earnings: Imclone; Lowe's; Target

Paulson event: Treasury Secy. Henry Paulson discusses the economy and financial markets at a meeting of the Wall Street Journal CEO Council - Four Seasons Hotel, Washington, DC.

Events: American Banker's Association Annual Convention (in San Francisco) - Speakers: Edward Yingling, Pres. ABA; Weekly Standard's William Kristol & Fmr. WH Press Secy., Mike McCurry; FDIC Chairperson Sheila Bair; Fmr. Hewlett-Packard/McCain Advisor Carly Fiorina


TUESDAY 11/18
Earnings: Home Depot;La-Z-Boy; Pacific Sunwear; Phillips-Van Heusen; Saks

Reports: Producer Price Index and Core PPI (for Oct.)

Events-Political: House Maj. Leader, Rep. Steny Hoyer on Congressional Agenda, at National Press Club, 10a ET.

Events-Financial: SEC's Director of the Division of Corporation Finance attends Current Financial Reporting Issues Conference (New York City).

Hearings: House Financial Services Committee hearing on oversight and implementation of the Emergency Economic Stabilization Act. The Wall Street Journal reported that Federal Reserve Chairman Ben Bernanke, Treasury Secretary Henry Paulson, and Federal Deposit Insurance Corp. Chairman Sheila Bair are all testifying this week - this looks like the most plausible day.


WEDNESDAY 11/19
Earnings: BJ's Wholesale; Dress Barn; Jack in the Box; Limited Brands; Men's Wearhouse; PETSmart; Ross Stores

Economic Reports: Building Permits (for Oct.); Consumer Price Index and Core CPI (for Oct.); FOMC Minutes (10/29); Housing Starts (for Oct.)

Events: Steve Preston, Secretary U.S. Department of Housing and Urban Development, National Press Club, 12:30p ET.

Hearings: House Financial Services Committee has posted it will hold a hearing on extending the Troubled Asset Relief Program (TARP) to auto makers. The Wall Street Journal reports that Chairman Frank plans to have the CEO of the Big Three auto makers along with the United Auto Workers union head.


THURSDAY 11/20
Earnings: Barnes & Noble; Cost Plus; Dell; Dick's Sporting Goods; Ditech; Foot Locker; Freddie Mac; Gap; J.Crew; Pilgrim's Pride; Wet Seal

Economic Reports: Initial Unemployment Claims (for 11/15); Leading Indicators (for Oct.)


FRIDAY 11/21 - TBD