This Week: Coca-Cola, American Airlines' results; home sales
A look at some of the key business events and economic indicators upcoming this week:
PANDEMIC FALLOUT
Coca-Cola serves up its second-quarter results Tuesday.
The beverage company has been hurt by a sharp decline in sales due partly to the closure of theaters, restaurants, stadiums and music venues around the world that normally buy its bottled drinks and syrups. Wall Street analysts expect Coca-Cola’s earnings and revenue declined in the April-June quarter from a year earlier.
HOME SALES PICKUP?
Economists project that sales of previously occupied homes increased in June from a month earlier.
Home sales plunged 9.7% in May to a seasonally adjusted annual rate of 3.91 million as the economic fallout from the pandemic sidelined many would-be buyers and sellers. But the number of signed contracts to buy homes, an indicator of future sales, rebounded a record 44.3% the same month. The National Association of Realtors reports its June sales snapshot Wednesday.
Existing home sales, in millions, seasonally adjusted annual rate:
Jan. 5.42
Feb. 5.76
March 5.27
April 4.33
May 3.91
June (est.) 4.90
Source: FactSet
TURBULENT FLIGHT
Wall Street expects that American Airlines sank deeper into the red in the second quarter.
Analysts predict the company will report Thursday a loss for the April-June period versus a year-earlier profit, and a sharp drop in revenue. Airlines are struggling to stay in business as passenger bookings have plummeted due to the coronavirus. This month, American warned 25,000 employees that they could be laid off in the fall.
