On Tuesday, June 16 we keep an eye on three companies that are scheduled to report their quarterly financial results as well as a couple of economic data to watch on Wall Street. All eyes will be on the Federal Open Market Committee as it kicks off its two-day policy meeting. Federal Reserve chairwoman Janet Yellen has said the committee plans to raise interest rates sometime this year. Economists are predicting that the Fed will hike rates for the first time in nearly a decade in September. The FOMC meets eight times a year in order to determine the near-term direction of monetary policy. The Fed determines interest rate policy at FOMC meetings. The notable earnings for the day include Adobe Systems Inc (ADBE), Bob Evans Farms Inc (BOBE), and La-Z-Boy Inc (LZB). Adobe is scheduled to report its second quarter earnings after the closing bell. Wall Street is expecting a profit of 45 cents per share on revenue of $1.162 billion for the period. according to analysts polled by Thomson Reuters. In the same quarter of last year, the computer software company reported earnings of 44 cents per share on $1.109 billion in sales. TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio says Adobe is a company that has been transitioning from non-cloud to cloud. He added that if Adobe does well in this latest earnings report saying the adoption of the cloud is still strong, he thinks other stocks could rally. On the economic calendar, we note housing starts and the Redbook. A housing start is registered at the start of construction of a new building intended primarily as a residential building. The Redbook is a weekly measure of comparable store sales at chain stores, discounters, and department stores. TheStreet's Kurumi Fukushima reports in New York.
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