Get a head start on the market by subscribing to Seeking Alpha’s Stocks to Watch, a preview of key events scheduled for next week. The newsletter keeps you up to date on the biggest stories that will make headlines, including upcoming IPOs, investor days, earnings reports and conference presentations.
Next week’s inflation readings will dominate the economic calendar. Preliminary reports for the European CPI and Tokyo CPI are due in Japan, while the April CPI will arrive at the end of the week to give Fed watchers a key focus. The core PCE index is expected to rise 0.3% on a monthly basis, but a surprise to the upside or downside could worry investors. The Fed will also release its Beige Book report, which will give investors a broad look at economic trends.
In corporate earnings, the main reports are due from Salesforce (New York Stock Exchange: Customer Relationship Management), Dell Technologies (DELL), and Costco (Nasdaq: Cost). The event calendar includes an interesting investor call from Pershing Square Capital Management (OTCPK:PSHZF), a two-day TD Cowen technology, media and telecommunications conference, and a high-profile CoinDesk consensus event covering the world of cryptocurrencies and including participation from presidential candidate Robert Kennedy Jr., and ARK Invest’s Cathie Wood. , and Mike Novogratz of Galaxy Digital (OTCPK:BRPHF). The crypto conference follows news of the SEC’s approval of the ETF (ETH-USD). Alpha analyst Search for Growth Arcane dives into the implications of ETF approval.
Earnings Spotlight: Tuesday, May 28 – Box (BOX), CAVA Group (CAVA), Bank of Nova Scotia (BNS) See the full earnings calendar.
Earnings Spotlight: Wednesday, May 29 – Salesforce (CRM), DICK’S Sporting Goods (DKS), Agilent (A), Chewy (CHWY), HP Inc. (HPQ), Pure Storage (PSTG), Capri Holdings (CPRI), Okta (OKTA), C3.ai (AI) and Abercrombie & Fitch (ANF). See the full earnings calendar.
Earnings Spotlight: Thursday, May 30 -Best Buy (BBY), Birkenstock (Burke), Royal Bank of Canada (irrigation), Dollar General (General Director), foot locker (Florida), Costco (it costs), gap (Global Positioning System),Marvel(MRVL),del(Dale), NetApp (NTAP), Nordstrom (Jeon). See the full earnings calendar.
Earnings Spotlight: Friday, May 31 – Genesco (GCO) and Frontline (FRO). See the full earnings calendar.
Volatility monitoring: Options trading volume is up again in Barnes & Noble Education (BNED) and Faraday Future Intelligent Electric (FFIE). The most overbought stocks according to the 14-day RSI include Solowin (SWIN), Zeta (ZETA), and Global Ship Lease (GSL). The most oversold stocks according to the 14-day RSI include Seritage Growth Properties (SRG), Papa John’s (PZZA), and DLocal (DLO). Short interest remains very high on SunPower (SPWR), The Children’s Place (PLCE), and Maxeon Solar Technologies (MAXN).
Underwriting Monitoring: No new IPOs are expected to be launched next week. The quiet period ends at Viking Holdings (New York Stock Exchange: Vic) to edit analysts to post ratings. Viking and Ibotta (IBTA) will also release their first earnings reports as publicly traded companies.
Investor Events: There’s a full slate of investor events next week, even though markets are closed on Monday. Pershing Square Capital Management (OTCPK:PSHZF) will host an investor call amid speculation that Bill Ackman’s company has acquired an activist stake in Starbucks (SBUX). The two-day TD Cowen Technology, Media, and Communications Conference will include participation from AMD (AMD), Seagate Technology (STX), and Clear Channel Outdoor (CCO). Ford (F) CEO Jim Farley will be in the spotlight at an event to discuss Ford+’s customer-focused plan to grow, increase margins and increase capital efficiency. In the world of cryptocurrencies, speakers at the high-profile CoinDesk Consensus event will include presidential candidate Robert F. Kennedy Jr., ARK Invest’s Cathie Wood, Galaxy Digital’s Mike Novogratz (OTCPK:BRPHF), SEC Commissioner Hester Peirce, and Ripple (XRP). -). USD) CEO Brad Garlinghouse, and Lamina1 co-founder and novelist Neal Stevenson. The list of companies holding Investor Day events includes Zimmer Biomet (ZBH), Toast (TOST), Xylem’s Investor Day (XYL), and Cloudflare (NET). Finally, the healthcare industry will set its sights on the American Society of Clinical Oncology meeting, which begins in Chicago and continues through June 4. Of the companies that analysts flew in to monitor.
View cars: Investors are watching the auto sector carefully, with several potential catalysts in the mix. The tariff war is in the spotlight, with the US set to begin increasing tariffs on Chinese electric vehicles imported into the country on August 1. While President Joe Biden is keeping some of the tariffs put in place by his predecessor, Donald Trump, he has quadrupled import duties on Chinese electric vehicles to more than 100%. Naturally, the Chinese government has threatened to impose retaliatory tariffs on imports of both cars made in the European Union and the United States. The Chinese Chamber of Commerce with the European Union said that it was informed by informed sources that China may consider increasing temporary customs duty rates on imported cars equipped with large displacement engines. In response to these developments, several European auto stocks headed lower, including Mercedes-Benz (OTCPK:MBGAF), BMW (OTCPK:BMWYY), and Volkswagen Group (OTCPK:VLKAF). Chinese electric car makers NIO (NIO), Li Auto (LI), XPeng (XPEV), and BYD (OTCPK:BYDDF) are set to announce May deliveries on June 1, while some automakers will update US sales figures. For this month. . J.D. Power estimated that total new vehicle sales for May 2024, including retail and non-retail transactions, are expected to rise 2.9% year-over-year on an adjusted day-of-sale basis to 1,446,800 units. “On the positive side, the pace of overall sales will exceed 16 million units for the first time this year. Discounts are also similar to last month, although May is traditionally the month when sales increase to take advantage of higher shopping activity over the Memorial Day weekend period.” “, highlighted J.D. Power. While this may be good news for the profitability of manufacturers and retailers, the industry continues to produce more cars than are sold, leading to high inventories and an increased likelihood of higher discounts as the year progresses. In the world of Tesla (TSLA), the approaching annual meeting on June 12 will have more influential shareholders weighing whether to approve Elon Musk’s 2018 compensation package. Also look for analysts to start updating their forecasts on Tesla’s second-quarter delivery tally amid reports of… Model Y production slows in China.
Spinoff watch: Sanofi (SNY) is set to spin off Inhibrx Biosciences (IXNB) after completing its acquisition of Inhibrx (INBX). The offer will include all of Inhibrx’s non-INBRX-101 assets in the new company. Inhibrx shareholders will receive 0.25 shares of Inhibrx Biosciences for each share of Inhibrx. Inhibrx Biosciences will be capitalized with $200 million in cash upon distribution. Sanofi will retain an 8% stake in Inhibrx Biosciences.
Editor’s Note: This article discusses one or more securities that are not traded on a major U.S. exchange. Please be aware of the risks associated with these stocks.
