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Monday – February 27
All week – Proxy advisory firms are expected to issue recommendations in regard to the proposed merger between IAA (IAA) and Ritchie Bros. Auctioneers (RBA).
All day – The Deutsche Bank Annual Media, Internet and Telecom Conference will be in the spotlight with presentations expected from AT&T (T), FuboTV (FUBO), Expedia (EXPE), Comcast (CMCSA), Warner Music (WMG), and Paramount Global. The event has been the springing board for major media announcements in the past.
All day – The Mobile World Congress will take place out of Barcelona during the week. Telecom giants Verizon (VZ), Ericson (ERIC), T-Mobile (TMUS), and AT&T (T) will be watched closely as always, while tech giant Microsoft (NASDAQ:MSFT) has previewed that it will discuss its extended partnership with OpenAI. In addition, Synchronoss (SNCR) will showcase an AI-powered personal cloud platform at Mobile World Congress. Other companies that will make appearance include Analog Devices (ADI), CEVA (CEVA), Airgain (AIRG), EPAM Systems (EPAM), OnePlus, Xiaomi, RealMe, ZTE, and TruPhone.
All day – Rent-A-Center (RCII) will switch its corporate name to Upbound Group and will trade under the ticker UPBD.
Tuesday – February 28
Healthcare watch – FDA action dates will arrive for Reata Pharmaceuticals’ (RETA) Omaveloxolone for patients With Friedreich’s Ataxia, and for Cytokinetics (CYTK) with Omecamtiv mecarbil. The advisory committee voted against approval in December.
All day – Banco Santander (SAN) will hold an Analyst Day event.
8:00 a.m. Goldman Sachs (GS) will host an Investor Day in New York City with presentations from CEO David Solomon and the senior leadership team.
8:00 a.m. Perrigo Company plc (PRGO) will host its Virtual Investor Day.
8:00 a.m. Chevron Corporation (NYSE:CVX) will hold its annual investor day. CEO Mike Wirth and other top execs are scheduled to provide an update.11:30 a.m. Luminar (LAZR) will host Luminar Day at its headquarters for investors, consumers, customers and suppliers. At the event, Luminar will unveil its long-term product and technology roadmap for existing and new OEM customers. Shares of Luminar have rallied after similar events in the past.
12:00 p.m. Shutterstock (SSTK) will host an Investor Day event.
5:00 p.m. Hormel (HRL) will hold a webcast to go over recasted historical information in light of the new GoFWD operating model.
Wednesday – March 1
All day – Data reports expected in include updates on discount broker DARTs, Macau gross gaming revenue, and deliveries reports for Chinese automakers Li Auto (LI), Nio (NIO), and XPeng (XPEV).
All day – Barstool founder Dave Portnoy has promised to make a big announcement. It is possible the announcement could have some relevance for Penn Entertainment (PENN) shareholders if it involves the Barstool business.
All day – Tesla (NASDAQ:TSLA) will holds its highly-anticipated Investor Day event, with analysts buzzing over what Elon Musk and gang will highlight. The automaker’s “generation 3 platform” is anticipated to lead to cheaper electric vehicles in the future, although it is unclear if a new mass-market model will be unveiled. A tease from the electric vehicle maker about capital allocation news has some investors focused on more details on a stock buyback plan.
Thursday – March 2
9:00 a.m. Frontdoor (FTDR) will follow up its earnings report with an Investor Day event. Execs will provide an in-depth discussion of the company’s vision, strategy, and innovative new service offerings.
Friday – March 3
All day – The tender offers expires on Sun Pharma’s deal for Concert Pharmaceuticals (CNCE).
All day – Ford Motor (F) could be in the spotlight if it issues yet another negative update on the F-150 Lightning production halt. Production at Ford’s Rouge Electric Vehicle Center in Dearborn, Michigan was expected to be stopped until at least the end of the week.
Equity indices in the Asia-Pacific region began the week on a lower note.
—Equity Markets—
Japan’s Nikkei: -0.1%
Hong Kong’s Hang Seng: -0.3%
China’s Shanghai Composite: -0.3%
India’s Sensex: -0.3%
South Korea’s Kospi: -0.9%
Australia’s ASX All Ordinaries: -1.2%The People’s Bank of China released its monetary policy implementation report for Q4, noting that a rebound in the domestic economy is likely in 2023.
China’s main steelmaking city will slow production, citing pollution. Passenger vehicle sales in China are expected to grow about 2% in 2023.
Japan’s December Leading Index 97.2, as expected (last 97.7) and Coincident Indicator -0.2% m/m (expected -0.4%; last -0.3%)
Hong Kong’s January trade deficit $25.40 bln (last surplus of $6.60 bln) as imports fell 30.2% m/m (last -23.5%) and exports fell 36.7% m/m (last -28.9%)
Australia’s Q4 Business Inventories -0.2% m/m (expected -0.2%; last 2.1%) and Q4 gross operating profits 10.6% qtr/qtr (expected 1.5%; last -11.5%)
New Zealand’s Q4 Retail Sales -0.6% qtr/qtr (expected 0.2%; last 0.4%) and Core Retail Sales -1.3% qtr/qtr (expected 0.3%; last 0.5%)
Major European indices trade in a firmly higher note.
—Equity Markets—
STOXX Europe 600: +1.4%
Germany’s DAX: +1.7%
U.K.’s FTSE 100: +0.8%
France’s CAC 40: +1.8%
Italy’s FTSE MIB: +2.0%
Spain’s IBEX 35: +1.6%European Commission President von der Leyen will meet with British Prime Minister Sunak and King Charles III as the two sides finalize post-Brexit rules for trade in Northern Ireland.
British energy regulator is reducing the annual electricity price cap by 25%. Associated British Foods raised its guidance for the fiscal year.
Eurozone’s February Business and Consumer Survey 99.7 (expected 101.0; last 99.8). January Private Sector Loans 3.6% yr/yr (expected 3.9%; last 3.8%) and loans to nonfinancials 6.1% yr/yr (last 6.3%)
Italy’s February Consumer Confidence 104.0 (expected 102.7; last 100.9) and Business Confidence 102.8 (last 102.8)
Seagen (SGEN 184.24, +22.87, +14.2%): Pfizer (PFE) in discussions to acquire Seagen, according to WSJ
Union Pacific (UNP 212.05, +19.33, +10.0%): provides update on CEO succession process; upgraded to Buy from Neutral at BofA Securities
Shell (SHEL 60.83, +0.20, +0.3%): upgraded to Buy from Neutral at Goldman Sachs
TEGNA (TGNA 17.05, -4.79, -21.9%): FCC issues hearing designation order for TEGNA transaction
Li Auto (LI 24.76, +1.53, +6.6%): beats by RMB0.54, reports revs in-line; guides Q1 revs in-line
Axsome Therapeutics (AXSM 63.17, +2.12, +3.5%): misses by $0.28; beats on revs
Durable goods orders declined 4.5% month-over-month in January (consensus -3.9%) following a downwardly revised 5.1% increase (from 5.6%) in December.
Excluding transportation, durable goods orders rose 0.7% month-over-month (consensus +0.1%) following a downwardly revised 0.4% decline (from -0.1%) in December.
The key takeaway from the report was the strength seen in nondefense capital goods orders, excluding aircraft — a proxy for business spending. Those orders were up 0.8% month-over-month following a 0.3% decline in December. Shipments of these same goods, which factor into GDP forecasts, were up a healthy 1.1% after declining 0.6% in December.
Treasury yields pulled back noticeably following the data release. The 2-yr note yield, at 4.84% a short time ago, fell to 4.79% and the 10-yr note yield, at 3.96% a short time ago, fell to 3.93%.
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