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Earnings spotlight:
Monday, February 6 – Activision Blizzard (NASDAQ:ATVI), Tyson Foods (TSN), and Take-Two Interactive (TTWO).
Tuesday, February 7 – BP (BP), Chipotle (CMG), Fortinet (NASDAQ:FTNT), Dupont (DD), Royal Caribbean (RCL), Lumen Technologies (LUMN) and Hertz Global (HTZ) report.
Wednesday, February 8 – Disney (DIS), CVS Health (CVS), Dominion Energy (D), Uber (UBER), MGM Resorts (MGM), Affirm (AFRM) and Under Armour (UAA).
Thursday, February 9 – AbbVie (ABBV), PepsiCo (PEP), Philip Morris (PM), PayPal (PYPL), Ralph Lauren (RL), Lyft (LYFT), and Kellogg (K).
Friday, February 10 – Enbridge (ENB) and Magna International (MGA).
Nordstrom (NYSE:JWN) is expected to be a battleground stock with short interest at a high level and Ryan Cohen reported to have taken an activist stake.
He of GME< Chewy and BBBY fame
IPO watch:
Hesai Group (HSAI) is scheduled to go public on February 9. The China-based LiDAR specialist is noted to be the first company to deliver over 10K LiDAR units per month. Hesai joins an increasingly crowded LiDAR sector that includes Innoviz (INVZ), Luminar (LAZR), Ouster (OUST), Velodyne Lidar (VLDR), Aeva (AEVA) and AEye (LIDR).
IPO lockups during the week on blocks of shares of Treasure Global (NASDAQ:TGL), Forza X1 (NASDAQ:FRZA), and LuxUrban Hotels (NASDAQ:LUXH). Analyst ratings coverage will begin on Skyward Specialty Insurance Group (SKWD).
Shareholders with Mountain Crest Acquisition Corp III (NASDAQ:MCAE) will vote on February 8 on the deal to take digital health company ETAO International public in a SPAC deal. ETAO considers itself a digital healthcare group providing telemedicine, hospital care, primary care, pharmacy and health insurance.
Canada Goose Holdings (GOOS) will also host an Investor Day event focused on the apparel retailer’s long-term strategic initiatives and financial outlook.
On February 7, Google (GOOG) will hold an event on Search and AI. Amid growing interest in AI, the tech giant said it will detail the power of AI to reimagine how people search for, explore and interact with information. Shopping, Maps, and Travel are also a few of the highlights that are expected to be highlighted at the event.
The event will also be of high interest to Microsoft (MSFT), which has a stake in ChatGPT. C3.ai (NYSE:AI) and Nvidia (NVDA) have also been bid up recently on ChatGPT upside speculation. SoundHound AI (NASDAQ:SOUN) is also a volatile AI-related stock.
On February 10, 2seventy bio (NASDAQ:TSVT) will present full Phase 3 data on Abecma (KarMMa-3) at the EBMT-EHA 5th European CAR T-cell meeting. The cancer therapy is being marketed by Bristol Myers Squibb (BMY). It will also be the last trading before the FDA action date on Regeneron Pharmaceuticals’ (NASDAQ:REGN) Eylea.
The Chicago Auto Show runs from February 9 to February 20.
Automakers with press conferences scheduled on media include Subaru (OTCPK:FUJHY), Volkswagen (OTCPK:VLKAF), Honda (HMC), and Stellantis’ (STLA) Ram and Jeep brands. Electric vehicles will be on full display at the event including the Cadillac Lyriq, 2024 Chevrolet Blazer EV, Ford Mustang Mach-E, Ram 1005 Revolution Concept, Toyota BZ4X, Buick Wildcat Concept, and Chevrolet Silverado EV.
Notable conferences:
The biggest conference of the week could be the Stifel 2023 Transportation & Logistics Conference, which will include key updates from Heartland Express (HTLD), FTAI Aviation (NASDAQ:FTAI), Werner Enterprises (WERN), Matson (MATX), and Daseke (DSKE).
The BIO CEO & Investor Conference and Guggenheim Oncology Conference are also on the calendar.
Barron’s mentions:
Pfizer (NYSE:PFE) is the subject of the cover story this week with the stock called attractive after the sharp share price drop. Despite the drop in revenue after vaccine sales slowed, analysts think the pipeline is strong enough to support a bounce back. Key launches include vaccines for the respiratory syncytial virus, or RSV, meningitis, and the flu, and drugs to treat atopic dermatitis and multiple myeloma. Pfizer is also noted to have made the strategic move to offset patent losses in 2025 to 2028 through acquisitions for companies such as Arena Pharmaceuticals, Biohaven Pharmaceuticals, and Global Blood Therapies. The drug giant is estimated to be only 40% on the way to meeting its goal of $25B in revenue from acquired drugs in 2030. On a valuation basis, Pfizer trades at a 13X multiple and sports a well-protected dividend yield of 3.72%.
Equity indices in the Asia-Pacific region began the week on a mostly lower note.
—Equity Markets—
Japan’s Nikkei: +0.7%
Hong Kong’s Hang Seng: -2.0%
China’s Shanghai Composite: -0.8%
India’s Sensex: -0.6%
South Korea’s Kospi: -1.7%
Australia’s ASX All Ordinaries: -0.3%Reports from Japan indicate that the country’s government is considering nominating Bank of Japan Deputy Governor Amamiya to succeed outgoing Governor Kuroda. However, government officials have refuted these reports. Australia’s Trade Minister is expected to meet his Chinese counterpart in Beijing in the near future in an attempt to improve trade relations.
Australia’s Q4 Retail Sales -3.9% m/m, as expected (last 1.7%); -0.2% qtr/qtr (expected -0.6%; last 0.3%). January MI Inflation Gauge 0.9% m/m (last 0.2%)Major European indices trade in the red.
—Equity Markets—
STOXX Europe 600: -0.9%
Germany’s DAX: -1.1%
U.K.’s FTSE 100: -0.8%
France’s CAC 40: -1.6%
Italy’s FTSE MIB: -0.6%
Spain’s IBEX 35: -0.7%National Health Service employees in the U.K. are on their biggest strike in 75 years.
Bank of Italy Governor Visco said that inflation expectations for the short term are dropping quickly. However, several other European Central Bank policymakers spoke about the need for more rate hikes.
Bank of England policymaker Mann said that the next move from the BoE is likely to be a hike rather than a cut or a hold.
A powerful earthquake in Turkey and Syria has claimed more than 1000 lives.
Eurozone’s December Retail Sales -2.7% m/m (expected -2.5%; last 1.2%); -2.8% yr/yr (expected -2.7%; last -2.5%). February Sentix Investor Confidence -8.0 (expected -12.8; last -17.5)
Germany’s December Factory Orders 3.2% m/m (expected 2.0%; last -4.4%)
U.K.’s January Construction PMI 48.4 (expected 49.6; last 48.8)Newmont Goldcorp (NEM 46.88, -2.97, -6.0%): confirms proposal to combine with Newcrest
Tyson Foods (TSN 60.51, -3.52, -5.5%): misses by $0.52, misses on revs; reaffirms FY23 revs guidance
Catalent (CTLT 71.01, +14.96, +26.7%): Danaher (DHR) interested in takeover of Catalent (CTLT), according to Bloomberg
Tesla (TSLA 193.10, +3.12, +1.6%): Tesla (TSLA) increased price of Model Y SUV; Jury rules in favor of Tesla (TSLA) CEO Elon Musk regarding investor lawsuit over 2018 tweets, according to NY Times
Dell (DELL 42.20, -0.04, -0.1%): to eliminate 6500 jobs, according to Bloomberg
RH (RH 327.70, -15.92, -4.6%): announces restatement for three prior quarters; co also sees full year revs coming in at the lower end of prior guidance, this is unrelated to restatement
Life Storage (LSI 121.94, +11.36, +10.3%): receives proposal to be acquired by Public Storage (PSA) in all-stock transaction
The Children’s Place (PLCE 39.60, -7.06, -15.1%): sees Q4 EPS and revs below consensus
Energizer (ENR 35.39, -1.86, -5.0%): misses by $0.04, misses on revs; reaffirms FY23 EPS guidanceThe S&P 500 futures are down 29 points and are trading 0.6% below fair value.
The Nasdaq 100 futures are down 128 points and are trading 1.0% below fair value.
The Dow Jones Industrial Average futures are down 177 points and are trading 0.5% below fair value.Tyson Foods (TSN 60.80, -3.23, -5.0%) and ON Semiconductor (ON 77.60, -3.29, -4.1%) are moving lower after reporting quarterly results this morning.
The U.S. Dollar Index is building up strength, up 0.5% to 103.45.
Catalent (CTLT 71.00, +14.95, +26.9%) and Life Storage (LSI 120.00, +9.42, +8.5%) are both moving higher this morning on acquisition news.
Danaher (DHR) is interested in a takeover of Catalent (CTLT), according to Bloomberg, and Life Storage received a proposal to be acquired by Public Storage (PSA) in all-stock transaction.
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