- This topic has 60 replies, 4 voices, and was last updated 2 months, 1 week ago by CautiousInvestor.
- 27 Mar '23 at 8:25 am #55688
Spotlight on Dollar General (DG) after digging out that four states have fined the retailer a total of more than $1M for price inaccuracies in 2021 and 2022 after a wave of consumer complaints. The rapid expansion of Dollar General is noted to have also led to a variety of operational and regulatory issues including the pricing errors. DG snagged a Strong Buy recommendation post-earnings from DM Martins research.27 Mar '23 at 8:27 am #55689
Monday – March 27
Earnings watch – Notable companies due to report include Carnival (CCL) and PVH (PVH). Citi has Carnival listed as one of its Catalyst Call Buy ideas on the expectation for a post-earnings rally.
Healthcare watch – Pharming Group N.V. (PHAR) has an FDA action date on Leniolisib on March 29. Emergent BioSolutions (EBS) has a Prescription Drug User Fee Act goal date of March 29. Emergent was the first company to submit a supplemental New Drug Application for OTC and received Priority Review by the FDA. If approved, NARCAN would be the first 4 mg naloxone nasal spray available OTC in the U.S. Cognition Therapeutics (CGTX) will present Phase 2 biomarker data on CT1812 for Mild-to-Moderate Alzheimer’s Disease at the AD/PD conference. BioMarin’s (BMRN) Biologics License Application for Roctavian is currently under review by the U.S. Food and Drug Administration with a PDUFA target action date of March 31
All day – International Game Technology (IGT) and Everi Holdings (EVRI) will be two of the more notable companies to showcase new technology at the Indian Gaming Tradeshow & Convention in San Diego.27 Mar '23 at 8:28 am #55690
Tuesday – March 28
Earnings watch – Notable companies due to report include Lululemon (LULU), McCormick (MKC), Walgreens Boots Alliance (WBA), Micron (MU), and Dave & Buster’s Entertainment (PLAY). Options trading implies a 30% swing up or down for Better Choice (BTTR) after it reports.
The eVTOL sector will be in the spotlight with the Jefferies EVOTL Summit running. Companies presenting include Blade Air Mobility (BLDE), Vertical Aerospace (EVTL), EHang Holdings (EH), Amprius Technologies (AMPX), Archer Aviation (ACHR), and Joby Aviation (JOBY).
Vail Resorts (MTN) will hold an investor conference. The event is being circled by analysts as a potential catalyst with recent ski visitor data trending strong and snowfall still high across most of Vail’s resorts.
10:00 a.m. The Senate Banking Committee will hold a hearing on bank failures. Witnesses will include FDIC Chairman Martin Gruenberg, Federal Reserve Vice Chairman Michael Barr, and Treasury Undersecretary Nellie Liang.27 Mar '23 at 8:29 am #55691
Wednesday – March 29
Earnings watch – Notable companies due to report include Cintas (CTAS), Paychex (PAYX), RH (RH), and EVO Payments (EVOP). Options trading implies 18% move for Bluebird Bio (BLUE).
Data watch – The latest videogame market data is expected to be released by Circana. The Nevada Gaming Control Board is due to release casino gaming win data for the month of February.
All day – Enterprise Products Partners L.P. (EPD) will hold an analyst meeting
All day – Domo (DOMO) will hold its Domopalooza event. Shares of Domo rallied last year after the event attracted investor and analyst interest.
All day – VMware (VMW) and Broadcom (AVGO) could see a jolt with the UK’s Competition and Markets Authority Phase 1 remedy due. Broadcom said it is working constructively with the CMA, but the final determination is unclear.
9:00 a.m. Clean Harbors (CLH) will hold its annual Investor Day event.
11:00 a.m. GSK plc (GSK) CEO Emma Walmsley will appear at the CNBC Healthy Returns Summit to discuss how the global biopharma giant plans to protect its desired RSV vax turf, replenish its drug portfolio, future R&D spend, and the 2023 runway for growth.
11:30 p.m. Intel Corporation (INTC) will hold an investor webinar to provide an update on the company’s Data Center and AI business. The tech giant also plans to review its data center product roadmap.
12:00 p.m. The National Retail Federation will host the annual State of Retail & the Consumer update. The event will include comments from Old Navy (GPS) CEO Haio Barbeito and Rent the Runway (RENT) COO Anushka Salinas. The NRF will also issue its annual retail sales forecast that could reset expectations for the sector.
3:30 p.m. Dell Technologies (DELL) CEO Michael Dell will appear on the Bank of America Top CEO Call Series.27 Mar '23 at 8:30 am #55692
Thursday – March 30
Earnings watch – Notable companies due to report include EVgo (EVGO), BlackBerry (BB), Rumble (RUM) and Duck Creek Technologies (DCT) – options trading implies double-digit moves for Skillz (SKLZ), Canoo (GOEV)
All day The Maxim Group Electric Vehicle & Auto Tech Conference will feature appearances by Ideal Power (IPWR), Aqua Metals (AQMS), Phoenix Motor (PEV), Data I/O (DAIO), and Flux Power (FLUX).
9:00 a.m. Rogers Corporation (ROG) will host an Investor and Analyst Day at the New York Stock Exchange in New York City. The event will feature presentations from members of the senior leadership team, who will share the company’s strategic vision, growth and profitability objectives, and multi-year financial targets.
11:00 a.m. Agilon Health, inc. (AGL) will host its 2023 Investor Day in New York City. The executive leadership team will give presentations and answer questions about the company’s long-term strategic priorities, patient and physician impact, growth drivers, and financial outlook.
11:00 a.m. Conduent Incorporated (CNDT) will host a virtual Investor Briefing.
12:45 p.m. Federal Reserve Bank Richmond President Barkin will speak at the Virginia Council of CEOs event.27 Mar '23 at 8:31 am #55693
Friday – March 31
All day – It is the last trading day before Tesla (TSLA) releases its Q1 deliveries report. Shares of Tesla have dropped more times than they have gained in the last three years immediately following the quarterly deliveries update.
All day – The termination date will arrive for the Rogers Communications (RCI)-Shaw Communications (SJR) merger.
8:30 a.m. The closely-watched U.S. Personal Consumption Expenditure Index will be released. Economists expect a 4.7% year-over-year rise in the core PCE number for February and a 0.4% month-over-month increase vs. +0.6% for the prior month.
8:30 a.m. Watch for news about the upcoming OPEC+ meeting. The current expectation is that OPEC will stick to its deal on output cuts of 2M barrels per day.
3:00 p.m. Federal Reserve Bank New York President John Williams will speak at Housatonic Community College.
5:45 p.m. Federal Reserve Governor Lisa Cook will give a speech titled “The U.S. Economic Outlook and Monetary Policy.”27 Mar '23 at 8:32 am #55694
Equity indices in the Asia-Pacific region began the week on a mixed note amid a light flow of news.
Japan’s Nikkei: +0.3%
Hong Kong’s Hang Seng: -1.8%
China’s Shanghai Composite: -0.4%
India’s Sensex: +0.2%
South Korea’s Kospi: -0.2%
Australia’s ASX All Ordinaries: +0.2%27 Mar '23 at 8:32 am #55695
China signed a deal to establish diplomatic relations with Honduras.
China’s finance minister said that proactive fiscal policy will be implemented, including lower taxes.
China’s February Industrial Profit -22.9% YTD (last -4.0%)27 Mar '23 at 8:33 am #55696
South Korean banks will receive an extension of eased loan-to-deposit rules.
Australia is on track to tighten its emissions standards.
Japan’s February Corporate Services Price Index 1.8% yr/yr (expected 1.5%; last 1.6%). February Leading Index 96.6 (expected 96.5; last 97.2) and Coincident Indicator -3.0% m/m (last -3.0%)
Hong Kong’s February trade deficit $45.40 bln (last deficit of $25.40 bln). February Imports -4.1% m/m (last -30.2%) and Exports -8.8% m/m (last -36.7%)27 Mar '23 at 8:33 am #55697
Major European indices trade on a firmly higher note.
STOXX Europe 600: +1.2%
Germany’s DAX: +1.4%
U.K.’s FTSE 100: +1.1%
France’s CAC 40: +1.1%
Italy’s FTSE MIB: +1.5%
Spain’s IBEX 35: +1.3%27 Mar '23 at 8:34 am #55698
Barclays expects that the Bank of England will reach a terminal rate of 4.50%, up from 4.25% in the previous forecast.
U.K.’s March CBI Distributive Trades Survey 1 (expected -6; last 2)27 Mar '23 at 8:34 am #55699
Standard & Poor’s affirmed Germany’s AAA rating with a Stable outlook.
S&P also raised its 2023 growth forecast for the eurozone to 0.3% from 0.0% while the outlook for 2024 was cut to 1.0% from 1.4%.
Eurozone’s February Private Sector Loans 3.2% yr/yr (expected 3.6%; last 3.6%) and loans to nonfinancials 5.7% yr/yr (expected 5.8%; last 6.1%)
Germany’s March ifo Business Climate 93.3 (expected 91.0; last 91.1). March Current Assessment 95.4 (expected 94.1; last 93.9) and Business Expectations 91.2 (expected 88.3; last 88.4)27 Mar '23 at 8:35 am #55700
Danish shipping giant Maersk warned that the economic rebound in China has been weaker than expected.27 Mar '23 at 8:35 am #55701
Riksbank Governor Thedeen said that inflationary pressures may have been underestimated and that a rate hike in April is likely.27 Mar '23 at 2:15 pm #55741CautiousInvestorKeymaster
Dow 32,432.08 194.55 0.60%
S&P 500 3,977.53 6.54 0.16%
Nasdaq 11,768.84 -55.12 -0.47%
VIX 20.86 -0.88 -4.05%
Gold 1,958.50 -25.30 -1.28%
Oil 73.00 3.74 5.40%
- This reply was modified 2 months, 2 weeks ago by CautiousInvestor.
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