Outlook  Shutterstock Investors enter next week prepped for more volatility with risk assets after the cryptocurrency plunge. The negative vibe followed what were some sizzling earnings report from consumer-facing companies like Home Depot, Lowe's, Target and Walmart. In the week ahead, Dick's Sporting Goods (NYSE:DKS) and Nvidia (NASDAQ:NVDA) are two of the notable companies due to report earnings, while investor events for Ford (NYSE:F) and Yum Brands (NYSE:YUM) will also be in the spotlight. The cryptocurrency sector will see one of its biggest events of the year when the Coindesk (NASDAQ:COIN) Consensus conference takes place. The Fed's Lael Brainard, ARK Invest's Cathie Wood, MicroStrategy's (NASDAQ:MSTR) Michael Saylor and Bridgewater's Ray Dalio are all on the eclectic list of speakers. On the legislative front, keep an eye out for new marijuana legislation to be introduced in Congress for discussion.
| | Welcome to Wall Street Breakfast, our preview of stock market events for investors to watch during the upcoming week. You can also catch this article a day early by subscribing to the Stocks to Watch account for Saturday morning delivery. |
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| Outlook Shutterstock Investors enter next week prepped for more volatility with risk assets after the cryptocurrency plunge. The negative vibe followed what were some sizzling earnings report from consumer-facing companies like Home Depot, Lowe's, Target and Walmart. In the week ahead, Dick's Sporting Goods (NYSE:DKS) and Nvidia (NASDAQ:NVDA) are two of the notable companies due to report earnings, while investor events for Ford (NYSE:F) and Yum Brands (NYSE:YUM) will also be in the spotlight. The cryptocurrency sector will see one of its biggest events of the year when the Coindesk (NASDAQ:COIN) Consensus conference takes place. The Fed's Lael Brainard, ARK Invest's Cathie Wood, MicroStrategy's (NASDAQ:MSTR) Michael Saylor and Bridgewater's Ray Dalio are all on the eclectic list of speakers. On the legislative front, keep an eye out for new marijuana legislation to be introduced in Congress for discussion.
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| Earnings Earnings spotlight: Monday, May 24th: Earnings reports are due out from Lordstown Motors (NASDAQ:RIDE) (rescheduled from original date) and Nordson (NASDAQ:NDSN).
Earnings spotlight: Tuesday, May 25th: AutoZone (NYSE:AZO), Zscaler (NASDAQ:ZS), Toll Brothers (NYSE:TOL) and Nordstrom (NYSE:JWN).
Earnings spotlight: Wednesday, May 26th: Dick's Sporting Goods (DKS), Capri (NYSE:CPRI), Nvidia (NVDA), Okta (NASDAQ:OKTA), Snowflake (NYSE:SNOW), Abercrombie & Fitch (NYSE:ANF) and Workday (NASDAQ:WDAY).
Earnings spotlight: Thursday, May 27th: Royal Bank of Canada (NYSE:RY), Best Buy (NYSE:BBY), Dollar General (NYSE:DG), Box (NYSE:BOX), Dollar Tree (NASDAQ:DLTR), Costco (NASDAQ:COST), Autodesk (NASDAQ:ADSK), VMware (NYSE:VMW), Dell Technologies (NYSE:DELL) and Gap (NYSE:GPS).
Earnings spotlight: Friday, May 28st: Big Lots (NYSE:BIG) and Frontline (NYSE:FRO).
Nvidia (NVDA) heads into its earnings report of May 26 with a full head of steam after setting a four-for-one stock split. Oppenheimer is just one of several firms that see upside to consensus estimates led by gaming and crypto. The firm also likes the strategic nature of Nvidia's planned ARM acquisition though regulatory hurdles are said to remain. | |
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| IPOs Look for ZipRecruiter (ZIP), Paymentus (PAY) and Flywire (FLYW) to begin trading on May 26. Quiet period expirations arrive during the week for FTC Solar (NASDAQ:FTCI), Endeavor (NYSE:EDR), Aveanna (NASDAQ:AVAH), Vaccitech (NASDAQ:VACC) and Werewolf Therapeutics (NASDAQ:HOWL). IPO lockup expirations are on tap for Ozon (NASDAQ:OZON), Vision Marine Technology (NASDAQ:VMAR), Alset EHome International (NASDAQ:AEI) and BriaCell Therapeutics (NASDAQ:BCTX). | |
| Dividends Projected dividend increases (quarterly): Expected dividend payout increase for the week include Lowe's (NYSE:LOW) to $0.66 from $0.60, Flowers Foods (NYSE:FLO) to $0.21 from $0.20, LyondellBasell (NYSE:LYB) to $1.10 from $1.05, Marsh & McLennan (NYSE:MMC) to $0.475 from $0.465 and Universal Corp (NYSE:UVV) to $0.78 from $0.77. | |
| M&A Shareholders vote on the M&T Bank (NYSE:MTB) (MTB)-PBCT deal on May 25. The Dollar Mutual Bancorp buyout of Standard AVB Financial (NASDAQ:STND) is due to close on May 28. AT&T (NYSE:T) and Discovery (NASDAQ:DISCA) are expected to announce the new name of the high-profile media combination of WarnerMedia and Discovery. | |
| Events Watch for FDA action on Bristol-Myers Squibb (NYSE:BMY) Zeposia (ozanimod) for ulcerative colitis. The sNDA submitted to the FDA was based on results from True North, a pivotal, placebo-controlled Phase 3 trial evaluating Zeposia as an induction and maintenance therapy in adults with moderately to severely active UC. Lantheus Holdings (NASDAQ:LNTH) also has a FDA action date imminent on its pyL treatment for prostate cancer and Eton Pharmaceuticals (NASDAQ:ETON) has an action date on its ET-104 treatment for neurological indication.
Robinhood (RBNHD) is expected to file financial information with the SEC to give investors a clearer look at the company ahead its IPO. Valuation estimates on Robinhood range as high as $40B, while some reports indicate that the company wants to allow its own users to buy IPO shares. How Robinhood is viewed by the Reddit/WallStreetBets crowd layers on some intrigue to the fintech company's public debut.
The evolution of cryptocurrency and blockchain technology will be highlighted at the four-day Coindesk (COIN) Consensus conference. Speakers like the Fed's Lael Brainard, ARK Invest's Cathie Wood, MicroStrategy's (MSTR) Michael Saylor and Bridgewater's Ray Dalio will have cracks at talking up or talking down Bitcoin (BTC-USD), Ethereum (ETH-USD) and other cryptos.
Yum Brands (YUM) holds a virtual KFC Investor Day that could be of interest to the restaurant sector. Meanwhile, General Mills (NYSE:GIS) webcasts its first-ever ESG investor event virtually. Other companies with investor events scheduled include Fluidigm Corporation (NASDAQ:FLDM), Hyster-Yale Materials Handling (NYSE:HY), Vista Outdoor (NYSE:VSTO), Avalara (NYSE:AVLR) and Charles River Laboratories (NYSE:CRL).
ExxonMobil (NYSE:XOM) holds its annual shareholder meeting amid a proxy fight against an activist hedge fund. Engine No. 1 has proposed eight existing directors and four new directors for the board, while ExxonMobil is pushing for its existing 12-director board. Proxy firms have recommended that shareholders pick at least one new face for the board. Another interesting annual meeting will be Shopify (NYSE:SHOP) on May 26. Meanwhile, Remark (NASDAQ:MARK) holds a special meeting of interest on May 27.
Conferences rundown: Major conference during the week include the JPMorgan 49th Annual Global Technology Media and Communications Conference, the UBS Global Healthcare Conference, the Wolfe Research 14th Annual Global Transportation & Industrials Conference, the UBS Global Energy Conference and the Jefferies Renewable Energy Summit.
Go Deeper: Check out Seeking Alpha's Catalyst Watch for a detailed list of events to watch | |
| Barron's mentions AT&T (T) is recommended in this week's cover story even after the media giant slashed its dividend. The sum-of-the-parts argument is laid out in detail and shares are called attractive with adjusted EBITDA forecast to impress. Wine stocks are also given the bullish nod. Pure-play Duckhorn Portfolio (NYSE:NAPA) is set to be joined in the public world by Vintage Wine Estates through the merger with Bespoke Capital Acquisition (OTCPK:BKCQF). An interview with SoftBank Group (OTCPK:SFTBY) CEO Masayoshi Son dives into the changes at the multinational.
Sources: EDGAR, Bloomberg, CNBC, Reuters, Renaissance Capital | |
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