Economic reports in the week ahead - Trading will be lighter next week due to the Thanksgiving holiday in the U.S. without a lot of investor events to track. The two most interesting earnings reports of the week could be from Zoom Video (NASDAQ:ZM) and Best Buy (NYSE:BBY). Both companies are looking to assure investors that they are set up well for the post-pandemic environment. The economic calendar includes updates on existing home sales, durable goods, GDP as well what will a closely-watched release of FOMC minutes from the last central bank meeting. The end of the week sees the beginning of what is anticipated to be a record sales haul for the Black Friday to Cyber Monday shopping period.
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| | Welcome to the Sunday edition of Wall Street Breakfast, which previews events for investors to watch during the upcoming week. If you want to receive this a day earlier, follow Stocks to Watch and select the option to receive email notifications. Outlook  Trading will be lighter next week due to the Thanksgiving holiday in the U.S. without a lot of investor events to track. The two most interesting earnings reports of the week could be from Zoom Video (NASDAQ: ZM) and Best Buy (NYSE: BBY). Both companies are looking to assure investors that they are set up well for the post-pandemic environment. The economic calendar includes updates on existing home sales, durable goods, GDP as well what will a closely-watched release of FOMC minutes from the last central bank meeting. The end of the week sees the beginning of what is anticipated to be a record sales haul for the Black Friday to Cyber Monday shopping period. | | Earnings Earnings spotlight: Monday, November 22: Zoom Video Communications (ZM), Agilent Technologies (NYSE:A), Spire (NYSE:SR), Urban Outfitters (NASDAQ:URBN) and Niu Technologies (NASDAQ:NIU).
Earnings spotlight: Tuesday, November 23: Analog Devices (NASDAQ:ADI), HP (NYSE:HPQ), Best Buy (BBY), Gap (NYSE:GPS), Dick's Sporting Goods (NYSE:DKS), Dell Technologies (NYSE:DELL), Jack in the Box (NASDAQ:JACK), Dollar Tree (NASDAQ:DLTR) and Vmware (NYSE:VMW).
Earnings spotlight: Wednesday, November 24: Deere (NYSE:DE) and Futu Holdings (NASDAQ:FUTU). | | Sponsored By iTrust Capital  Get the best of both worlds with a Crypto IRA – retirement account tax benefits and 24/7 access to Cryptocurrency investing. $0 Monthly Account Fees Free Account Setup 24/7 Trading Platform Military Grade Security
Bitcoin, Ethereum, Chainlink, Cardano, Polkadot and more, all in your retirement account. Start investing today! | | IPOs IPO watch: No IPOs are due to start trading next week, but there will still be plenty of action with analysts posting ratings on a large number of companies that went public last month. The analyst quiet period expires on Globalfoundries (NASDAQ:GFS), Fluence Energy (NASDAQ:FLNC), Informatica (NYSE:INFA), Rent the Runway (NASDAQ:RENT), Solo Brands (NYSE:DTC), Arteris (NASDAQ:AIP), Augmedix (NASDAQ:AUGX) and Marpai (NASDAQ:MRAI) on November 22. Analysts will also get to post ratings on HireRight (NYSE:HRT), Udemy (NASDAQ:UDMY), Entrada Therapeutics (NASDAQ:TRDA), Sonendo (NYSE:SONX), AirSculpt Technologies (NASDAQ:AIRS), Aura Biosciences (NASDAQ:AURA), Biofrontera (NASDAQ:BFRI) on November 23.
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IPO lockup period expirations: IPO lockup periods expire on Paymentus (
PAY) on November 22, as well as Figs (NYSE:
FIGS), Singular Genomics Systems (NASDAQ:
OMIC) and Day One Biopharmaceuticals (NASDAQ:
DAWN) on November 23. Centessa Pharmaceuticals (NASDAQ:
CNTA) and Zivo Bioscience (NASDAQ:
ZIVO) see IPO lockup periods end on November 24 and LianBio (NASDAQ:
LIAN) has its lockup period expiring on November 26.
Dividends
Projected dividend increases: Companies forecast to boost their quarterly dividend payouts include McCormick (NYSE:
MKC) to $0.37 from $0.34, Merck (NYSE:
MRK) to $0.70 from $0.65, Hormel (NYSE:
HRL) to $0.2575 from $0.245, South Jersey Industries (NYSE:
SJI) to $0.315 from $0.3025 and Four Corners Property (NYSE:
FCPT) to $0.33 from $0.3175.
Analysis
Zoom Video earnings preview: Zoom Video (ZM) reports earnings as the company looks to convince investors the post-pandemic growth story is strong. Analysts are largely bullish on ZM into the report. Morgan Stanley thinks Zoom shares could rally if the update on small-medium business churn is better than anticipated. Meanwhile, estimates from JPMorgan call for ~31% growth this quarter and even further deceleration to 15% growth in Q1 of 2022 before the company gets past the tough comparisons and re-accelerates through the remainder of the next fiscal year. "We believe it will be the combination of growth out of Zoom phone, international penetration for meetings, and adoption of ancillary capabilities like Zoom Rooms that can drive that growth. In addition, we will be interested to see what type of commentary comes from management around the possibility of monetizing the free base of users and the uptake of solutions like Zoom Events," previews JP. The firm notes that the stock has been trading like the average SaaS company in terms of revenue multiple, but reminds that Zoom is anything but average. Zoom Video has topped sales and EPS estimates in ten straight quarters.
Electric vehicle buzz: Investors are unlikely to give EV stocks a rest next week even with the holiday cutting into trading hours. Some of the biggest gainers over the last week are Rivian Automotive (NASDAQ:RIVN), Canoo (NASDAQ:GOEV), Lucid Group (NASDAQ:LCID), Hyzon Motors (NASDAQ:HYZN), Mullen Automotive (NASDAQ:MULN), Proterra (NASDAQ:PTRA), General Motors (NYSE:GM) and Aurora Innovation (NASDAQ:AUR). Looking ahead, expect more speculation on Apple's (NASDAQ:AAPL) autonomous car plans and which stocks may benefit. Taiwan Semiconductor Manufacturing Company (NYSE:TSM), Aeva Technologies (NYSE:AEVA), Innoviz Technologies (NASDAQ:INVZ) and Ouster (NYSE:OUST) have been some of the early candidates.
Black Friday/Cyber Monday preview: The Black Friday to Cyber Monday shopping period will have a different look this year with two million more people than last year expected to shop over the three days, despite retailers starting their promotions earlier than ever. The National Retail Federation forecasts holiday sales during November and December will grow between 8.5% and 10.5% to between $843.4B and $859B. A NRF survey indicates that clothing is at the top of the shopping list of consumes, followed by gift cards, toys, books/music/movies/video games and food/candy. Many malls are planning to return to traditional holiday experiences with decorations and experiences, such as pictures with Santa and Christmas present wrapping stations. A couple of interesting Black Friday stories to watch will be the traffic reports from mall players like Macy's (NYSE:M), Nordstrom (NYSE:JWN) and Kohl's (NYSE:KSS). In the runup to the big shopping period, Bank of America reports that clothing spending at brick and mortar stores was up 18.6% in comparison to the pre-pandemic level seen in 2019. Analysts are also keying in on the promotional stances from Peloton Interactive (NASDAQ:PTON) and Lululemon (NASDAQ:LULU) with its Mirror product. Meanwhile, Yeti Holdings (NYSE:YETI) is the top pick for the holidays at Bank of America. Finally, early selling trends for Apple (AAPL) will be watched closely. Wedbush Securities estimates that Apple is on pace to sell ~40 million iPhones between Black Friday and Christmas which would be record holiday pace for the company despite the lingering chip shortage limiting supply.
Box office preview: The movie industry is hoping for a big weekend with Sony (NYSE:SONY) releasing supernatural sequel Ghostbusters: Afterlife in more than 4K theaters. The film is forecast to bring $27M to $28M in the U.S. and Canadian over the extended weekend and as much as $45M globally. Warner Bros. (NYSE:T) sports drama King Richard starring Will Smith is projected to bring in $8M to $10M even as it streams simultaneously on HBO Max.
Events
Annual meetings: Notable annual meetings in the week ahead include Tilray (NASDAQ:
TLRY) and StoneCo (NASDAQ:
STNE) on November 22. Tilray has been scrutinized in the past for its executive compensation packages that were disclosed around the meetings.
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