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ON MONDAY
Domino's Pizza is expected to post a rise in first-quarter revenue on resilient demand for its pizzas, helped by a revival in delivery demand and benefits from promotions and offers. Investors will watch out for comments on the company's pricing strategy for the year.
Activision Blizzard will head to a five-day jury trial in Delaware federal court based on allegations that its hit games "World of Warcraft" and "Call of Duty" infringe patent monetizer Acceleration Bay's patents related to multiplayer communication technology.
Wireless tower operator SBA Communications is expected to post lower first-quarter revenue. It is likely to be hit by slowing wireless activity after the initial surge in 5G deployments. Moreover, telecom operators are tightening their spending due to sticky inflation and an uncertain economy.
Franklin Resources is expected to post a rise in second-quarter profit, helped by strong performance in its equity and fixed-income products.
F5 will report its second straight quarter of revenue decline and the least profit growth in the past five quarters.
REST OF THE WEEK
Apple's revenue, on Thursday, is expected to decline 5% and would mark the fifth instance of a topline drop in the past six quarters as demand for its chief commodity, the iPhone, as well as Mac computers, remains weak. Investors will expect commentary on how it plans to revive sales and updates on AI development, which is driving gains at Big Tech peers.
On Tuesday, Amazon's topline is expected to rise 12% with a 7% growth in its key e-commerce business. The results would show momentum for its cloud unit AWS on the back of new AI functionality even as online shopping growth remains muted.
U.S. Federal Reserve's Federal Open Market Committee $(FOMC)$ starts its two-day meeting on interest rates on Tuesday. FOMC will announce its decision on interest rates followed by statement on the following day.
On the U.S. economic calendar, a flurry of data is due in the week. On Wednesday, the ADP National Employment report is expected to show that private payrolls rose by 175,000 in April, compared with a 184,000 increase in March. On Friday, the Labor Department's employment report is likely to show nonfarm payrolls of 245,000 jobs in April, after creating 303,000 jobs in the previous month. The unemployment rate is expected to remain unchanged at 3.8% in April. Meanwhile, average hourly earnings likely gained 0.3% on a monthly basis in April, after a similar rise in the prior month. The Institute for Supply Management's (ISM) Manufacturing PMI, on Wednesday, is likely to show a reading of 50.1 for April, following a reading of 50.3 in the previous month. The S&P Global manufacturing PMI for April is also scheduled for release on the same day. Separately, ISM non-manufacturing PMI, on Friday, is likely to show a reading of 52 in April, after a reading of 51.4 in the previous month. Additionally, the S&P Global’s services and composite PMI numbers for April are scheduled to be released.
On Tuesday, the Conference Board is expected to say its consumer confidence index likely came in 104 in April, after a reading of 104.7 in the previous month. In addition to that, on Wednesday, the Labor department’s JOLTS report is likely to show that the number of job openings likely fell by 86,000 to 8.670 million in March. Meanwhile, the Commerce Department is projected to announce a 0.3% gain in construction spending for March, after a 0.3% decrease in the prior month, on the same day. On Thursday, a report from the Commerce Department is expected to show that international trade likely expanded to a deficit of $69.1 billion in March, from a deficit of $68.9 billion in February. Meanwhile, the Labor Department’s weekly jobless claims data, on Thursday, is likely to show initial claims for state unemployment benefits rose 5,000 to a seasonally adjusted 212,000 for the week ended April 27. Meanwhile, the number of people receiving benefits after an initial week of aid for the week ending April 20, will also be on the radar. Separately on the same day, the Commerce Department's Census Bureau data is expected to show that factory orders for March rose 1.6%, following a 1.4% jump in February.
Pfizer will report first-quarter results before markets open on Wednesday. Investors will closely watch any changes to the drugmaker's 2024 forecast, especially for COVID-19 vaccine and antiviral treatment Paxlovid. Focus will also be on the performance of cancer drugs acquired as part of the Seagen deal as well as it vaccine franchise.
Mastercard's first-quarter earnings are scheduled for Wednesday. It is likely to report a jump in profit thanks to strong consumer spending. Investors will also look out for any updates on its settlement with merchants, which it signed alongside peer Visa.
Moderna is expected report first-quarter earnings on Thursday, as it contends with a sharp drop in sales of its COVID-19 vaccine. Investors will focus on the vaccine maker's comments on new contracts for the shots, updates on its other vaccines in development and changes to its' full-year sales forecast.
Burger chain McDonald's is expected to post a rise in first-quarter revenues on Tuesday owing to steady demand in Canada, Germany, and Britain and promotions. Investors will be on the lookout for comments on the sales impact of the Middle East conflict and slowdown in China. Comments will also be sought on pricing and promotional strategy to battle spending pressures stemming from still-high inflation.
Advanced Micro Devices will report first-quarter earnings where analysts expect the company to record a 2% jump in revenue on Tuesday. Investors will focus on indicators of demand from the PC market and updates on the company's AI chips.
On Tuesday, Starbucks is expected to post a rise in second-quarter revenue, helped by resilient demand for its coffee and cold drinks. Investors will watch out for comments on international demand and impact on store traffic and sales from conflict in the Middle East.
Coca-Cola is expected to post a rise first-quarter revenue on Tuesday, on the back of strong demand for its pricey Coke and Sprite as the soda giant benefits from consumers increasingly consuming food outside. Investors will look out for comments on volume growth, further price hikes, disruptions to business due to the conflict in the Middle East and a shift in consumer demand.
Eli Lilly will report first quarter earnings on Tuesday before markets open. Investors will focus on supply updates for its popular diabetes drug Mounjaro and weight loss therapy Zepbound. Focus will also be on Lilly's Alzheimer's drug candidate, donanemab, which is expected to be reviewed by a panel of experts to the US FDA.
Yum! Brands is expected to post a rise in first-quarter revenue on Wednesday, driven by resilient demand for its fast-food chains, such as KFC, Taco Bell, and Pizza Hut. Investors will watch for comments on the impact of conflict in the Middle East on sales and consumer sentiment in the US.
3M is expected to report a rise in first-quarter profit on Tuesday, compared to a year earlier helped by price hikes. Investors will be looking for any revision to its full-year forecast and recovery in consumer electronics demand in China.
Qualcomm will report second-quarter earnings where analysts expect the company to record less than 1% revenue growth on Wednesday. Investors will focus on indicators of demand from the smartphone market amid competition from firms such as Huawei as well as updates on its AI-enabled chips.
PayPal is expected to report a rise in first-quarter profit on Tuesday as consumer spending holds up across income brackets. Investor focus is expected on executives' plans to expand revenue sources beyond economy-sensitive transaction volumes to more stable product-based offerings.
On Tuesday, Archer-Daniels-Midland reports first quarter earnings as it faces a government investigation into accounting practices.
New York Stock Exchange-parent Intercontinental Exchange is expected to report a rise in first quarter profit on Thursday driven by robust trading activity in the energy markets that led to average daily volumes hitting a quarterly record. Analysts and investors are likely to focus on management's outlook for the reopening of the U.S. initial public offering market after a two-year dry spell.
Federal Reserve Bank of New York President John Williams and Federal Reserve Bank of Chicago President Austan Goolsbee, on Friday, are scheduled to participate in a panel before hybrid "Getting Global Monetary Policy on Track" event hosted by the Hoover Institution at Stanford University in Standford, California.
Marriot will report its first-quarter results on Wednesday. The company is expected to see a rise in revenue on strong growth in international travel. Investors will be looking out for comments on softening domestic travel demand in the U.S. and recovery in business travel.
Cadbury-parent Mondelez International is expected to post a rise in first-quarter revenue on Tuesday, helped by steady demand for its confectionery goodies including Oreo biscuit and Toblerone chocolate. Investors will look for comments on impact from rise in cocoa prices, pricing actions, impact on demand and volumes and cost-cutting measures taken by the company.
Ebay is expected to report a 0.8% rise in revenue on Tuesday, which could be its worst performance in the last five quarters.
Regeneron is expected to report its first quarter results before markets open on Thursday. The focus is expected to be on quarterly sales of its eye disease drug Eylea and skin disease drug Dupixent.
Pinterest is expected to post higher first-quarter revenue on Tuesday, helped by robust demand for advertising on the image-sharing platform. Investors and analysts will be looking for commentary about the San Francisco, California-based company's advertising deals with Google and Amazon. Earlier in April, Bernstein analysts said in a note that if Amazon and Google deals take longer to bear fruit like the data appears to be suggesting and revenue growth lags larger peers, they could see some shine come off the name.
Albemarle, the world's largest producer of lithium for EV batteries, is expected to report a sharp drop in first-quarter profit on Wednesday, due to tumbling prices of the ultralight metal.
Kellanova, on Thursday, is expected to report a fall in first-quarter revenue hit by sluggish demand for its Cheez-It crackers and Rice Krispies, which took a hit from higher prices. Investors will look out for volumes, demand, pricing and input costs.
CNH Industrial is expected to report a slump in quarterly revenue on Thursday, as demand for agricultural and construction equipment plateaus from last year's peaks. Investors will be focused on the company's outlook for 2024, its inventories, profit margins and pricing strategy.
On Wednesday, DoorDash is expected to post a rise in first-quarter revenue helped by an uptick in grocery and food orders at its online delivery platform. Investors will eye for comments on demand trends, impact from labor costs and the forecast that the company provides.
Payments processor Block is expected to report its first-quarter earnings on Thursday. Analysts expect its profit to have jumped, and investors will await more details on its cost-savings plan.
Estee Lauder is expected to post a rise in third-quarter revenue on Wednesday benefiting a rebound in demand for its MAC lipstick and Bobbi Brown foundations in the United States. Investors will look out for comments on demand recovery in China, disruptions to business due to the conflict in the Middle East, trading down to lower-priced products and new pricing actions.
Norwegian Cruise Line, on Wednesday, is expected to post a rise in first-quarter revenue helped by higher ticket prices and steady demand in the U.S. for cruise vacations. Investors will be on the lookout for comments on demand trends, costs, impact from fuel and any forecast that the company provides.
Online marketplace operator Etsy is expected to post a rise in first-quarter revenue on Wednesday, helped by higher transaction fees and steady demand for handcrafted products. Investors will look for comments on demand, promotions, discounts, impact from increasing competition from low-cost ecommerce platforms like Temu and annual forecasts.
Exchange operator CBOE Global Markets is expected to post a rise in first quarter profit on Friday, helped by higher equities trading volumes.
Data analytics firm Verisk is expected to report a higher first-quarter profit on Wednesday, driven by strong demand for its products used by property and casualty insurers to assess underwriting risks.
Global Payments will report first-quarter results on Wednesday, with analysts expecting tailwinds from resilient consumer spending to help the payments technology firm report a rise in quarterly profit compared to a year ago.
Molson Coors is expected to post a rise in first-quarter revenue, on Tuesday, benefiting from price hikes and resilient demand for its core beer brands. Investors will look out for comments on demand trends, margin recovery and any forecast that the company provides.
U.S. energy firm Public Service Enterprise Group is expected to post a fall in first-quarter profit on Tuesday, weighed down by the impact of weather in service areas.
Westrock, on Thursday, is expected to report fall in first-quarter revenue on lagging demand for its container board and paper packaging goods. Investors will look out for demand, volumes, pricing and raw material costs.
On Thursday, U.S.-based rare earths producer MP Materials is expected to swing to a quarterly loss due to sliding prices of the critical minerals used to build a range of electronics.
On Tuesday, Sirius XM is expected to report a fall in first quarter revenue as users cut back on subscriptions in a tough economy.
On Wednesday, Tesla is expected to ask a Delaware judge to reject a request for a $6 billion legal fee sought by the attorneys who voided Elon Musk's $56 billion pay package.
On the same day, UnitedHealth CEO Andrew Witty will testify before a U.S. House subcommittee about a recent cyberattack at the company's technology unit and its impact on patients and providers.
Regency Centers is expected to post a rise in first-quarter revenue on Thursday, helped by steady leasing demand from its grocery-anchored shopping centers. Investors will look for comments on rental rates, demand from tenants and annual forecast.
Kimco Realty is expected to post a rise in first-quarter revenue on Thursday, helped by strong leasing demand at its grocery-anchored shopping centers. Investors will watch out for comments on occupancy rates for the year, as well as increases in rents.
Food distributor Sysco is expected to post a rise in third-quarter net sales on steady demand for its custom cut meat and seafood on Tuesday. Investors will look for comments on pricing, demand, costs and sales forecasts.
On the Canadian economic front, Statistics Canada, on Tuesday, is expected to report the monthly GDP figures. The economy likely expanded 0.3% in February, after increasing 0.6% in the previous month. Separately, on Thursday, the country’s trade surplus likely narrowed to C$1.21 billion in March, following a surplus of C$1.39 billion from February. The country's imports and exports data are also due for release on the same day. Meanwhile, S&P Global’s manufacturing PMI data is due to be released on Wednesday.
Restaurant Brands International is expected to post a rise in first quarter revenue on Tuesday, helped by strong demand at its Burger King and Tim Hortons chains. Investors will watch out for comments on consumer sentiment in China and international markets.
On Thursday, Air Canada will report its first quarter earnings and is expected to report a higher revenue and a narrower loss compared with previous year. Investors will be looking for comments on business travel rebound and international travel rebound.
On the following day, Canadian pipeline company TC Energy will report its quarterly results. Investors will look for updates on the company's plans to spin off its oil pipeline business this year and sell C$3 billion worth of assets to repay debt.
In Latin America, Brazil's IGP-M inflation index likely rose 0.05% in April, after a 0.47% decline in the prior month. Brazil's S&P Global's services and composite PMI numbers for the month of April are due on Thursday. Separately, the country will likely post current account numbers for March on the same day. The foreign direct investment numbers are also expected for the same month. On the same day, industrial output figures for March will also be on the radar. Mexico’s first-quarter flash GDP numbers are due on Tuesday. Separately, S&P Global’s manufacturing PMI for April will be on the radar on Thursday.
(Compiled by Shreya Sabharwal in Bengaluru; Editing by Ravi Prakash Kumar)
((Shreya.Sabharwal@thomsonreuters.com;))
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