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Spirit Airlines will be reporting its first-quarter results. The airline is expected to report a wider loss as it struggles with inflated costs. Investors will be looking for comments on its Pratt & Whitney engine issues and its plans to pay down its debt.
Tyson Foods remains under pressure from limited U.S. cattle supplies, which are expected to weigh second-quarter results in its biggest beef unit. The meatpacker's chicken business is seeking to show benefits from its closures of six U.S. poultry processing plants since the start of 2023. Tyson also plans to shut an Iowa pork plant in June after its pork business lost money in the fiscal year that ended on Sept. 30.
Lucid is expected to report a rise in first-quarter revenue after price cuts helped boost deliveries in the three months. Analysts expect commentary from the company on how it looks to reach profitability and updates on the production schedule of the Gravity SUV.
Chipmaker Microchip Technology is expected to post lower fourth-quarter revenue on weak demand as its customers are clearing excess inventory.
Federal Reserve Bank of Richmond President Thomas Barkin is expected to speak before the Columbia Rotary Club in Columbia.
Vertex Pharmaceuticals is set to report first-quarter results after the bell on Monday. Investors will be looking for commentary on its gene therapy Casgevy, which is being launched, the performance of its cystic fibrosis treatments in the quarter, and updates to the company's 2024 outlook.
Banking and payments conglomerate Fidelity National Information Services is expected to post a fall in its first-quarter profit on Monday, hurt by lower consumer spending volumes.
Business leaders and money managers from around the world gather for the four-day annual Milken Conference in Beverly Hills, California. Federal Reserve Bank of New York President John Williams is scheduled to participate in a conversation before the Milken Institute 2024 Global Conference. Separately, Elon Musk is to be interviewed in a fireside chat at the Conference. Meanwhile, Citigroup CEO Jane Fraser is set to address investors at the Conference.
Brazil's S&P Global Services and Composite PMI data for March is set for release. The country's primary budget data for March is also on the tap.
REST OF THE WEEK
Analysts expect Disney's quarterly revenue, on Tuesday, to grow by 1% in the quarter ended March. Analysts are looking for guidance on its slate of productions for the year, forecast for its streaming unit and profitability of the division, which contains Disney+. Additionally, Warner Bros Discovery is expected to report a fall in first-quarter revenue weighed down by a weak advertising market on Thursday.
Uber is expected to report a 15% rise in March quarter revenue on Wednesday, helped by higher ride-share demand and growth in its advertising vertical. Investors will closely track progress in growth initiatives like UberX and Uber One subscriptions. On Tuesday, Lyft is expected to report a 16% rise in first-quarter revenue, its best in over a year, as its ride-share business grows thanks to lower fares.
On Thursday, the Labor Department's weekly jobless claims data is likely to show initial claims for state unemployment benefits rose 4,000 to a seasonally adjusted 212,000 for the week ended May 4. Meanwhile, the continued jobless claims data for the week ended April 27 are also due on the same day. On the following day, the University of Michigan's preliminary reading on the overall index of consumer sentiment is estimated to show a reading of 76 in May after reporting a reading of 77.2 in the month before. On Tuesday, the U.S. Federal Reserve's data on consumer credit is expected to rise to $15 billion in March after adding $14.12 billion in the month before.
Video game publisher Electronic Arts is expected to report a fall in fourth-quarter bookings on Tuesday as an uncertain economy and elevated inflation weigh on the demand for its video game titles.
Airbnb will report its first-quarter earnings on Wednesday. The company is expected to report higher revenue on increased international travel and cross-border bookings. Investors will be looking out for comments on the geographic mix and pricing of properties.
Reddit will report first-quarter earnings on Tuesday after market close. The report will be the first since the social media company went public in March after a much-awaited initial public offering. It will offer investors clues on how the company is competing with larger rivals, including Meta Platforms, in a recovering advertising market.
Emerson Electric is expected to post higher second-quarter revenue and profit on Wednesday, helped by demand for industrial automation.
On Wednesday, AMC Entertainment is expected to report a 9% drop in first-quarter revenue as actor and writer strikes in Hollywood last year affected the launch of many movies. Investors expect the company to comment on how the move to streaming and delayed launch of some movies would hurt revenue growth this year.
Video gaming platform Roblox is expected to report a rise in first-quarter bookings on Thursday as it benefits from higher in-game spending.
Spirit AeroSystems will report its first-quarter results on Tuesday, and the company is expected to report a smaller loss. Investors will be focused on updates related to the company's merger talks with Boeing and any impact on its operations due to Boeing's production issues.
Rivian is expected to report a 76% surge in first-quarter revenue on Tuesday, as the company delivered more vehicles in the three months. Investors and analysts expect the company to comment or provide guidance on its production shutdown and how it would help reach profitability this year.
Electric truck maker Nikola is expected to report a smaller loss on Tuesday due to cost cuts and higher vehicle deliveries.
Federal Reserve Bank of Minneapolis President Neel Kashkari, on Tuesday, is expected to participate in a moderated conversation on the economic overview before the Milken Institute 2024 Global Conference. On the following day, Federal Reserve Bank of Boston President Susan Collins is scheduled to speak before students and faculty and participate in a fireside discussion before the Massachusetts Institute of Technology $(MIT)$ Sloan School of Management's Challenges and Opportunities class in Cambridge. On Friday, Federal Reserve Board Governor Michelle Bowman is likely to speak on "Financial Stability Risks: Resiliency and the Role of Regulators" before the Texas Bankers Association Annual Convention in Arlington, Texas. Federal Reserve Vice Chair Philip Jefferson on Wednesday is scheduled to virtually participate in a moderated discussion before the "Exploring Careers in Economics" event hosted by the Federal Reserve. On Friday, Federal Reserve Vice Chair for Supervision Michael Barr is expected to give a commencement speech before the American University School of Public Affairs Graduation ceremony in Washington. On the same day, Chicago Fed President Austan Goolsbee is set to participate in a moderated question-and-answer session before an Economic Club of Minnesota luncheon in Golden Valley. Separately, Federal Reserve Board Governor Lisa Cook, on Wednesday, is expected to speak on "Financial Stability" before an event hosted by the Brookings Institution in Washington.
Robinhood Markets is expected to report its first-quarter earnings on Thursday. Analysts expect the trading app to report a profit compared with a loss last year as trading volumes bounce back and interest income surges.
The New York Times is expected to report a rise in first-quarter revenue on Wednesday, benefiting from higher subscriber additions for its bundle offerings.
Tinder-parent Match Group is expected to report higher first-quarter revenue on Tuesday, a sign that the company's push to attract new users by adding new features to its dating apps is working. The investors will look for commentary on economic uncertainty weighing on discretionary spending, marketing push at Tinder and efforts to improve products for Gen Z and women users. Separately, Bumble is expected to report higher first-quarter revenue on Wednesday. The company launched its anticipated app refresh late last month to focus on Gen Z and women users, including a feature for women allowing them the option to set a question that their potential match could respond to. The investors will be looking for commentary about the company's efforts to attract new users amid economic uncertainty and sticky inflation as users are still spending cautiously.
Kenvue is expected to report its first-quarter earnings on Tuesday. Investors are likely to look out for any changes to the company's annual profit forecast and the performance of its key brands.
Cloud communications firm Twilio is expected to report higher first-quarter revenue on Tuesday, helped by growing demand for its solutions as businesses ramp up digitization efforts.
Akamai Technologies is expected to report higher first-quarter revenue on Thursday, likely to be helped by resilient demand for its cloud security services.
On Thursday, Charles River Laboratories is set to report its first-quarter results before markets open. The focus for the quarter will be on updates to its annual forecast and comments on spending by its clients.
Fintech Jack Henry & Associates is expected to report a jump in third-quarter profit on Tuesday, helped by robust demand for banking technology.
HF Sinclair is expected to report a decline in earnings due to a fall in refining margins on Wednesday. Investors would be looking on commentary on demand and maintenance activities.
Waters is also expected to report its first-quarter earnings on Tuesday. Investor focus is expected to be on the performance of its lab equipment and tools used for drug research and development.
Henry Schein is set to report first-quarter results on Tuesday. Investors will look out for any updates on the annual profit forecast and performance across its dental equipment business.
Assurant is set to report its first-quarter earnings on Tuesday. The insurer is expected to post a jump in profit.
LNG developer New Fortress Energy will release its first quarter results on Wednesday, May 8, before the market opens. The U.S. company is developing a 1.4 mpta LNG terminal off the coast of Altamira, Mexico, which would become the first LNG exporter in Mexico.
On Tuesday, Arcadium Lithium, formed in early 2024 by the merger of Livent and Allkem, is expected to post a drop in first-quarter profit due to sagging prices for the metal used to make electric vehicle batteries.
On the Canadian economic front, Ivey Purchasing Managers Index $(PMI.UK)$ data for April is scheduled for release on Tuesday. On Friday, Statistics Canada is expected to post jobless rate data and average hourly earnings. The Canadian economy is expected to add a net 20,000 jobs in April after shedding 2,200 jobs in the month before. The jobless rate is expected to increase to 6.2% in April after rising to 6.1% in March.
Wall Street expects a 22% surge in quarterly revenue for the Canadian e-commerce giant Shopify. Investors and analysts expect guidance for growth this year, which may be affected by a tough economy and still high-interest rates.
Canadian pipeline operator Enbridge reports first-quarter results. Investors will be interested in the company's latest comments about rival Trans Mountain opening its pipeline expansion in May and the outlook for Enbridge to make small capacity expansions to the Mainline.
Fertilizer maker Nutrien is expected to post a fall in quarterly profit amid a decline in prices. Investors would be looking forward to any commentary on destocking as well as demand from North America.
Manulife Financial is set to report its first-quarter earnings on Wednesday. The largest Canadian insurer is expected to post a jump in profit.
Sun Life Financial is set to report its first-quarter earnings on Thursday. The second-biggest Canadian life insurer is expected to post a jump in profit.
On the Latin American front, the Brazilian Central Bank is expected to issue its rate decision on Wednesday. Separately, Banco de Mexico is scheduled to report its benchmark interest rate decision on Thursday. On the same day, Mexico's statistics agency, INEGI, is expected to publish the country's headline inflation and producer prices figures for April. On Friday, Brazil's April consumer prices, as measured by the IPCA index, are scheduled for release. The country's retail sales data is due for release on Wednesday. Separately, Mexico is likely to report its consumer confidence numbers for April on Tuesday. On Friday, Mexico's industrial output data is slated for release. Brazil is set to report its trade balance data for May on Tuesday. On Wednesday, Chile is expected to report its monthly inflation numbers for April. Separately, the country's central bank, on Tuesday, is likely to release data on copper exports along with the trade balance figures. The Peruvian Central Bank, on Thursday, will announce its decision on interest rates, after which the country will release its trade balance numbers for March. Meanwhile, Argentina is scheduled to release industrial output numbers on Wednesday.
(Compiled by Anjana Jayakrishnan Nair in Bengaluru; Editing by Tasim Zahid)
((AnjanaJayakrishnan.Nair@thomsonreuters.com;))
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