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From: Julius Wong9/19/2021 3:06:11 PM
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Wall Street Breakfast: The Week Ahead

Sep. 19, 2021 7:17 AM ETACB, ACN, ACVA... 3 Comments10 Likes

Listen on the go! A daily podcast of Wall Street Breakfast will be available by 8:00 a.m. on Seeking Alpha, iTunes, Stitcher and Spotify.

Economic reports in the week ahead

The Federal Reserve meeting is the big marquee event in the week ahead. The sharpest focus will be on the language from the policy-making committee on when it sees it as an appropriate time to start reducing the pace of asset purchases. A majority of economists expect the first change in bond purchases to take place in December. Economic reports of interest next week include updates on housing starts, existing home sales, new home sales and the latest PMI prints. In D.C., the House is expected to vote on the debt ceiling next week and the bipartisan infrastructure bill on September 27. On the earnings calendar, there are potentially sector-rattling reports due in from FedEx (NYSE: FDX) and Nike (NYSE: NKE), while the conference calendar is headlined by the Goldman Sachs Communacopia Conference with AT&T (NYSE: T), Disney (NYSE: DIS) and Peloton Interactive (NASDAQ: PTON) all in the house. Another big week is setting up for the IPO market and digital financial platform MoneyLion may start trading after its SPAC deal with Fusion Acquisition (NYSE: FUSE) closes.

Earnings spotlight: Monday, September 20th: Lennar (NYSE: LEN).

Earnings spotlight: Tuesday, September 21st: AutoZone (NYSE: AZO), Cracker Barrel (NASDAQ: CBRL), Aurora Cannabis (NASDAQ: ACB), FedEx ( FDX), Adobe (NASDAQ: ADBE) and Stitch Fix (NASDAQ: SFIX).

Earnings spotlight: Wednesday, September 22nd: General Mills (NYSE: GIS), Blackberry (NYSE: BB) and KB Home (NYSE: KBH).

Earnings spotlight: Thursday, September 23rd: Carnival (NYSE: CCL), Darden Restaurants (NYSE: DRI), Rite Aid (NYSE: RAD), Costco (NASDAQ: COST) and Nike ( NKE).

IPO watch: Another busy week is on tap for the IPO market. IPOs expected to start trading on September 22 include a.k.a. Brands Holdings ( AKA), Freshworks ( FRSH), VersaBank ( OTCPK:VRRKF) and Toast ( TOST). IPOs expected to start to trading on September 23 include Argo Blockchain ( ARBK), Brilliant Earth Group ( BRLT), Knowlton Development ( KDC), Remitly ( RELY), Sovos Brands ( SOVO) and Steling Check Corp. ( STER). The IPO lockup period expires on a long list of stocks including DigitalOcean (NYSE: DOCN), ACV Auctions (NASDAQ: ACVA), Diversey (NASDAQ: DSEY), Olink Holding (NASDAQ: OLK), Cricut (NASDAQ: CRCT), Vizio Holding (NYSE: VZIO), SEMrush (NYSE: SEMR), ThredUp (NASDAQ: TDUP) and Lava Therapeutics (NASDAQ: LVTX).

Dividend watch: The list of companies on watch for a quarterly dividend hike next week include Accenture (NYSE: ACN) to $0.95 from $0.88, Lockheed Martin Corporation (NYSE: LMT) to $2.80 from $2.60, Progress Software (NASDAQ: PRGS) to $0.185 from $0.175, Idacorp (NYSE: IDA) to $0.75 from $0.71 and General Mills ( GIS) to $0.53 from $0.51.

FDA watch: The FDA action date on Incyte Corporation's (NASDAQ: INCY) Ruxolitinib is set for September 22 and for Verrica Pharmaceuticals' (NASDAQ: VRCA) VP-102 on September 23.

FedEx earnings preview: FedEx ( FDX) delivers its earnings report in an update that could have far-reaching implications across transportation, shipping and logistics stocks. FDX will update its annual guidance with the most current supply chain and labor issues factored in. The stock with the tightest share price correlation with FedEx ( FDX) is XPO Logistics (NYSE: XPO).

Corporate events: Boston Scientific Corporation (NYSE: BSX) conducts a meeting on September 22 with the investor community to review its financial goals and long-term growth strategies. On the same day, Microsoft (NASDAQ: MSFT) holds its Surface event with some product announcements anticipated. Shares of MSFT have gained during Surface events in the past when surprise product reveals were fired off. Sprout Social (NASDAQ: SPT) and (NYSE: CRM) also have intriguing investor events scheduled. In the SPAC world, Fusion Acquisition Corp. ( FUSE) holds a shareholder meeting to vote on the business combination with MoneyLion.

Conference schedule: Another busy week of conferences is on tap including the Bank of America Merrill Lynch 2021 Global Real Estate Virtual Conference, the Oppenheimer Fall Healthcare Life Sciences & MedTech Conference, the JPMorgan All Stars Conference, the Sidoti Fall 2021 Virtual Small Cap Investor Conference, the D.A. Davidson Virtual Conference, the Wells Fargo 4th Annual Consumer Conference, the Raymond James Defense and Government Services Conference and the Bernstein Strategic Decisions Conference. The Goldman Sachs 30th Annual Communacopia Conference could be the most intriguing of the bunch with a wide range of companies set to present including Warner Music Group (NASDAQ: WMG), News Corp (NASDAQ: NWS), Snap (NYSE: SNAP), Disney ( DIS), T-Mobile US (NASDAQ: TMUS), AT&T ( T), Hasbro (NASDAQ: HAS) and Peloton Interactive ( PTON).

Notable annual meetings: Darden Restaurants ( DRI) holds its annual meeting on September 22, while Freshpet (NASDAQ: FRPT) and Lamb Wesson (NYSE: LW) hold annual meetings on September 23. SilverCorp Metals (NYSE: SVM) follows with an annual meeting on September 24.

Stock splits: The Raymond James (NYSE: RJF) 3-for-2 stock split becomes effective on September 20.

Barron's mentions: The intersection of the cryptocurrency revolution and the old banking system is broken down in the cover story with companies like Visa (NYSE: V) and JPMorgan Chase (NYSE: JPM) working to integrate cryptos and stablecoins into their systems to capture fees on services at the same time the technologies threaten their revenue streams and important access to data. Some of the banking veterans warn in the piece that weaker cryptocurrencies could evaporate if put to the test of a financial crisis. There is also a threat seen for the bigger cryptos like Bitcoin ( BTC-USD) or Ethereum ( ETH-USD) if the tax man comes calling. The big miners also get a big writeup this week. Mining stocks are said to offer a cheap play on growth with price-earnings ratios in the single digits. Global giants Anglo American ( OTCQX:NGLOY), BHP Group (NYSE: BHP), Glencore ( OTCPK:GLNCY), Vale (NYSE: VALE) and Rio Tinto (NYSE: RIO) are all seen as intriguing picks.
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