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From: Julius Wong10/31/2021 7:28:21 AM
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Wall Street Breakfast: The Week Ahead


Oct. 31, 2021 6:59 AM ET FB, MCD, BYND, BIRD, ON, NXPI, MCK, AMC, CAR, CLX, BP, PFE, UAA, MPC, RL, TMUS, MDLZ, MTCH, LYFT, ATVI, CVS, HUM, MAR, MET, QCOM, EA, TTWO, ROKU, CI, W, PENN, UBER, ABNB, NWSA, PINS, DBX, EXPE, SQ, RKT, DKNG, MGA, CNK, CGC, AMCX, NRDS, ARHS, LTH, TCN, NVEI, VLCN, HNST, CXM, WDH, TALS, OG, BWMN, ANEB, OXY, AIG, IDXX, CNP, CVNA, NKE, CROX, DECK, EL, NXRT, CGNX, MDU, SNA, EVRG, AAON, MCHP, CDW, ANET, RTPY, PGEN, MSFT, BTC-USD, ETH-USD, XBTC, SHIB-USD, ENJ-USD, AAVE-USD, MATIC-USD, GM, F, ALB, SONO

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

Investors have big meetings with the Federal Reserve and OPEC to track even as earnings reports continue to roll in. The Fed is expected to make an announcement of a reduction of its monthly purchases of Treasuries and mortgage-backed securities. The Fed's stance on "transitory" inflation will also be crucial. As far as rates, the fed funds futures markets is effectively pricing in at least two 25-basis-point increases in the target rate by the end of 2022. Economic reports due in next week include updates on construction spending, factory orders and the latest jobs report. Nonfarm payroll growth is expected to improve dramatically from the August and September levels when the much higher rate of COVID hospitalizations in the U.S. detracted the recovery. Facebook's (NASDAQ: FB) transition to the metaverse will also be a major topic, McDonald's (NYSE: MCD) will start testing McPlant sandwiches using Beyond Meat (NASDAQ: BYND) patties at eight restaurants and an IPO from Allbirds ( BIRD) has some of the hallmarks of a buzzyworthy stock.

Earnings spotlight: Monday, November 1: On Semiconductor (NASDAQ: ON), NXP Semi (NASDAQ: NXPI), McKesson (NYSE: MCK), AMC Entertainment (NYSE: AMC) and Avis Budget Group (NASDAQ: CAR) and Clorox (NYSE: CLX).

Earnings spotlight: Tuesday, November 2: BP (NYSE: BP), Pfizer (NYSE: PFE), Under Armour (NYSE: UAA), Marathon Petroleum (NYSE: MPC), Ralph Lauren (NYSE: RL), T-Mobile (NASDAQ: TMUS), Mondelez International (NASDAQ: MDLZ), Match Group (NASDAQ: MTCH), Lyft (NASDAQ: LYFT) and Activision Blizzard (NASDAQ: ATVI).

Earnings spotlight: Wednesday, November 3: CVS Health (NYSE: CVS), Humana (NYSE: HUM), Marriott International (NASDAQ: MAR), Metlife (NYSE: MET), Qualcomm (NASDAQ: QCOM), Electronic Arts (NASDAQ: EA), Take-Two Interactive (NASDAQ: TTWO) and Roku (NASDAQ: ROKU).

Earnings spotlight: Thursday, November 4: Cigna (NYSE: CI), Wayfair (NYSE: W), Penn National Gaming (NASDAQ: PENN), Uber (NYSE: UBER), Airbnb (NASDAQ: ABNB), News Corp (NASDAQ: NWSA), Pinterest (NYSE: PINS), Dropbox (NASDAQ: DBX), Expedia (NASDAQ: EXPE), Square (NYSE: SQ) and Rocket Companies (NYSE: RKT).

Earnings spotlight: Friday, November 5: DraftKings (NASDAQ: DKNG), Magna International (NYSE: MGA), Cinemark (NYSE: CNK), Canopy Growth (NASDAQ: CGC) and AMC Networks (NASDAQ: AMCX).

IPO watch: IPOs expected to price include during the week include Sharethrough on November 1 and Allbirds ( BIRD) on November 3. There could also be some action on the upcoming NerdWallet ( NRDS) and Arhaus ( ARHS) IPOs. Quiet periods expire on Life Time Group (NYSE: LTH), Tricon (NYSE: TCN), Nuvei (NASDAQ: NVEI), Volcon (NASDAQ: VLCN) to set analyst free to issue ratings. IPO lockup periods expire on Honest Company (NASDAQ: HNST), Sprinklr (NYSE: CXM), Waterdrop (NYSE: WDH), Talaris Therapeutics (NASDAQ: TALS), Onion Global (NYSE: OG), Bowman Consulting Group (NASDAQ: BWMN) and Anebulo Pharmaceuticals (NASDAQ: ANEB).

Earnings buzz: The list of earnings reporters on Bank of America's list of stocks that screen well for a positive earnings surprise include Occidental Petroleum (NYSE: OXY), MetLife ( MET), American International Group (NYSE: AIG), IDEXX Laboratories (NASDAQ: IDXX) and CenterPoint Energy (NYSE: CNP). Meanwhile, Wells Fargo thinks Carvana (NYSE: CVNA) could see some investor interest if execs add more details on the deal with Hertz Global ( OTCPK:HTZZ) during its earnings call next week.

Allbirds IPO preview: Allbirds ( BIRD) will go public next week as it looks to cash on its reputation as a sustainable source of fashionable footwear and appael. The retail upstart expects to bring in about $220M to help fund growth and sees a valuation of around $2 at the high end of the expected range. Allbirds disclosed revenue for Q3 of between $61M and $62.5M vs. $47M a year ago and losses of around $15M to $18M vs. $7M a year ago. Allbirds competes with Nike (NYSE: NKE), Crocs (NASDAQ: CROX), Deckers Outdoor (NYSE: DECK) and Ecco Sko.

Projected dividend increases: Companies expected to boost their quarterly dividend payouts in the week ahead include Estee Lauder (NYSE: EL) to $0.58 from $0.53, NexPoint Residential (NYSE: NXRT) to $0.3713 from $0.3413, Cognex (NASDAQ: CGNX) to $0.065 from $0.060, MDU Resources (NYSE: MDU) to $0.2275 from $0.2125, Snap-On (NYSE: SNA) to $1.30 from $1.23, Evergy (NYSE: EVRG) to $0.565 to $0.535, Aaon (NASDAQ: AAON) to $0.20 from $0.19, Microchip Technology (NASDAQ: MCHP) to $0.2295 from $0.2185 and CDW Corporation (NASDAQ: CDW) to $0.42 from $0.40.

Key corporate events to watch: Arista Networks (NYSE: ANET) holds its analyst day on November 1 in an event focused on cloud innovators and thought leaders. Shareholders with Reinvent Technology Partners (NASDAQ: RTPY) vote on November 3 on the business combination deal with self-driving technology company Aurora. The SPAC deal is one of the most highly-anticipated in the electric vehicle sector scheduled for Q4. Precigen (NASDAQ: PGEN) holds its R&D Day on November 4. Microsoft (NASDAQ: MSFT) is also holding its Ignite event, which has seen partners make product announcement in years past. Microsoft took over the title as most valuable company by market cap this week. Check out this week's Catalyst Watch for a more detailed rundown of next week's big events.

Crypto watch: Bitcoin ( BTC-USD) will be watched closely after the launch of a futures ETF failed to stoke another buying blitz. Ethereum ( ETH-USD) on the other hand, jumped to a new high. In the week ahead, the VanEck's Bitcoin futures ETF ( XBTC) is expected to launch. SHIBA INU ( SHIB-USD), Enjin Coin ( ENJ-USD), AaVe ( AAVE-USD) and Polygon ( MATIC-USD) were some of the big movers this week of the larger-cap cryptos.

Barron's mentions: Battery manufacturing is on the cover this week as the publication points out that the automobile industry wants to grow battery capacity 4X by the middle of the 2020s to meet the announced EV goals of major automakers. The industry is aiming to get battery costs down to as low as $60 a kilowatt-hour by the end of the decade, which requires improving every part of the battery and its manufacturing process, including the supply chain. The best bets on the huge ramp up in batteries? Legacy automakers General Motors (NYSE: GM) and Ford (NYSE: F), lithium producer Albemarle (NYSE: ALB) and Korean chemicals giant LG Chem ( OTCPK:LGCLF) make the list of potential big winners in the race toward vehicle electrification. The publication also pitches the upside case for Sonos (NASDAQ: SONO) this week. The company is seen having significant upside left in its core market and could benefit from licensing payments tied to a valuable patent portfolio.

Sources: EDGAR, Bloomberg, CNBC, Reuters, Renaissance Capital
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