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Strategies & Market Trends : Effective Collaboration - Team Research for Better Returns:

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From: Julius Wong5/22/2022 7:50:47 AM
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Wall Street Breakfast: The Week Ahead

May 22, 2022 7:18 AM ET1 Like

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 S&P 500 Index tracked back late on Friday to avoid sitting in official bear market territory, but has now logged seven straight losing weeks for the first time since 2001. Investors may be jittery going into next week with more retailers due to report, following on the jarring reports from Target (NYSE: TGT) and Walmart ( WMT) that precipitated broad selling across sectors. Costco ( COST), Best Buy (NYSE: BBY), Advance Auto Parts (NYSE: AAP), Nordstrom ( JWN), Dick's Sporting Goods ( DKS) and Macy's ( M) are a few of the key reports to watch from consumer-facing companies. Fed speakers are back on the circuit next week and FOMC minutes will be released just as traders began to assess the impact of recession talk on future rate hike plans. On the corporate calendar, JPMorgan (NYSE: JPM) will hold a key analyst day event and annual meetings at McDonald's (NYSE: MCD) and Amazon (NASDAQ: AMZN) hold more intrigue than normal.




Earnings spotlight: Monday, May 23 - Zoom Video ( ZM), XPeng (NYSE: XPEV) and Advance Auto Parts ( AAP).


Earnings spotlight: Tuesday, May 24 -
Intuit ( INTU), Best Buy ( BBY), AutoZone ( AZO), Luckin Coffee ( OTCPK:LKNCY), Ralph Lauren ( RL) and Nordstrom ( JWN).

Earnings spotlight: Wednesday, May 25 - Nvidia (NASDAQ: NVDA), Snowflake ( SNOW), Dick's Sporting Goods ( DKS), Williams-Sonoma ( WSM), and Box ( BOX).


Earnings spotlight: Thursday, May 26 -
Alibaba (NYSE: BABA), Costco ( COST), Dollar General ( DG), Gap ( GPS) and Workday ( WDAY).

Earnings spotlight: Friday, May 27 - Sanderson Farms ( SAFM) and Canopy Growth Corporation ( CGC).

IPO watch: No new IPOs are expected to start trading. Quiet periods end on Tenon Medical (NASDAQ: TNON), Ostin Technology Group ( OST), HilleVax ( HLVX) and Belite Bio ( BLTE) to free up analysts to post ratings. BLTE is the only one of the groups to trade over its IPO pricing level.

Projected dividend increases: Companies forecast to boost their quarterly dividend payouts include Lowe's ( LOW) to $0.96 from $0.80, Insperity ( NSP) to $0.50 from $0.45, National Storage ( NSA) to $0.55 from $0.50, Ralph Lauren ( RL) to $0.75 from $0.6785, Ashland Global (NYSE: ASH) to $0.325 from $0.30, Medtronic ( MDT) to $0.68 from $0.63, and Flowers Foods ( FLO) to $0.22 from $0.21.

Corporate events: Didi Global ( DIDI) will hold an extraordinary general meeting on May 23 to vote on its delisting plans in the United States. NXP Semiconductors ( NXPI) CEO Kurt Sievers will deliver the keynote on May 24 for the Computex 2022 CEO Keynote series. CarGurus ( CARG) will host an Investor Day event on May 25 with the executive leadership team planning to address the company’s strategic evolution, consumer and dealer value propositions, synergies, and financial outlook. On May 26, NV5 Global ( NVEE), Vroom ( VRM), John Deere ( DE), and Nurix Therapeutics ( NRIX) all hold investor events. Analysts have the Vroom event circled as one that could spark a share price rally if the company successfully addresses profitability and liquidity concerns. Read more about the events next week that could impact shares prices in Seeking Alpha's Catalyst Watch.

Conference schedule: The conference schedule is headlined next week by the highly-anticipated. J.P. Morgan 50th Annual Global Technology, Media and Communications Conference. Notable companies making an appearance will include Visa ( V), Intel ( INTC), eBay ( EBAY), Lyft ( LYFT), Alphabet ( GOOG), Verizon ( VZ), Comcast ( CMCSA), and Cisco ( CSCO). The conference has led to some share price jumps in the past for presenters. Other conferences next week that could generate some buzz or guidance updates include the H.C. Wainwright Global Investment Conference, the UBS Global Healthcare Conference, the Cowen Future of the Consumer Conference, the Truist Securities Financial Services Conference, the Jefferies Automotive Aftermarket Investor Conference and the KBW Real Estate Finance & Technology Conference.

JPMorgan analyst day preview: Analysts expect JPMorgan's ( JPM) Investor Day to focus on the path back to a 17% medium-term ROTC, with color around investment spend ROI. The analyst day event will take place in a rising interest rate environment for the first time in years, which may factor into the projections for net interest income. Another key area of focus from JPM management may be justifying the tech budget, which may be lifted from the current level of $12.9B to stay in-line with peers. Bank of America previews to look for the banking giant to highlight how it is creating a digital global payments network that will be able to deliver trading, clearing, settling and custody across domestic and global cross-border transactions of stocks, bonds and cash at T+0. That system includes Liink by JPM, JPM Coin Systems, Onyx Digital Assets, and Blockchain Launch.

Nvidia earnings preview: Nvidia's ( NVDA) first quarter results are due after market close on May 25. Revenue growth of 42% to $8.09B is forecast for the quarter. Analysts expect data center revenue to surpass the gaming segment revenue for the first time in the company history, driven by strong demand from hyperscale data centers and enterprise customers investing in AI, per Bloomberg. Bank of America continues to like the stock, which after a ~50% peak-trough correction is observed to now stand at ~25X the 2023 PE mark. Upcoming company keynotes at the Computex event on May 24 just ahead of earnings and at ISC 22 on May 30 are called other potential catalysts for Nvidia. JPMorgan thinks investors may see a positive surprise from the $8B auto pipeline that kicks off in the second half of this year and calls the crypto impact for the company overstated. Shares of Nvidia are down 44% on a year-to-date basis.

Annual meetings of note: Amazon ( AMZN) shareholders will meet to vote on executive pay packages at the company’s annual meeting on May 25. Proxy firms ISS and Glass Lewis have recommended voting against the packages, which were called excessive and unconnected to any performance criteria. Separate resolutions challenge injuries, high-turnover, retaliation, and racial disparities at Amazon. McDonald's ( MCD) will hold its annual meeting on May 26 and see shareholders vote on board nominees. A group of dissident investors including Trinity College, Cambridge and Carl Icahn are challenging the restaurant operator over its use of antibiotics in meat production.

Barron's mentions: The publication takes on how investors can avoid getting mauled in a bear market in a timely cover story. The advice is not to catch falling knives, but to look for clear technical signs of a bottom. "When the bounce does come, don’t be surprised if it is explosive," said Instinet Chief Market Technician Frank Cappelleri. He noted that following the end of the three previous stock market losing streaks of seven weeks or more, the index went on to gain an average of 39%. Looking at some of the beat-up names. Barron's delves into the wreckage of the IPO class of 2021. Allbirds (NASDAQ: BIRD), Poshmark (NASDAQ: POSH), Rivian Automotive ( RIVN), Robinhood Markets ( HOOD), and Warby Parker ( WRBY) all have the cash position to ride out the tough stretch and are called potential turnaround plays.

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