AMC’s Double Feature
Grab your popcorn. This Tuesday, (AMC) Theaters — the world’s largest movie chain — is set to report quarterly earnings and it’s likely to receive mixed reviews.
On the positive side, the former meme stock recently announced its best week ever, thanks to the dual opening of Barbie (MAT) and Oppenheimer. In total, Barbie brought in $93 million and Oppenheimer grossed nearly $47 million, helping the theater chain set a 103-year-old record for revenue.
Meanwhile, there’s a good chance that the ongoing Hollywood writers’ and actors’ strike could put a damper on AMC’s parade. The strike is expected to put dozens of blockbuster movies on pause, which means that “Barbenheimer” could be the last big theatrical opening in a while. Tune in Tuesday to hear more.
Economic Data
Today, used car prices will be released. This metric, which tracks the prices of used cars sold at wholesale auctions, dropped 10.3% annually in June.
Tomorrow, investors can expect the NFIB Small Business Optimism Index. In June 2023, this measure of business confidence edged up to a 7-month high. Still, nearly a quarter of all business owners cited high inflation as their biggest concern. There will also be an update to the US trade deficit, which sat at $69 billion as of May.
On Wednesday, a flurry of reports related to US mortgages will be released, including refinances, applications, and the average 30-year fixed-rate mortgage, which currently sits at 6.93%.
On Thursday, the widely-watched inflation rate will come in for July. Last month, inflation slowed to just 3%, the lowest reading since March 2021. Core inflation — which excludes food and energy prices — will also be released. It clocked in at 4.8% in June.
On Friday, producer price inflation, another key inflation metric, will be released. In June, core producer prices nudged up just 0.1% on a monthly basis.
Earnings
Today, data analytics company Palantir (PLTR) will release its earnings report, giving investors a highly anticipated update on its AI platform. According to CEO Alex Karp, the new platform is “without precedent.” Meat-substitute company Beyond Meat (BYND) and EV automaker Lucid Group (LCID) will also report.
Tomorrow, investors will receive report cards from Eli Lilly (LLY), UPS (UPS), and Twilio (TWLO). Investors have been patiently waiting to hear from UPS, as the shipping company’s report was delayed due to a looming strike from its Teamsters Union. Now they’ll be eager for more details on the logistics company’s new labor agreement, which staved off a 300,000-worker walkout.
On Wednesday, Disney (DIS) will give insight into its latest quarter. The entertainment giant appears to be considering its succession plan and future. CEO Bob Iger just tapped two former Disney executives to help advise. Additionally, hydrogen fuel company Plug Power (PLUG) and digital gaming company Roblox (RBLX) will report.
On Thursday, investors will be in for a treat — literally. Krispy Kreme (DNUT) will report before the market opens, as will entertainment giant Six Flags (SIX). Donut connoisseurs and shareholders alike will be curious to hear the details behind Krispy Kreme’s latest marketing strategy, in which it handed out free donuts to lottery losers.
On Friday, Spectrum Brands (SPB) and Nauticus Robotics (KITT) will round out the week. Management for the autonomous robotics company will likely speak on the company’s new fleet of all-electric surface and subsea robots.
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