Week Ahead on Wall Street

Private Label Success

Kroger (KR), America’s largest grocery conglomerate, is set to report quarterly earnings on Friday.

Investors have high expectations for the supermarket chain thanks to the strength of its in-house brand Smart Way. It ranks as the fastest-growing private label brand in the nation followed by Amazon Basics (AMZN) and Aldi. Additionally, shareholders will be eager to hear the latest on Kroger’s acquisition of Albertsons (ACI) which has been held up by U.S. antitrust regulators.

One concern is whether or not Kroger’s acquisition will squeeze suppliers in a way that hurts smaller supermarket chains. Tune in Friday to hear from the company directly.

Economic Data

It’s a quiet start to this shortened week for investors, who will get an update on July factory orders. In June, new orders increased by 2.3% from May to $592 million, the biggest jump since January 2021.

On Wednesday, investors will get a look at the health of the services industry by way of the ISM Services PMI for August. In July, business activity in the sector fell, coming off a four-month high reached in June. There will also be an update to the 30-year fixed-rate mortgage, which currently sits at 7.31%.

On Thursday, the Labor Department will report how many Americans filed for unemployment benefits. Investors will also get an update to labor market productivity, which increased 3.7% in the second quarter of 2023, the biggest increase in 3 years.

On Friday, we will look out for the Fed’s report on consumer credit in August.

Earnings Data

Thanks to the Labor Day holiday, Tuesday will be a busy day for earnings, with reports coming in from Asana (ASAN), Aerovironment (AVAV), Gitlab (GTLB), and Zscaler (ZS). In particular, investors have high expectations for Gitlab’s call, as the AI-powered DevSecOps platform was just awarded the 2023 Google Cloud Technology Partner of the Year award for the third consecutive year.

On Wednesday, the earnings reports will keep flowing with C3.ai (AI) turning in its report card and likely speaking on its most recent partnership with the U.S. Air Force. Dave and Busters (PLAY) and American Eagle (AEO) will also offer updates on their respective businesses.

On Thursday, DocuSign (DOCU) is due for earnings and could discuss competition from Google (GOOGL), which just added functionality to accept e-signatures within Google Docs.

On Friday, Kroger (KR) will give investors a rundown of its most recent quarter and discuss its proposed merger with Albertsons. This deal currently faces opposition from at least seven states. Rent the Runway (RENT) will round out the week with an update to investors.

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