09/17/2020

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The Week Ahead on Wall Street



Economic Data


Pending home sales for May are released this morning. In April, the index, which measures signed contracts on existing homes, tumbled more than projected to 21.8%. However, The National Association of REALTORS® stated that demand is bouncing back so May’s figures could show a rebound.

Tomorrow, the Case-Shiller Home Price Index for April, Chicago PMI, and Consumer Confidence Index for June are reports to keep an eye on. In May, American consumers’ confidence gained steam, helping the index tick up to 86.6 from 85.7 in April. The slow reopening of some locations has helped lift spirits, but there are still nerves surrounding the increase in coronavirus infections across the country.

On Wednesday, all eyes will be on the ADP employment report and minutes from the Federal Reserve. Payrolls plunged by 2.76 million in May, following April’s historic 19.6 million loss. May’s numbers were much better than the 8.75 million loss economists were expecting though, so investors will be looking to see if another surprise is on the way.

On Thursday, the nonfarm payroll report for June will be published. 2.5 million jobs were added in May, handily beating Wall Street estimates which were calling for a loss of 8.3 million. The unemployment rate, average hourly earnings, and initial jobless claims reports are also released along with the trade deficit and factory orders.

There are no reports scheduled for Friday as it is a holiday ahead of July 4th in the United States.

Earnings


Micron Technology Inc. (MU) is scheduled to report after the bell today. Last week, BMO Capital Markets downgraded the stock from outperform to market perform. Analyst Ambrish Srivastava said he is seeing the price of memory chips fall given changing purchase patterns for data center equipment. This could spell trouble for Micron.

FedEx Corp (FDX) reports its latest results tomorrow. The e-commerce boom taking place as a result of the coronavirus could have a positive impact on the delivery company. Additionally, with many passenger planes grounded—most of which would normally carry freight—cargo carriers are stepping in to fill the void. Last week, FedEx’s stock price target was raised to $145 from $115 by J.P. Morgan. FedEx also maintained an Outperform rating by Credit Suisse.

General Mills Inc. (GIS) reports before the bell on Wednesday. In mid-June, Bernstein downgraded the consumer foods giant amid reopening efforts across the country. But, an uptick in coronavirus infections which could cause consumers to stay and prepare more meals at home.

Thursday is relatively light on the earnings front. The Lindsay Corporation (LNN) is scheduled to report before the bell. Based out of Omaha, Nebraska, the company is involved in the agricultural irrigation and infrastructure sector. With all the supply chain disruptions, farmers, and the products that allow them to maintain their operations as they work to feed the country, have been in the spotlight. This may make Lindsay an interesting company to watch.


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