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Monday, February 26, 2024

Wall Street Breakfast: The Week Ahead

Wall Street Breakfast: The Week Ahead

The new year will kick off with a slew of economic releases designed to test the market’s nine-week winning streak. During a holiday-shortened week, investors will get an update on construction spending, manufacturing PMI numbers, the release of minutes from the latest Fed meeting and the December jobs report will fall into their tricks. The nonfarm payrolls report is expected to show the U.S. economy added 155,000 jobs in December, while the unemployment rate is expected to increase slightly to 3.8%. The average hourly wage is expected to fall at a monthly rate of +0.3%.

The first big companies to report their results in 2024 will be Walgreens Boots Alliance (WBA), Constellation Brands (STZ) and Cal-Maine Foods (NASDAQ:CALM). Tesla (NASDAQ:TSLA) will disclose fourth-quarter deliveries in a report that could shock the electric vehicle sector.

Spotlight on results: Wednesday January 3 -UniFirst (FNU), Cal-Maine Foods (CALM) and Simulations Plus (Speech Therapist).

Spotlight on results: Thursday January 4 – Conagra brands (CAG), Weston Lamb (L.W.), Walgreens Boots Alliance (WBA), Simply good food (SMPL), and Lindsay (LNN).

Spotlight on results: Friday January 5 – Constellation Brands (STZ) and Greenbrier (GBX).

Data reports: Major reports expected in the first days of the month include Macau’s monthly gaming gross revenue report, Chinese automakers’ updates on monthly deliveries, General Motors’ quarterly sales/delivery reports (General manager), Ford engine (F),Toyota (TM), Honda (CMH) and Tesla (TSLA). Costco (COST) is expected to release its monthly sales reports for December.

IPO Monitoring: A number of high-profile IPOs could launch in 2024. Florida-based Fanatics (GIVE) is expected to hit the public market after making several acquisitions over the past two years, including Topps trading cards and Mitchell & Ness clothing brand.

Fast-fashion Shein has already confidentially filed for an IPO in the United States. The IPO is expected to take place next year and targets a valuation of $90 billion, which is higher than current market capitalizations for e-commerce players such as MercadoLibre (MELI), JD.com (J.D.), Coupang (CPNG) and eBay (EBAY).

Clothing brand SKIMS is in discussions to go public. The company – co-founded by Kim Kardashian, Emma Grede and Jens Grede – was valued earlier this year at $4 billion in a Series C funding round.

Panera could shake up the restaurant industry after confidentially filing for its IPO. Sources say the restaurant chain attempted to sell itself through a continuation fund earlier this year, but was unable to gain support and ultimately had to lay off 17% of its workforce to streamline operations and improve performance before being listed on the stock exchange.

Other potential IPOs in 2024 that could create buzz include SpaceX’s public debut (SPACE), Impossible foods (IMF), Databricks, Syngenta Group, CVC Capital Partners, Chime, Klarna, Stripe, Cerebras Systems, SeatGeek, ServiceTitan and Discord.

Scheduled event: The company’s schedule is light, with only a few marquee events. The Goldman Sachs Energy, CleanTech & Utilities Conference will feature presentations from California Resources Corporation (CRC), EOG Resources (EOG), MYR Group (MYRG), Nextracker (NXT), Phillips 66 (PSX), SolarEdge Technologies (SEDG), Expro Group (XPRO). Senior Merck executives (MRK) and Bristol-Myers Squibb (BMY) will participate in the unscripted Goldman Sachs Healthcare C-Suite conference. Zscaler (ZS) must hold its annual meeting.

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