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Catalyst Watch: Eyes on Jackson Hole, Target earnings, and Canadian rails disruption
Welcome to Seeking Alpha's Catalyst Watch - a breakdown of some of next week's actionable events that stand out. Check out Seeking Alpha's earnings calendar for a full list of companies due to report.
Monday - August 19
Volatility watch - Options trading volume is
elevated on Sirius XM Holdings (SIRI) and Hawaiian Holdings (HA). The most overbought stocks per their
14-day relative strength index include Lockheed (LMT), G1 Therapeutics (GTHX), and OneStream (OS). The most oversold stocks per their 14-day
Relative Strength Index include Clearwater Paper (CLW), BlackRock TCP Capital (TCPC), and Seritage Growth Properties (SRG). Short interest has moved higher on
Groupon (GRPN) and Dave (DAVE).
Earnings watch - Notable companies due to report
include Palo Alto Networks (PANW), Estee Lauder (EL), and Fabrinet (FN).
9:40 a.m. - Eni S.p.A. (E) will have a presentation at the EnerCom Denver
Conference.
All day - The two-day Rosenblatt Technology Summit on
the Age of AI will begin. Speakers include representatives from Arm Holdings (ARM), Dolby Laboratories (DLB), Harmonic (HLIT), Qualcomm (QCOM), Sonos (SONO), and TeraWulf (WULF).
4:00 p.m. The U.S. crop condition report will be
released. Traders have the report circled as potentially more significant than
normal for corn (C_1:COM), soybean (S_1:COM), and wheat (W_1:COM) futures.
Tuesday - August 20
Earnings watch - Notable companies due to report
include Lowe's Companies (LOW), Medtronic (MDT), Toll Brothers (TOL), Amer Sports (AS), XPeng (XPEV), and Coty (COTY). Options trading implies a double-digit share price
swing for Workhorse Group (WKHS) after the release of its delayed
earnings report.
All day - WTI crude September futures will expire.
Crude oil futures have seen extra volatility over the last year on contract
expiration dates.
All day - Ubisoft (OTCPK:UBSFY), Samsung (OTCPK:SSNLF), Xbox (MSFT), Take-Two Interactive (TTWO), Krafton, and SK Gaming
will be some of the exhibitors at Gamescom 2024 in Cologne, Germany.
All day - The Department of Justice's timing agreement
expires on the review of the planned merger between Hawaiian Holdings (HA) and Alaska Air Group (ALK).
11:00 a.m. Texas Instruments (TXN) will webcast an off-cycle
capital management call. During the webcast, top executives will provide more
granularity on TI's capacity investments. The discussion will also include a
framework of revenue and free cash flow per share scenarios.
1:35 p.m. Atlanta Federal Reserve Bank President
Raphael Bostic will participate in a fireside chat before a hybrid forum at the
Federal Reserve Bank of Atlanta.
1:55 p.m. Serve Robotics (SERV) will present at the EnerCom Denver
Conference. Backed by Uber (UBER) and Nvidia (NVDA), the company develops advanced,
AI-powered, low-emissions sidewalk delivery robots that endeavor to make
delivery sustainable and economical.
2:45 p.m. Federal Reserve Vice Chair for Supervision
Michael Barr will participate in a cybersecurity discussion before the Joint
Financial and Banking Information Infrastructure Committee-Financial Services
Sector Coordinating Council Meeting.
Wednesday - August 21
Earnings watch - Notable companies due to report
include TJX Companies (TJX), Analog Devices (ADI), Target (TGT), Snowflake (SNOW), Agilent (A), and Macy's (M). Options trading implies a double-digit share price
swing for Wolfspeed (WOLF) and Urban Outfitters (URBN) after their reports are released.
All day - Shareholders with Allete (ALE) will vote on the offer from the Canada Pension
Plan Investment Board and Global Infrastructure Partners to acquire the energy
company for $67 per share. Allete traded at $63.82 at the time of publication.
All day - O'Reilly Automotive (ORLY) will hold an Analyst Day event that
will feature a presentation by the company's management team, a Q&A
session, a distribution center tour, and store tours.
All day - It is the deadline for competing bids for
Paramount Global (PARA).
All day - The two-day Needham Virtual Semiconductor
& SemiCap 1×1 Conference will begin. Axcelis (ACLS), Veeco Instruments (VECO), and MaxLinear (MXL) are scheduled to participate. The event has
led to some share price rallies after the presentations led to analyst rating
and price target changes.
8:00 a.m. Target (TGT) will hold its earnings conference call.
Options trading implies a share price move of 6% after the report is released.
Target shed 8% on the day of its Q1 earnings release. Honest Company (HNST) and Mattel (MAT) are two major suppliers to Target that have shown
strong share price correlation following the retailer's report.
9:00 a.m. The Quarterly Census of Employment and Wages
report will be released. The QCEW is a comprehensive employment survey that is
used to update nonfarm payrolls, and is closely watched by economists.
2:00 p.m. The minutes of the last Federal Reserve
meeting will be released.
Thursday - August 22
Earnings watch - Notable companies due to report
include Intuit (INTU), Toronto-Dominion Bank (TD), Workday (WDAY), Ross Stores (ROST), Peloton Interactive (PTON), and Baidu (BIDU). Options trading implies a large share price
swing for CAVA Group (CAVA) and Viking Holdings (VIK) after their reports are released.
All day - It is the FDA action date for the agency's
priority review of Regeneron Pharmaceuticals (REGN) Linvoseltamab to treat adult
patients with relapsed/refractory multiple myeloma.
All day - Canadian National Railway Company (CNI) and Canadian Pacific Kansas
City Limited (CP) are scheduled to lock out
engineers and conductors as the long labor dispute reaches its climax. A strike
or lockout could cause significant economic damage in Canada, which relies heavily
on its railway network for its exports of grain, potash, and coal. An extended
rail strike in Canada could also impact the U.S. economy.
Friday - August 23
All day - The Federal Reserve Bank of Kansas City will
hold its annual Economic Policy Symposium in Jackson Hole. The key event will
be a speech by Federal Reserve Bank President Jerome Powell.
All day - Liberty Media (LSXMA) (LSXMB) (LSXMK) will hold a virtual special
meeting of shareholders to vote on a split-off of Liberty SiriusXM Group into a
separate company, after which the new company would be combined with Sirius XM
Holdings (SIRI).
10:00 a.m. The July New Home Sales report will be
released.
Seeking Alpha editors Josh Fineman and Jason Aycock
contributed to this story
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