Wall Street Breakfast
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Ahead of Memorial Day, we want to express appreciation to the brave men and women who have made the ultimate sacrifice for our freedom. Seeking Alpha wishes all our subscribers a beautiful holiday weekend, and let us remember those who courageously gave their lives. Wall Street Breakfast won't be published with markets closed on Monday, but tune back on Tuesday.Investors will be paying close attention to Friday's personal income and outlays data. That report will contain a reading on the Federal Reserve's favored inflation gauge - the core personal consumption expenditures (PCE) price index. With interest rate cut uncertainties stalling Wall Street's rally this past week, the core PCE deflator has the potential to move markets. There will also be readings on inflation from European countries and Japan.
The first quarter earnings season has largely winded down, but there will still be a few major names reporting this week. Chief among them will be discount retailer Costco (COST), which last closed at a record high, and Dow 30 component Salesforce (CRM).
The cryptocurrency world will grab some of the spotlight when the high profile CoinDesk Consensus event will get underway on Wednesday. The mega crypto event will include participation from independent presidential candidate Robert F. Kennedy Jr. and ARK Invest's Cathie Wood.
Earnings spotlight: Tuesday, May 28 - Box (BOX), CAVA Group (CAVA), and Bank of Nova Scotia (BNS). See the full earnings calendar.
Earnings spotlight: Wednesday, May 29 - Salesforce (CRM), DICK'S Sporting Goods (DKS), Agilent (A), Chewy (CHWY), HP Inc. (HPQ), Pure Storage (PSTG), Capri Holdings (CPRI), Okta (OKTA), C3.ai (AI), and Abercrombie & Fitch (ANF). See the full earnings calendar.
Earnings spotlight: Thursday, May 30 - Best Buy (BBY), Birkenstock (BIRK), Royal Bank of Canada (RY), Dollar General (DG), Foot Locker (FL), Costco (COST), Gap (GPS), Marvell (MRVL), Dell (DELL), NetApp (NTAP), and Nordstrom (JWN). See the full earnings calendar.
Earnings spotlight: Friday, May 31 - Genesco (GCO) and Frontline (FRO). See the full earnings calendar.
Volatility watch: Options trading volume is elevated again on Barnes & Noble Education (BNED) and Faraday Future Intelligent Electric (FFIE). The most overbought stocks per their 14-day Relative Strength Index include Solowin (SWIN), Zeta (ZETA), and Global Ship Lease (GSL). The most oversold stocks per their 14-day Relative Strength Index include Seritage Growth Properties (SRG), Papa John's (PZZA), and DLocal (DLO). Short interest is still sky-high on SunPower (SPWR), The Children's Place (PLCE), and Maxeon Solar Technologies (MAXN).
IPO watch: No new IPOs are anticipated to launch in the week ahead. The quiet period ends on Viking Holdings (VIK) to free up analysts to post ratings. Viking and Ibotta (IBTA) will also release their first earnings reports as publicly traded companies.
Investor events: There is a full slate of investor events in the week ahead, despite the markets being closed on Monday. Pershing Square Capital Management (OTCPK:PSHZF) will host an investor call amid speculation that Bill Ackman's firm has taken an activist stake in Starbucks (SBUX). The two-day TD Cowen Technology, Media & Telecom Conference will include participation from AMD (AMD), Seagate Technology (STX), and Clear Channel Outdoor (CCO). Ford (F) CEO Jim Farley will be in the spotlight at an event to discuss the company’s customer-centered Ford+ plan to grow, raise margins, and increase capital efficiency. In the crypto world, the speakers at the high-profile CoinDesk Consensus event will include Presidential candidate Robert F. Kennedy Jr., ARK Invest's Cathie Wood, Galaxy Digital's (OTCPK:BRPHF) Mike Novogratz, SEC Commissioner Hester Peirce, Ripple (XRP-USD) CEO Brad Garlinghouse, and Lamina1 Co-Founder and novelist Neal Stephenson. The list of companies holding investor day events includes Zimmer Biomet (ZBH), Toast (TOST), Xylem (XYL), and Cloudflare (NET). Finally, the healthcare sector will have its eyes on the American Society of Clinical Oncology meeting that begins in Chicago and runs through June 4. Arcus Biosciences (RCUS) AstraZeneca (AZN), Pfizer (PFE), and Gilead Sciences (GILD) are some of the companies that analysts have circled to watch.
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Wall Street Breakfast
Wall Street Breakfast, Seeking Alpha's flagship daily business news summary, is a one-page summary that gives you a rapid overview of the day's key financial news. It is designed for easy readability on the site or by email (including mobile devices), and is published before 7:30 AM ET every market day. Wall Street Breakfast's readership of over 3.4 million includes many from the investment banking and fund management industries. Sign up here to receive the Wall Street Breakfast in your inbox every business day.Check out our Podcast RSS feed
