What to Watch in the Day Ahead - Thursday, May 4

Becton Dickinson and Co

03/05/2023 19:30

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Apple Inc is expected to report a decline in revenue in the second quarter, weighed by demand
weakness due to a challenging economy. Investors will look for comments on its core iPhone
business and growth in its key markets such as United States and China. 

A report from the U.S. Labor Department is expected to show initial claims for state
unemployment benefits likely rose to 240,000 in the week ended April 29, from 230,000 in the
previous week. The number of people receiving benefits after an initial week of aid, a proxy for
hiring, is likely to rise by 7,000 to 1.865 million in the week ended April 22. In a separate
report, the Labor Department is expected to show, unit labor costs likely accelerated at a rate
of 5.5% in the first quarter. Meanwhile, the Commerce Department is scheduled to report trade
deficit narrowed to $63.3 billion in March, after widening to $70.5 billion in the month before.

Moderna Inc is scheduled to report its first-quarter earnings. Investor focus is expected to be
on the company's pipeline, including the respiratory syncytial virus (RSV) vaccine, as revenue
from its hugely successful COVID-19 vaccine declines. Additionally, Regeneron Pharmaceuticals
Inc is also scheduled to report its first-quarter earnings before markets open. Investors are
expected to look closely at sales for its eye drug Eylea, and eczema drug Dupixent. Updates on
high dose version of Eylea will also be carefully watched. Cardinal Health Inc is expected to
report third-quarter earnings before markets open. Investors will likely watch out for
management commentary regarding potential sale of its nuclear medicine unit.
    
Carlyle Group Inc is expected to report its first-quarter earnings following the hiring of
Harvey Schwartz as the private equity firm's substantive chief executive.

Pringles owner Kellogg Co is expected to post a rise in first-quarter revenue, helped by price
hikes and strong demand for its cereals. Investors will be watching out for company's forecast,
comments on current demand trends amid threats of a recession, pricing, higher costs and
inflation.

Cryptocurrency exchange Coinbase Global Inc is scheduled to report its first-quarter results.
The company's earnings metrics will be a key gauge of investor interest in the digital asset
space, which has regained some favor after several high-profile blowups last year.

Lyft Inc is expected to report 12% growth in revenue in the first quarter. Analysts are looking
for guidance on prices in the industry and how the company plans on competing with market leader
Uber.

Paramount Global is expected to post a rise in first-quarter revenue, driven by more paying
subscribers flocking to its streaming platform.

DoorDash Inc is expected to post a jump in first-quarter revenue, helped by steady demand for
groceries, pet-food items as well as at-home orders from consumers despite higher prices and
inflation. Investors will look for comments on shift in consumer spending, impact from
inflation, how new verticals are performing and any forecast the company provides.

EOG Resources Inc is expected to show a fall in first-quarter profit when it reports results
after markets close. Investors will be looking at commentary around production and oil demand.
Separately, Coterra Energy Inc is also expected to show a fall in first-quarter profit. 

Becton Dickinson and Co is scheduled to report second-quarter earnings before markets open.
Investors and analysts will focus on any changes to its full-year forecast and comments on
supply chain, staffing issues, inflation, and recovery in non-urgent procedures.

Royal Caribbean Cruises Ltd is expected to report a rise in first-quarter revenue, boosted by
higher booking volumes and strong occupancy levels from its affluent consumers since easing of
COVID restrictions. Investors will watch out for the company's comments on annual outlook, the
impact of stronger dollar and fuel prices on its margins.

Online travel booking firm Expedia Group Inc is expected to report a profit in the first quarter
as demand for travel remained strong despite worries of a mounting recession.

Logistics company XPO Inc is expected to report a fall in first-quarter profit as falling
freight demand on the back of an uncertain economy weighs on the global transportation industry.

Lawyers for Starbucks Corp will urge a U.S. appeals court to rule that the company does not have
to reinstate workers who were fired amid a union campaign, as the coffee chain battles scores of
legal disputes and scrutiny from Congress over its labor practices. 

A fireside chat by Canada's central bank Governor Tiff Macklem is scheduled at Toronto Region
Board of Trade in Toronto, Canada. (1305/1705)

Canadian Natural Resources Ltd is expected to post a drop in first-quarter profit as the oil
producer navigated a lower oil price. Investors and analysts will be looking for comments around
full year outlook.

Statistics Canada is expected to release the country's trade balance data for March, along with
total export and imports data. The country's trade surplus likely narrowed to C$0.20 billion in
March from C$0.42 billion in February. Canadian economic activity as measure by the Ivey
Purchasing Managers Index (PMI) data is also scheduled for the same day.

Mexico's national statistics agency is set to report the country's consumer confidence index for
April. The country's seasonally adjusted unemployment rate is also scheduled for release on the
same day. Brazil's S&P Global Services and Composite PMI for April is scheduled for release. The
IPC-FIPE index, a leading indicator of Brazil's consumer prices, for April is also set for
release. 

LIVECHAT - REUTERS GLOBAL MARKETS FORUM
Brendan McKenna, international economist at Wells Fargo, speaks on the outlook for the global
economy and recession risks. (1100/1500) To join the conversation, click here

 (Compiled by Shreya Sabharwal in Bengaluru; Edited by Shilpi Majumdar)
 ((Shreya.Sabharwal@thomsonreuters.com;))