What to Watch in the Day Ahead - Thursday, November 2

Federal Realty Investment Trust

01/11/2023 18:31

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Apple is expected to report a drop in revenue in the third quarter, which would capture
continued de-acceleration in Mac computers and iPad sales and just over 2% growth in iPhone
sales. Investors will expect its comments on the holiday-shopping quarter outlook and the early
sales for the iPhone 15 line, which it launched in September.

Initial claims for state unemployment benefits for the week ended October 28 are expected to
remain unchanged at a seasonally adjusted 210,000. Separately, the number of people receiving
benefits after an initial week of aid is likely to rise by 10,000 to 1.8 mln from 1.79 mln.
Factory orders for September will increase 2.4% after a 1.2% jump in the previous month. 

Federal Reserve Bank of St. Louis Interim President Kathleen O'Neill Paese is scheduled to give
welcome remarks before a Homer Jones Memorial Lecture event hosted by the Federal Reserve Bank
of St. Louis. (1830/2230)

Starbucks is expected to post an uptick in fourth-quarter same-store sales, as store efficiency
improvements and its loyalty program keep sales afloat even as some consumers cut spending on
its pricey coffees and cold beverages. The company's comments on China's market recovery will be
keenly watched, while expectations for 2024 and an update on its reinvention plans will also be
in focus.

At a time of increased uncertainty over the demand for COVID-19 vaccines, investors will focus
on Moderna's sales target for this year and the next after larger rival Pfizer reduced its 2023
sales outlook in October on a plunge in revenue of COVID-related products when the company
reported its third-quarter results.
    
Albemarle, the world's largest lithium producer and a key Tesla supplier, is set to report a
jump in third-quarter profit. Separately, rare earth miner MP Materials would likely provide an
update on its attempts to resume refining the critical strategic minerals in California when the
company posts its third-quarter results.
       
When Eli Lilly reports its third-quarter results before markets open, investors will look out
for any changes to outlook, quarterly sales of its new diabetes drug Mounjaro and comments
around preparations for the drug's launch as a weight-loss treatment later this year. Also on
watch will be updates for its Alzheimer's drug candidate and Mounjaro supply.
    
Nikola is expected to post a dip in third-quarter revenue as the company battles with a recall
of its trucks due to battery issues. Wall Street expects to learn more about the company’s
strategy for its hydrogen fuel cell electric trucks.
    
Molson Coors is expected to post a rise in third-quarter revenue, helped by steady demand for
its beers and aided by higher prices. Investors will eye for comments on demand trends in North
America, gross margin recovery and any updates on forecast.

Peloton is expected to report a smaller third-quarter loss, helped by cost-cutting measures and
repositioning itself as a software-first company. Investors will be looking for commentaries on
the demand environment while it executes a turnaround of its business following post-pandemic
structural changes.
    
Paramount Global is expected to report a rise in third-quarter revenue, with analysts looking
for commentary on ad demand and the impact of Hollywood strikes.

Fox Corp is set to beat first-quarter revenue estimates, benefitting from an increase in
advertising spending ahead of the U.S. presidential election in 2024.
  
As Cigna reports its third-quarter earnings, investors will watch out for medical cost trends
amid a recovery in non-urgent procedures and easing staffing constraints, commentary on the 2024
outlook and star ratings.

Investors will focus on Regeneron Pharmaceuticals’s quarterly sales of the higher-dose version
of the company's eye disease drug, Eylea, and eczema drug, Dupixent, when it reports its
third-quarter results.
       
Monster Beverage is expected to post a rise in third-quarter sales, benefiting from higher
pricing and resilient demand for its high-performance energy drinks and wellness beverages.
Investors will look for comments on pricing,  private-label competition and a shift in consumer
demand.

Ball Corp is expected to report a decline in third-quarter revenue as demand for its aluminium
packaging, like beverage cans, shrunk as companies struggle with consumers cutting down on
discretionary spending amid tightened household budgets. Investors will watch out for comments
on the company's inventory levels and the impact of retail pricing on its operations.

Software firm Cloudflare is expected to post a higher third-quarter revenue on rising demand for
its tools and software.

Cybersecurity firm Fortinet is expected to post higher third-quarter revenue on rising demand
for the company's products due to a surge in online threats.

Elon Musk is expected to object to the U.S. Securities and Exchange Commission's bid to force
him to testify in the regulator's investigation into his $44 billion takeover of social media
giant Twitter, now known as X.

National Retail Federation is expected to put out its forecast for the all-important holiday
season. Investors will look out for comments regarding consumer spending, eroding of savings and
an impact on demand from the start of student loan repayments as well as still-high interest
rates.

Federal Realty Investment Trust is expected to post a rise in third-quarter revenue on the back
of strong leasing demand for its grocery-anchored shopping centers amid shrinking rental space
availability. Investors will watch out for comments on new leasing activity and tenant
bankruptcies in retail.

Drug distributor Cencora will report fourth-quarter results, with investors looking for an
initial 2024 outlook and commentary regarding demand for generic and speciality drugs.

Organon & Co will report third-quarter results as investors look for updates on annual earnings
forecast and performance across its women's health and biosimilar businesses.

Wells Fargo's CEO of Consumer Lending Kleber Santos and JPMorgan Chase Chief Financial Officer
Jeremy Barnum are scheduled to speak at the BancAnalysts Association of Boston Conference.

SBA Communications is expected to report a rise in third-quarter revenue as telecom spending
rises, boosting demand for the company's services.

Canadian business jet maker Bombardier is expected to report a quarterly profit, compared with
an adjusted loss a year earlier, on sustained demand by wealthy travelers to fly private. The
company, which faced a cash crunch in 2015, is focused on lowering debt.

Cenovus Energy is expected to report a rise in third-quarter profit as oil prices rose
sequentially during the quarter and the company ramped up its production.

Canada's Shopify is expected to post a rise in third-quarter revenue as more merchants join its
platform to capitalize on social commerce and e-commerce trends.

Canada's most populous province, Ontario, is scheduled to provide an update on the province's
economy and its finances.


 (Compiled by Archak Sengupta in Bangalore; Editing by Tasim Zahid)
 ((Archak.Sengupta@thomsonreuters.com;))