What to Watch in the Week Ahead and on Tuesday, February 20

Iron Mountain

16/02/2024 19:31

(The Day Ahead is an email and PDF publication that includes the day's major stories and
events, analyses and other features. To receive The Day Ahead, Eikon users can register at
 DAY/US . Thomson One users can register at RT/DAY/US. All times in ET/GMT)
ON TUESDAY
Walmart is expected to post a rise in fourth-quarter sales, as the retail giant benefitted from
robust demand for its low-priced groceries and essentials during the crucial holiday shopping
period. Investors will look out for comments on consumer demand for 2024 as food prices ease,
disruptions in the Red Sea continue, and the impact of higher interest rates trickle down to
households.
    
Home Depot is expected to report a drop in its fourth-quarter same-store sales, pinched by
slowing demand. But investors will be focused on the company's outlook for 2024 and its comments
on industry recovery, current demand trends and margin growth.
     
Medtronic is expected to report its third-quarter results. Investor focus is expected to be on
sales in its diabetes unit and cardiovascular unit.
    
Cybersecurity firm Palo Alto Networks is expected to post higher second quarter revenue, as
demand for its cybersecurity solutions surged amid rising digital threats while businesses ramp
up digitization efforts.
    
Chesapeake Energy is expected to report a fall in fourth-quarter revenue as lower commodity
prices tugged at its top-line results during the period.
    
Statistics Canada is set to report the country's annual inflation in January likely rose 3.2%
after gaining 3.4% in December. On a month-on-month basis, inflation is expected to rise 0.4% in
January after falling 0.3% the previous month. Bank of Canada's core consumer price index (CPI)
data will also be released.
    
On the LATAM front, Argentina's trade balance data for January is on the tap. 
    
REST OF THE WEEK
On Wednesday, the Federal Open Market Committee will issue minutes from its monetary policy
meeting of Jan. 30-31, 2024.
    
NVIDIA is expected to report a three-fold rise in its fourth-quarter revenue on Wednesday.
Investors will focus on improving supply chain dynamics and commentary on China. 
    
On the U.S. economic tap, S&P Global flash PMIs for February are due for release on Thursday.
The S&P Global flash manufacturing PMI is expected to show a reading of 50.2, slightly down from
the 50.7 reported in January. The flash services PMI reading will likely come in at 52.0 for
February, compared to 52.5 in the previous month. The flash composite PMI will also be released.
A Labour Department report, due on the same day, is expected to say initial claims for state
unemployment benefits likely rose to 217,000 for the week ended February 17, from 212,000 in the
prior week. Also, the National Association of Realtors will report existing home sales rose to a
seasonally adjusted annual rate of 3.97 million units in January from 3.78 million units in
December.
   
A host of Federal Reserve policymakers are scheduled to speak during the week. On Thursday,
Federal Reserve Bank of Minneapolis President Neel Kashkari will participate in a panel
discussion on economic trends and outlook for 2024 and the growth of Minnesota's economy hosted
by Northside Economic Opportunity Network Community Conversations. (1700/2200) Federal Reserve
Board Governor Christopher Waller is due to speak on the economic outlook before the Notre Dame
Club of Minnesota and University of St. Thomas Finding Forward Speaker Series (1935/0035). The
same day, Federal Reserve Board Governor Lisa Cook is scheduled to speak on "Sources of
Uncertainty in the Short Run and the Long Run" before the Annual Conference of the
Julis-Rabinowitz Center for Public Policy & Finance (JRCPPF) – "Empirical Macrofinance in the
Long Run: New Insights on the Global Economy." (1700/2200) 

On Wednesday, Federal Reserve Board Governor Michelle Bowman is set to participate in a
discussion, "A View from the Federal Reserve", before an Exchequer Club luncheon. (1300/1800)
Federal Reserve Vice Chair Philip Jefferson will speak on the U.S. economic outlook and monetary
policy before a Peterson Institute for International Economics webcast. (1000/1500) Meanwhile,
on Thursday, Jefferson will speak on the U.S. economic outlook and monetary policy before a
Peterson Institute for International Economics webcast. (1000/1500) In another event on
Thursday, Federal Reserve Bank of Philadelphia President Patrick Harker is expected to speak on
the economic outlook before an event hosted by the University of Delaware Center for Economic
Education (1515/2015) 
    
Moderna is expected to report its fourth-quarter earnings on Thursday. Investors are likely to
be focused on the company's revenue forecast for its COVID-19 vaccine this year and commentary
on the potential approval of the RSV vaccine.
    
Warner Bros Discovery is scheduled to report its fourth-quarter earnings on Friday, where
investors will likely focus on the performance of its streaming business and any lingering
effects from the strikes.
    
Electric vehicle maker Rivian Automotive is expected to report a rise in fourth-quarter revenue
on Wednesday as the demand for its pickup trucks remains resilient amid an industry-wide
slowdown.
    
Electric vehicle maker Lucid, on Wednesday, is expected to report a fall in fourth-quarter
revenue as a slowdown in EV demand has dented demand for its line of luxury electric sedans.
     
Verisk Analytics is expected to post a jump in fourth-quarter profit on Wednesday, helped by
robust demand for data and analytics from insurers.
    
Insulet is set to report its fourth-quarter results after markets close on Thursday. The focus
will be on the insulin pump maker's comments on the full-year sales forecast. 
    
On Thursday, Iron Mountain is expected to report a rise in revenue in the fourth quarter, helped
by a recovery in tech spending.
    
Beverage maker Keurig Dr Pepper is expected to post a rise in fourth-quarter net sales on
Thursday, helped by steady demand for its sodas and drinks. Investors will look for comments on
pricing actions, demand, comment on coffee business and annual forecast.
    
On Thursday, Statistics Canada will post retail sales data for December, which likely increased
by 0.8% compared to a 0.2% drop in the previous month.
        
On Thursday, Arcadium, the lithium producer formed in early 2024 by the merger of Livent and
Allkem, is set to post its fourth-quarter results amid a weak pricing environment for the
battery metal.
    
In the LATAM region, Mexico's central bank is scheduled to release minutes from their most
recent monetary policy meeting on Thursday. Mexico's final gross domestic product (GDP) for the
fourth quarter, IGAE economic activity and core inflation for the first half of February will be
released the same day. Separately, Argentina's annual economic activity for December is set for
release on Thursday. 
    
(U.S. markets are closed on Monday, February 19 for Presidents' Day)
    


 (Reporting by Ananya Roy in Bengaluru; Editing by Tasim Zahid)
 ((Ananya.Roy@thomsonreuters.com;))