What to Watch in the Day Ahead - Wednesday, August 28

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27/08/2024 19:30

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All eyes will be on Nvidia when the company reports its results after markets close. Analysts
expect its second-quarter revenue to more than double and investors will look out for updates on
widely reported production delays and indications of resilient demand for Nvidia's AI chips.
 
Federal Reserve Bank of Atlanta President Raphael Bostic is expected to speak on the economic
outlook in a moderated conversation hosted by the Stanford Club of Georgia and the Stanford
Black Alumni Association, Atlanta. (1800 /2200) Separately, Federal Reserve Board Governor
Christopher Waller is scheduled to speak on "Payments" at the Global Fintech Festival 2024,
Mumbai, India. (0115 /0515)
 
Business software giant Salesforce is expected to report a rise in second-quarter revenue, as it
sees growth at its business cloud slow amid a tough macroeconomic environment and rising
competition from smaller players.
 
The cybersecurity company CrowdStrike is expected to report higher second-quarter revenue,
helped by growing demand for its cybersecurity solutions. Investors will be looking for
commentary if the company has been affected after the global IT outage caused by a faulty
update.
 
Kohl's is expected to post a fall in second-quarter same-store sales as department stores
struggle to attract deal-hunting customers to their stores. Investors will watch out for
comments on promotional strategies ahead of the back-to-school and holiday shopping season.
 
Personal care product maker Bath & Body Works is expected to post a decline in second-quarter
revenue, hurt by sluggish demand for its pricey scented candles and body care products.
Investors will look for comments on pricing actions, demand as well as the impact of increased
promotions and marketing expenses and annual forecasts.
 
HP Inc is expected to post a rise in revenue in the third quarter, signaling a recovery in the
personal computer market.
 
Cloud solutions provider NetApp is expected to post an increase in first-quarter revenue, driven
by strong demand for cloud-based services from businesses. Separately, data center operator
Applied Digital is expected to report higher fourth-quarter results, helped by growing demand
for its data center services amid AI boom.
 
Jif peanut butter maker JM Smucker is expected to post a rise in first-quarter revenue, helped
by steady demand for its frozen snacks and pet food. Investors will look for comments on pricing
actions, demand, impact of coffee prices, and annual forecasts.
 
Abercrombie & Fitch is expected to report a rise in second-quarter revenue on resilient consumer
demand for its Hollister and Abercrombie brands. Investors will be on the lookout for the
company's 2024 forecast and consumer trends.
 
Medical device maker Cooper Companies is set to report its third-quarter results after markets
close. Focus will be on comments regarding the contact lens market and any changes to its annual
forecast.
 
On the Canadian earnings front, Royal Bank of Canada's third-quarter profit is expected to rise,
with this being the first quarter where its results fully reflect the acquisition of HSBC
Canada's operations. Investors will closely look at the performance of RBC's U.S. unit City
National. Separately, the National Bank of Canada is expected to post a higher third-quarter
profit as it earned higher interest income on the loans it gave to its customers.
 
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 (Compiled by Malini K; Edited by Shilpi Majumdar)
 ((Malini.K@thomsonreuters.com))