What to Watch in the Week Ahead and on Monday, February 6

ParkerVision

03/02/2023 19:33

(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 MONDAY
Activision Blizzard Inc is expected to report a rise in fourth-quarter revenue, helped by demand
for its "Call of Duty" franchise. Investors will also look for comments on Microsoft Corp's $69
billion deal to buy the videogame publisher.
Take-Two Interactive Software Inc is expected to report a rise in third-quarter revenue, driven
by resilient demand for its popular video game titles "NBA 2K23" and "Grand Theft Auto V".
Investors, however, will look forward to its commentary on release of new titles.
Tyson Foods Inc is expected to report a rise in first-quarter revenue, buoyed by higher pork and
beef prices, but weakening chicken prices are likely to dent profits. The U.S. meatpacker's
forecast as well as its commentary on margins, pricing and demand trends will be closely
watched.
Intel Corp is expected to head to trial in West Texas to defend against claims that its wireless
chips used in smartphones such as Apple iPhones infringe patents owned by Florida-based wireless
technology developer ParkerVision Inc. An Intel court filing implies that ParkerVision is asking
for at least $433 million in damages. The trial is scheduled to last through Friday, Feb. 10.
A group of photographers is scheduled to ask the 9th Circuit to overturn Meta Platforms
Inc-owned Instagram's win against claims that its tool for third-party websites to embed
Instagram posts enables copyright infringement. A California federal court said Instagram did
not enable infringement based on the circuit's "server test" — which says accused copyright
infringers are not liable for displaying digital images unless those images are actually stored
on their own servers — because the embedding websites do not store copies of the photos on their
servers. The photographers say the server test is "outmoded and impractical," has been "rejected
by virtually every court throughout the country" that considered it, and is "susceptible to
extreme or dubious results".
Canada's Ivey Purchasing Managers Index (PMI) data for January is scheduled for release.
REST OF THE WEEK
PepsiCo Inc is expected post a rise in fourth-quarter revenue on Thursday, on resilient demand
for its sodas and snacks despite multiple price increases to blunt rising costs. Investors will
look out for comments on supply chain disruptions, higher costs, price hikes and shift in
consumer demand due to rising inflation.
Walt Disney Co is expected to post a rise in first-quarter revenue on Wednesday. Investors and
analysts will look for updates on losses in its streaming unit, and recently reinstated CEO Bob
Iger's strategy to tackle the uncertain global economic environment.
Federal Reserve Chair Jerome Powell is expected to participate in a conversation hosted by the
Economic Club of Washington on Tuesday. Federal Reserve Bank of Atlanta President Raphael Bostic
and Federal Reserve Board Vice-Chair for Supervision Michael Barr are expected to participate in
"Economic Mobility" student conversation hosted by Tougaloo College, in Tougaloo, Mississippi on
Wednesday. Barr on Tuesday is expected to speak on "Financial Inclusion" before the Banking on
Financial Inclusion HOPE Economic Mobility Forum, in Jackson, Mississippi. On Wednesday, Federal
Reserve Board Governor Lisa Cook is set to participate in conversation before the Joint Center
for Political and Economic Studies: Voice at the Table Policy Forum, in Washington. Separately
on the same day, Federal Reserve Board Governor Christopher Waller is scheduled to speak on the
economic outlook before the 2023 Arkansas State University Agribusiness Conference, in
Jonesboro, Arkansas. Waller is also expected to speak on "Digital Assets" before the Global
Interdependence Center "Digital Money, Decentralized Finance, and the Puzzle of Crypto" event,
in La Jolla, California on Friday. Federal Reserve Bank of Philadelphia President Patrick Harker
is scheduled to speak on "How Did Americans Manage Their Finances and Purchases During and After
the Pandemic?" before the Global Interdependence Center "Digital Money, Decentralized Finance,
and the Puzzle of Crypto" event in La Jolla, California on Friday. Federal Reserve Bank of New
York President John Williams is expected to participate in moderated discussion before the Wall
Street Journal CFO Network Summit, in New York on Wednesday. Federal Reserve Bank of Minneapolis
President Neel Kashkari will answer questions in person in a town-hall style hybrid Boston
Economic Club luncheon, in Boston on Wednesday.
On the U.S. economic calendar, the Commerce Department on Tuesday is expected to report trade
deficit likely increased to $68.5 billion in December, from a deficit of $61.5 billion in the
month before. The Labor Department on Thursday is expected to report initial claims for state
unemployment benefits likely increased 11,000 to a seasonally adjusted 194,000 for the week
ended Feb. 4.
Apollo Global Management Inc is expected to report its third-quarter earnings on Thursday, as a
slump in dealmaking and higher interest rates could weigh on its private equity and credit
businesses. Carlyle Group Inc is expected to report its fourth-quarter earnings on Tuesday as
the firm searches for its next chief executive amid market volatility and slower dealmaking.
Separately on Tuesday, KKR & Co Inc reports its fourth-quarter earnings amid a slump in private
equity dealmaking and financial market turmoil that has made it difficult for cash out
investments for top dollar.
Drugstore operator CVS Health Corp will report its fourth-quarter earnings before markets open
on Wednesday. Investor focus is expected to be on outlook commentary around Medicare Advantage
enrolment in its insurance unit, consumer sentiment and any changes to its 2023 profit forecast.
Centene Corp is expected to release its fourth-quarter results on Tuesday before markets open.
Investor focus is expected to be on the insurer's annual forecast, medical costs as the quarter
saw rise in RSV, flu infections, and any comments on CMS' RADV rule and Medicare Advantage
reimbursement rates.
Chipotle Mexican Grill Inc is expected to report a rise in fourth-quarter revenue on Tuesday,
helped by higher menu prices and steady demand from wealthier customers. Wall Street will be on
the lookout for the company's forecast for 2023 and whether it sees demand from low-income
consumers slowing further this year.
Royal Caribbean Group Ltd is expected to post a rise in fourth-quarter revenue on Tuesday,
helped by a rebound in cruise travel and strong bookings as on-board COVID-19 protocols ease.
Investors will look out for comments on the impact of inflationary pressures on consumer
spending, Russia's invasion of Ukraine and higher fuel prices.
Hilton Worldwide Holdings Inc on Thursday is expected to report a rise in fourth-quarter profit
and revenue as demand for travel booms despite worries of a mounting recession.
Global grains trader and crop processor Bunge Ltd reports fourth-quarter results amid tight
world crop supplies and strong demand on Wednesday. The company raised its 2022 earnings
forecast in October as robust demand for food, animal feed and biofuels, and strong soy
processing margins have benefited supply chain middlemen like Bunge.
Fox Corp is expected to report a modest 3% rise in its second-quarter revenue on Wednesday, its
slowest since March 2021, as a continued slowdown in advertising spending hammers media
businesses across the board.
Like other luxury goods companies, Coach owner Tapestry Inc on Thursday, is expected to take hit
from a surge in COVID-19 infections in China late last year and report a fall in holiday quarter
sales. Wall Street will also be paying close attention to the company's outlook for 2023 as
inflation continues to take a bite out of consumer spending power.
Coty Inc is expected to post a fall in second-quarter revenue on Wednesday, hurt by a slowdown
in demand as consumers shift their focus to essentials due to high inflation and a potential
recession. Investors will lookout for comments on supply-chain disruptions, the impact of COVID
lockdowns in China, inventory and price hikes.
On Wednesday, Mattel Inc's fourth-quarter revenue is expected to drop as persistently high
inflation and price hikes discourage consumers from spending on its toys. Investors will look
out for comments on holiday sales trends, shift in consumer demand, status of inventory levels
at retailers and full-year 2023 forecast that the company provides.
Under Armour Inc is expected to report revenue of $1.55 billion in the third quarter on
Wednesday, helped by strong demand for its apparel during the holiday season. Investors will
lookout for comments on weakening demand, inventory levels, discounts, supply chain disruptions
and China reopening.
On Thursday, Wall Street expects Thomson Reuters Corp to report higher fourth-quarter revenue on
growth in the Reuters News and Tax Professional segments. Analysts expect net income to grow by
about 45% and are looking for profit forecast in 2023.
U.S. industrial software firm Emerson Electric Co is expected to post a lower first-quarter
profit and revenue when it will report results on Wednesday, as the company grapples with
semiconductor shortage and supply woes.
On Thursday, a U.S. judge is scheduled to consider arguments from prosecutors and defence
attorneys on whether Sam Bankman-Fried's bail should be permanently modified to prevent him from
contacting current and former employees of cryptocurrency exchange FTX and hedge fund Alameda
Research, as well as from using encrypted messaging applications such as Signal.
Hertz Global Holdings Inc on Tuesday is expected to report a fall in fourth-quarter profit as
the car rental firm battled higher costs and dwindling consumer demand amid an uncertain
economic environment.
Freight company XPO Inc is expected to report a fall in its fourth-quarter revenue and profit on
Wednesday, amid ongoing labor shortages.
Aerospace company Spirit AeroSystems Inc on Tuesday is expected to report a higher
fourth-quarter revenue and a narrower loss, amid strong demand in air travel.
Business jet maker Bombardier Inc is expected to release fourth-quarter earnings on Thursday
after forecasting full-year 2022 revenue and free cash flow last month that beat earlier
expectations.
The Bank of Canada on Wednesday is scheduled to release, for the first time, its monetary policy
deliberations held before its Jan. 25 rate decision. Separately, Bank of Canada Governor Tiff
Macklem is expected to deliver a speech on 'How monetary policy works' in Quebec on Tuesday. 
Canada Prime Minister Justin Trudeau is scheduled to meet with premiers of provinces and
territories on Tuesday to discuss a plan to support the country's strained healthcare system.
On Tuesday, Statistics Canada is set to report trade deficit widened to C$1 billion in December,
from a deficit of C$400 million in the previous month. Unemployment rate likely rose to 5.1% in
January from 5.0% reported in December. 
Mexico's central bank is expected to release its interest rate decision on Thursday, after
raising its key interest rate by 50 basis points to a record 10.50% in December. Peru's central
bank is also scheduled to release its monetary policy decision on the same day.
Mexico's inflation data for January and industrial output numbers for December are scheduled for
release on Thursday and Friday, respectively. Meanwhile, Brazil's statistics agency IBGE is
expected to release retail sales data for December on Thursday. Chile's inflation figures and
trade balance data for January are scheduled for release on Wednesday and Tuesday, respectively.
Argentina's industrial output data for December is due on Wednesday.
 (Compiled by Nidhi C Sai in Bengaluru; Edited by Shilpi Majumdar)
 ((Nidhi.CSai@thomsonreuters.com))