What to Watch in the Day Ahead - Tuesday, May 9

Perrigo

08/05/2023 19:34

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U.S. President Joe Biden is set to meet with House Speaker Kevin McCarthy and other top
congressional leaders for high-stakes talks at the White House on the nation's debt ceiling.

Federal Reserve Bank of New York President John Williams is expected to give a keynote before a
hybrid Signature Luncheon event by the Economic Club of New York (1205/1605). Separately,
Federal Reserve Board Governor Philip Jefferson scheduled to participate in a virtual
conversation before the Atlanta Black Chambers Tuesdays Talks in Washington (0830/1230). 
    
Electronic Arts Inc will likely report that revenue growth was nearly flat in the
fourth-quarter, with the focus on demand for its popular titles such as "FIFA 23" and "Need For
Speed Unbound." Investors will eye company commentary for any signs of a rebound in the gaming
market after a post-pandemic lull.

Apollo Global Management Inc will report its first-quarter earnings as higher interest rates
buoys its credit and retirement services businesses despite a slowdown in deal-making at its
private equity unit.
    
Boeing Co is expected to report lower deliveries of its 737 MAX after a manufacturing defect
discovered last month forced the company to inspect and fix aircraft before transferring them to
customers.

Under Armour Inc's fourth-quarter revenue is expected to rise, benefiting from resilient
consumer spending spurred by discounts offered by the apparel maker. Investors will look for
comments on impact from inflation, shift in consumer spending, margins, inventories and any
forecast that the company provides.

Occidental Petroleum Corp is expected to report a fall in net income for the first quarter as
oil prices scaled back amid demand uncertainty. Investors will look for any comments regarding
its spending and direct air capture projects. 

Coty Inc is expected to post a rise in third-quarter revenue, bolstered by resilient demand for
its skin care and fragrance products as wealthy shoppers splurge on luxury beauty products.
Investors will look for comments on easing supply chain costs, recovery in China, inventory,
price hikes and a shift in consumer spending.

Fox Corp is expected to report a rise in revenue in its third quarter on higher advertising
sales. Investors will look for commentary on the aftermath of its $788 million-settlement with
Dominion Voting Systems and the departures of its lead anchor Tucker Carlson.

Novavax Inc is scheduled to report its first-quarter results before markets open. Investors are
expected to focus on updates around the vaccine maker's cash position and plans to generate
revenue for the year, after it flagged significant uncertainty last quarter. Focus will also be
on any progress on the company's new COVID shot.

The FDA's advisory committee is set to meet to discuss the marketing application for Perrigo
Company PLC's Opill, which is proposed for nonprescription use as a once daily oral
contraceptive to prevent pregnancy. The U.S. FDA staff on Friday raised concerns over it, saying
consumers may not correctly follow directions for using the pill.

Rivian Automotive Inc is likely to report a sequential decline in revenue as it delivered fewer
cars in the first quarter. Analysts look for guidance on the company's margins and cash balance.

Nikola Corp is likely to report a wider loss in the first quarter as production costs mount amid
its bid to increase production and sales volumes. Investors are looking for guidance on how the
company plans to shore up its cash balance.

According to Mexico's statistics agency INEGI, Mexico's headline inflation is likely to rise by
6.23% in the 12 months through April. On a monthly basis, the headline inflation possibly
slipped by 0.04% in April. Mexico's core inflation, which strips out volatile food and energy
prices, likely slowed to 7.7% in April, from 8.09% in the month before. On a month-on-month
basis, core inflation is expected to rise by 0.41%. Meanwhile, Argentina's industrial output
data for March is also expected for release.

 (Compiled by Sandhra Sam in Bengaluru; Edited by Shilpi Majumdar)
 ((SandhraMariam.Sam@thomsonreuters.com;))