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Investors could get another reality check as major benchmarks have fallen in five of the last six weeks, the Federal Reserve maintains its hawkish stance on interest rates and renewed recession fears. Rising bond yields and a strong US dollar have rebalanced valuations and earnings expectations across almost every sector. The coming week is set to be a flurry of economic news including the latest updates on Durable Orders, Consumer Confidence, New Home Sales, GDP and PCE Prices. On the corporate calendar, Twitter (TWTR) Elon Musk, Intel (NASDAQ:INTC) will hold a major innovation event, Amazon (AMZN) will introduce new products and Tesla (NASDAQ:TSLA) will be holding its highly anticipated AI Day in Palo Alto, California.
Results Spotlight: Tuesday 27 September – cracker barrel (NASDAQ:CBRL), Jabil (JBL) and United Natural Foods (UNFI)
Result Spotlight: Wednesday 28 September – Thor Industries (THO), Jefferies (JEF) and Vail Resorts (NYSE:MTN).
Result Spotlight: Thursday 29 September – bed bath beyond (NASDAQ:BBBY), CarMax (KMX), Rite Aid (RAD), Micron (NASDAQ:MU) and Nike (NYSE:NKE).
Watch IPO: Luxury real estate developer Lead Real Estate (LRE) is scheduled to start trading on September 27 and technology company Beamr Imaging (BMR) has an IPO debut on September 30. IPO lock-up periods expire for Expion360 shares (NASDAQ:XPON) and Iveda Solutions (IVDA).
Tesla AI Day preview: Tesla (TSLA) will hold its highly anticipated AI Day event on September 30 with expected updates on fully self-driving cars, the Dojo supercomputer, the Robotaxi program, and a possible unveiling of the Tesla Bot. Optimus is described as a 5-foot-8-inch robot that performs human tasks such as carrying can carry heavy objects. Project Optimus’ ultimate goal is to deploy thousands of humanoid robots in factories before exploring other uses for them, including at home. Elon Musk has teased that the robot business could eventually be worth more than Tesla’s car business. Other topics that could come up include the Tesla Cybertruck roadmap and information about the more powerful Supercharger V4.
Nike Profit Preview: Nike (NKE) is expected to report earnings on September 29th in line with consensus expectations for sales of $12.29 billion and earnings per share of $0.92. Analysts believe FX is a key factor in the company’s new guidance if its currency hedging program fails to smooth out the swings. While the short-term demand picture in China remains cloudy due to boycotts and COVID lockdowns, UBS believes the market is underestimating how attractive the Chinese sportswear market is for the company in the long-term. The company noted favorable demographic trends, significant interest in health, wellness, sports and sports participation, and consumers’ overall preference for top brands.
Amazon product event: Amazon (AMZN) will hold an event to announce new devices, features and services. The tech giant is expected to unveil new Echo devices, as well as products from other Ring and Blink subsidiaries. Like Tesla, Amazon is becoming more active with household robots, and the company could tease about future integration of the newly acquired iRobot. A wild card to watch is when Amazon uses the spotlight to announce a second Prime Day shopping event or a special offer event. That could reset expectations in the retail sector as Target (TGT) and Walmart (WMT) turn more hawkish to clear inventory.
Corporate events: Intel (INTC) will hold its annual innovation conference on September 27th. Intel Innovation 2022 includes a keynote address from CEO Pat Gelsinger and updates on the 13th Gen Intel Core lineup. On the same day, UiPath (NYSE:PATH) will host its Investor Day with a series of presentations focused on the company’s strategic priorities, key growth initiatives and financial metrics. UiPath’s stock has rebounded after similar events in the past. There are investor events for Aurora Innovation on September 28 (NASDAQ: AUR), VF Corp (VFC). TotalEnergies SE (TTE), Roivant (NASDAQ: ROIV), The Timken Company (TKR) and Stem Inc. (NYSE:STEM). On September 29, Brookfield listed affiliated companies (NYSE:BBU) (NYSE:BEP) (NYSE:BEPC) (BIP) (BIPC) will hold separate investor day events. Also watch Li Auto (LI) on September 30, where the Chinese electric vehicle maker will host a launch event to unveil the Li L8 smart SUV. Read more about other events that could lead to stock price movements in Seeking Alpha’s Catalyst Watch.
Notable conferences: Next week’s conference program includes Cantor Fitzgerald Oncology & HemOnc Conference, Lytham Partners Fall 2022 Investor Conference, Guggenheim Nantucket Therapeutics Conference, TD Securities Paper and Forest Products Conference, Ladenburg Thalmann Healthcare Conference and B. Riley 2. annual crypto conference.
Stock splits: The Annaly Capital Management (NYSE: ONLY) The 1:4 reverse stock split will take effect on September 26.
Barron’s mentions: The cover story looks at the opportunity to buy shares of the healthcare industry’s most promising companies at lower valuations. The post-COVID era in the industry is expected to shift focus back to the innovation cycle and companies heading towards a major patent cycle. It is expected that AI platforms will also enter the sector to integrate all available data to equip doctors. Some of the companies identified as interesting in the current market environment are Boston Scientific (BSX), UnitedHealth Group (UNH), Edwards Lifesciences (NYSE:EW), EQRx (NASDAQ: EQRX), Eli Lilly (LLY) and AbbVie (NYSE: ABBV).
Sources: EDGAR, Bloomberg, CNBC, Reuters