Stocks To Watch: Spotlight On FOMC, Slack And Paris Air Show

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by: SA Stocks To Watch

Welcome to Seeking Alpha's Stocks to Watch - a preview of key events scheduled for the next week. Follow this account and turn the e-mail alert on to receive this article in your inbox every Saturday morning. A podcast of Stocks to Watch is also available on Sundays on Seeking Alpha, iTunes, Stitcher and Spotify.

The headline event next week is the Federal Open Market Committee meeting and follow-up presser with Jerome Powell set for June 19 at 2:30 p.m. S&P expects the Fed to signal at its June policy meeting next week that it intends to begin cutting rates. Right now, federal funds futures trading is pricing in two rate cuts before the end of the year, but only a 23% probability of a cut at the June meeting. Also sure to turn some heads, conference season is running full swing and the IPO market continues to throw off some heat with Fiverr (NYSE:FVRR), Beyond Meat (NASDAQ:BYND), and Chewy (NYSE:CHWY) taking the sting off the recent Uber and Lyft debuts. The tariff saga looks a bit improved heading into next week after some companies such as RH (NYSE:RH) and Oxford Industries (NYSE:OXM) soared as their tariff work-arounds impressed. Finally, the week ends with a trading flurry as Slack Technologies (NYSE:WORK) fires off its unique direct listing of shares on June 20 and quadruple witching day arrives on June 21.


Notable earnings reports: Adobe Systems (NASDAQ:ADBE), Jabil (NYSE:JBL) and La-Z-Boy (NYSE:LZB) on June 18; Oracle (NYSE:ORCL), American Outdoor Brands (NASDAQ:AOBC) and Winnebago (NYSE:WGO) on June 19; Red Hat (NYSE:RHT), Darden Restaurants (NYSE:DRI), Canopy Growth (NYSE:CGC) and Kroger (NYSE:KR) on June 20; CarMax (NYSE:KMX) on June 21. See Seeking Alpha's Earnings Calendar for the complete list of earnings reporters.

IPO watch: Stoke Therapeutics (NASDAQ:STOK) is expected to price its IPO on June 18, while Akero Therapeutics (NASDAQ:AKRO), Atreca (NASDAQ:BCEL), Dermavant Sciences (DRMT), Grocery Outlet Holdings (NASDAQ:GO), Personalis (NASDAQ:PSNL) and Prevail Therapeutics (NASDAQ:PRVL) are all slated to price on June 20.

IPO quiet period/lockup expirations: Quiet periods end on Rattler Midstream (NASDAQ:RTLR), Ideaya Biosciences (NASDAQ:IDYA) and Bicycle Therapeutics (NASDAQ:BCYC) on June 17. Meanwhile, share lockups expire on Amarant (NASDAQ:AMTB), LiveXLive Media (NASDAQ:LIVX) and Datasea (NASDAQ:DTSS) on June 17 - as well as Cardiol Therapeutics (OTCPK:CRTPF) on June 18. Over in Tokyo, some shares of SoftBank Corp. (OTCPK:SOBKY) are also due to be freed up on June 17.

Projected dividend changes (quarterly): Darden (DRI) to $0.84 from $0.75, Fifth Third (NASDAQ:FITB) to $0.24 from $0.22, Kroger (KR) to $0.155 from $0.14, Medtronic (NYSE:MDT) to $0.54 from $0.50, John Wiley (NYSE:JW.A) to $0.34 from $0.33, Shoe Carnival (NASDAQ:SCVL) to $0.085 from $0.080.

M&A tidbits: Shareholders at Canopy Growth (CGC) vote on the acquisition of Acreage on June 17. Canopy says the deal to acquire Acreage represents a clear path for the company to enter the U.S. cannabis market when it becomes legal on a federal level. The tender offer on Apollo Global Management's acquisition of Smart & Final Stores (NYSE:SFS) expires on June 17.

Spotlight on Slack: Slack Technologies (WORK) expects to be valued by investors at $16B to $17B when the workspace chat/collaboration software company lists shares on June 20 in a direct listing. For the fiscal year ending in January, Slack expects to churn up revenue of $590M (+50% Y/Y) but estimates for the bottom line vary widely. Per public filings, Slack's shares have traded at prices ranging from $8.37 to $31.50 per share in the private market.

Paris Air Show: Expectations are running pretty low for the 53rd edition of the Paris Air Show amid worries on global economic trends, trade squabbles and the dramatic 737 Max grounding. Orders are likely to be weak and new-product announcements aren’t expected. Boeing (NYSE:BA) says it will showcase its broad range of commercial and defense products, services and technologies at the event which runs from June 17-23 at Paris-Le Bourget Airport. The company hopes its presence and activities at the show will demonstrate its commitment to innovation, industry partnerships and safety. While Boeing has more than 5,500 commercial planes on its backlog worth nearly $400B, the Seattle aerospace concern took just 32 new orders for 737 aircraft. Airbus (OTCPK:EADSY) will introduce its long-range A321 variant and could announce a multi-billion dollar order for the XLR from Saudi Arabian Airlines in Paris. Meanwhile, Embraer (NYSE:ERJ) will take the first KC-390 multi-mission airlift configured to operate with the Brazilian Air Force to Paris. On the deal front, Norwegian Air Shuttle (OTCPK:NWARF) heads into Paris with M&A talks swirling and a joint press conference between United Technologies (NYSE:UTX) and Raytheon (NYSE:RTN) looks more than mildly interesting.

Key analyst/investor meetings: Tyson Foods (NYSE:TSN) is scheduled to host its Investor Day event on June 20. The company's diversity of proteins, products, business models, distribution channels and geographies will all be discussed. Tyson's exit from Beyond Meat (BYND) and launch of an alternative protein could also be discussed. Last month, Tyson guided for full-year sales of $43B. Another key meeting in the week ahead will be Merck's (NYSE:MRK) first investor day in five years on June 20. Credit Suisse calls the event a critical one for the company to lay out a longer-term vision and highlight factors that can drive additional upside, although no major new late-stage asset announcements are anticipated. Other meetings on the calendar include AAR (NYSE:AIR) on June 17; Cabot Microelectronics (NASDAQ:CCMP), Shopify (NYSE:SHOP) and Matthews International (NASDAQ:MATW) on June 19 and Raymond James Financial (NYSE:RJF) on June 21.

Transports check: Bank of America Merrill Lynch hosts meetings with Old Dominion Freight Line (NASDAQ:ODFL) on June 18-19 in an event that could have broad implications. "These meetings are timely, as volume weakness suggests we may be entering a cyclical downturn which could pressure margins and earnings across the carriers," previews BAML. Keep an eye on trucking stocks such as J.B. Hunt Transport (NASDAQ:JBHT), Knight-Swift Transportation (NYSE:KNX), Landstar Systems (NASDAQ:LSTR), Schneider National (NYSE:SNDR) and Heartland Express (NASDAQ:HTLD).

Crypto watch: Facebook (NASDAQ:FB) is expected to release a white paper on a new cryptocurrency next week. The list of firms signed up as investors in a consortium includes Paypal (NASDAQ:PYPL), Uber (NYSE:UBER), Visa (NYSE:V) and Mastercard (NYSE:MA). The white paper could reveal how much of a threat Facebook's Libra will be to Bitcoin (BTC-USD), Ethereum (ETH-USD), XRP (XRP-USD), EOS (EOS-USD) and gang.

FDA watch: FDA action dates arrive for Merck's (MRK) Keytruda treatment for treatment-resistant small cell lung cancer and Pfizer's (NYSE:PFE) Inlyta recall cell carcinoma treatment.

Marine Money Week: The notable shipping conference runs in New York City from June 17 to June 19. The agenda of speakers includes Noble Corporation (NYSE:NE), SEACOR Marine Holdings (NYSE:SMHI), Tidewater (NASDAQ:TW), Eagle Bulk Shipping (NASDAQ:EGLE), Genco Shipping & Trading (NYSE:GNK), Golden Ocean Management (NASDAQ:GOGL), DHT Holdings (NYSE:DHT), Teekay Tankers (NYSE:TNK), Euronav (NYSE:EURN), International Seaways (NYSE:INSW) and Safe Bulkers (NYSE:SB). The Seeking Alpha News team plans to post updates from the site.

Raymond James Life Sciences and MedTech Conference: The firm's conference runs in New York from June 18-19. Companies due to make an appearance include Sensus Healthcare (NASDAQ:SRTS), Merit Medical (NASDAQ:MMSI), Five Prime Therapeutics (NASDAQ:FPRX), Amneal Pharmaceuticals (NYSE:AMRX), Cantel Medical (NYSE:CMD), TransEnterix (NYSEMKT:TRXC), Zynex (NASDAQ:ZYXI), ANI Pharmaceuticals (NASDAQ:ANIP), Otonomy (NASDAQ:OTIC), Lannett (NYSE:LCI), Voyager Therapeutics (NASDAQ:VYGR), Allogene Therapeutics (NASDAQ:ALLO), Mallinckrodt (NYSE:MNK), Ocular Therapeutics (NASDAQ:OCUL), Senseonics (NYSEMKT:SENS), Ra Pharmaceuticals (NASDAQ:RARX), Alphatec (NASDAQ:ATEC), Quotient Limited (NASDAQ:QTNT), Teleflex (NYSE:TFX), Precision Biosciences (NASDAQ:DTIL), Allogene Therapeutics (ALLO), Integra LifeSciences (NASDAQ:IART),

Oppenheimer's 19th Annual Consumer Growth & E-Commerce Conference: The list of participants includes FlexShopper (NASDAQ:FPAY), Tupperware Brands (NYSE:TUP), Monro (NASDAQ:MNRO), Lowe's (NYSE:LOW), Dollar General (NYSE:DG), Vector Group (NYSE:VGR), Denny's (NASDAQ:DENN), United Natural Foods (NYSE:UNFI), New Age Beverages (NASDAQ:NBEV) and Freshpet (NASDAQ:FRPT). Looking for a value pick? Heading into the event, Oppenheimer previewed that it sees the risk-reward profile on BJ's Restaurants (NASDAQ:BJRI) as too attractive to ignore. BJ's will be at the consumer conference on June 19.

Jefferies 2019 Consumer Conference: Companies with presentations and fireside chats scheduled to take place in Nantucket from June 18-19 include Gap (NYSE:GPS), Container Store (NYSE:TCS), Vitamin Shoppe (NYSE:VSI), The Meet Group (NASDAQ:MEET), Lands' End (NASDAQ:LE), Avon Products (NYSE:AVP), Nu Skin (NYSE:NUS), Herbalife (NYSE:HLF), Planet Fitness (NYSE:PLNT), Yeti (NYSE:YETI), Sysco (NYSE:SYY), Wayfair (NYSE:W) and Dunkin' Brands (NASDAQ:DNKN).

The short of it: Short interest on Lyft (NASDAQ:LYFT) is at 55.4% of total float vs. Uber (UBER) at 13.9%, while short interest has piled up to 45.4% position on Beyond Meat (BYND). Tesla (NASDAQ:TSLA) short interest is at 35.4% of float or about $9.74B in bets. That's still below the $13.1B in short interest in Alibaba (NYSE:BABA) and $10.1B in Apple (NASDAQ:AAPL), although the percentage of total float is only at 3.15% and 1.28% respectively for the tech giants.

Notable annual meetings: Shareholders at J. Alexander's (NYSE:JAX) will vote on board nominees and the restaurant operator's equity incentive plan on June 20. Things won't be so ho-hum at Alphabet (GOOG, GOOGL) with employees and shareholders collaborating on a demonstration for the shareholder meeting set for June 19. The protest will encourage a favorable vote for proposals that ban NDAs in harassment and discrimination cases, tie exec compensation to the company's diversity goals and require a human rights impact assessment for the potential censored search engine in China.

Credit card reports: Chargeoff reports are due on June 17 from JPMorgan (NYSE:JPM), American Express (NYSE:AXP), Bank of America (NYSE:BAC), Citigroup (NYSE:C), Capital One Financial (NYSE:COF), Discover Financial (NYSE:DFS) and Synchrony Financial (NYSE:SYF).

Stock splits: Dynex Capital (NYSE:DX) is scheduled to implement a 1-for-3 reverse stock split on June 21.

Business call: Chanticleer Holdings (NASDAQ:BURG) is scheduled to host a call on June 17 to discuss its acquisition of a highly complementary better burger brand with "industry leading metrics" and its proposed rights offering.

Box office: A relatively quiet week is setting up for U.S. box office with Men in Black: International expected to lead with $30M for its debut at 4.2K theaters. Universal's (NASDAQ:CMCSA) The Secret Life of Pets 2 is forecast to bring in $25M, while Disney's (NYSE:DIS) Aladdin is seen generating $16M. Warner Bros.' (NYSE:T) Shaft is anticipated to debut with a $14M weekend.

Barron's mentions: United Technologies (UTX) and Raytheon (RTN) would rally in relief if the merger of the defense contractor equals was to be called off, speculates Andrew Bary. "A knottier scenario would await if the merger goes forward. Investors would be getting a cheaply valued aerospace and defense conglomerate, but they would also have to tolerate being stuck in deal limbo until the closing, expected in the first half of 2020, he writes. Amazon's (NASDAQ:AMZN) push for one-day shipping is seen adding costs for retailers as they push to send out packages and up their fraud-detection game. Deep value is seen on McKesson (NYSE:MCK), Cardinal Health (NYSE:CAH) and AmerisourceBergen (NYSE:ABC) for long-term investors. The drug stocks are said to have been bid down too far over concerns on declining prices for generic drugs, opioid liability lawsuits and D.C. legislation.

Sources: CNBC, Nasdaq, EDGAR, Bloomberg, MIT Technology Review