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Stocks To Watch: Waiting On The Fed

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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, Apple Podcasts, Stitcher and Spotify (click the highlighted links).

The Federal Reserve is expected to slide interest rates down 25 points at its FOMC meeting next week, although the outlier scenarios for no cut or a 50 point cut are not completely dead. The central bank's dot plot projections will be watched closely as always, as will Jerome Powell's press conference on September 18. The presser arrives amid increased FOMC dissension and with the White House exerting some pressure. While Powell played it cool in Jackson Hole, it's possible he could assert the Fed's independence this time around. Will we hear about rate cut "recalibrations" and "mid-cycle" adjustments again? Heading into the FOMC event, banks stocks like JPMorgan (NYSE:JPM), Bank of America (NYSE:BAC), Citigroup (NYSE:C) and Wells Fargo (NYSE:WFC) have been marching higher along with Treasury yields. That trend could be reinforced or kneecapped, depending on the Fed's actions. On the corporate side of things, the week ahead is paper thin on earnings reports. Still, there are plenty of corporate events to watch and a Senate committee hearing for execs from Google (NASDAQ:GOOG), Twitter (NYSE:TWTR) and Facebook (NASDAQ:FB) to digest. The week will be capped off with a quadruple witching trading day on September 20. More than 9B shares changed hands in the U.S. during the last quarterly options expiration event and created some amplified share price movements along the way.


Notable earnings reports:: Adobe (NASDAQ:ADBE), Chewy (NYSE:CHWY) and FedEx (NYSE:FDX) on September 17; General Mills (NYSE:GIS), Darden Restaurants (NYSE:DRI) and United Natural Foods (NYSE:UNFI) on September 19.
Go deeper: See Seeking Alpha's complete list of earnings reporters.

IPO watch: Envista (NYSE:NVST) and IGM Biosciences (NASDAQ:IGMS) are expected to price their IPOs on September 17 to be followed by pricings for Datadog (NASDAQ:DDOG), Ping Identity Holding (NYSE:PING) and Exagen (NASDAQ:XGN) on September 18. IPO share lockups arrive on Up Fintech Holding (NASDAQ:TIGR) on September 16, as well as Levi Strauss (NYSE:LEVI) and Canada-traded Cansortium on September 17. In other IPO developments to watch, WeWork (WE) will officially begin marketing shares to investors next week ahead with the IPO on track and Anheuser-Busch InBev (NYSE:BUD) will be watched closely for indications of where demand stands for the Budweiser Brewing Co. (BUDBC) IPO. Also, keep an eye on Peloton (NASDAQ:PTON) and its quest for a $1B valuation. D.A. Davidson jumped the gun by rating the exercise equipment company at Neutral even before the IPO has fired off. "While valuation is actually more agreeable than anticipated on forward estimates, it is still fairly robust, and we will wait for a better entry point," stated the firm.
Go deeper: Catch up on all the latest IPO news.

Projected dividend changes: American Tower (NYSE:AMT) to $0.94 from $0.92, JPMorgan (JPM) to $0.90 from $0.80, McDonald's (NYSE:MCD) to $1.22 from $1.16, Microsoft (NASDAQ:MSFT) to $0.50 from $0.46, Texas Instruments (NASDAQ:TXN) to $0.91 from $0.77, U.S. Bancorp (NYSE:USB) to $0.42 from $0.37, Idacorp (NYSE:IDA) to $0.67 from $0.63, Ingredion (NYSE:INGR) to $0.65 from $0.625.
Go deeper: Read the latest dividend analysis.

M&A tidbits: The tender offer on the Sonic Financial tender offer for Speedway Motorsports (NYSE:TNK) expires on September 16. The merger of Chesapeake Lodging Trust (NYSE:CHSP) into a subsidiary of Park Hotels & Resorts (NYSE:PL) is slated for September 18. Shareholders are scheduled to vote on Vail's (NYSE:MTN) $437M acquisition of Peak Resorts (NASDAQ:SKIS) on September 20. Some reporting suggests that the mega-merger between Altria (NYSE:MO) and Philip Morris International (NYSE:PM) could be finalized as early as next week.

Apple gaming: Apple's (NASDAQ:AAPL) Arcade rolls out on the App Store for iOS 13 on September 19. Subscribers for the $4.99 per month service will get unlimited access to the entire catalog of over 100 new, exclusive games, all playable across iPhone, iPad, iPod touch, Mac and Apple TV. The catalog of games is expected to be increased each month. Many of the games will be available on consoles like the Nintendo (OTCPK:NTDOY) Switch and Sony's (NYSE:SNE) PlayStation, but the games won't make their way to Android. Apple Arcade will be available on September 30 on iPadOS and tvOS 13 and on macOS Catalina in October.

Credit card chargeoff reports: American Express (NYSE:AXP), Bank of America (BAC), Citigroup (C), Capital One (NYSE:COF), Discover Financial (NYSE:DFS), JPMorgan (JPM), Synchrony Financial (NYSE:SYF) and Alliance Data Systems (NYSE:ADS) are all due to post chargeoff and delinquency reports next week.

Spotlight on TMT: The Goldman Sachs Communacopia Conference takes place in New York City next week on September 17-18. The event typically features intriguing nuggets from tech, media, gaming and telecommunications companies. Participants this year include T-Mobile, Spotify (NYSE:SPOT), Interpublic Group (NYSE:IPG), Zayo (NYSE:ZAYO), News Corp (NASDAQ:NWS), AT&T (NYSE:T), National CineMedia (NASDAQ:NCMI), AMC Networks (NASDAQ:AMCX), Altice USA (NYSE:ATUS), Snap (NYSE:SNAP), Lamar Advertising (NASDAQ:LAMR), Hasbro (NASDAQ:HAS), Clear Channel Outdoor (NYSE:CCO), American Tower (AMT), iHeartMedia (NASDAQ:IHRT), Viacom (NASDAQ:VIA), IMAX (NYSE:IMAX), Crown Castle (NYSE:CCI), Fox (NASDAQ:FOXA), Comcast (NASDAQ:CMCSA), Verizon (NYSE:VZ) and Take-Two Interactive (NASDAQ:TTWO).

Target: Target (NYSE:TGT) will begin selling the first products from the Good & Gather brand in force next week. By the end of next year, the food and beverage brand will include more than 2K products. The retailer aims for a wide selection of new organic, staples and premium food items to spice up the grocery section in its stores. Target expects Good & Gather to eventually become a multibillion-dollar brand.

AI on display: The AI Hardware Summit is scheduled to take place at the Computer History Museum in Mountain View, California on September 17-18. Notable speakers include Alphabet (NASDAQ:GOOGL) Chairman John Hennessy, General Motors (NYSE:GM) AI exec Naveen Rao, Nvidia (NASDAQ:NVDA) VP Ian Buck, as well as reps from Argo AI, IBM (NYSE:IBM), Microsoft (MSFT), Nuro, Qualcomm (NASDAQ:QCOM) and Xiaopeng Motors.

FDA update: The FDA action date for GlaxoSmithKline's (NYSE:GSK) nicotine oral spray as an aid for smoking cessation arrives on September 18.

Tesla vs. Porsche: The legendary Nurburgring race track in Germany could see a new electric car try to break the record set for a four-door EV by the Porsche (OTCPK:POAHY) Taycan Turbo S last month. A modified Tesla (NASDAQ:TSLA) Model S was spotted doing test runs on the Nürburgring track a few days after Tesla CEO Elon Musk tweeted that he would send the production EV there in an attempt to break the track record of 7 minutes and 42 seconds. Loup Ventures analyst Gener Munster thinks the marketing spectacle of a Porsche-Tesla duel will draw positive attention to electric vehicles in general.

BMO Capital Markets Real Estate Conference: The real estate conference takes place in Chicago from September 17-18. Companies expected to be in attendance include Braemar Hotels & Resorts (NYSE:BHR), Consolidated-Tomoka (NYSEMKT:CTO), Physicians Realty Trust (NYSE:DOC), Equity Residential (NYSE:EQR), Global Medical REIT (NYSE:GMRE), Investors Real Estate Trust (NYSE:IRET), Independence Realty Trust (NYSE:IRT), Kimco Realty (NYSE:KIM), Mid-America Apartment Communities (NYSE:MAA), National Health Investors (NYSE:NHI), National Storage Affiliates Trust (NYSE:NSA), Plymouth Industrial REIT (NYSEMKT:PLYM), QTS Realty Trust (NYSE:QTS), Sabra Health Care REIT (NASDAQ:SBRA), W.P. Carey (NYSE:WPC) and Xenia Hotels & Resorts (NYSE:XHR).

All Things Oracle: Oracle (NYSE:ORCL) hosts its annual Oracle OpenWorld event in San Francisco from September 16-19. The company says Chairman Larry Ellison will talk about how the industry's first self-driving database, Oracle Autonomous Database, continues to revolutionize data management. Ellison and product creators are scheduled to describe advancements in Oracle Cloud applications and outline the integrated layers spanning Intelligent Applications, Autonomous Database and Gen 2 Cloud Infrastructure. Shares of Oracle are up 18.9% YTD and trade at ~17.5 forward earnings.
Go deeper: See how Seeking Alpha authors rate Oracle.

Analyst/investor day events: Coca-Cola (NYSE:KO) is sending execs to an investor event in London on September 16 to discuss the beverage company's approach to sustainability and building a resilient business. Pilgrim's Pride (NASDAQ:PPC) says it will talk strategy and sources of competitive advantages at its analyst day event on September 18. Alnylam Pharmaceuticals (NASDAQ:ALNY) has a RNAi Roundtable scheduled on September 16 to cover Patisiran & Vutrisiran. Other companies with investor events during the week include Brooks Automation (NASDAQ:BRKS) and MasterCraft (NASDAQ:MCFT) on September 17, Anika Therapeutics (NASDAQ:ANIK) and Zscaler (NASDAQ:ZS) on September 18, as well as Pool (NASDAQ:POOL) and Seagate Technology (NASDAQ:STX) on September 19.

CL King Best Ideas Conference: The Container Store (NYSE:TCS), Oxford Industries (NYSE:OXM), Denny's (NASDAQ:DENN), Littelfuse (NASDAQ:LFUS), Teledyne (NYSE:TDY), LCI Industries (NYSE:LCII), Kimball International (NASDAQ:KBAL), Lands' End (NASDAQ:LE), Motorcar Parts of America (NASDAQ:MPAA), Lovesac (NASDAQ:LOVE) and Axon (NASDAQ:AAXN) are due to make presentations at the conference in New York City on September 19.

Data watch: The monthly release of containerboard and boxboard pricing is due out during the early part of the week. Sonoco Products (NYSE:SON), Greif (NYSE:GEF), International Paper (NYSE:IP), WestRock Company (NYSE:WRK) and International Paper (IP) are some names that could move off the pricing report.

Barron's mentions: A warning is issued on Union Pacific (NYSE:UNP), Canadian National Railway (NYSE:CNI), CSX (NASDAQ:CSX), Norfolk Southern (NYSE:NSC), Canadian Pacific Railway (NYSE:CP) and Kansas City Southern (NYSE:KSU) in a hard look at the railroad sector. The sector is seen facing pressure from freight volumes declines, increasing price competition from truckers and with efficiency gains nearly maxed out. U-Haul parent Amerco (NASDAQ:UHAL) is called one of the better secrets in the market. With public peers valued at more than 10X revenue, Amerco's self-storage business is forecast to be worth as much as $6B after growth picks up. A comeback is predicted for Tapestry (NYSE:TPR) with shares still near the bottom of their 52-week range. The company's plan to bring the "whimsy" back to the Kate Spade brand in particular is expected to pad earnings .

Sources: CNBC, Reuters, Bloomberg, 9to5Mac, Financial Post