Welcome to Wall Street Brunch, our preview of stock market events for investors to watch during the upcoming week. You can also catch this article a day early by subscribing to the Stocks to Watch account for Saturday morning delivery. Podcast listener? Subscribe now to receive Wall Street Breakfast by 8:00 a.m. every trading day on Seeking Alpha, iTunes, Stitcher and Spotify (click the highlighted links).
Investors have a lot to digest after panic over the economic impact of the coronavirus outbreak sent the market tumbling to its worst weekly loss since 2008 and the 10-year Treasury yield to a record low. While the week ahead could include some coordinated actions by central banks to soothe anxiety, there are also likely to be more earnings warnings from multinationals across sectors. It could also be another volatile week for companies perceived as coronavirus plays such as iBio (NYSEMKT:IBIO), Alpha Pro Tech (NYSEMKT:APT), Lakeland Industries (NASDAQ:LAKE), Vaxart (NASDAQ:VXRT), Co-Diagnostics (NASDAQ:CODX), Inovio Pharmaceuticals (NASDAQ:INO), Novavax (NASDAQ:NVAX), BioCryst Pharmaceuticals (NASDAQ:BCRX), Cocrystal Pharma (NASDAQ:COCP), Vir Biotechnology (NASDAQ:VIR), Moderna (NASDAQ:MRNA), Gilead Sciences (NASDAQ:GILD), Qiagen (NYSE:QGEN), Owens & Minor (NYSE:OMI), Altimmune ((NASDAQ:ALT) and Allied Healthcare Products (NASDAQ:AHPI). On the economic calendar, PMI prints from across the world will be watched closely, as well as reports on durable goods orders and the February employment report. Amid all the market turmoil, energy sector eyes will be focused on Vienna as ministers gather to assess the economic situation and make a decision on output.
Notable earnings reports: Boingo Wireless (NASDAQ:WIFI), Maxar Technologies (NYSE:MAXR) and Tilray (NASDAQ:TLRY) on March 2, Target (NYSE:TGT), Kohl's (NYSE:KSS), Nordstrom (NYSE:JWN), Cronos Group (NASDAQ:CRON), Urban Outfitters (NASDAQ:URBN) and Hewlett Packard Enterprises (NYSE:HPE) on March 3; Campbell Soup (NYSE:CPB), Dollar Tree (NASDAQ:DLTR), Splunk (NASDAQ:SPLK), American Eagle Outfitters (NYSE:AEO) and on March 4; Fastenal (NASDAQ:FAST), Costco (NASDAQ:COST), Kroger (NYSE:KR), Ciena (NYSE:CIEN) and American Outdoor Brands (NASDAQ:AOBC) on March 5.
Go deeper: See Seeking Alpha's complete list of earnings reporters.
Vienna: After oil futures with the largest weekly decline in more than 11 years, the OPEC+ meeting in Vienna on March 5-6 takes on added significance. The meeting could include an announcement on extending productions cuts or even maker a steeper cut than the current 600K barrels per day. The impact of the coronavirus outbreak on oil demand going forward will also be a theme of the meeting. "OPEC+ action appears likely, but the reality may be more muted. As usual, actual supply cuts will likely depend heavily on Saudi Arabia, where cuts already far exceed official quotas," says Schneider Electric commodity analyst Robbie Fraser. The energy sector is down around 20% YTD as sector names like Exxon Mobil (NYSE:XOM), Occidental Petroleum (NYSE:OXY), Noble Energy (NASDAQ:NBL), Devon Energy (NYSE:DVN), Cimarex Energy (NYSE:XEC), Marathon Oil (NYSE:MRO), Diamondback Energy (NASDAQ:FANG) and Schlumberger (NYSE:SLB) continue to get battered over consumption worries and new questions over dividend payouts.
IPO watch: GFL Environment (GFL) is expected to price its $1.77B IPO on March 3. Also of interest, the analyst quiet period expires on Casper Sleep (NYSE:CSPR) on March 2. Shares of Casper closed at $9.02 on Friday vs. the IPO pricing level of $12. Will analysts boost the online bedding stock with bullish reports? Other quiet period expirations in the week ahead include Schrodinger (NASDAQ:SDGR) and PPD (NASDAQ:PPD) on March 2 and OneWater Marine (NASDAQ:ONEW), Nexpoint Real Estate (NYSE:NREF) and Professional Holding (NASDAQ:PFHD) on March 3. Also, watch for news on DoorDash (DOORD) after the company disclosed that it filed confidentially for an IPO. The DoorDash IPO could be of interest to Uber Eats (NYSE:UBER), Postmates (POSTM) and GrubHub (NYSE:GRUB).
Go deeper: Catch up on all the latest IPO news.
Projected dividend changes (quarterly): TJX Companies (NYSE:TJX) to $0.26 from $0.23, Ross Stores (NASDAQ:ROST) to $0.28 from $0.255, Kohl's (KSS) to $0.73 from $0.67, General Dynamics (NYSE:GD) to $1.10 from $1.02, Cabot Micro (NASDAQ:CCMP) to $0.44 from $0.42, Gentex (NASDAQ:GNTX) to $0.12 from $0.115, Taubman Centers (NYSE:TCO) to $0.695 from $0.675, American Tower (NYSE:AMT) to $1.08 from $1.01, Vector Group (NYSE:VGR) to $0.20 from $0.40. Go deeper: Read the latest dividend analysis.
M&A tidbits: The buyout of Hudson's Bay Company (OTCPK:HBAYF) is slated to close on March 3. Shareholders with MutualFirst Financial (NASDAQ:MFSF) vote on the merger with Northwest Bancshares (NASDAQ:NWBI). M&A talk could continue around a potential Gilead Sciences (GILD)-Forty Seven (NASDAQ:FTSV) pairing, as well as Kindred Biosciences (NASDAQ:KIN), Boingo Wireless (WIFI) and Nokia (NYSE:NOK).
Analyst/investor meetings: It's a big week for companies to hold their annual investor/analyst meetings as the tech, retail, financial and energy sectors will all be represented. AMD (NASDAQ:AMD) has it Investor Day on tap for March 5 with shares off about 15% over the last week. Meanwhile, the Exxon Mobil (XOM) Investor Day on March 5 arrives with shares down over 25% YTD. Target (TGT) also has its financial community scheduled for March 3 just after the retailer's Q4 earnings release is spilled. Other analyst/investor events during the week include United Utilities (OTCPK:UUGWF) and Eaton (NYSE:ETN) on March 2, as well as Chevron (NYSE:CVX), Keysight Technologies (NYSE:KEYS), LAM Research (NASDAQ:LRCX), F5 Networks (NASDAQ:FFIV) and Hubbell (NYSE:HUBB) on March 3.
Breakfast wars: Wendy's (NASDAQ:WEN) jumps into the breakfast wars with a national launch for the daypart featuring nine sandwiches, including a breakfast twist on the famous Baconator. Wendy's will also introduce a new coffee blend and an iced Frosty-ccino drink. Dunkin' Donuts (NASDAQ:DNKN) and Panera dialed up new promotions and breakfast menu offerings of their own ahead of the Wendy's launch, while McDonald's (NYSE:MCD) timed its National Egg McMuffin Day with a free sandwich to customers for March 2. Breakfast heavyweight Starbucks (NASDAQ:SBUX) will also be active next week, with the introduction in Canada of a plant-based Beyond Meat (NASDAQ:BYND) sandwich to the menu. Starbucks is widely expected to add plant-based menu items in the U.S. later this year.
U.S. auto sales: TrueCar projects U.S. auto sales will rise 0.2% when adjusted for the extra Leap Year selling day. The research firm sats this month's SAAR for total light-vehicle sales is an estimated 17.1M units. Forecast by manufacturer (adjusted by selling days) - BMW (OTCPK:BMWYY) +9.3% tp 31,214 units, Daimler (OTCPK:DDAIF) +5.1% to 27,825 units, Fiat Chrysler Automobiles (NYSE:FCAU) -0.6% to 174,564 units, Ford (NYSE:F) -6.7% to 186,854 units, General Motors (NYSE:GM) -1.8% to 222,475 units, Honda +2.4% (NYSE:HMC) to 127,751 units, Hyundai (OTCPK:HYMLF) +11.6% to 56,982 units, Kia (OTCPK:HYMLF) +14.3% to 53,752 units, Nissan (OTCPK:NSANY) -14.4% to 105,993 units, Subaru (OTCPK:FUJHY) +3.3% to 54,951 units, Tesla (NASDAQ:TSLA)+9.1% to 181,97 units and Volkswagen (OTCPK:VWAGY) +4.9% to 50,948 units.
Geneva Motor Show: The annual auto show in Geneva has been canceled, but automakers have a backup plan. Porsche (OTCPK:POAHY), BMW (OTCPK:BMWYY), Daimler (OTCPK:DDAIF) and Bentley (OTCPK:VWAGY) are taking their presentations online. The BMW i4, Mercedes E-Class and Fiat (FCAU) 500 are some of the models expected to be shown off digitally.
Macau: Casino investors will need to brace themselves for the upcoming report from Macau authorities on February gross gaming revenue. February GGR could be down as much as 85% to 90% due to the closing of casinos during the month amid the coronavirus outbreak. Looking further ahead, analysts forecast Q1 GGR could decrease as much as 40% to 45% and 2020 GGR could fall 15% to 20%. While most casinos are open, there isn't much visibility on when tourism and visits from Mainland China will pick up again to boost Wynn Macau (OTCPK:WYNMF), Wynn Resorts (NASDAQ:WYNN), Sands China (OTCPK:SCHYY), Las Vegas Sands (NYSE:LVS), MGM China (OTCPK:MCHVF), MGM Resorts (NYSE:MGM), Galaxy Entertainment (OTCPK:GXYEF), SJM Holdings (OTCPK:SJMHF), Melco Resorts & Entertainment (NASDAQ:MLCO) and Studio City International (NYSE:MSC).
Business updates: General Motors (GM) will update investors on its electrification strategy during a special EV Day event on March 4. General Electric (NYSE:GE) has an investor call scheduled for March 4. Brighthouse Financial (NASDAQ:BHF) is scheduled to provide an update on March 5. Costco (COST) and Buckle (NYSE:BKE) are due to issue sales reports for January on March 5.
Morgan Stanley Technology, Media & Telecom Conference: The TMT confab scheduled for San Francisco from March 2-4 includes participation from Advanced Micro Devices (AMD), Altice USA (NYSE:ATUS), AMC Networks (NASDAQ:AMCX), Booking Holdings (NASDAQ:BKNG), AT&T (NYSE:T), Capital One (NYSE:COF), CDK Global (NASDAQ:CDK), Charter (NASDAQ:CHTR), Cloudflare (NYSE:NET), Facebook (NASDAQ:FB), Cree (NASDAQ:CREE), CRTO, CCI, FSCT, FTNT, Garmin (NASDAQ:GRMN), Glu Mobile (NASDAQ:GLUU), GoPro (NASDAQ:GPRO), GrubHub (GRUB), IMAX (NYSE:IMAX), Intel (NASDAQ:INTC), Lamar Advertising (NASDAQ:LAMR), Lions Gate (NYSE:LGF.A), HP (NYSE:HPQ), Lyft (NASDAQ:LYFT), Match Group (NASDAQ:MTCH), Netflix (NASDAQ:NFLX), RealReal (NASDAQ:REAL), Roku (NASDAQ:ROKU), TiVo (NASDAQ:TIVO), Weight Watchers International (NASDAQ:WW), ZAYO, ZBRA, Zillow (NASDAQ:ZG), Zscalar (NASDAQ:ZS), Cinemark (NYSE:CNK), New York Times (NYSE:NYT), Microsoft (NASDAQ:MSFT), PayPal (NASDAQ:PYPL), Alphabet (NASDAQ:GOOG), Box (NYSE:BOX), Live Nation Entertainment (NYSE:LYV), CyberArk Software (NASDAQ:CYBR), HubSpot (NYSE:HUBS), Viacom (NASDAQ:VIA) Comcast (NASDAQ:CMCSA), Proofpoint (NASDAQ:PFPT), 8x8 (NYSE:EGHT), Cadence Design Systems (NASDAQ:CDNS), Uber (UBER), Fox Corporation (NASDAQ:FOXA), Etsy (NASDAQ:ETSY), Western Digital (NASDAQ:WDC), Autodesk (NASDAQ:ADSK), Take-Two Interactive (NASDAQ:TTWO) and Palo Alton Networks (NYSE:PANW).
Public transportation: The Massachusetts House could pass a bill next week aimed at giving consumers incentive to use public transit by increasing gas taxes to $0.05 a gallon and raising state fees on ride-hailers to $1.20 per ride ($2.20 for luxury trips) from a prior charge of $0.20 per ride. If other states were to follow in the lead of the Commonwealth, companies like Avis Budget (NASDAQ:CAR), Hertz Global (NYSE:HTZ), Uber (UBER) and Lyft (LYFT) could be hurt as consumers become more selective. The tax headache arrives on top of broad concerns in the travel industry over the impact of the coronavirus outbreak in Q1 and perhaps beyond.
Spotlight on airlines : Traffic reports are due out from American Airlines Group (NASDAQ:AAL), Azul (NYSE:AZUL), United Airlines (NASDAQ:UAL), Spirit Airline (NYSE:SAVE), Gol Linhas (NYSE:GOL), Copa Holdings (NYSE:CPA), Delta, Volaris (NYSE:VLRS), Southwest Airlines (NYSE:LUV), Hawaiian Holdings (NASDAQ:HA), Alaska Air (NYSE:ALK) and JetBlue (NASDAQ:JBLU) next week. Those updates could include some guidance revisions.
Cowen and Company 40th Annual Healthcare Conference: The conference scheduled for Boston from March 2-4 will include attendance from healthcare companies big and small. Participants include Pfizer (NYSE:PFE), Bio-Techne (NASDAQ:TECH), Aerie Pharmaceuticals (NASDAQ:AERI), Allena Pharmaceuticals (NASDAQ:ALNA), MyoKardia (NASDAQ:MYOK), Stoke Therapeutics (NASDAQ:STOK), Thermo Fisher Scientific (NYSE:TMO), Neoleukin Therapeutics (NASDAQ:NLTX), Oyster Point Pharma (NASDAQ:OYST), Edwards Lifesciences (NYSE:EW), Alector (NASDAQ:ALEC), ACADIA Pharmaceuticals (NASDAQ:ACAD), Vericel Corporation (NASDAQ:VCEL), Alkermes (NASDAQ:ALKS), Unity Biotechnology (NASDAQ:UBX), DexCom (NASDAQ:DXCM), Aduro BioTech (NASDAQ:ADRO), Tricida (NASDAQ:TCDA), MeiraGTx (NASDAQ:MGTX), Black Diamond Therapeutics (NASDAQ:BDTX), Altreca (NASDAQ:BCEL), Vir Biotechnology (VIR), Hansa Biopharma (OTC:HNSBF), United Therapeutics (NASDAQ:UTHR), GlycoMimetics (NASDAQ:GLYC), PDL BioPharma (NASDAQ:PDLI), Myovant Sciences (NYSE:MYOV), X4 Pharmaceuticals (NASDAQ:XFOR), NextCure (NASDAQ:NXTC), Athenex (NASDAQ:ATNX), Urovant Sciences (NASDAQ:UROV), Establishment Labs (NASDAQ:ESTA), Cytom Therapeutics (NASDAQ:CTMX), 10X Genomics (NASDAQ:TXG), Rhythm Pharmaceuticals (NASDAQ:RYTM), NGM Biopharmaceuticals (NASDAQ:NGM), Foamix Pharmaceuticals (NASDAQ:FOMX) and Global Blood Therapeutics (NASDAQ:GBT).
Barron's mentions: The publication tackles the question of what stocks investors should consider in times of market turmoil. Based off cash positions and valuations, the list included Berkshire Hathaway (NYSE:BRK.A), Alphabet (NASDAQ:GOOGL), Microsoft (MSFT), Bank of America (NYSE:BAC), JPMorgan Chase (NYSE:JPM), Barrick Gold (NYSE:GOLD), Newmont (NYSE:NEWM), Chevron (CVX), ConocoPhillips (NYSE:COP), Comcast (CMCCSA) and Verizon (NYSE:VZ). Supply chain disruption is seen as a problem that could ripple through the economy for months. A myriad of companies could be affected, including Best Buy (NYSE:BBY), Cummins (NYSE:CMI), Terex (NYSE:TEX), JAbil (NYSE:JBL), Sanofi (NASDAQ:SNY) and Nike (NYSE:NKE).
Sources: CNBC, EDGAR, The Verge, Reuters, Bloomberg
This article was written by