Catalyst Watch: CPI report, Icahn showdown and Spectrum Brands trial headline big week

Lisa-Blue

Welcome to Seeking Alpha's Catalyst Watch - a breakdown of some of next week's actionable events that stand out. Check out Saturday morning's regular Stocks to Watch article for a full list of events planned for the week or the Seeking Alpha earnings calendar for companies due to report.

Monday - May 8

• Volatility watch - Short interest on Virgin Galactic (SPCE) and Cinemark (CNK) is still elevated. Options trading volume is high on Western Alliance Bancorporation (WAL) and Metropolitan Bank Holding (MCB). Another stock on the watch list is Volaris (VLRS). An aviation industry review is expected to be completed later this month in Mexico that could include a Mexico Category I reinstatement for Volaris in a development that could boost growth in the second half of the year.
• Earnings watch - Notable companies due to report include PayPal Holdings (PYPL), Tyson Foods (TSN), and KKR (KKR). Options trading implies a double-digit swing in share price for Lucid Group (LCID) and Freshpet (FRPT) following their reports.
• Data reports - Some of the data reads to watch are traffic reports from the airline industry, the EIA Short-Term Energy Outlook, and AUM reports from asset managers. Boeing (BA) could also issue its monthly deliveries report.
• All day - The three-day Oppenheimer 18th Annual Industrial Growth Conference will feature a wide array of companies presenting from the industrials sector, including Waste Connections (WCN), Stericycle (SRCL), WESCO International (WCC), and Harsco Corporation (HSC) among others.
• All day - The Spectrum Brands (SPB) trial with the Department of Justice over the Assa Abloy deal is due to resume.
• 8:00 a.m. Insmed Incorporated (INSM) will host an investor and analyst event titled "The Future of Rare at Insmed: Functional Genes, AI-Enhanced Proteins, Glowing Algae, and More." The agenda will include a deep dive into Insmed's early-stage research programs.
• 9:00 a.m. AES Corporation (AES) will hold an Investor Day event. Bank of America said the company's presentation on long-term earnings power could be crucial to the share price direction.
• 4:00 p.m. Accolade (ACCD) will host an Analyst Day at the Wynn Las Vegas. Members of Accolade’s management team will provide color about the company’s long-term vision, as well as key insights about its overall product, clinical, ecosystem and financial strategy.

Tuesday - May 9

• Earnings watch - Notable companies due to report include Duke Energy (DUK), Airbnb (ABNB), Fox (FOX), and Coupang (CPNG). Options trading implies a double-digit swing in share price for Rackspace Technology (RXT) and Nikola (NKLA) following their reports.
• All day - Qualcomm (QCOM) will hold a 5G Summit. The company has attracted analyst upgrades in the past shortly after summit presentations.
• 9:30 a.m. Corteva (CTVA) will host a virtual R&D Innovation Update. During this event, management will highlight key components of its pipeline of seed and crop protection solutions.
• 11:00 a.m. Tucows Inc. (TCX) will host an Investor Day event following shortly after the release of its earnings report.
• 11:00 a.m. The Bank of America Securities Healthcare Conference will feature a huge roster of companies. Some of the notables include Sangamo Therapeutics (SGMO), Myriad Genetics (MYGN), Dickinson and Company (BDX), HCA Healthcare (HCA), BridgeBio Pharma (BBIO), and GoodRx Holdings (GDRX).
• 12:00 p.m. The Sohn Conference will feature a flurry of stock pitch ideas. The conference has led to share price jumps for some smaller-sized stocks in the past.

Wednesday - May 10

• Earnings watch - Notable companies due to report include Disney (DIS), Trade Desk (TTD), Roblox (RBLX), Li Auto (LI), and Unity Software (U). Options trading implies a double-digit swing in share price for Beyond Meat (BYND) and Sportradar (SRAD) following their reports.
• All day - The lockup period expires for a block of shares of Atour Lifestyle (ATAT). Shares of the hotel operator have rallied more than 70% from the IPO price.
• All day - Fisker (FSR) CEO Henrik Fisker and Mobileye (MBLY) CEO Amnon Shashua are the two of the notable speakers scheduled for the FT Future of the Car conference on May 10-11.
• All day - Strong Global Entertainment (SGE) is expected to start trading. The company is expected to see its $8M IPO priced at around $5 per share.
• 8:30 a.m. The consumer price index report for April will be released. Inflation is forecast to have increased 0.3% month-over-month and 5.5% year-over-year after stripping out food and energy.
• 8:30 a.m. Icahn Enterprises L.P. (IEP) will hold its delayed earnings call. The stock has been volatile since a short report was issued by Hindenburg Research. A Carl Icahn appearance on the call could be riveting.

Thursday - May 11

• Earnings watch - Notable companies due to report include JD.com (JD), US Foods (USFD), and News Corporation (NWS). Options trading implies a double-digit swing in share price for Faraday Future Intelligent (FFIE) and Fiverr (FVRR).
• All day - Hyatt Hotels Corporation (H) will host an Investor Day event from one of its properties in Mexico. The event will feature presentations as well as question-and-answer sessions with Hyatt’s senior management team. Analysts have the event circled as a potential catalyst with long-term growth plans expected to be discussed.
• All day - Honeywell (HON) will host its 2023 investor conference at the Nasdaq MarketSite in New York City.
• All day - Shareholders with both Evoqua Water Technologies (AQUA) and Xylem (XYL) will vote on the proposed merger between the companies.
• 8:30 a.m. The Producer Price Index is expected to show a 0.3% month-over-month gain.
• 9:00 a.m. Ameresco (AMRC) will hold an analyst and investor day event. Shares of Ameresco have rallied after similar events in the past.
• 4:00 p.m. Williams (WMB) Chief Executive Officer Alan Armstrong will host a virtual Q&A session for shareholders on topics including strategy, business and financial performance.

Friday - May 12

• Earnings watch - Notable companies due to report include Spectrum Brands (SPB) and Soho House (SHCO).
• 10:00 a.m. The University of Michigan consumer sentiment reading is expected to cool a bit further to 63.0 from May's preliminary reading. The reading on inflation expectations will be closely watched after last month it moved up to +4.6% from 3.6% in the prior month.

Comments

[LK106218]

That Hyatt Conference might be enlightening. When a company is concerned about future revenue, one of the first things to go is the business travel budget. Hyatt as a business conference host could shed light on the question of whether Corporate America really expects a recession in the near future.

[LK106218]

I am particularly interested in DUK. There was a time when DUK had issues with coal ash impoundments. DUK has also been aggressive in shutting down coal power plants. I have seen little about either matter recently. What's up?

[Chris Lau]

CPI is the second of two data points* supporting higher for longer.

* Last week's jobs: seekingalpha.com/...