What to Watch in the Day Ahead - Wednesday, October 23
The Day Ahead is an email and PDF publication that includes the day's major stories and events, analyses and other features. To receive The Day Ahead, Eikon users can register at DAY/US. Thomson One users can register at RT/DAY/US. All times in ET/GMT
Wall Street expects Tesla to post a 9% rise in quarterly revenue when the electric vehicle maker reports third-quarter results. Investors are looking for guidance on the company's projection for deliveries for the year, details of a more affordable model and how it plans to spur demand in 2025.
U.S. planemaker Boeing is expected to quarterly burn cash after a strike by around 33,000 workers crippled production of its strongest-selling jet. The company is expected to raise roughly $15 billion between credit and equity to shore up its balance sheet but it is not clear if that will be announced during earnings or will come in the days after.
Coca-Cola is expected to post a fall in third-quarter revenue mainly as consumers pare back spending on sodas which got pricier in the last couple of years. Investors will look out for comments about consumer demand in the United States, sales in international markets, new product launches and any impact from port strikes in the U.S. East Coast and Gulf Coast.
Federal Reserve Bank of Richmond President Thomas Barkin will speak on "Recognizing the Impact of Community Colleges" before the 2024 Virginia Education and Workforce Conference in Richmond. (1200/1600) Separately, Fed Board Governor Michelle Bowman is scheduled to give opening remarks on the second day of the Eighth Annual Fintech Conference hosted by the Federal Reserve Bank of Philadelphia. (0900/1300)
The Federal Reserve is scheduled to issue its Beige Book. Additionally, a report from National Association of Realtors is expected to show existing home sales likely rose to a seasonally adjusted rate of 3.86 million units in September, after a similar rise in August.
T-Mobile is expected to report a 4% rise in revenue in the third quarter, helped by cost-conscious customers moving to its cheaper plans and 5G services.
AT&T is expected to report a rise in second-quarter revenue, helped by strong subscriber additions.
IBM to report results for its third fiscal quarter. Investors will focus on growth in the company's "AI book of business" and indicators of demand for enterprise IT spending.
General Dynamics is set to report third-quarter earnings. The defense company is expected to post upbeat results on the back of strong defense demand. However, investors are also eyeing the company's aircraft deliveries as supply chain issues persist.
Bank and industry executives discuss key global themes at the four-day-long IIF conference. A number of top executives including Citigroup chairman John Dugan, UBS CEO Sergio Ermotti, secretary general of the Basel Committee, and Deputy Governor of the Bank of England will be speaking during the day.
Gold miner Newmont is expected to post a higher third-quarter profit compared to last year, helped by a rally in gold prices. Investors would be looking forward to any commentary on its divestiture targets or operations.
Toymaker Mattel is expected to post a decline in third-quarter net sales after markets close, hurt by softer consumer spending and a strong year-ago performance driven by the "Barbie" movie release. Investors will look out for comments on holiday demand, promotions and indications of volume recovery in the near term.
Hotel operator Hilton Worldwide is expected to report its third-quarter earnings results. Analysts will focus on domestic and international travel spending from consumers ahead of elections.
ServiceNow is expected to report a rise in third-quarter revenue, driven by growing demand for the company's AI-powered services.
Thermo Fisher is expected to give its third-quarter results. Investor focus will be on the demand for its products used in clinical trials and other services used by biotech companies.
Rollins is expected to post a rise in third-quarter sales, helped by steady demand for its pest control products, especially in North America. Investors will look out for comments on pricing strategies and the North American market given competitor Rentokil's reported weakness in the region.
Derivatives exchange CME Group is expected to report a higher third-quarter profit, bolstered by robust rates and equities trading. Escalating uncertainties have fueled demand for CME's hedging products, driving strong growth across all of CME's asset classes in Q3.
Align Technology is scheduled to report third-quarter results after markets close. Investors are expected to look out for any changes to its annual revenue forecast and demand for teeth aligners.
Molina Healthcare is expected to report third-quarter results after markets close. Investors are expected to look out for changes to its full-year profit forecast and medical costs in its Medicaid business.
Canada's central bank is due to announce its monetary policy decision. The Bank of Canada is expected to cut its overnight rate by 50 basis points to 3.75%, as economic growth in the country slows. Governor Tiff Macklem will give a press conference post the announcement.
Mexico's national statistics agency will report the country's monthly retail sales figures. Retail sales likely rose 0.2% in August after increasing 0.7% in the prior month. Annually, retail sales are expected to have fallen 0.4% in August, following a 0.6% decline in July.
Compiled by Ankita Yadav; Editing by Vijay Kishore
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
