Wall Street will get a slight amount of relief next week as both the economic calendar and the first quarter earnings season will lighten up somewhat. Market participants will be looking ahead to Monday’s senior loan officer opinion survey from the Federal Reserve to assess credit conditions in the economy. Also in focus will be Friday’s University of Michigan preliminary consumer sentiment data for May.
Many major companies including members of the “Magnificent 7” have already reported their results. Still, next week has a few notable names on tap, including theme park and entertainment giant Disney (DIS), meat processor Tyson Foods (TSN), and ride-hailing behemoth Uber (UBER).
Meanwhile, some of the spotlight will be garnered by Apple (AAPL). The tech major is scheduled to hold a special event on Tuesday to showcase new iPad products and hardware accessories.
Earnings spotlight: Monday, May 6 – Tyson Foods (TSN), Vertex Pharmaceuticals (VRTX), Palantir (PLTR), and Realty Income (O). See the full earnings calendar.
Earnings spotlight: Tuesday, May 7 – Disney (DIS), McKesson (MCK), Ferrari (RACE), GlobalFoundries (GFS), Coupang (CPNG), Electronic Arts (EA), Rivian Automotive (RIVN), and Datadog (DDOG). See the full earnings calendar.
Earnings spotlight: Wednesday, May 8 – Uber Technologies (UBER), Anheuser-Busch InBev (BUD), Airbnb (ABNB), Shopify (SHOP), Arm (ARM), Energy Transfer (ET), Trade Desk (TTD), Beyond Meat (BYND), Affirm (AFRM), and AMC Entertainment (AMC). See the full earnings calendar.
Earnings spotlight: Thursday, May 9 – Warner Bros. Discovery (WBD), US Foods (USFD), Hyatt Hotels (H), Roblox (RBLX), Dropbox (DBX), and Genpact (G). See the full earnings calendar.
Earnings spotlight: Friday, May 10 – AMC Networks (AMCX) and Enbridge (ENB). See the full earnings calendar.
Volatility watch: Options trading volume is elevated again on Trump Media & Technology (DJT). Short interest moved even higher over the last week on Luminar Technologies (LAZR) and Zynex (ZYXI). The most overbought stocks per their 14-day relative strength index include Vivos (OTCQB:RDGL), Deciphera Pharmaceuticals (DCPH), and Macatawa Bank (MCBC). The most oversold stocks per their 14-day Relative Strength Index include Cabaletta Bio (CABA), Kopin (KOPN), and Kinsale Capital (KNSL).
IPO watch: The week ahead is relatively light in terms of market debuts, with the largest one anticipated to be a $229.3M IPO by specialized freight company Proficient Auto Logistics (PAL). The Jacksonville, Fla.-based firm is planning to sell 14.3M shares at an expected IPO price between $14/share to $16/share. The company provides auto transportation and logistics services, primarily focused on moving finished vehicles from automotive production facilities, marine ports of entry, or regional rail yards to auto dealerships. Silvaco Group’s (SVCO) $114M IPO is also expected next week. Silvaco (SVCO) is a provider of technology computer-aided design software, electronic design automation software and semiconductor intellectual property. Elsewhere, the IPO lockup periods expire for blocks of shares of Cargo Therapeutics (CRGX) and Hamilton Insurance (HG).
Investor events: Notable speakers at the four-day Milken Institute Global Conference include Pershing Square’s Bill Ackman, Tesla’s (TSLA) Elon Musk, and SEC Commissioner Mark Uyeda. New York Federal Reserve Bank President John Williams will also participate in a conversation at the event. IBM (IBM) subsidiary Red Hat will hold its annual summit in Denver, Colorado on May 6-9. The five-day American Society of Gene & Cell Therapy Meeting will begin in Baltimore, Maryland. Analysts have identified Azitra (AZTR), Fate Therapeutics (FATE), CRISPR Therapeutics (CRSP), Editas Medicine (EDIT), and Regeneron Pharmaceuticals (REGN) as some of the companies to watch for drug data or new abstracts that could impact share prices.