GameStop, Adobe, Honeywell, Darden Restaurants, and Other Stocks for Investors to Watch This Week
The earnings calendar is again sparse this week, during a quiet period between earnings seasons. The handful of major companies reporting include Adobe and GameStop on Tuesday, General Mills on Wednesday, and Darden Restaurants on Thursday. Unilever and Honeywell International will host investor events on Monday and Thursday, respectively. And shareholders of Huntington Bancshares and TCF Financial will vote on the companies’ proposed merger on Thursday.
Economic data out this week includes the Census Bureau’s February durable goods report—seen as a decent proxy for business investment—and IHS Markit’s Manufacturing and Services Purchasing Managers’ indexes for March, all on Wednesday. On Friday, the Bureau of Economic Analysis will report personal income and spending data for February. The Federal Reserve’s preferred measure of inflation, the Personal Consumption Expenditures Price Index for February, will also be out on Friday.
Other releases include the National Association of Realtors’ existing-home sales data for February on Monday and the Census Bureau’s new single-family home sales for February on Tuesday. Finally on Thursday, the Bureau of Economic Analysis’ third and final estimate for fourth-quarter 2020 GDP is expected to be unchanged from its second estimate in late February, at a 4.1% annualized rate of growth.
Monday 3/22
The National Association of Realtors reports existing-home sales for February. Consensus estimate is for a seasonally adjusted annual rate of 6.55 million homes sold, slightly lower than the January data. The median existing-home sales price was $303,900 in January, up 14.1% year over year, as housing inventory hit a record low.
The Federal Reserve Bank of Chicago releases its National Activity index for February. Economists forecast a 0.68 reading, about even with January’s 0.66. A positive reading indicates that the economy is growing faster than historical trends.
Unilever hosts an investor presentation to discuss its U.S. operations.
Tuesday 3/23
Adobe, IHS Markit, and GameStop report quarterly results.
The Census Bureau reports new single-family home sales for February. Expectations are for a seasonally adjusted annual rate of 900,000 homes sold, slightly lower than the January figure. New-home sales are just off their post-financial-crisis peak set last July.
Wednesday 3/24
General Mills releases fiscal third-quarter earnings.
The Census Bureau releases the durable goods report for February. The consensus call is for new orders of manufactured durable goods to rise 0.5% month over month to $258 billion. Excluding transportation, new orders are also seen gaining 0.5%. This compares with increases of 3.4% and 1.3%, respectively, in January.
IHS Markit releases both its Manufacturing and Services Purchasing Managers’ indexes for March. Economists forecast a 58.8 reading for the Manufacturing PMI and a 59.8 reading for the Services PMI, both similar to the February data. Last month, the composite reading for both PMIs hit a six-year high.
Thursday 3/25
The Bureau of Economic Analysis reports its third and final estimate for fourth-quarter 2020 GDP. Economists forecast a 4.1% annual rate of growth, unchanged from the BEA’s second estimate, released in late February.
Honeywell International hosts a webcast to discuss its sustainability initiatives.
Huntington Bancshares and TCF Financial hold special shareholder meetings to seek approval for their $6 billion merger, first announced in December. The combined company would be one of the 10 largest regional banks in the U.S.
Friday 3/26
The Bureau of Economic Analysis reports personal income and spending data for February. Income is projected to decline 7.5% month over month, compared with a 10% jump in January. Spending is expected to be flat, after increasing 2.4% previously. The Personal Consumption Expenditures Price Index, the Federal Reserve’s favored inflation gauge, is seen rising 1.5% year over year, matching the January data.
Write to Nicholas Jasinski at [email protected]
