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Goldman Sachs, Target, Zoom, Costco, Salesforce, Tesla and More This Week.

Goldman Sachs, Target, Zoom, Costco, Salesforce, Tesla and More This Week.

During this week, investors will be watching the last set of fourth-quarter earnings reports from a number of public companies as well as some general economic indicators. Refinitiv estimates that S&P 500 SPX –1.05% earnings have decreased by more than 3% compared to the same period last year, with roughly 35 companies still to report. Each day will feature multiple company reports and or some reported economic data for example, the Durable Goods Report for January. Some specifics are included below:

Monday 27th February – will feature announcements of financial results from Zoom Video Communications (ZM), Workday (WDAY) and Occidental Petroleum (OXY). The Census Bureau is also expected to release their Durable-Goods report for January with analysts forecasting that new orders for manufactured durable goods will decrease by 3%, to $278 billion.

Tuesday 28th February – will be a busy day with the likes of HP Inc., Monster Beverage, Norwegian Cruise Line Holdings, Ross Stores, Sempra Energy, Target, AutoZone, Agilent Technologies, Bank of Montreal and Bank of Nova Scotia among several others, announcing their quarterly earnings. Notably, Chervron and the Goldman Sachs Group will be hosting their investor days and the Conference Board will release the Consumer Confidence Index for February.

Additional highlights for Tuesday include:

  • The Chicago Business Barometer for February will be released by the Institute for Supply Management (ISM). A reading of 44-45 is expected which reflects no change from January. Five consecutive sub-50 readings in this index generally indicate a contracting economy, however, the 4th quarter growth in GDP and consistently positive jobs reports from the Bureau of Labor Statistics seem to suggest otherwise.
  • The S&P CoreLogic Case–Shiller U.S. National Home Price Index for December is predicted to show a 4.9% annual gain despite previous reports of monthly declines and deceleration month-over-month in 2022.

Wednesday 1st March – will see the likes of Dollar Tree, Lowe's, Royal Bank of Canada, Salesforce, and Snowflake all publishing their quarterly financial results. On this day, Tesla will also be hosting their investor day at their Gigafactory in Texas. Tesla’s press release further stated, “Our investors will be able to see our most advanced production line as well as discuss long-term expansion plans, generation 3 platform, capital allocation, and other subjects with our leadership team.”

Thursday 2nd March – some technology companies and those in the consumer goods retail sector will hold conferences to discuss their earnings. These include, among others: Hewlett Packard Enterprise, Best Buy, Broadcom, Kroger, COSTCO, Anheuser-Busch InBev and Marvell Technology.

Friday 3rd March – The previously mentioned ISM will be releasing the results of their Services Purchasing Managers' Index (PMI) on this date. The reading is forecast to be at 54.5 according to the Institute which is slightly less than the previous year's forecast of 55 for this same period.

This content is provided for general information purposes only and is not to be taken as investment advice nor as a recommendation for any security, investment strategy or investment account.