What to Watch in the Day Ahead - Tuesday, November 12
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Home improvement retailer Home Depot is expected to post a rise in third-quarter revenue, helped by a strong pro-business, which includes general contractor shops, maintenance and repair suppliers. Investors will focus on any comments on hurricane-driven demand, and margins benefits from lower transportation costs as well as lower shrink rates.
Tyson Foods is expected to post higher fourth-quarter earnings, boosted by results in its chicken business. The meatpacker has worked to turn around the poultry unit by better matching production to demand and shuttering US processing plants. Low grain prices have also benefited Tyson, as feed costs for chickens have declined due to massive US corn and soy harvests. But the company's beef business, its largest unit, is expected to post a quarterly loss under pressure from tight US cattle supplies and high costs for the livestock.
Federal Reserve Board Governor Christopher Waller is scheduled to speak on "Payments" before the Clearing House Annual Conference. (1000/1500) Moreover, Richmond Fed President Thomas Barkin is expected to give a speech before the Baltimore Together Summit. (1015/1515) Additionally, he is also scheduled to speak before Salisbury-Wicomico Economic Development. (1730/2230) Meanwhile, Minneapolis Fed President Neel Kashkari is likely to participate in "The Fed's New Focus" moderated conversation before the Yahoo Finance Invest 2024 "New Challenges, New Opportunities" conference. (1400/1900) Separately, Philadelphia Fed President Patrick Harker is set to speak on "Fintech, AI and the Changing Financial Landscape" before the Carnegie Mellon University Lecture Series. (1700/2200)
On the U.S. economic tap, the NFIB Business Optimism Index for October is scheduled for release.
U.S.-based oil and gas firm Occidental Petroleum is expected to report a fall in third-quarter profit, compared to the same period a year earlier on a lower oil price environment. Investors will focus on the production updates for oil and gas output amid concerns around slowing oil demand growth.
Bank of America CEO Brian Moynihan is scheduled to speak at the Yahoo Finance conference, which would mark his first comments after the election of Donald Trump as president.
Boeing is expected to report slumping plane deliveries in October after a weeks-long strike that ended on November 5 weighed on the output of most of the U.S. planemaker's commercial jets.
Piedmont Lithium is expected to post a loss in the third quarter, compared to its earnings from a year ago during the same period as the lithium miner contends with falling prices of the material used in electric vehicles. Investors will watch out for forecasts on the larger lithium market and its flagship North Carolina project.
Roger Federer-backed On is expected to post a rise in third-quarter revenue, driven by strong demand for its apparel and new running shoes such as Cloudboom Strike LS and Clouldtilt. Investors will look out for any comments on the China tariff imposition, supply chain details and the opening of the new distribution center.
Novavax is scheduled to report its third-quarter earnings. Investor focus will likely be on demand for its protein-based COVID vaccine as well as management commentary on the clinical hold on the company's COVID-influenza combination vaccine trials.
Shopify is expected to report a jump in third-quarter revenue, helped by AI-powered upgrades that have attracted more merchants to its e-commerce services. Analysts will be focused on the company's outlook for the holiday season, as well as its commentary on AI investments and partnerships.
Instacart, formally known as Maplebear, is expected to post a jump in third-quarter revenue, helped by higher transaction and advertising fees, as well as robust demand for orders on its online grocery delivery platform.
Integrated oil and gas firm Suncor Energy is expected to report a fall in third-quarter profit, hurt by lower prices. Investors and analysts will look out for comments on full-year growth expectations.
Skyworks Solutions is expected to report a decline in its fourth-quarter revenue, as demand from automotive customers remains weak. Investors will be looking for commentary on demand from smartphone customers as generative AI features are expected to trigger a smartphone refresh cycle.
Mosaic is expected to post a decline in third-quarter profit. Investors would be looking forward to any commentary on demand as well as production snags from the hurricanes in Florida.
Meanwhile, Canada's September building permits are likely to have risen 1.7% following a 7.0% fall in August.
Argentina is scheduled to report its October inflation figures. The data from the INDEC statistics agency is set to show consumer prices likely slowed to 3% from 3.5% in September. In the 12 months through October, the consumer prices likely fell to 193.9% from 209%. Separately, Brazil's government statistics agency, IBGE, is due to release its retail sales for September. Sales in the country are expected to show a rise of 1.1% after a dip of 0.3% in August.
Compiled by Archak Sengupta in Bengaluru; Editing by Vijay Kishore
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