What to Watch in the Day Ahead - Thursday, October 24
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United Parcel Service is expected to report a rise in third-quarter profit as rebounding volumes ahead of the holiday season lift revenues with cost cuts potentially offsetting the margin hit from consumers shifting to cheaper delivery options.
American Airlines is expected to report a fall in third-quarter profits. The focus will be on their revamp plan and commentary from the company on the pricing and demand environment. Separately, Southwest Airlines is scheduled to report its third-quarter earnings. Investors will be looking for updates on the company's profitability initiatives and comments on pricing and the impact from Boeing delays.
On the U.S. economic calendar, S&P Global is scheduled to report its flash manufacturing PMI which likely ticked up to 47.5 in October, from a final reading of 47.3 in September. Its flash services PMI is forecast to have inched lower to 55 in October, from 55.2 in September. Meanwhile, the Labor Department is due to report that initial claims for state unemployment benefits likely rose to 242,000 in the week ending October 19, from 241,000 in the previous week. A separate report from the Commerce Department is slated to show new home sales probably increased to a seasonally adjusted rate of 720,000 in September, from 716,000 in August.
Federal Reserve Bank of Cleveland President Beth Hammack is scheduled to give welcome remarks before the "Inflation: Drivers and Dynamics 2024" event hosted by the Center for Inflation Research at the Federal Reserve Bank of Cleveland and the European Central Bank. (0945/1345)
Union Pacific is set to report its third-quarter earnings. Analysts expect the railroad operator to post a 3.2% rise in revenue and a 9.5% rise in profit, according to data compiled by LSEG. Investors stay keen on operating ratio improvements and volume growth at the railroad.
Toymaker Hasbro is expected to post a steep drop in third-quarter revenue, hurt by market share loss in its toy business including Nerf, offsetting strong demand for its "Magic: The Gathering" segment and "Monopoly Go" mobile game. Investors will watch for the company's strategies to stabilize toy demand, comments on holiday sales, details on gaming and entertainment line-up going ahead and margin upside from cost-saving measures.
Northrop Grumman is expected to report a rise in third-quarter revenue, driven by high demand of military equipment amid a tense geopolitical landscape.
Universal Health Services will report third-quarter results after markets close. Investors will look out for the hospital operator's quarterly performance amid a resurgence in demand for certain non-urgent medical procedures, especially for older adults. The focus will also be on any impact from an ongoing shortage of IV fluid.
Farming supplies retailer Tractor Supply is expected to post a rise in third-quarter revenue, helped by steady demand for discretionary and agricultural products. Investors will look for comments on demand, pricing action, and annual forecasts.
Honeywell is expected to report a higher third-quarter profit and revenue.
Edwards Lifesciences is expected to report third-quarter results after markets close. Investors are expected to look out for demand for its artificial heart valves. The company may also face questions about the potential impact of the shortage of intravenous saline fluids due to Hurricane Helene.
S&P Global is set to report its third-quarter results. Analysts expect a rise in profit.
Resmed will report third-quarter results after markets close. Investor focus will be on demand trends for its sleep-apnea devices and any comments ahead of a regulatory decision on Eli Lilly's weight loss drug for sleep-apnea patients.
Bio-Rad is expected to report third-quarter results after markets close. Investors will be particularly attuned to any insights on demand trends among its biotech clients, as well as market dynamics in its key region China.
Healthpeak Properties is expected to report third-quarter results after markets close. Investors are expected to look out for any change to its annual funds from the operations forecast.
Weyerhaeuser is expected to post a slump in profit hurt by a decline in demand. Investors would be looking forward to any commentary on the housing market as well as export demand.
Dexcom is expected to report third-quarter results after markets. Investors are expected to look out for comments on the company's salesforce reorganization and demand for its over-the-counter continuous glucose monitor Stelo.
Footwear maker Deckers Outdoor is expected to post a rise in second-quarter sales, helped by demand momentum on its Hoka and UGG brands. Investors will look out for comments on pricing strategies, annual forecast updates, and demand growth in China.
Medical equipment maker West Pharmaceuticals will report its third-quarter results before markets open. Investors will watch out for comments on demand for its syringe manufacturing as the FDA evaluated plastic syringes made in China and demand for injected drugs continues to grow. The focus will also be on any impact from Hurricane Helene and Milton during the quarter.
Canada's Rogers Communications is expected to report a marginal rise in revenue as customers switch to cheaper mobile plans in an uncertain economy.
In Latin America, Brazil's statistics agency IBGE is expected to report that annual inflation in Latin America's largest economy likely hit 4.43% in mid-October, accelerating from 4.12% a month earlier. In the month to mid-October, consumer prices likely rose 0.50%, following a 0.13% increase in the previous period. Meanwhile, Mexico's annual headline inflation probably came at 4.65% in the first half of October, down from 4.66% in the previous period, the country's statistics agency INEGI is expected to report. The closely watched core inflation index, which excludes highly volatile prices, is expected to drop to 3.82%, its lowest level since January 2021. In the first 15 days of October, headline prices likely rose by 0.40% compared with the previous 15-day period, while an increase of 0.20% is expected for the core index.
Compiled by Ankita Yadav; Editing by Vijay Kishore
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