What to Watch in the Day Ahead - Wednesday, October 23
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Wall Street expects Tesla to post a 9% rise in quarterly revenue when the electric vehicle maker reports third-quarter results. Investors are looking for guidance on the company's projection for deliveries for the year, details of a more affordable model and how it plans to spur demand in 2025.
U.S. planemaker Boeing is expected to quarterly burn cash after a strike by around 33,000 workers crippled production of its strongest-selling jet. The company is expected to raise roughly $15 billion between credit and equity to shore up its balance sheet but it is not clear if that will be announced during earnings or will come in the days after.
Coca-Cola is expected to post a fall in third-quarter revenue mainly as consumers pare back spending on sodas which got pricier in the last couple of years. Investors will look out for comments about consumer demand in the United States, sales in international markets, new product launches and any impact from port strikes in the U.S. East Coast and Gulf Coast.
Federal Reserve Bank of Richmond President Thomas Barkin will speak on "Recognizing the Impact of Community Colleges" before the 2024 Virginia Education and Workforce Conference in Richmond. (1200/1600) Separately, Fed Board Governor Michelle Bowman is scheduled to give opening remarks on the second day of the Eighth Annual Fintech Conference hosted by the Federal Reserve Bank of Philadelphia. (0900/1300)
The Federal Reserve is scheduled to issue its Beige Book. Additionally, a report from National Association of Realtors is expected to show existing home sales likely rose to a seasonally adjusted rate of 3.86 million units in September, after a similar rise in August.
T-Mobile is expected to report a 4% rise in revenue in the third quarter, helped by cost-conscious customers moving to its cheaper plans and 5G services.
AT&T is expected to report a rise in second-quarter revenue, helped by strong subscriber additions.
IBM to report results for its third fiscal quarter. Investors will focus on growth in the company's "AI book of business" and indicators of demand for enterprise IT spending.
General Dynamics is set to report third-quarter earnings. The defense company is expected to post upbeat results on the back of strong defense demand. However, investors are also eyeing the company's aircraft deliveries as supply chain issues persist.
Bank and industry executives discuss key global themes at the four-day-long IIF conference. A number of top executives including Citigroup chairman John Dugan, UBS CEO Sergio Ermotti, secretary general of the Basel Committee, and Deputy Governor of the Bank of England will be speaking during the day.
Gold miner Newmont is expected to post a higher third-quarter profit compared to last year, helped by a rally in gold prices. Investors would be looking forward to any commentary on its divestiture targets or operations.
Toymaker Mattel is expected to post a decline in third-quarter net sales after markets close, hurt by softer consumer spending and a strong year-ago performance driven by the "Barbie" movie release. Investors will look out for comments on holiday demand, promotions and indications of volume recovery in the near term.
Hotel operator Hilton Worldwide is expected to report its third-quarter earnings results. Analysts will focus on domestic and international travel spending from consumers ahead of elections.
ServiceNow is expected to report a rise in third-quarter revenue, driven by growing demand for the company's AI-powered services.
Thermo Fisher is expected to give its third-quarter results. Investor focus will be on the demand for its products used in clinical trials and other services used by biotech companies.
Rollins is expected to post a rise in third-quarter sales, helped by steady demand for its pest control products, especially in North America. Investors will look out for comments on pricing strategies and the North American market given competitor Rentokil's reported weakness in the region.
Derivatives exchange CME Group is expected to report a higher third-quarter profit, bolstered by robust rates and equities trading. Escalating uncertainties have fueled demand for CME's hedging products, driving strong growth across all of CME's asset classes in Q3.
Align Technology is scheduled to report third-quarter results after markets close. Investors are expected to look out for any changes to its annual revenue forecast and demand for teeth aligners.
Molina Healthcare is expected to report third-quarter results after markets close. Investors are expected to look out for changes to its full-year profit forecast and medical costs in its Medicaid business.
Canada's central bank is due to announce its monetary policy decision. The Bank of Canada is expected to cut its overnight rate by 50 basis points to 3.75%, as economic growth in the country slows. Governor Tiff Macklem will give a press conference post the announcement.
Mexico's national statistics agency will report the country's monthly retail sales figures. Retail sales likely rose 0.2% in August after increasing 0.7% in the prior month. Annually, retail sales are expected to have fallen 0.4% in August, following a 0.6% decline in July.
Compiled by Ankita Yadav; Editing by Vijay Kishore
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