What to Watch in the Day Ahead - Tuesday, July 30
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Microsoft is expected to report a rise in fourth-quarter revenue on robust demand for its AI-powered cloud and business software offerings. Sales at its Intelligent Cloud unit, a barometer for broader technology spending, is expected to grow similar to the preceding three quarters. Investors will focus on commentary on the AI roadmap and rising costs associated with the new technology.
Pfizer is expected to announce its second-quarter earnings, where investors will focus on the performance of its COVID-19 vaccine and antiviral treatment, Paxlovid, sales of its heart disease drug, its vaccine for Respiratory Syncytial Virus, any changes to its full-year forecast and updates on the integration progress of Seagen, which it acquired in a $43 billion deal last year.
Procter & Gamble is expected to post a rise in fourth-quarter revenue on resilient demand for its products like Tide detergent and Pampers diapers in the United States and Europe. Investors will look out for the company’s annual forecast, comments on further price increases, easing cost pressures, shipping delays and Olympics related initiatives.
On the U.S. economic radar, the Labor Department's Job Openings and Labor Turnover Survey, or JOLTS report, is expected to show 8 million job openings in June, down from 8.14 million in May. Additionally, the July consumer confidence reading is likely to ease to 99.7 from 100.4 in June.
Chipmaker AMD will report second-quarter results and unveil revenue expectations for the third quarter. Investors will focus on indicators of demand for its AI chips and signs of improving sales for PC chips. Additionally, chipmaker Qorvo is expected to report a rise in first-quarter revenue, helped by strong demand for its chips owing to a rebound in the smartphone market.
Starbucks is expected to post a fall in third-quarter same-store sales as the coffee chain struggles with weak demand for its pricey lattes in its two biggest markets, the United States and China. Investors will watch out for comments on its plans for expansion in China.
Cadbury-parent Mondelez International is expected to post a decline in second-quarter revenue, hurt by sluggish demand for its confectionery goodies. Investors will look for comments on impact from elevated cocoa prices, pricing actions, and impact on demand as well as volume growth owing to disruptions from pausing shipments to some retailers in Europe.
Archer-Daniels-Midland is scheduled to release its second-quarter results as it grapples with an ongoing DOJ investigation into accounting practices, as well as lower crop commodity prices and crushing margins.
Wall Street expects Live Nation to report a rise in revenue in the second quarter on strong concert ticket sales.
Electronic Arts is expected to report a drop in first-quarter bookings, weighed down by a slump in demand for its sports video-game titles as consumers cut back on discretionary spending.
Tinder-parent Match Group is expected to post higher second-quarter revenue. Analysts and investors will be looking for commentary on the company's efforts to revitalize its business after it has attracted three activist investors this year. The activist investors have been pushing for changes at Match Group, as the company has struggled with a post-pandemic slowdown in growth.
Software development firm Freshworks is expected to post higher second-quarter revenue, driven by strong demand for its products from enterprise customers.
Electric and natural gas utility CenterPoint Energy is expected to post a rise in second-quarter profit. Investors will look for commentary on demand growth driven by AI and data centers and updates on its capital investment plan.
American Tower is due to report a rise in second-quarter revenue as it benefits from robust spending in its leasing business from wireless carriers.
Sysco is expected to post a jump in fourth-quarter revenue as higher prices helped its food-away-from-home business offset a slowdown in consumer spending. Investors will look out for comments on demand trends and any forecast that the company provides.
Specialty chemicals maker Ecolab is expected to post a rise in second-quarter profit. Investors will look for commentary on demand trends in key markets such as U.S., Europe and China.
Skyworks Solutions is scheduled to post a decline in third-quarter revenue, hurt by high inventory levels at clients and having less content on the next generation of Apple's iPhones.
Zebra Technologies is likely to report a jump in revenue in the second quarter as the demand for its software and hardware solutions is improving.
On the Latin American front, Brazil's inflation number is scheduled for release. The IGP-M inflation index for July is expected to come in at 0.47%, down from 0.81% in the previous month. Separately, Chile's central bank is expected to slash its interest rate by 25 basis points to 5.50%.
Compiled by Archak Sengupta in Bengaluru; Editing by Shreya Biswas
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