What to Watch in the Day Ahead - Thursday, August 29
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On the U.S. economic calendar, the Commerce Department’s Bureau of Economic Analysis is scheduled to release the second estimate for the second-quarter gross domestic product data. The economy is forecast to grow 2.8% in the quarter, matching the previous estimate. Separately, the Commerce Department is expected to report preliminary data for core PCE price index, which likely grew 2.9% in the second quarter. Furthermore, a report from the Labor Department is likely to show that initial claims for state unemployment benefits remained unchanged at 232,000 for the week ended August 24. The number of people receiving benefits after an initial week of aid probably rose 7,000 to a seasonally adjusted 1.870 million during the week ending Aug. 17.
Federal Reserve Bank of Atlanta President Raphael Bostic is expected to give a presentation on "Introduction to the Federal Reserve and an Economic Outlook" before a Georgia Tech Scheller College of Business Management of Financial Institutions class in Atlanta. (1530 /1930)
Best Buy is expected to report a drop in second-quarter same-store sales, as consumers in the United States remain cautious about purchasing pricier electronics and gadgets. Investors will watch out for comments on consumer sentiment ahead of the back-to-school and holiday shopping seasons.
Discount store operator Dollar General is expected to post a rise in second-quarter revenue, helped by steady demand for its groceries and essentials. Investors will look out for comments on demand, impact of retail shrink trends, inventory levels, and annual forecasts.
Dell Technologies is expected to report higher second-quarter revenue, helped by demand for its AI-powered servers. Investors will be looking for commentary on whether higher costs to build these servers is continuing to affect the company's margins, as the pricing remains competitive in the market with rivals trying to grab a share of the server market.
Marathon Oil shareholders will vote on its proposed sale to ConocoPhillips, an all-stock deal that values the Houston-based oil company at about $16 billion. The vote also includes a non-binding referendum on golden parachute pay packages for the top five Marathon Oil executives totaling $113 million.
Cosmetics retailer Ulta Beauty is expected to post a rise in second-quarter revenue on resilient demand for beauty and skincare products.
Jack Daniel's maker Brown Forman is expected to post a decline in first-quarter revenue, hurt by sluggish demand for its higher-priced spirits and bourbon whiskeys. Investors will look for comments on demand, pricing actions, impact of rising input costs and annual forecasts.
German sandal maker Birkenstock is expected to post revenue growth for the third quarter as it benefits from customers seeking premium and in-trend footwear. Investors will look out for comments on the company's plan to increase prices, expansion details, supply chain costs, direct-to-consumer demand, wholesale partnerships and an update in annual forecasts.
Gap is expected to post a rise in second-quarter revenue benefitting from strong demand for its namesake and Old Navy brands as improved product offerings attract customers. Investors will look out for comments on Banana Republic's performance, inventory, new strategies under CEO Richard Dickson and supply chain-related statements.
Tech solutions provider Autodesk is expected to report a rise in second-quarter revenue as it benefits from robust demand for its design software across fields including construction, architecture and media. The firm has been under pressure from activist investor Starboard Value to make changes, including at upper management levels to improve financial performance.
Chipmaker Marvell Technology is expected to post a fall in second-quarter revenue as it continues to see a decline in its enterprise networking and carrier markets.
Canadian Imperial Bank of Commerce's third-quarter profit is expected to jump, driven by higher interest income and lower loan loss provisions.
A Statistics Canada report is expected to show that Canada's current account deficit likely widened to C$5.85 billion in the second quarter, following a C$5.37 billion deficit in the previous period.
Lululemon Athletica is expected to post a rise in second-quarter revenue, benefiting from demand for its pricier athleisure apparel. Investors will look out for comments on holiday season demand and inventory planning as well as comments on North America demand.
Latin American investors will look out for Brazil's IGP-M inflation index for August. The index is forecast to rise 0.46%, following a 0.61% increase in the month prior. Additionally, the country's producer price index for July is also scheduled for release. Separately, Chile's statistics agency INE data is likely to show that the unemployment rate hit 8.5% in the quarter through July, after rising 8.3% in the previous month.
Compiled by Malini K; Editing by Vijay Kishore
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