What to Watch in the Day Ahead - Wednesday, April 24
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Meta Platforms' revenue is expected to grow 26% as AI investments drive higher engagement at Instagram and gains through its advertising platform. Analysts will pay close attention to its forecast when the company releases its first-quarter results, which will paint a clearer picture of the digital ad update in a year with presidential elections in over 50 countries.
Boeing is expected to report a much higher cash burn and its first revenue fall in seven quarters, according to LSEG data, as the U.S. planemaker reels from a safety crisis sparked by a Jan. 5 mid-air door plug blowout on a 737 MAX 9 jet.
When Ford reports its first-quarter earnings, its biggest challenge will be explaining to investors where profit growth will come from in the months ahead as EV growth slows.
The Commerce Department's Census Bureau is scheduled to report that orders for durable goods rose 2.5% in March after a 1.3% rise recorded in the previous month. Excluding transport, orders for durable goods for March are likely to show a 0.3% increase after posting a similar rise in the previous month.
AT&T is expected to report weak subscriber additions in the first quarter after it faced a major network outage in February and a cybersecurity breach in late-March.
IBM will report results for the first quarter. Investors will focus on indicators of AI-linked demand and the contribution of software services and consulting services to total revenue.
Thermo Fisher Scientific is expected to report first-quarter earnings before markets open. Investors will focus on comments about demand from its biotech clients and any changes to the medical equipment maker's 2024 profit forecast. Meanwhile, updates on the contract with Novo Nordisk for its popular drug Wegovy will also be closely watched.
Bank of America's shareholders will vote on a proposal to split the CEO and chair roles, currently held by Brian Moynihan since 2014. The vote comes after influential proxy advisors ISS and Glass Lewis urged shareholders to split the CEO and chairman roles at some of the top Wall Street banks. Separately, Goldman Sachs will hold its shareholder meeting at its office in Salt Lake City, Utah.
Chipotle Mexican Grill is expected to post a rise in first-quarter revenue, helped by strong demand from its wealthy clientele for its burritos and rice bowls. Investors will look out for comments on demand trends, the impact of raw materials and labor costs, and any forecast that the company provides.
Bunge Global is due to report first-quarter results as the grain trading and oilseed processing agribusiness is working to close a megadeal to acquire crop handler Viterra later this year. Investors will be watching for updates on the transaction and any revisions to company guidance after Bunge warned in February that narrowing soy processing margins would dent its earnings in 2024.
Separately, the focus will be on launch updates of Biogen's Alzheimer's drug Leqembi, changes to its annual forecast, and quarterly drug sales when the drugmaker reports its first-quarter results before markets open.
Boston Scientific is expected to report its first-quarter results. Investors will focus on the medtech company's heart devices, its quarterly performance, given a pick-up in hospital surgical procedure volumes, and its 2024 forecast print.
Humana will report its first-quarter results before markets open. Investors are expected to focus on any comments related to the impact on Humana from the cyberattack at UnitedHealth's tech unit. Investors may also look at the health insurer's medical costs and updates to its annual earnings forecast.
Toymaker Hasbro is expected to post a decline in first-quarter sales owing to broader industry weakness, including slumping discretionary spending and slow sales of Wizards of the Coast. Investors will look for comments on the near-term demand outlook, margin pressure from shipping disruption, and plans for product launches.
Universal Health Services will report first-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.
Amphenol is expected to report a rise in first-quarter revenue as the electronic equipment maker benefits from strong demand for its products used in defense amid rising geopolitical tensions.
Spirit AeroSystems will face questions from investors at its annual general meeting. The company is in the middle of complicated triangular talks with Boeing and Airbus to split its key facilities.
Align Tech is set to report first-quarter results after the bell. Investors will watch for the performance of its clear teeth aligners in the quarter, the company's commentary on dental procedure volumes, and its sales forecast for the second quarter.
Credit card company Synchrony Financial is expected to report its first-quarter earnings. The firm's profit is expected to grow, thanks to higher interest income.
Home-building products maker Masco is expected to post a decline in first-quarter revenue, owing to weaker demand for its high-priced home decor items. Investors will look for comments on demand, pricing action and annual forecasts.
In Canada, the Bank of Canada is due to publish the minutes of its monetary policy meeting held a fortnight ago. The same day, Statistics Canada is expected to say in its report that retail sales for February rose 0.1% after slipping 0.3% in the previous month.
Canada's Rogers Communications is expected to post higher first-quarter revenue, helped by rising demand for its wireless and internet services from the growing population and immigrants entering the country. Investors will be looking for commentary on the competitive environment in the telecom industry and what its plans are to attract cost-conscious customers and new immigrants as the country plans to reduce its temporary residents and set a cap on temporary immigration.
Separately, Mexico's national statistics agency INEGI is scheduled to report inflation data for the first half of the month. The month-on-month inflation is expected to fall 0.03% in the first two weeks of April after rising 0.27% in the previous month. On a yearly basis inflation likely gained 4.48% in April. The core inflation is expected to rise 0.16% in early April. When compared to a year earlier, the figure likely climbed 4.39%.
Compiled by Shreya Sabharwal in Bengaluru; Editing by Ravi Prakash Kumar
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