May 20, 2024 by Marketnewsdata

Following are notable market events for the week of May 20, 2024

Monday – May 20, 2024

Earnings watch – Notable companies due to report include Palo Alto Networks, Inc (PANW), Li Auto (LI), and Zoom Video (ZM).

• Palo Alto Networks, Inc (PANW):

Palo Alto Networks, Inc (PANW) is set to report its 3^rd quarterly earnings on 20^th May 2024 at 4 PM.

Estimated EPS $1.25 and estimated revenue is $1.97B.

Previous quarter reported non-GAAP net income per share for the quarter 3 is in the range of $1.24 to $1.26 and total revenue in the range of $1.95 billion to $1.98 billion, representing year-over-year growth of between 13% and 15%.

The expected option implied volatility is 10.26%.

• Li Auto, Inc (Li):

Li Auto, Inc (Li) is expected to release its earnings for the 1^st quarter of 2024 on 20^th May at 4 AM

Estimated EPS is $0.35 and estimated revenue is $3.76B

Previous quarter reported guidance for the 1^st quarter of 2024 revenue will be between $4.4B-$4.53B

The expected option implied volatility is 13.72%.

• Zoom Video (ZM):

Zoom Video (ZM) is set to report its 1^st quarterly earnings for FY2025 on 20^th May 2024 at 4 PM.

Estimated EPS is $1.19 and estimated revenue is $1.13B

According to the 4^th quarter report of 2024, total revenue for the 1^st quarter of 2025 is expected to be approximately $1.125B while 1^st quarter non-GAAP diluted EPS is expected to be between $1.18 and $1.20.

The expected option implied volatility is 8.44%.

Microsoft will host a showcase for new Surface hardware and AI in Windows 11 in advance of the Build event the following day.

Norwegian Cruise Line Holdings (NCLH) will host its 2024 Investor Day in New York at the New York Stock Exchange. The event will feature presentations and a question-and-answer session with Harry Sommer, president and chief executive officer, and other members of the company’s senior leadership team.

The four-day Dell Technologies (DELL) World event will begin at The Venetian, Las Vegas.

The four-day Advanced Clean Transportation Expo will begin at the Las Vegas Convention Center. 

Fed Waller, Barr and Jefferson Speech at 1:00 pm

Tuesday – May 21, 2024

Earnings watch – Notable companies due to report include Lowe’s Companies (LOW), Autozone (AZO), Toll Brothers (TOL), and XPeng (XPEV). Macy’s (M).

• Lowe’s Companies (LOW):

Lowe’s Companies (LOW) is set to report its 1^st quarterly earnings for the FY2024 on 21^st May at 6 AM.

Estimated EPS is $2.94 and estimated revenue is $21.12B.

According to the 4^th quarter report of FY2023, total revenue for the FY2024 is expected to be between $84B-$85B.

The expected option move is 4%.

• Autozone (AZO):

Autozone (AZO) is set to report its 3^rd quarterly earnings for the FY2024 on 21^st May pre-market.

Estimated EPS is $36.03 and estimated revenue is $4.3B.

The expected option implied volatility is 6.3%

• Toll Brothers (TOL):

Toll Brothers (TOL) is set to report its 2^nd quarterly earnings for the FY2024 on 21^st May at 4PM.

Estimated EPS is $4.14 and estimated revenue is $2.53B.

According to the 1^st quarter report of FY2024, total revenue for the 2^nd quarter is expected to be between $2.4B-$2.525B

The expected option implied volatility is 5.1%

• XPeng (XPEV):

XPeng (XPEV) is set to report its 1^st quarterly earnings report for the FY2024 on 21^st May at 9AM.

Estimated EPS is -0.27 and estimated revenue is $868.1M.

The expected option implied volatility is 13.28%.

• Macy’s Inc (M):

Macy’s Inc (M) is set to report its 1^st quarterly earnings report for the FY2024 on 21^st May at 6AM.

Estimated EPS is 0.15 and estimated revenue is $4.86B

According to the 4^th quarter report of FY2023, total revenue for the 1^st quarter is expected to be between $22.2B-$22.9B

The expected option implied volatility is 9.3%

The two-day J.P. Morgan Global TMT Conference will feature keynote talks from Block’s (SQ) Jack Dorsey, Datadog (DDOG) CEO Olivier Pomel, T-Mobile (TMUS) CEO Mike Sievert, and Snap (SNAP) CEO Evan Spiegel. The long list of companies expected to present include IMAX (IMAX), Arista Network (ANET), Mattel (MAT), Comcast (CMCSA), Verizon (VZ), C3.ai (AI), Reddit (RDTT), and Coinbase Global (COIN).

IBM (IBM) will hold its Think 2024 event. The opening keynote will cover scaling business with AI and the hybrid cloud.

Microsoft (MSFT) will hold its annual Microsoft Build event for developers in Seattle. Generative AI will be a major focus at the event, with AI Explorer anticipated to include a set of features that utilize next-gen NPU hardware to allow Windows to run AI in the background. Intel (INTC) and ASUS also have plans to introduce PCs with AI accelerators.

Richmond Federal Reserve Bank President Thomas Barkin, New York Federal Reserve Bank President John Williams, and Atlanta Federal Reserve Bank President Raphael Bostic will all speak at events during the day.

Wednesday – May 22, 2024

Earnings watch – Notable companies due to report include Nvidia (NVDA), TJX Companies (TJX), Analog Devices (ADI), Target (TGT), and Snowflake (SNOW), Petco Health and Wellness (WOOF) and e.l.f. Beauty (ELF)

• NVIDIA (NVDA):

Nvidia (NVDA) is set to report its 1^st quarterly earnings report for the FY2025 on 22^nd May at 4PM.

Estimated EPS is 5.12 and estimated revenue is $22.58B

According to the 4^th quarter report of FY2024, total revenue for the 1^st quarter is expected to be between $23.5B-$24.5B

The expected option implied volatility is 8.7%

• TJX Companies (TJX):

TJX Companies (TJX) is set to report its 1^st quarterly earnings report for the FY2025 on 22^nd May at 7AM.

Estimated EPS is 0.87 and expected revenue is $12.47B.

For the first quarter of Fiscal 2025, the Company is planning consolidated comparable store sales to be up 2% to 3%, pretax profit margin to be in the range of 10.5% to 10.6%, and diluted earnings per share to be in the range of $.84 to $.86

The expected option implied volatility is 4.17%

• Analog Devices (ADI):

Analog Devices (ADI) is set to report its 2^nd quarterly earnings report for the FY2024 on 22^nd May at 7AM.

Estimated EPS is 1.26 and expected revenue is $2.1B.

For the 2^nd quarter of fiscal 2024, company provided guidance revenue between $2B-$2.2B and EPS between $0.36-0.56 and adjusted EPS of $1.16-$1.36.

The expected option implied volatility is 3.37%.

• Target (TGT):

Target (TGT) is set to report its 1^st quarterly earnings report for the FY2024 on 22^nd May at 7AM.

Estimated EPS is 2.05 and estimated revenue is $24.52B.

For first quarter 2024, the Company expects a comparable sales decline of 3 to 5 percent.  First quarter GAAP and Adjusted EPS are both expected to range from $1.70 to $2.10.

The expected option implied volatility is 7.75%.

• Snowflake (SNOW):

Snow Flake (SNOW) is set to report its 1^st quarterly earnings report for the FY2025 on 22^nd May at 4PM.

Estimated EPS is 0.18 and expected revenue is $785.87M.

For the 2^nd quarter of fiscal 2024, company provided guidance revenue between $745M-$750M.

The expected option implied volatility is 10.49%.

• Petco Health and Wellness Company, Inc (WOOF):

Petco Health and Wellness Company, Inc (WOOF) is set to report its 1^st quarterly earnings report for the FY2024 on 22^nd May at 7AM.

Estimated EPS is -0.07 and expected revenue is $1.5B.

For Fiscal Q1 2024, the company expects net revenue of $1.5B and adjusted EPS of $0.06.

The expected option implied volatility is 29.8%.

• e.l.f Beauty (ELF):

e.l.f Beauty (ELF) is set to report its 4^th quarterly earnings report for the FY2024 on 22^nd May pre-market.

Estimated EPS is 0.32 and estimated revenue is $292.17M.

The updated outlook for fiscal 2024 reflects an expected 69-71% year-over-year increase in net sales, as compared to an expected 55-57% increase previously.

The expected option implied volatility is 12.5%.

2:00 p.m. The Federal Reserve Open Market Committee will release the minutes of its last meeting.

Thursday – May 23, 2024

Earnings watch – Notable companies due to report include Intuit (INTU), Toronto-Dominion Bank (TD), Ralph Lauren (RL), and Workday (WDAY). Give time, expected EPS rev, previous guidance and option implied volatility.

• Intuit, Inc (INTU):

Intuit, Inc (INTU) is set to report its 3^rd quarterly earnings report for the FY2024 on 23^rd May at 4PM.

Estimated EPS is 9.36 and estimated revenue is $6.64B.

For Fiscal Q1 2024, the company expects net revenue of $1.5B and adjusted EPS of $0.06.

Intuit reiterated guidance for the full fiscal year 2024. The company expects revenue of $15.890 billion to $16.105 billion, growth of approximately 11 to 12 percent. Non-GAAP diluted earnings per share of $16.17 to $16.47, growth of approximately 12 to 14 percent.

The expected option implied volatility is 5.2%.

• Toronto-Dominion Bank (TD):

Toronto-Dominion Bank (TD) is set to report its 4^th quarterly earnings report for the FY2024 on 23^rd May at 4PM.

Estimated EPS is 1.36 and estimated revenue is $8.98B.

The expected option implied volatility is 4.1%.

• Ralph Lauren (RL):

Ralph Lauren (RL) is set to report its 4^th quarterly earnings report for the FY2024 on 23^rd May at 8PM.

Estimated EPS is 1.66 and estimated revenue is $1.56B.

For the fourth quarter, the Company expects revenue growth to be in a range centered around 2%.

The expected option implied volatility is 9.8%.

• Workday (WDAY):

Workday (WDAY) is set to report its 1^st quarterly earnings report for the FY2025 on 23^rd May at 4PM.

Estimated EPS is 1.58 and estimated revenue is $1.97B.

Reported guidance revenue for 2025 is between $7.72B-7.77B

The expected option implied volatility is 7%.

Friday – May 24, 2024

8:30 am, The April Durable Goods Order report will be released.

10:00 am. The University of Michigan’s latest Consumer Survey report will be released.

4:00 pm. Nasdaq will publish its latest report on short interest positions. Stocks to watch GameStop (GME), and Carvana (CVNA) 

10:00 am. The University of Michigan’s latest Consumer Survey report will be released.

6:00 pm. FTSE Russell will post preliminary index additions and deletions membership lists.