Pfizer, GM earnings and jobs report top week ahead
7 min readFormer Nuveen chief equity strategist and senior portfolio manager Bob Doll provides insight into how Biden’s spending and Big Tech earnings are impacting the markets.
The upcoming week will be jam-packed with earnings from big names including Pfizer, Moderna, CVS Health, Under Armour, Uber, Lyft and General Motors.
Jobs will also take center stage this week with the ADP unemployment report on Wednesday and non-farm payrolls on Friday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DJIA | n.a. | n.a. | n.a. | n.a. |
| SPX | n.a. | n.a. | n.a. | n.a. |
| NCOMP | n.a. | n.a. | n.a. | n.a. |
This as U.S. stocks sit near record highs after pulling back last week.
FOX Business takes a look at the upcoming events that are likely to move financial markets in the coming days.
Monday 5/2
Alexion Pharmaceuticals, Estee Lauder, and Loews will kick off the week’s earnings before the opening bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ALXN | ALEXION PHARMACEUTICALS, INC. | 168.68 | +3.10 | +1.87% |
| EL | ESTEE LAUDER | 313.78 | -3.14 | -0.99% |
| L | LOEWS CORP | 55.83 | -0.32 | -0.57% |
As for economic data, investors will be paying close attention to the Markit manufacturing index and the Institute of Supply Management’s manufacturing purchasing managers index for the month of April, as well as construction spending for the month of March.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CME | CME GROUP INC | 201.99 | -1.74 | -0.85% |
Monday will also be a big day for bitcoin as the CME launches a “micro bitcoin” futures contract, expanding its suite of crypto derivatives. According to the CME, micro bitcoin futures will be one-tenth the size of one bitcoin and will provide market participants with “one more tool to hedge their spot bitcoin price risk or execute bitcoin trading strategies in an efficient, cost-effective way, all while retaining the features and benefits of CME Group’s standard Bitcoin futures.”
This after Charlie Munger, Warren Buffett’s right-hand man, trashed the cryptocurrency at Berkshire Hathaway’s annual meeting over the weekend.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE, INC. | 131.46 | -2.02 | -1.51% |
The ongoing legal battle between Epic Games and Apple will also come to a head on Monday as a weeks-long antitrust trial begins over the tech giant’s decision to pull Epic and its popular video game Fortnite from the App Store. The move came in response to the video game maker’s decision last year to implement a direct payment system in Fortnite to avoid Apple’s fees.
Chris DELMAS / AFP) (Photo by CHRIS DELMAS/AFP via Getty Images
Tuesday 5/3
On Tuesday, investors will have earnings from ConocoPhillips, CVS Health, Pfizer, and Under Armour all before the opening bell, while Activision Blizzard, Allegiant Travel, Caesars Entertainment, Denny’s, Lyft, T-Mobile, Virgin Galactic and Zillow will be among the top names to watch after the bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COP | CONOCOPHILLIPS | 51.13 | -2.00 | -3.76% |
| CVS | CVS HEALTH CORP. | 76.37 | +0.04 | +0.05% |
| PFE | PFIZER INC. | 38.64 | +0.01 | +0.03% |
| UAA | UNDER ARMOUR INC | 24.31 | -0.10 | -0.41% |
| ATVI | ACTIVISION BLIZZARD, INC. | 91.19 | -0.90 | -0.98% |
| ALGT | ALLEGIANT TRAVEL CO. | 235.73 | +0.20 | +0.08% |
| CZR | CAESARS ENTERTAINMENT | 97.84 | -1.63 | -1.64% |
| DENN | DENNY’S | 18.94 | -0.20 | -1.04% |
| LYFT | LYFT INC. | 55.66 | -1.44 | -2.52% |
| TMUS | T-MOBILE US, INC. | 132.13 | -1.88 | -1.40% |
| SPCE | VIRGIN GALACTIC HOLDINGS INC. | 22.15 | -0.39 | -1.73% |
| ZG | ZILLOW GROUP INC | 133.35 | -1.93 | -1.43% |
Meanwhile, investors will also receive data on the trade deficit and factory orders for the month of March.
Photo by Yichuan Cao/NurPhoto via Getty Images (Getty Images)
In legal news on Tuesday, disgraced former Theranos CEO and founder Elizabeth Holmes and former president and chief operating officer Ramesh “Sunny” Balwani will be in court. Holmes and Balwani are charged with two counts of conspiracy to commit wire fraud and nine counts of wire fraud.
According to the Department of Justice’s indictment, the charges stem from allegations that Holmes and Balwani engaged in a multi-million-dollar scheme to defraud investors, and a separate scheme to defraud doctors and patients. The indictment alleges that Holmes and Balwani defrauded doctors and patients by making false claims concerning Theranos’s ability to provide accurate, fast, reliable, and cheap blood tests and test results, and by omitting information concerning the limits of and problems with Theranos’s technologies.
“The defendants knew Theranos was not capable of consistently producing accurate and reliable results for certain blood tests,” federal prosecutors wrote.
In addition, the executives also allegedly made numerous misrepresentations to potential investors about Theranos’s financial condition and its future prospects, including that the healthcare company would generate over $100 million in revenues and break even in 2014 and was expected to generate approximately $1 billion in revenues in 2015.
If convicted, the defendants face a maximum sentence of 20 years in prison, and a fine of $250,000, plus restitution, for each count of wire fraud and for each conspiracy count.
Also on Tuesday, Taco Bell will kick off its first global campaign with a free taco promotion. According to the company, the date of May 4th was chosen because of a lunar event which the restaurant chain has dubbed “The Taco Moon.”
Over 20 markets will participate in the event, including the United Kingdom, Australia, India, Costa Rica, Guatemala and Puerto Rico. Taco Bell will give away the free tacos from 8 p.m. until 11:59 p.m., which will reportedly be the time when the Taco Moon is the “largest and brightest object in the night sky.”
Wednesday 5/4
Jobs will be in focus on Wednesday as ADP releases its national employment report for the month of April. The U.S. economy added 517,000 private-sector jobs last month, the most at any point over the previous five months as the reopening of the economy boosted growth in the service sector. Other economic data to watch include mortgage applications, the Energy Information Administration’s weekly crude stocks, and the ISM services index.
Earnings to watch before the opening bell on Wednesday include AmerisourceBergen, General Motors, Hilton Worldwide Holdings, Lumber Liquidators, Sinclair Broadcast, and Tupperware.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ABC | AMERISOURCEBERGEN CORPORATION | 120.80 | -0.45 | -0.37% |
| GM | GENERAL MOTORS CO. | 57.14 | +0.53 | +0.94% |
| HLT | HILTON WORLDWIDE HOLDINGS, INC. | 128.64 | -1.80 | -1.38% |
| LL | LUMBER LIQUIDATORS HLDGS | 23.97 | -0.75 | -3.03% |
| SBGI | SINCLAIR BROADCAST GROUP | 32.47 | -0.76 | -2.29% |
| TUP | TUPPERWARE BRANDS | 24.37 | -0.84 | -3.33% |
After the bell, Fox Corporation, parent of FOX Business and Fox News, GoDaddy, Marriott Vacations Worldwide, Metflife, Rocket Companies, Uber, WW International and Zynga will report earnings.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| FOXA | FOX CORP. | 37.42 | -0.35 | -0.93% |
| GDDY | GODADDY INC | 86.82 | -1.08 | -1.23% |
| VAC | MARRIOTT VACATIONS WORLDWIDE | 177.65 | -3.45 | -1.91% |
| MET | METLIFE, INC. | 63.70 | -0.71 | -1.10% |
| RKT | ROCKET COMPANIES INC. | 22.45 | -0.44 | -1.92% |
| UBER | UBER TECHNOLOGIES, INC. | 54.77 | -0.16 | -0.29% |
| WW | WW INTERNATIONAL | 27.74 | -0.46 | -1.63% |
| ZNGA | ZYNGA INC | 10.82 | -0.30 | -2.70% |
In auto news, NASCAR will also unveil its lineup of three models for the sports Next Generation Cup Series vehicle set to debut in 2022. The three models took their first turn on Martinsville Speedway’s racetrack earlier this year as part of a closed test. In addition to the bodies of the race cars, specifications and additional elements of the vehicles will also be announced.
Thursday 5/5
On Thursday, Allstate, Blue Apron, Moderna, Kellogg, Papa John’s, Penn National Gaming, Seaworld, ViacomCBS, and Wayfair will be among the major players reporting earnings before the opening bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ALL | THE ALLSTATE CORP. | 126.92 | -1.02 | -0.80% |
| APRN | BLUE APRON HOLDINGS | 5.93 | +0.01 | +0.17% |
| MRNA | MODERNA, INC. | 178.82 | +3.15 | +1.79% |
| K | KELLOGG | 62.42 | -0.31 | -0.49% |
| PZZAPENN | n.a. | n.a. | n.a. | n.a. |
| SEAS | SEAWORLD ENTERTAINMENT INC | 54.76 | +0.14 | +0.26% |
| VIAC | VIACOMCBS, INC. | 41.02 | -0.48 | -1.16% |
| W | WAYFAIR | 295.57 | -11.23 | -3.66% |
After the bell, investors will also take in earnings from a slew of names including Beyond Meat, Dropbox, Expedia, Live Nation, News Corp, Peloton, Planet Fitness, Roku, ShakeShack, Square, TripAdvisor, and Yelp.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BYND | BEYOND MEAT, INC. | 131.68 | -1.72 | -1.29% |
| DBX | DROPBOX | 25.70 | -0.54 | -2.06% |
| EXPE | EXPEDIA GROUP, INC. | 176.23 | -1.64 | -0.92% |
| LYV | LIVE NATION ENTERTAINMENT | 81.78 | -0.91 | -1.10% |
| NWSA | NEWS CORP. | 26.20 | -0.32 | -1.21% |
| PTON | PELOTON INTERACTIVE, INC. | 98.35 | -0.55 | -0.56% |
| PLNT | PLANET FITNESS INC | 83.99 | +0.06 | +0.07% |
| ROKU | ROKU INC | 342.97 | -13.73 | -3.85% |
| SHAK | SHAKE SHACK | 108.75 | -3.42 | -3.05% |
| SQ | SQUARE INC COM | 244.82 | -2.94 | -1.19% |
| TRP | TC ENERGY | 49.47 | -0.16 | -0.32% |
| YELP | YELP INC | 39.30 | -0.72 | -1.80% |
Economic data to watch on Thursday includes the latest data on initial and continuing jobless claims which have fallen to the lowest levels of the pandemic.
Friday 5/6
AMC Networks, Cigna, Cinemark, DraftKings, EW Scripps, and Ruth Hospitality Group, and Nikola will wrap up earnings for the week.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMCX | AMC NETWORKS INC | 50.28 | -0.87 | -1.70% |
| CI | CIGNA CORP. | 249.38 | -1.04 | -0.42% |
| CNK | CINEMARK HOLDINGS | 21.20 | -0.40 | -1.85% |
| DKNG | DRAFTKINGS | 56.66 | -0.80 | -1.39% |
| SSP | EW SCRIPPS | 21.62 | -0.06 | -0.28% |
| RUTH | RUTH’S HOSPITALITY GROUP | 26.11 | +0.08 | +0.31% |
| NKLA | NIKOLA CORP. | 11.57 | -0.31 | -2.61% |
Investors will also take in the latest data jobs for April. Economists forecast U.S. employers added 978,000 a rise from the 916,000 added in March. The unemployment rate is expected to tick down to 5.8% from 6%.
Wholesale inventories, wholesale sales, and consumer credit are also on tap.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM, INC. | 3,467.42 | -3.89 | -0.11% |
In addition, the National Labor Relations Board will hear the Retail, Wholesale and Department Store Union’s challenge to the Amazon union election in Alabama.
Amazon warehouse employees in Bessemer held a vote in early April to decide whether the RWDSU would represent them. In the end, only 738 of approximately 3,000 votes were in favor of representation, killing the most high-profile union push in the e-commerce giant’s history.
The RWDSU responded by filing an objection with the NLRB that alleged Amazon interfered in the process, creating “an atmosphere of confusion, coercion and/or fear of reprisals” during the run-up to the vote.
