What You missed LAST Week:
BIG BOYS REPORT TO END MONTH
October 25—29, 2021You’d think that with the G7/G20 meeting latr this week the Economic Calendar would be filed with Fed speakers but that’s not the case—though the BoE & ECB are a little busier. Instead, what really pops out of the Outlook is the Earnings Calendar, and the 5 biggest market cap stocks, like Facebook on Monday, Microsoft Tuesday, Apple on Weddnesday, Amazon on Thursday. We can throw in Visa on Tuesday, and MasterCard Thursday, because they’re still the global leaders for payments—even with ‘upstarts’ like Paypal eating into their share. Truth is, at more than 20% share of S&P 500 global market share, those stocks should be watched closely, to gauge how the senior index responds to their reports. Just bear in mind, the Dow Jones Industrials added 1.1% last week, the S&P +1.6%, which means they added some meat that may have stolen some of this week’s thunder.
Otherwise, we’re underwhelmed by the week’s schedule, albeit not without highlighting some additional Earnings reports, including Capital One Financial (COF) Tuesday, & Alliance Data Systems (ADDS) Thursday, both with a substantial share of US Credit Card transactions, both more retail store related than people realize. And no doubt, the week’s beef is in the Earnings Calendar, rather than Events or the Economic Calendar. In fact, the Events Calendar is one of the trimmest we’ve ever seen, as I-banks take a hiatus to allow the earnings Calendar to dominate.
And that’s how it is likely to turn out, even as the biggest market cap names in the S&P are set to beat but, possibly, not raise, given the changes Apple made to iOS, which is disrupting the advertising business for everyone else—as Snap told us last week, to its great devastation.
And then, it’s important to remember that the week ends the month, as well, with some portfolio rebalancing to be expected. That could mean the upside was seen last week, and this one will be a dud.
ECONOMIC: ("V-" =Virtual; "D-" =Digital)
SUNDAY, 10/24
20th Communist Party Congress approximate dates (thru 27th)
OVERNIGHT into US Mon. a.m. et:
German IfO Current Business Conditions/Expectations
2nd Jt BoE/Bk de France/IMF/OECD/Bk d'Italia workshop on TICS & Financial Policies-BoE Dpty Gov for FinStability Sir Jon Cunliffe & IMF's Tobias Adrian speakers (thru 26th)
MONDAY, 10/25
Chicago Fed Sept National Activity Index
BoE FPC Tenreyro speaks @Centre for Eco Policy Research on 'Int'l Trade, global supply chains & monetary policy' (published at 2pm)
Canada Wholesale Sales
Dallas Fed Oct Manufacturing Index
US Treasury Auctions $54B 3-. & $48B 6-month Bills
OVERNIGHT into US Tues. a.m. et:
So. Korea Q3 (prelim) GDP
Singapore Sept Industrial Production
Hong Kong Sept Trade Balance
UK Oct CBI Distributive Trade Survey
TUESDAY, 10/26
ECB's Enria panelist on "10 years after: where are we?" @EBA at 10 hi-level EU Banking Authority Conference (14:45 cet)
Redbook weekly store sales snapshot
FHFA Aug House Price Index
CoreLogic/S&P 20-city Aug House Price Index
Conference Board's Oct Consumer Confidence
US Sept New Home Sales
Richmond Fed Oct Manufacturing Index
US Treasury Auctions $40B reopened 48-day Bills & $60B 2-year Notes
API weekly crude report
OVERNIGHT into US Wed. a.m. et:
China Sept/YTD Industrial Profit
Swiss ZEW Oct Conditions/Expectations
BoE/Queen Mary Univ/London/Yale Law/Georgetown Law, Tulane Law/Cornell Law 4th V-Conference on Law & Macroeconomics (9am edt thru 28th)
WEDNESDAY, 10/27
MBA Mortgage Purchase/Refinance Apps
US Sept Durable/Capital Goods Orders/Shipments
US Sept Wholesale Inventories
Bank of Canada (BoC) Interest Rate Decision
EIA weekly Petroleum/Gasoline/Distillates/Refineries Report (10:30am et)
BoC post-meeting Press Conference (11am et)
Russia Sept Industrial Production
US Treasury Auctions $61B 5-year Notes & $28B FRNs
Brazil Interest Rate Decision..Fx Flows
NYFed Sr VP & Dpty Head of Market Ops Monitoring Wuerffel Keynote on Transition from LIBOR to SOFR @ISDA 2021 No. Am. Conf. (Swaps & Derivatives-1:40pm edt)
NRF (Nat’l Retail Federation) V-Holiday Retail Sales Forecast
OVERNIGHT into US Thurs. a.m. et:
Bk of Japan Interest Rate Decision/Outlook, Sept Retail Sales
German Oct Unemployment Rate/Change
EU Oct Business/Industrial/Services/Consumer Survey/Current Conditions/Expectations
ECB Oct Interest Rate Decision/Deposit Facility Rate (12:00 cet)
THURSDAY, 10/28
US weekly Initial Jobless Claims/Continuing Claims
US (initial) Q3 GDP Estimate/Household Spending/Sales/Prices/PCE
ECB post-Meeting Press Conference (14:30 cet)
NAR Sept Pending Home Sales
EIA weekly Natural Gas Injections/Withdrawals/Stockpiles (10:30anm edt)
US Treasury Auctions 4-, & 8-week Bills (values announced mid-week)
K.C.Fed Oct Manufacturing Index
US Treasury Auctions $62B 7-year Notes
StLouis Fed Econ Lowdown: Resources & Formative Assessments (3:30pm ct)
OVERNIGHT into US Fri. a.m. et:
Japan Sept Unemployment Rate/Change/Job Apps, Industrial Production, Oct Tokyo/Nat’l CPI, Sept Housing Starts
French Q3 (Prelim) GDP, Sept Consumer Spending
UK Oct Nationwide House Price Index
German Q3 GDP, Sept Retail Sales
BoE Sept Consumer Credit/Mortgage Approvals, Money & Credit Sept 2021, Qtrly Credit Union Stats
FRIDAY, 10/29
US Sept Personal Income/Spending/Wages/PCE
US Q3 Employment Cost Index
Canada Aug GDP, Sept IPPI/RMPI
Chicago Oct PMI
U.M. Oct (final) Consumer Conference/Expectations
Texas Fed Services Sector Outlook
Dallas Fed Sept Services Revenue, PCE
Baker-Hughes weekly US/No.Am. Total/Oil Rig Count (1pm et)
SATURDAY, 10/30
G20 Leaders Summit (Rome IT thru 31st)
China Oct Manufacturing/non-Manufacturing/Composite PMI
WEEKS AHEAD:
11/02 RBA (AUD) Meets
11/02--03 FOMC Meets
11/03 FOMC post-Meeting Statement Released (2pm et
FOMC Chief Powell Press Conference (2:30pm et)
11/04 Norges Bank (Norway) Meets
Bk of England Meets
11/04--05 5th Workshop of the ESCB Research Cluster 3 on "FinStability, Macropru....."
11/11 Banco de Mexico Rate Decision, Minutes, Summary
11/24 RBNZ (New Zealand) CenBank Meets
12/14--15 FOMC Meets
EARNINGS: (We ignore "the" in a corporate name unless integral to the ticker. It rarely is, AS IT IS not IN BOTH "The" Brink’s Co, "The" Chef’s Warehouse Inc. & "The" Coca-Cola Co, all on Wednesday. We cover only the biggest money-center banks, largest regionals, and biggest foreign banks listed here, or as ADRs traded here. Looking for more? We’re not for you. We usually check every ticker to affirm its report is coming but didn’t this week—as arrangements had to be made after a death in the family, last weekend. Please confirm any reports you’re interested in, since we probably didn’t.. Not the former chip company, CREE is now Wolfespeed, reporting Wednesday,. Ethan Allen Interiors saw ticker change, also, to ETD from ETH.)
MONDAY, 10/25: twou???, ajrd???, AGNC, AIN, ARE, ARLP, ACC, AMR, ARI, AXTA, bgfv???, BDN, BRO, CDNS, CALX, CLS, cpss???, CR, CCK, DORM, FB, FLXS, ben???, grc???, has???, HSTM, HTLF, HSII, HNI, HMST, JBSS, kai???, KMB, KREF, KUMM logi???, LXFR, MKL, mnov???, MEDP, MCRI, NEU, OI, OTIS, PKG, PETS, PCH, rrd???, RNR, QSR, rcky???, sqns???, SSD, SLP, SITC, scco???, SUI, tgb???, TZOO, TNET, TBI, MEDS, rare???, UFI, qure???, UHS, zyxi
TUESDAY, 10/26: MMM, AAN, AKR, ACCO, ACU, AMD, aemd???, ALG, GOOG/GOOGL, AAT, AMP, au???, ARCH, ADM, ARCC, AWI, APAM, ABG, AHT, asmy???, AUDC, AGR, avid???, AWRE, BXP, BYD, CHRW, CAC, CAJ, COF, CNC, CB, CIT, cvlt???, GLW, CSGP, CEQP, crsp???, DALN, DAN, dbvt???, DHIL, DMRC, DLR, EGP, echo???, ECL, LLY, WIRE, ENPH, ENSG, ENTG, EQR, ESS, FFIV, fsv???, FBHS, FELE, fdp???, GE, GPK, GBX, omab???, hees???, HA, HT, HIW, HRZN, HUBB, HPP, IEX, INMD, IVZ, JBLU, JNPR, KRA, LBRT, LFUS, LMT, mmyt???, MANH, HZO, MASI, MTDR, MSFT, MSA, MSCI, myov???, NBR, NAVI, NCR, nhydy???, noa???, NOV, nvs???, oran???, OXSQ, PCAR, pkoh???, pgc???, PNR, peri???, pins???, PJT, PII, PFG, PROV, PHM, QS, RRC, RTX, ROIC, HOOD, SPGI, sc???, ST, SHW, SSTK save???, flow???, smp???, TENB, TER, TXN, TRU, TRTN, TRMK, TPB, TWTR, ubs???, UDR, UPS, UTHR, USNA, vnda???, VBTX, vktx???, V, vgz???, vist???, WM, WSR, wrld???, XRX, ZWS
WEDNESDAY, 10/27: AFL, agen???, aem???, agi???, ALRS, ALGN, ALKS, ALGT, ALSN, atus???, asps???, AMSF, APH, NLY, AM, AR, AAPL, AIT, ACGL, ARES, ASGN, AINC, AZPN, ATNI, atom???, ADP, AVB, AVY, AXS, AXTI, san???, band???, BHE, BMRN, BXMT, BA, boot???, BSX, BHR, BCOV, BCO, BMY, BG, CACI, cai???, CAMT, csv???, cvco???, cdr???, cve???, CENX, CCS, CHX, CHEF, CHDN, CMPR, CME, KO, CDE. CTSJ. FIX. CYH, CNMD, CSTM, CLB, CTS, CYBE, CONE, db???, DGICA, DRVN, DGTE, DRE, DX, EBAY, EW, ESI, ESRT, EHC, ena???, EQT, eqnr???, EQC, ETD, EVR. RE. EVTC, EXR, FARO, fss???, FISV, flex???, FLS,, flnt???, F, FORM, FWRD, GRMN, GLOP, GD, GM, geo???, ggb??, ROCK, gsk???, GORO, GSHD, ghm???, THG, HOG, hwkn???, HAYW, HES, HESM, hgv???, HLT, idra???, PI, IRT, ILPT, NGVT, IP, IVC, INVH, IRBT, JAKK, JBY, KRC, KLAC, KN, KHC, ktos???, kvhi???, LC, lxrx???, lpl???, MHO, mgln???, mx???, tusk???, MN, MPX, MAS, mtz???, MHH, MXL, MCD, MTH, meoh???, mvis???, MAA, MKSI, MC, MOH, mnro???, MORN, MUSA, MYRG, NTGR, NYCB, NDLS, NSC, nuva???, ORLY, OII, ODFL, ohi???, opk???, ORN, OC, pcrx???, PGRE, PEGA, PAG, PDM, PPC, PLXS, PPD, QCRH, pwr???, RJF, RWT, RBBN, RIBT, rol???, rcl???, RES, R, sand???, SIGI, SCI, NOW, SMED, SLGN, SLAB, SIMO, SIX, SNBR, SP, SPOT, JOE, sxi???, STC, SF, stne???, SRI, su???, NOVA, stkl???, TMHC, TEL, TECK, TDOC, TDY, tess???, teva???, TMO, TNL, TROX, TTM, TWLO, TYL, UCTT, UMC, URI, UVE, UPWK, usak???, VRT, viao???, VRTS, VSEC, wcn???, wfg???, WAB, WHG, WOLF, WH, xlnx???, YNDX, yumc???, ZDGE, ZVO
THURSDAY, 10/28: FLWS, AOS, ATEN, abmd???, ACHC, AGCO, AGL, ALDX, ALIM, ATI, ADS, AB, ALNY, MO, AMZN, abev???, AEP, AMT, bud???, airc???, ATR, argx???, AJG, asx???, ASPN, atro???, TEAM, AVTR, AVNT, AVT, AX, BAX, BIO, BPMC, bdrbf???, BSIG, BC, CWT, CPT, CDNA, CG, RS, CARR, CWST, CAT, CBZ, CBRE, CBTX, cx???, CHKP, CHE, snp???, CVEO, CMS, CNX, COHU, COLM, cmco???, CMCSA, CODI, CNSL, COR, OFC, CUZ, cpg???, CTO, CFR, DQ, DAIO, DVA, deck???, DXCM, DBD, DVD, DRQ, EXP, EMN, ego???, EME, EIG, uuuu???, erii???, ENVA, ERIE, EVLO, EB, EXPO, FHI, FE, FMX, FTV, FTAI, FTDR, FCN, GLPI, GTX, GMCA, THRM, GILD, gt???, LOPE, GVA, GPI, HIG, HVT, HSY, HTH, HUBG, HBAN, IDA, ITW, IMAX, imo???, INSM, ITGR, ICE, JHG, KBR, KMPR, KDP, KNSL, KEX, KRG, LH, LAWS, LMAT, TREE, LECO, LIN, LKQ, LPLA, LTC, MDCC, MA, MTLS, MGRC, MPW, MD, MERC, MRK, MDP, MMSI, MSTR, TIGO, MHK, TAP, MPWR, MCO, COOP, NATI, NTST, NEM, nxgn???, NLSN, nok???, NOC, NVCR, NVT, OPI, ONCS, OPRA, OSK, OSIS, OSTK, PATK, PTEN, PBF, PBFX, BTU, PEB, PRFT, pbr???, poly???, POWI, PRLB, PSB, PTCT, QUMU, PACK, roll???, RLGY, RS, RNST, RGEN, RSG, RMD, RDS/A, SAIA, sny???, SNDR, SGEN, SPNE, SHEN, SHOP, SILC, SIRI, SJW, SKX, SKYW, SM, SWI, SAH, sony???, SPSC, SSNC, STAG, SWK, SBUX, stm???, SYK, TROW, taro???, TFX, TPX, TEX, TXRH, TXT, tte???, TW, TVTX, TRS, ULBI, X, ULH, VALE, VRSN, VC, VCRA, WRE, WERN, WST, WDC, WWR, WEX, WLTW, wns???, INT, WRAP, XEL, AUY, YUM, ZEN
FRIDAY, 10/29: ABBV, ASIX, AON, BCPC, BLX, B, BELFA, bah???, CBOE, CERN, CHTR, CVX, CHD, CL, COWN, XOM, GWW, HUN, IMGN, IMD, LHX, LAZ, LYB, MGI, NWL, OIIM, PSXP, PSX, PIPR, PNM, POR, PFS, RCL, RUTH, sjr???, SHLX, TWIN, SLCA, WPC, WY, WETF
EVENTS: ("V-" =Virtual; "D-" =Digital)
SUNDAY, 10/24
AASA Automotive Aftermarket Technology V-Conference (thru 11/03)
ATA Am. Trucking Ass’n Management MCE Conference/Exhibition (Nashville TN thru 26th)
InfoComm Connected (Orlando FL thru 29th)
7x24 End-to-End Reliability (Phoenix AZ thru 27th)
VidCon NOW (Anaheim CA)
BINC BetterInvesting National Convention (Dallas TX)
Money2021 Forum (Las Vegas NV thru 27th)
FEDA Foodservice Equipment Distributors (Milan IT thru 26th)
Frankfurt Digital Book Fair
EA (EA) launches "Battlefield 2042" videogame
Sotheby’s Auctions Michael Jordan’s 1985 "banned" Red Swish Sneakers (Las Vegas)
MONDAY, 10/25
East Coast Gaming Congress & NextGen Gaming Forum (Atlantic City NJ thru 26th)
Loyalty Expo (TBD thru 27th)
Gartner Supply Chain Symposium/Expo (Orlando thru 27th)
InCompass Show (formerly Comptel plus; Las Vegas thru 27th)
Joint Undersea Warfare Technology Conference (Groton CT thru 27th)
AACR Brain Cancer V-Seminars (thru 26th)
ST Microsystems (STM) Developers Conference (Burlingame CA thru 27th)
TUESDAY, 10/26
Air & Sea Cargo America (Miami FL thru 28th)
WWD Apparel & Retail CEO V-Summit-The NY Future (thru 27th)
GlobeSt Apartments Fall (Los Angeles CA thru 27th)
2021 IP Summit (TBC)
18th European AIDS Conference (London UK thru 27th)
Credit Suisse 4th Brazil Utilities V-Conference
Citrix (CTXS) Converge (TBC thru 28th)
Pfizer (PFE)/BioNTech (BNTX) FDA (EUA) Emergency Use Authorization panel for COVID-19 Vaccine for kids between the ages of 5 years and 11 years old
WEDNESDAY, 10/27
NRF Holiday Retail Sales V-Forecast
BIO Patient & Health Advocacy D-Summit (thru 28th)
69th Advertising Hall of Fame (NY)
ASCP Annual Society for Psychopharmacology (Chicago IL thru 29th)
Amazon (AMZN) Ships new Kindles globally (announced 09/23)
THURSDAY, 10/28
Conference Board’s Employee Health Care Conference (NY thru 29th)
GlobeSt Net Lease Conference (Los Angeles CA)
SMR Society for Melanoma Research (New Orleans LA thru 31st)
Fast Growth Icons Day (Berlin DE)
Facebook’s (FB) Oculus Connect V-DevCon
Microsoft (MSFT) videogame ‘Age of Empires IV’ launches worldwide
Oncopeptieds AB’s (ONCO) NDA 214383 PEPAXTO for injection before FDA Oncologic Drugs V-AdCom to treat adult relapsed/refractory multiple myeloma who failed at least 4 prior therapies—an enormous bar to hurdle.
Nintendo (NTDOY) Switch OLED launches globally at $249.99 for now
FRIDAY, 10/29
90th The Meeting for Plastic Surgeons (Atlanta GA thru 11/01)
Psych Congress (Hybrid-San Antonio TX thru 11/01)
IASLC No. Am. V-Conference on Lung Cancer Hot Topics (thru 30th)
12th Global Biomarker & Clinical Research Summit (Vancouver Canada thru 30th)
SATURDAY, 10/30
Integra LifeSciences Corp (IART) before FDA General & Plastic Surgery Device Panel AdCom V-Announcement for PMA for SurgiMed PKS Acellular Bovine Dermal Matrix for breast recon-struction after surgery
G20 Meets (Rome IT thru 31st) PRIOR OUTLOOK HERE
© Sandi Lynne 2021 Nothing contained in this commentary should be construed as a recommendation to buy or sell any security. The opinions expressed are the author’s, alone, and should be just one factor in more complete due diligence.