What You missed LAST Week:
I-BANK CONFERENCES IN HIGH GEAR
May 31 –June 04, 2021 You’d never know the Earnings Season is still wrapping up, unless you were highly attuned to all the I-Bank conferences scheduled for this week. The abundance is almost proof that the Street has moved on to other matters and, in particular, scheduling as many conferences as it can fit in before the July exodus to summer schedules.
For a short week, even the Economic Calendar is packed, with FOMC Chief Powell, ECB Pres Lagarde, and BoE Gov Bailey are highlighted speakers this week, all three on a panel, together, of Central Bankers Friday, at the Green Swan Global Conference. Heck! Even the head of the PBoC , IMF, and BIS are on the panel, hosted by the FT’s Gillian Tett, very early Friday morning. They’ll be over-shadowed, of course, by the release of May’s US Unemployment Report, when 700K job adds are predicted, below March’s 917K but well above April’s disappointing 266K jobs. Of course, none of these are actually jobs added but, rather, jobs restored but that’s another matter most prefer not to discuss.
Regional Fed Presidents Bostic, Evans, Harker & Kashkari re all scheduled to speak Wednesday, at Racism & the Economy: Focus on Entrepreneurship. The prize winner, this week, is BoE Gov Bailey who speaks three more times this week, besides his turn as a panelist. Meanwhile, Fed Gov Brainard, Fed V.Chair Quarles, and both Bostic & Harker repeat at Workforce Realigned: National Launch Conference Thursday, while the Fed’s Beige Book is out Wednesday. The PMI & ISM Indices are out globally, on several days this week, while Quarles, in charge of Regulation, speaks late Thursday at SIFMA’s Prudential Regulation Conference, jointly hosted with BPI—the Bank Policy Institute. Come Friday in the wee hours, the G7 is hosting its first in-person meeting since 2019. Invited to join were the IMF, OECD, World Bank Group, Eu Commission & Eurogroup, which won’t wrap until Saturday, next week.
The Earnings Calendar is flush with both Consumer names and some big tech companies, like Ambarella, Hewlett-Packard Enterprise, NetApp & Ciena. In the consumer department, Advance Auto Parts, JM Smucker, Land’s End, PVH, Duluth Trading, Express Stores, Five Below, Hovnavian, Lululemon, Toro, & Zumiez, to name just a few. New to the calendar, Latham Group, ticker (SWIM) which is a pool company—a sign of the COVID times, for certain.
Then, the flood of I-Bank conferences can wait while we give a nod to the Indy 500, held Sunday, with 135K spectators might be the trend setter of the week. Such a big crowd has not been allowed anywhere, since COVID was identified as a pandemic, and we’re not sure how that will work out for the attendees. But I digress, because I-bank Conferences were the topic, and the Indy 500 is not one of them, though owned, now, by Penske (PAG).
So let’s start with Tuesday’s Deutsche Bank Global Financial Services Virtual Conference, which includes a FinTech/Info Services V- Conference. Cowen hosts its 49th Annual Technology, Media & Telecom V-Conference, few able to boast such a long, continuous output, even among the majors. Jefferies hosts Healthcare, William Blair its 41st Annual Growth Stock V-Conference, KeyCorp’s Industrials & Basic Materials, Jefferies Business Aviation, Citi Global Shipping & Freight V-Field Gtrip, Bk of America Emerging Markets Deb & Equity, and Stephens an Aftermarket automotive V-Field Trip, JPMorgan Global (doesn’t make sense to me either!) China V-Summit, and Citi Global C-Suite Pan-Asia. And that’s all starting Tuesday!
Wednesday is nearly as packed, when one considers all the virtual events starting Tuesday that are continuing into Wednesday. But even as a stand alone day Wednesday promises Bernstein’s 37th Strategic Decisions, RBC Capital Consumer & Retail, Wells Fargo & BMO Capital separate Energy V-Conferences, Credit Suisse Chemicals & Agriculture, Packaging & Cement Series V-Conference, Stifel Jaws & Paws (our winner for the name, alone), Craig-Hallum 18th Institutional Investor V-Conference, Wells Fargo BDC Power-Alley, and most puzzling of all. Credit Suisse’s 5th US Midwest & West Coast Yankee Bank V-Conference. International events Wednesday include RBC Capital’s Canadian Housing & Mortgage V-Conference, MainFirst Interlaken V-Conference, Citi Pan-Asia Regional Investor V-Conference, Credit Suisse Asia Consumer V-Conference, and St. Petersburg International Economic V-Forum. A mouthful and we’ve only covered the first two days of the week after the holiday, Monday.
One of the biggest events of the season starts Friday—ASCO, the American Society of Clinical Oncology Scientific V-Program, most of the companies hosting investor calls related to data revealed at ASCO waiting until the 8th but Amgen is getting a jump on all the other companies, hosting its call Friday, at 4pm edt. Another usually big event is High Point, the Furniture Market planned for in-showroom visits, starting Saturday, that may or may not materialize. Clearly, a lot of people are eager to return to events like concerts and the Indy 500 but furniture showrooms? We just won’t know until the post-mortem is completed.
Meanwhile, early days of new months have been rousing celebrations for the bulls but another week of consolidation would serve a better purpose. The bulls had gotten so out of hand earlier this year, marking some more time would give everyone a chance to reassess, and pick through the shares that still have upside. At the moment, even the financials seem overcooked, and that’s not something that comes out of our moths often. And some hesitation into Friday’s May Unemployment Report would make sense, as well. And we may all be curious about whether the BoE intends to hint at tightening when it meets this week--not that it would influence Powell but it might set the table for changed thinking in a bond market that's been remarkably docile.
ECONOMIC: (Highlights, only, below. Full International Economic Calendar here)
SUNDAY, 05/30
ECB POSTPONED Forum on Central Banking
OVERNIGHT into US Mon. a.m. et:
Japan April Industrial Production, Retail Sales
China NBS May Manufacturing PMI
MONDAY, 05/31
US Memorial Day Holiday -US Markets Closed
UK Bank Holiday
Canada Q1 Current Account, April PPI, Raw Materials Prices
OECD releases its Economic Outlook for global GDP
OVERNIGHT into US Tues. a.m. et:
Japan Apr Housing Starts/Construction Orders, May Consumer Confidence
Germany, Italy, Spain May Manufacturing PMI
RBA (Aussie) Interest Rate Decision
German April Unemployment Rate/Change, Retail Sales
UK May Nationwide House Prices
Swiss Q1 GDP, Apr Retail Sales, procure.ch May Mnftg PMI
EU, Germany, France, Italy, Spain Markit May Mnftg PMI
UK Markit/CIPS May Mnftg PMI
EU April Unemployment Rate, May CPI/HCIP
17th OPEC & non-OPEC Producers Joint Ministerial Meeting (on quota adherence)
TUESDAY, June 01
Canada Q1 GDP, Markit May Manufacturing PMI
US May Markit Manufacturing PMI
US May ISN Manufacturing Index/Employment/Prices/Orders/Shipments
US April Construction Spending
Mexico May Manufacturing PMI
Dallas Fed May Manufacturing Index
US May LMI Logistics Managers Index
BoE ov Bailey on ‘Building a Finance System Fit for a Clean, Resilient & Just Future’ @Reuters Global Responsible Business 2021 (4pm bst)
Treasury Auctions $57B 3-, & $54B 6-month Bills, and $40B reopened, now, 42-day Bills
Fed Gov Brainard on Economic & Monetary Policy Outlook @Eco Club of NY (2pm et)
OVERNIGHT into US Wed. a.m. et:
Wards May US Total Vehicle Sales
RBA (Aussie) Chart Pack
UK April Mortgage Approvals/Lending to Individuals
BoE April Consumer Credit
WEDNESDAY, 06/02
MBA weekly Mortgage Purchase/Refinance Applications
Redbook weekly US Store Sales Snapshot
Banque de France/IMF/BIS Jt Green Swan V-Conf—Coordinating Finance on Climate (thru 06/04)
SIFMA Prudential Regulation V-Conference (thru 06/03)
Fed Presidents Bostic, Evans, Harker, Kaplan & Kashkari @Racism & the Economy: Focus on Entrepreneurship (noon et)
Fed’s Beige Book (2pm et)
API weekly Crude Report
Richmond Fed Opportunity Occupations: Pathways to Success Webinar (4:30pm ct)
Dallas Fed’s Kaplan on national & global economic issues with Ursula Burns (5pm)
OVERNIGHT into US Thurs. a.m. et:
Japan Jibun Bank May Services/Composite PMI
Aussie Apr Trade Balance, Retail Sales
China May Caixin Services/Composite PMI
EU,, France, Germany, Italy, Spain, Markit May Services/Composite PMI
ECB MPC Elderson panelist @Green Swan V-conf. on ‘Greening the FinSystem’
UK Monthly Decision Maker Panel May Data
UK Markit/CIPS Services/Composite PMI
THURSDAY, 06/03
US Challenger May Job Cuts
ADP May Private Sector Payrolls
US weekly Initial Jobless Claims/Continuing Claims
US Q1 Productivity & Costs
US Markit May Services/Composite PMI
US ISM May non-Manufacturing Index/Employment/Prices/Orders
BEA releases US May Light Vehicle Sales
BoE Gov Bailey (5pm bst) ‘How in practice can the financial sector take immediate action against climate change-related risks’ & MPC Elderson opens BIS/IMF/Bk de France Green Swan V-Conf
EIA weekly Natural Gas Draws/Injections/Stockpiles Report (10:30am et)
EIA weekly Petroleum/Gasoline/Distillates/Refineries Report (11am et)
Atla Fed’s Bostic & Philly Fed’s Harker lead Workforce Realigned National Launch Conference (3:05pm et)
ECB Pres Lagarde speech accepting the Turgot Prize (19:30 cet)
Fed V.Ch Quarles on Financial Regulation @SIFMA BPI Prudential Regulation V-Conference (3"05pm et)
OVERNIGHT into US Fri. a.m. et:
Japan April Household Spending
RBI (India) Interest Rate, Reverse REPO Rate/Cash Reserve Rate Decisions
EU, France, Germany. Italy, Spain May Construction PMI
Taiwan May Fx Reserves. Q1 GDP (when does China start consolidating data?)
UK May New Car Sales
EU April Retail Sales
German New Car Registrations
Mexico May Auto Production/Exports
BoE FPC post-Meeting Statement on Rates/QE
G7 FinMins Meet In-Person w/IMB/OECD/World Bank/EC/Eurogroup (London thru 5th)
BoJ’s Kuroda panelist @Green Swan V-Conference: ‘How can central banks, supervisors & regulators help to mobilise and coordinate with other actors?’
FRIDAY, 06/04
FRB Chair Powell, ECB Pres Lagarde, PBoC’s Gang, IMF’s Georgieva, Banque de France’s de Galhau, BIS’s Carstens panelists: Central Banks & Climate Change panel on managing expectations/actions/communications/ to coordinate @Green Swan Global V-Conf. moderated by FT’s Gillian Tett (7am et)
BoE Gov Bailey post-Meeting Press Conference
US May Unemployment Rate/Change/Participation/Gov’t-Mnftfg Employment/Participation/ Wages
US April Factory Orders
Brazil May Car Production/New Car Registrations
Baker-Hughes US/No. Am Total/Oil Rig Count (1pm et)
SATURDAY, 06/05
G7 FinMins in-person Meeting w/IMF/OECD/World Bk Grp/EC/Eurogroup post-Meeting Press Conference
32nd Anniversary of Tiananmen Square Protests (China)
WEEKS AHEAD:
06/08 Broadband Summit: Strategies for Accelerating Deployment for Policymakers (9am)
06/09 BoC (Canada) FPC Meets
06/11—13 G7 Nations Leaders’ Summit on Building Back from COVID (Cornwall UK)
06/15—16 FOMC Meets
06/17 SNB (Swiss) MPC Meets
Norges Bank (Norway) MPC Meets
06/18 BoJ MPC Meets
06/19 ECB MPC Meets
06/24 Banco de Mexico MPC Meets
08/26—28 K.C. Fed Annual Economic Policy Symposium (Jackson Hole WY)
EARNINGS: (We cover only money center banks & biggest regionals and foreign banks traded in the US. If your interest is banks, we’re not for you. We ignore "the" in a corporate name unless integral to the ticker, which it rarely is. We check those featured on 2 or more lists of earnings releases with lower case letters and 3 question marks if we couldn’t confirm the date. We’re often thwarted by a refusal to accept alll cookies, other times, like GIII on Wed., because they don’t pre-announce the date until 3 days prior. Our cut-off is the Thursday prior to the week covered, by noon. We embolden those tickers we expect to attract the most analysts & media attention, even if we have no interest and, other times, because we think the Street may be missing something worth looking at. It’s totally subjective, and you’re free to disagree.)
MONDAY, 05/31: CANG, manu???, mlab???, qd???
TUESDAY, June 01: KRKR, AMBA, CAN, CGC, cmtl???, CMRE, CTIC, APPS, GHM, HPE, iti???, KIRK, LX, LITB, LIZI, nxgs???, OESX, plug???, QTNT, QTT, STNE, bns???, ZM
WEDNESDAY, 06/02: AAP, AMSC, CLDR, dsgx???, DCI, dlng???, estc???, EDR, giii???, GWRE, SJM, LE, MIND, NCNO, NTAP, PAGS, PVH, SMTC, SMAR, SPTN, SPLK, SPWH
THURSDAY, 06/03: ASAN, AVGO, DOOO, CIEN, CONN, COO, CTK, CRWD, DOCU, DLTH, EXPR, FIVE, HOV, IDT, SWIM, LULU, MDB, ngl???, PD, NX, SAIC, SCWX, WORK, SUMO, TLYS, TTC, TOUR, ZUMZ
FRIDAY, 06/04: HOFT
EVENTS:
SUNDAY, 05/30
Daiwa Investment V-Conference US (thru 06/11)
Daiwa America V-Corporate Day—Companies Gone Public in 2020 & Beyond (thru 06/03)
Reuters V-Pharma USA (thru 06/04)
Annual eMRS Spring V-Meeting (thru 06/03)
Advances on the Knee, Shoulder & Sports Medicine (Hilton Head Island SC thru 06/01)
eHealth Canada (Toronto thru 06/02)
35th Clinical Conference on Diabetes POSTPONED
Charles Schwab (SCHW) (Golf) Challenge (Ft Worth TX)
French (Tennis) Open @Roland Garros (Paris FR thru 06/13)
NASCAR Coca-Cola (KO) 600 (Charlotte NC)
Indy 500 (Indianapolis Motor Speedway [PAG])
MONDAY, 05/31
US Memorial Day Holiday--US Markets Closed
APS (Physicists) 52nd Mtg of APS Division of Atomic Molecular & Optical Physics (thru 06/04)
Dutch Technology Week—Online-Night of the Nerds
Nomura V-Investment Forum Asia
EGYPS Egypt Petroleum Show (Cairo thru 06/02)
nVidia (NVDA) keynotes Computex Taipei foreign exhibitors welcome
TUESDAY, June 01
Deutsche Bank 11th Global Financial Services V-Conference (thru 06/02)
Deutsche Bank FinTech/Info Services V-Conference (thru 06/02)
Cowen 49th Annual Technology, Media & Telecom V-Conference (thru 06/03)
Jeffferies Healthcare V-Conference
William Blair 41st Annual Growth Stock V-Conference (thru 3rd)
KeyCorp Industrials & Basic Materials V-Conference (thru 06/03)
Jefferies Business Aviation V-Summit
74th ECTC IEEE Electronic Components, Packaging & Manufacturing Tech V-Conference (thru 07/04)
SANS CloudSecNext V-Summit & Training (thru 06/02)
150th AES Audio International V-Convention (thru 06/04)
re/code-vox media V-code2021
ACHEA Am. College of Health Care Administration Online (thru 06/16)
Bk of America Emerging Markets Debt & Equity V-Conference
Citi Global Shipping & Freight V-Trip
Stephens Aftermarket Automotive V-Field Trip (LOTZ, IAA, KAR, LKQ)
NACS Convenience V-Summit Europe (thru 06/03)
JEC Composites Connect Online (thru 06/02; timezone cet)
JPMorgan Global China V-Summit (thru 06/02)
Citi Global C-Suite Pan-Asia V-Forum (thru 06/02)
Computex Taipei (Virtual thru 06/05)
Mining & Investment Latin America V-Summit (Lima Peru)
Am. College of Sports Medicine CANCELED 67th Annual
Core-Mark Holding Co (CORE) V-Marketing w//Stephens
Graphic Packaging (GPK) V-Marketing w/Stephens
Matthews International Corp (MTW) Conference Call hosted by B Riley
WEDNESDAY, 06/02
Bernstein 37th Strategic Decisions V-Conference (thru 06/04)
RBC Capital Consumer & Retail V-Conference (thru 06/03)
Wells Fargo Energy V-Conference (thru 06/03)
BMO Capital Energy V-Conference (thru 06/05)
Credit Suisse Chemicals & Agriculture, Packaging & Cement Series V-Conference (thru 06/03)
Stifel Jaws & Paws V-Conference (thru 06/03)
125th Feed & Grain Ass’n V-Convention (Hybrid thru 06/04)
CreditSuisse 5th US Midwest & West Coast Yankee Bank V-Conference (thru 06/03)
Wells Fargo BDC Power V-Alley
18th Craig-Hallum Institutional Investor V-Conference
Vision Expo East (Orlando FL thru 06/05)
NCREIF: V-Nat’l Commercial Real Estate Investment Management: Asset & Portfolio Management
SSA Self-Storage Association Spring V-Conference/Trade Show (Nashville TN thru 06/04)
Annual V-Meeting of the Ass’n of Bone & Joint Surgeons (thru 06/06)
RBC Capital Canadian Housing & Mortgage V-Conference (thru 06/03)
MainFirst Interlaken V-Conference
EULAR European Rheumatoid Arthritis V-Congress "("thru 06/05)
Citi Pan-Asia Regional Investor V-Conference (thru 06/04)
Credit Suisse Asia Consumer V-Conference (thru 06/04)
St. Petersburg Int’l Economic V-Forum (thru 06/05)
EPRA (European Public R.E.) Summer Corporate V-Access Day
International Vision Expo POSTPONED to Sept. ‘East’ meets starting today
AutoNation (AN) V-Marketing w/Stephens
ChannelAdvisor Corp (ECOM) V-NDR w/Mngmnt hosted by B Riley
F8 (FB) V-Developers Refresh
Global Blood Therapeutics (GBT) V-NDR w/Wolfe Research
Luna Innovations Inc (LUNA) V-NDR w/Mngmnt hosted by B Riley
Philip Morris International (PM) Sustainability Webcast (9am et)
SAP (SAP) SAPphire Now & ASUG Annual V-Conference (thru 06/21)
Stewart Information Services (STC) V-Marketing w/Stephens
THURSDAY, 06/03
Citi Consumer Access V-Day (thru 06/04)
PiperSandler 41st Consumer Marketplace V-Conference (thru 06/04)
Gabelli 13th Annual Broadcast & Entertainment V-Conference
Citi Lithium & Battery V-Day
East-West Eye (Cleveland Clinic/Virtual thru 06/05)
EFORT Bone & Joint Cartilage V-Courses of Orthopaedic Society (Miami FL thru 06/05)
Oxford Global Biomarkers UK (thru 06/04)
Daiwa Australia Corporate V-Day (thru 06/04)
Credit Suisse China Renewables V-Day
Diebold (DBD) V-Marketing w/CFO hosted by Northcoast Research
Identiv Inc (INVE) V-NDR w/Mngmnt hosted by B Riley
nVidia (NVDA) Shareholder Meeting includes Vote on 4:1 Stock Split
Telus Corp (TU) V-NDR & Mngmnt call hosted by B Riley
Zendesk (ZEN) C-NDR w/Wolfe Research
PAX East (ComicCon style Games Festival Boston MA thru 06/06)
FRIDAY, 06/04
ASCO Am. Society of Clinical Oncology V-Scientific Program (thru 06/08)
IRTS Int’l Radio & TV Society Newsmaker V-Breakfast
SANS CloudSecNext V-Summit
American Transplant Surgeons V-Connect (thru 06/09)
Amgen (AMGN) conf. call to discuss oncology drug trial pipeline presented at ASCO (4pm edt)
DisneyLand (DIS) opens ‘Avengers Campus’ for California Residents
FTSE-Russell Announces Preliminary Lists of Adds/Deletes for June 25th Index Changes (posted 6pm edt online)
FILMS OPENING where Theaters have reopened, and streamed otherwise, or also: "The Conjuring: The Devil Made Me Do It," w/Patrick Wilson, Vera Farmiga, Ruairi O’Connor, via Warner Bros. (T). Originally scheduled for Sept 2020 release, it’s been sitting on a shelf since June 2020. "Spirit Untamed," w/Isabel Merced, Jake Gyllenhaal, Marsal Martin, Mckenna Grace, Spirit a wild horse, for the record, by DreamWorks Animation (CMCSA), with a Taylor Swift soundtrack. "Samaritan," w/Sylvester Stallone, Martin Starr, Pilou Asbeck, Moises Arias, via United Artists Releasing/Universal Pictures (CMCSA). "Under the Stadium Lights," w/Milo Gibson, Abigail Hawk, and Laurence Fishbourne, based on the true "inspirational" story of small Texas town winning the state football championship, distributed by Saban Films. "Flashback," w/Dylan O’Brien, Maika Monroe, Amanda Brugel, written & directed by Christopher MacBride, originally known as ‘The Education of Frederick Fitzell,’ an indie film distributed by Lionsgate (LGF.A).
SATURDAY, 06/05
International Home Furniture Market—aka High Point (NC thru 06/09)
NAVC No. Am. Veterinary V-Conference (thru 06/09)
Neurodegenerative Diseases (Virtual)
153rd Belmont Stakes—Racing’s final leg in the Triple Crown, which no horse can win this year (Elmont, NY) EXCERPTS from EARLIER 2021 OUTLOOKS 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.