What You missed LAST Week:
QUARTER
ENDS
March 29, 2021April 02, 2021 Monday, when Fed Gov Waller speaks, we believe it will
be his first public speech since his nomination cleared the US Senate. Other Fed speakers
include Quarles, NY Feds Williams, Dallas Feds Kaplan, and Philly Feds
Harker, but nothing like last weeks Powell et al onslaught. Still, given Equities
trade only 4 days, this week, thats a lot of Fed speakers for a short week.
The quarter ends Wednesday, the Bureau of Labor Statistics releasing March Unemployment
Data Friday, even though Equities will be closed. Because of the BLS, the Bond Market will
remain open until noon, Friday, a rare instance when Equities are closed and the Bond
market will be openalbeit only for the morning. Data besides Fridays
Employment Report includes both the FHFA & Case Shiller Jan Home Price Indices,
Tuesday, and Wednesdays March Pending Home Sales from the National Association of
RealtorsNAR to Cognoscenti. Thursday, to open the new month, well get PMIs,
ISMs, and Vehicle Sales from those who still report such datathe biggest 2 US OEMs,
perhaps not releasing their sales until they report their Quarters in late April or early
May. In short, the Treasury Issuance Calendar is light, the Economic Data Calendar heavy
by comparison.
However, with Friday a holiday, and next weekend promising Easter, whatever plans PMs have
to rebalance their portfolios to end the month will be largely finished by
Wednesdayany buying intentions likely to wait until after Easter Sunday.
The Earnings Calendar is particularly thin, with Micron Technology & Walgreens Boots
Alliance, both Wednesday. There are a few other tickers highlighted, including BioNTech,
Chewy, McCormick (the spice company) and PVH, formerly Phillips Van Heusen, but neither
BNTX nor CHWY are highlighted because of their Earnings. On the contrary, CHWY is better
known, right now, for its founders position at GameStop, and BNTX known for the
vaccines it partnered with Pfizer to produce. CarMax on Thursday could be the overlooked
report that might surprise the most, as Used Car prices have been rising, making for
better margins until the cost of buying its inventory gets too high to justify.
The Event Calendar is what you should expect from a week shortened by a holidaynot
to mention the fact that Monday is the 2nd day of Passover which for some, is a
holiday. If I had to circle one event that stands out, this week, it might be B.
Rileys Spring Sports Betting & Gaming Conference, given the interest in those
topics, right now. Much as Guggenheims Genomic Medicines & Rare Diseases peaks
the interest, given its scheduling on a day when many will work half a day, if at
all, it could get lost in the shuffle.
Stocks have been reaching new highs so regularly, it doesnt make sense to bet
against them. On the other hand, with a new Quarter starting, and the possibility that
Earnings Warnings could be few and far between, any that crop up could upset the market
more than they normally would. In short, the unusual, rather than the expected is what
could upset the trendand I dont see much of that arriving too soon. But I
would watch the big tech names that have been left on the side of the road. If
theyre going to see a renaissance, a new quarter would be a good time for that.
ECONOMIC: (Highlights, only, below.
Full Intl
Economic Calendar & Links here)
SUNDAY, 03/28
OVERNIGHT into US Mon. a.m. et:
BoJ Summary of Opinions
BoE Feb Consumer Credit
UK Nationwide Mar Housing Prices, Mortgage
Approvals/Lending
MONDAY, 03/29
Dallas Fed Mar Manufacturing Index
BoE FPC (until 03/31) Dir of Financial Stability/Strategy/Risk @Reuters Newsmaker (3pm
bst)
Fed Gov Waller on Federal Reserve Independence @Peterson Institute (1pm et)
US Treasury Auctions $57B 3- & $54B 6-month Bills
OVERNIGHT into US Tues. a.m. et:
Japan Feb Unemployment Rate, Jobs/Applicants,
Retail Sales
EU, France, Germany, Italy, Spain CPI/HICP
Tom Mutton (BoE dir of FinTech) City & Financial
Future Regulation of Cryptoassets V-Sum-mit: "Towards a Central Bank Digital
Currency (CBDC): Opportunities & Challenges (9:30am gst)
ECB MPC McCaul panelist @AON Global webinar
TUESDAY, 03/30
Redbook weekly store sales snapshot
Fed V.Ch. Quarles on Financial Stability Board @Peterson Institute (9am et)
FHFA Jan House Price Index
S&P/CaseShiller Jan Home Price Index
Conference Boards Mar Consumer Confidence
US Treasury Auctions $40B reopened 42-day Bills
Demand Compensation & the Strength of Recoveries FRB Atlanta/MIT (11:45am et)
K.C. Fed Banking & Economy: "Exploring Central Bank Digital Currency" (noon
ct)
Feds Williams (2:30pm et) on Role Small Business Plays on Building Financial
Resilience for the 50+ @State of the 50+ Entrepreneur Jt NY Fed/AARP V-Event (2pm
est)
OVERNIGHT into US Wed. a.m. et:
China NBS: Mar
Manufacturing/non-Manufacturing/Composite PMI
UK BRC Shop Price Index
Swiss ZEW March Conditions/Expectations Survey
BoE monthly Decision Maker Panel Data (9:30am
gst)
UK 4Q20 GDP/Business Investment/Current Account
WEDNESDAY, 03/31
MBA weekly Mortgage Purchase/Refinance Applications
Canada Jan GDP, Feb PPI/RMPI (Raw Materials Prices)/IPPI
ADP March US Private Payrolls Report
Chicago March PMI
SNB (Swiss) Quarterly Bulletin
NAR Mar Pending Home Sales
EIA weekly Petroleum/Gasoline/Distillates/Refineries Report (10:30am et)
USDA Planting Plans
Large Bank Relief from SLR (Supplemental Leverage Ratio) Expires at midnight
OVERNIGHT into US Thurs. a.m. et:
Japan Q1 Tankan Manufacturing/non-Manufacturing
Index/Outlook
So. Korea Mar Trade Balance, Nikkei Mnftg PMI
Aussie Feb Trade Balance, Home Loans, Retail Sales
Japan Jibun Bank Mar Mnftg PMI
Japan Inc ends its Fiscal Year, though wile Yen moves
unlikely
LME starts inspection of Commodity Warehouses anytime, now
EU, France, Germany, Italy March Markit Mnftg PMI
THURSDAY, APRIL 01
Challenger March US Job Cuts
US weekly Initial Jobless Claims/Continuing Claims
US Feb Construction Spending
Markit March US Manufacturing PMI
US March Manufacturing ISM/Prices/Employment/Orders/Shipments
EIA weekly Natural Gas Draws/Injections/Stockpiles Report
S.F. Fed sponsored V-Seminar on Climate Economics: The Food Problem & Aggregate
Productivity-Consequences of Climate Change (11am et)
US Treasury Auctions 4-, & 8-week Bills (values announced mid-week)
Russia 4Q20 GDP
Baker-Hughes weekly US/No. Am. Total/Oil rig Count (1pm et)
Feds Harker hosts Philly Fed/Conference of State Bank Supervisors Jt FinTech
V-Symposium (1pm thru 04/02)
FRB Atlanta/EMORY V-Seminar: Do Credit Conditions Move House Prices? (4pm et)
Dallas Feds Kaplan Global Perspectives/Michael Beschloss, author
"Presidents of War" (5pm)
OVERNIGHT into US Fri. a.m. et:
Wards March US Vehicle Sales
FRIDAY, 04/02
March US Unemployment Report Released (8:30am et)
March New York ISM Index
US Bond Markets OPEN until Noon
US Equity Markets CLOSED ALL DAY
Good Friday
SATURDAY, 04/03
Holy Saturday
SUNDAY, 04/04
Easter Sunday
MONDAY, 04/05
Easter Monday Holiday in most Western Markets ex-US
WEEKS AHEAD:
04/07 FOMC Minutes of March
1617 Meeting
04/21 Bk of Canada FPC
Meets
04/22 ECB MPC Meets
04/27 BoJ MPC Meets
04/2728 FOMC Meets
05/06 BoE FPC Meets
EARNINGS: (We cover only the
money-center banks, largest regional banks, and largest foreign banks traded on US Equity
Exchanges. If youre an investor partial to banks of all sizes, outside that
perimeter, were not the place for you. If a reporting date couldnt be
confirmed by Thursday, at noon but seems reasonable (based on past experience), we note
that ticker in lower case letters, followed by 3 question marks. Some provide no heads-up.
Those that require us to accept ALL cookies before allowing us a peek at investor
information are UNacceptable to us. Tickers in bold are those we expect to attract the
most attention, whether we think its justified, or not, favoring consumer
discretionary & so-called meme names. Once in a while, we embolden a
ticker because it appears the Street is missing the prospects, particularly those that
have consistently beaten Street estimates in several recent quarters, OR because the chart
blows us away. We ignore The in a company name unless its integral to
the ticker, which its not, in most cases.)
MONDAY, 03/29: GOED, ABCL, ACTG, AACG, BIOC, CALM, GATO, GSMG, QD, SEER,
SRAX, NCTY, tgi???, PCVX
TUESDAY, 03/30: MASS, ASO, ango???, APR, RKDA, BOSC, BEEM, BLCM, BNTX,
BB, CHWY, CAAS, CWBR, CAAP, CRNX, DARE, DYAI, EDAP, ELDN, FDS, GVA, HYGM,
HYRE, IGMS, KNDI, LULU, MKC, NGS, OSMT, OZON, PIRS, PTE, PLX, PVH,
QIWI, REED, TH, TOMZ, USIO, VJET
WEDNESDAY, 03/31: AYI, aehr??? APYX, FUV, EARS, PHGE, CSSE, CRTD, PLAY,
DCTH, DGLY, dlpn???, EVK, GNLN, GVP, GES, IDEX, mag???, MU, MICT, nak???,
NG, PRPO, PRPH, MARK, SJT, SPWH, UNF, VERB, VTRU, WBA, WLMS
THURSDAY, 04/01: KMX, CWCO, FC
FRIDAY, 04/02: NONE
EVENTS:
SUNDAY, 03/28
CHPA Consumer Healthcare Products Assn Executive V-Conference (thru 27th)
Harvard Business School Social Enterprise V-Conference
World Congress of Cardiology & Cardiovascular Health (Hybrid-Yokohama Japan)
SEAPEX Exploration Conference (Singapore)
MONDAY, 03/29
JPMorgan 10th Annual Napa Valley V-Forum (thru 31st)
B Riley Securities Spring Sports Betting & Gaming V-Conference
HSBC West Coast Financials V-Conference (thru 04/02)
HIDA (Health Industry Distributors) Executive V-Conference
NMR 62nd Experimental Nuclear Magnetic Resonance V-Conference (thru 31st)
World of Asphalt V-Annual (thru 31st)
Moran Stanley 11th Annual Hong Kong Investor V-Summit (thru 31st)
Jefferies China Internet 1x1 V-Days (thru 03/30)
CoalTrans China (Hybrid thru 31st)
Microsoft (MSFT) MVP Global V-Summit (thru 04/01)
TUESDAY, 03/30
CIBC Annual Retail & Consumer Conference (Toronto Cda)
Platts 17th Steel Markets No. Am. Webinar
Healthtech OPT CongressOligonucleotide Discovery & Delivery (thru 31st)
Jefferies Pan-European Mid-Cap 1x1 V-Conference (thru 04/01)
Exane BNP Paribas DILS CEO V-Event
Macquarie Indonesia Mining V-Day
20th China Intl Petroleum & Petrochemical Technology &
Equipment Expo (Beijing thru 04/01)
Power- Gen IntlDistribu-Tech (Postponed to Jan 2022)
(The) Andersons (ANDE) V-Marketing w/Stephens
Cisco (CSCO) Live! (virtual thru 04/01)
FootLocker Inc (FL) V-NDR Mngmnt Call w/B RIley
Grande West Transportation (BUS.CA) 1x1 Conf Call w/B Riley
BP Strategies Corp (GPX) V-NDR//Mngmnt call w/B Riley
GT Biopharma (GTBP) V-NDR 1x1 Conference call w/B Riley
Otis Worldwide (OTIS) ESG Conference Call (9am edt)
WEDNESDAY, 03/31
RBC Capital Real Estate Panel V-SeriesOutlook for the Office
TD Securities Engineering & Construction V-Conference
Stifel CNS V-Day
Building Industry Show (BIS) Postponed
Bank Relief from SLR (Supplemental Leverage Ratio) Expires at midnight
Kids @Play Family Tech Summit (OnDemand; postponed from Jan. CES thru 06/11)
SNAC Intl Bite-sized Insights into Future of Health & Snacking webinar
Cal-Maine Foods (CALM) V-marketing w/Stephens
Del Taco Restaurants Inc (TACO) V-marketing w/C L King
Hasbro (HAS) Pres/CEO John Frascotti becomes an advisor to new CEO Brian Goldner
Kroger (KR) Investor Conference (9am et)
Medallion Financial Corp (WFIN) Mgnmnt call w/B Riley
News Corp (NWSA) WSJ Artificial Intelligence Executive V-Forum: Unlocking Value in
the New Normal
Stoneridge Inc (SRI) V-Marketing w/Stephens
THURSDAY, 04/01
Guggenheim Healthcare V-Talks: 2021 Genomic Medicines & Rare Disease
NY Intl Auto Show (NYIAS) Postponed until August
MLB (Major League Baseball) season Opens with EVERY TEAM playing
Acceleron Pharma (XLRN) V-NDR w/Wolfe Research
FRIDAY, 04/02
Good Friday
JPMorgan Auto Conference likely postponed until August, with NYIAS
US Bond Markets Open Until Noon
US Equity Markets CLOSED ALL Day
FILMS OPENING where theaters have reopened (streamed, otherwise): "Godzilla vs
Kong," w/Alexander Skarsgard, Millie bobby Brown, Rebecca Hall, via Warner Bros
(T). "The Unholy," with Jeffrey Dean Morgan Cary Elwes, Katie
Aselton, William Sadler, via Screen Gems (SNE). "French Exit,"
with Michelle Pfeiffer, Lucas Hedges, Tracy Letts, Imogen Poots, based on a book by
Patrick deWitt, via Sony Pictures Classics (SNE). "Every Breath You
Take," with Michelle Monaghan, Sam Claflin, Casey Affleck, distributed by
Vertical Entertainment. "The Girl Who Believes in Miracles," w/Mira
Sorvino, Kevin Sorbo, Peter Coyote, via Atlas Distribution.
SATURDAY, 04/03
Holy Saturday
NCAA Mens Division 1 March Madness Final 4 (Indianapolis IN ESPN [DIS])
EXCERPTS from EARLIER 2021 OUTLOOKS HERE
© Sandi Lynne 2021 Nothing contained in this commentary is intended as a recommendation
to buy or sell any security. The opinions expressed are the authors, alone, and
should be just one factor in more complete due diligence.
Enjoy last week's highlights. I'm retired, now, and prepare what I like, when I want,
Regards
Sandi Lynne
(c) 1998--2021
Sandi Lynne