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8/5/18
Thomas Thornton
The Week Ahead - Key Events and Focus

The corporate earnings calendar will begin to diversify as we head into the back half of Q2 earnings with less large cap and more mid/small cap companies. We will also begin to see some broker conferences including Cowen communications, Jefferies Global Industrial, JPMorgan Auto and Canaccord Genuity growth conferences.

The economic calendar will be relatively quiet but we will see important economic data including US CPI and PPI and China FX reserves and trade balance,

S&P bullish sentiment finished the week at 78% rather elevated and near the 80%+ extreme zone again.  The US Dollar bullish sentiment reached 90% again and is quite extreme.   

Below I included some stats from the current US earnings season from Bespoke Research.  A lot of the action is similar to last quarter with historically high beat rates on EPS and Revs but there are a few signs of the positive gains moderating in the last few quarters.  Lastly, the Consumer Staples sector which I turned very positive on in May had some of the best stock reactions of any sector after earnings.  Have a great week and let's make it profitable.  
Earnings, Conferences, Economic Reports

    Monday 06-Aug:
      Corporate:
        Earnings:
        • Pre-open: CAH, CFX, HSIC, JEC, NWL, TSN
        • Post-close: ANDV, ANSS, BWXT, CPE, CRZO, ETSY, EVBG, FRGI, HTZ, KMT, MAR, MOS, OAS, OFIX, RBC, REN, RNG, THC, TLND, TUSK, TWLO, ZG
        Brokerage Conferences:
        • Cowen Communications Infrastructure
      Economic:
      • Europe: Germany: Factory Orders (Jun), Construction PMI (Jul),
    Tuesday 07-Aug:
      Corporate:
        Earnings:
        • Pre-open: ACM, AFI, ARMK, ATKR, CROX, DISCA, DNR, EMR, EPC, EXPD, LPX, MNK, ODP, SN, TGNA, XRAY
        • Post-close: ALB, AMBR, BECN, BOOT, CBLK, CSOD, CYBR, DDD, DIS, DXC, FOSL, HDP, HST, IFF, JAZZ, KAR, LC, MODN, MTCH, NEWR, PBPB, PE, PXD, PZZA, QTWO, SBOW, SFLY, SNAP, WEN, WK, XEC
        Brokerage Conferences:
        • Oppenheimer Technology, Internet & Communications
        • Cowen Communications Infrastructure
        • Jefferies Global Industrial
      • Analyst Meeting: DPZ,RBBN, XEL, PDVW, SAP.CN
      • PDUFA: VRTX (Orkambi); DRRX, PTIE (Remoxy),
      Economic:
      • US: JOLTs release (Jun), Consumer Credit (Jun)
      • Europe: Germany: Industrial Production (Jun), Trade Balance (Jun)
      • Asia (Mon PM / Tues AM): China: FX reserves (Jul) Japan: FX reserves (Jul), Trade Balance (Jul)
    Wednesday 08-Aug:
      Corporate:
        Earnings:
        • Pre-open: CVS, CNK, CRK, CRL, DEPO, ENDP, FI, FTT.CN, GVA, HZNP, KORS, MGA, MYL, STE, TGI, TRI, VSI, WWW
        • Post-close: BKNG, FOXA, EQIX, OXY, YELP, MNST, CTL, IAC, MELI, NUAN, FLS, JACK, AZPN, DNB, MUR, PDCE, FLO, LOPE, GDOT, PEGA, ROKU, CVNA, BCEI, APEI, SAIL
        Brokerage Conferences:
        • Canaccord Genuity Growth
        • Jefferies Global Industrial
        • JPMorgan Auto
        • Oppenheimer Technology, Internet & Communications
      • Analyst Meeting: XEL, FRPT
      • IPO: AMAL, MESA, VCNX
      • PDUFA: HLD200 (Benjorna)
      Economic:
      • Asia (Tues PM / Wed AM): China: Imports / Exports (Jul) Japan: Machinery orders (Jun)
    Thursday 09-Aug:
      Corporate:
        Earnings:
        • Pre-open: GOOS, LAUR, MMS, NCLH, NOG, PRGO, QBR.B.CN, TTI, VIAB, WIN
        • Post-close: CHUY, DBX, EPAY, FSCT, LGF.A, MIME, NWSA, PLNT, VSAT
        Brokerage Conferences:
        • Canaccord Genuity Growth
        • Jefferies Global Industrial
        • JPMorgan Auto
        • Credit Suisse Small & Mid Cap One-on-One
        • UBS Genomics
        • DA Davidson Technology
      • Analyst Meeting: AGYS, AZPN
      Economic:
      • US: PPI (Jul), Wholesale inventories (Jun)
      • Europe: Euro-zone: ECB economic bulletin
      • Asia (Wed PM / Thurs AM): China: CPI (Jul), PPI (Jul)
    Friday 10-Aug:
      Corporate:
        Earnings:
        • Pre-open: RUTH
      Economic:
      • US: CPI (Jul)
      • Europe: Euro-zone: Germany: UK: GDP (Q2-Prelim), Industrial Production (Jun), Manufacturing Production (Jun), Trade Balance (Jun)
      • Asia (Thurs PM / Fri AM): Japan: GDP (Prelim Q2)
 


Below are some stats on the recent US earnings season from Bespoke Research.  


Back in May, I turned very positive on Consumer Staples as there was a lot of negative sentiment, the top 5 weights were down 20% from highs and we had a plethora of downside DeMark exhaustion signals.  The earnings woes didn't matter as the group had a very positive reaction after earnings.  The only thing that I wanted to see was a pullback into wave 4 as a chance to buy more or buy back some that we took profits in June and July.  


Any comments, suggestions, or questions - please email info@hedgefundtelemetry.com
Occasionally, an earnings report date could change, or could be incorrect. We rely on various sources including Street Account, Factset, and Bloomberg to compile this report.    

 

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