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04/19/2024
Thomas Thornton
The Week Ahead - Key Events and Focus

Q1 is in the books and it will be interesting to see how investors want to start the quarter after the first down quarter in 10 quarters.  Earnings expectations have down ticked slightly from the lofty expectations set in January but have they come down enough in line with current valuations?  The other question is has the US and other countries lost any economic momentum after a volatile quarter?  Earnings will start in earnest the following week with the big banks leading off the season while on the economic front most of the focus will be on Manufacturing PMIs in US and China on Monday and Euro-zone on Tuesday. On Wednesday, all eyes will be on Europe and CPI report and if they will hit the ECB targets.  In the back half of the week we will start to see Jobs report numbers for March culminating with U.S. Jobs report Friday Morning along with consumer credit.

A few earnings highlights this week will be PLAY, AYI, LEN, MON and TSLA will report deliveries on either Monday or Wednesday.  I couldn't confirm.  Considering Tesla has had a busy weekend of negative disclosures these numbers will be watched closely.  Everyone knows they had a terrible quarter but how bad was it?

There are a few PDUFA hearings this week with MRK Keytruda on Tuesday and CLVS, PFE Rubraca as well as JNJ, PCRX, VEC.LN, Exparel on Friday.

Last week, bullish sentiment for the S&P on Thursday was 23% bulls.  Up from 10% from last Friday despite the week being down 2.69%.  There continues to be a lot of downside DeMark exhaustion signals seen on the DeMark screens within the S&P 1500 and Euro Stoxx 600.  This is a positive yet occurring within the middle of the downside wave sequence makes this a tricky call.  I'll be all over this as usual on the Hedge Fund Telemetry Daily Note all week.  Lastly,Trump continues to tweet negatively about Amazon and considering AMZN has been the largest attribute within the S&P and NDX this will add to potentially more volatility.  Have a great week!
Earnings, Conferences, Economic Reports


    Monday 02-Apr:
      Corporate
      • IPO: SPOT
      Economic:
      • US: Manufacturing PMI (Mar), ISM Manufacturing Index (Mar), Construction Spending (Feb)
      • Asia: China Caixin Manufacturing PMI, Japan Manufacturing PMI (Mar)
    Tuesday 03-Apr:
      Corporate:
        Earnings:
        • Post-close: CLDR, PLAY
        Brokerage Conferences:
        • Cowen & Co. Future of the Consumer Conference
      • Analyst Meeting: ANIK, QDEL
      • PDUFA: MRK (Keytruda)
      Economic:
      • Europe: Euro-Zone Markit PMI Manufacturing (Mar), Germany Retail Sales (Feb), Markit PMI Manufacturing (Mar), UK CIPS Manufacturing PMI (Mar)
    Wednesday 04-Apr:
      Corporate:
        Earnings:
        • Pre-open: AYI, KMX, LEN
        • Post-close: OLLI
      • Analyst Meeting: SWX, TECK.B.CN
      Economic:
      • US: ADP jobs report (Mar), Markit Services PMI (Mar), Non-Manufacturing ISM (Mar), Factory orders (Feb), Durable goods Cap good (Feb) Fed Speakers Bullard, Mester
      • Europe: Euro-zone Unemployment (Feb), CPI (Mar), UK CIPS construction PMI (Mar)
      • Asia: China Caixin PMI (Mar),
    Thursday 05-Apr:
      Corporate:
        Earnings:
        • Pre-open: CJR.B.CN, CONN, MON, RPM
        • Post-close: ATEN
      • Analyst Meeting: SBBP, NTAP, RCH.CN, DRRX
      Economic:
      • US: Trade balance (Feb), Initial Jobless Claims (Mar)
      • Europe: Euro-zone Markit PMI Composite (Mar), PPI (Feb), Retail Sales (Feb). Germany Factory orders (Feb), Services PMI (Mar), UK Services PMI (Mar)
    Friday 06-Apr:
      Corporate:
      • Analyst Meeting: TVTY
      • PDUFA: CLVS, PFE (Rubraca), DSM.NA, JNJ, PCRX, VEC.LN (Exparel)
      Economic:
      • US: Nonfarm Payrolls (Mar), Unemployment Rate (Mar), Consumer Credit (Feb)
      • Europe: German Industrial Production (Feb), German PMI (Mar) Euro-zone Retail (PMI)
      • Asia: China FX reserves (Mar) (Fri Night)
 


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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