The benchmark S&P 500 index set yet another record this week and stayed above the 4,000-mark. Meanwhile, Dow Jones suffered a downturn mid-week, before recouping the losses amid strong gains in tech stocks.
Labor market recovery remained uneven as first-time jobless claims rose sequentially to 744,000, defying economists’ expectations for a decline. The deterioration, at a time when the vaccination drive is gaining steam, dampened optimism brought by the positive employment data earlier.
With many sectors shifting to consolidation mode, it was another busy week for the M&A market. One of the important deals was the buyout of Tel Aviv-based Blue Ribbon Software by fantasy sports operator DraftKings.
Further expanding its market in South America, media giant ViacomCBS clinched a deal with WarnerMedia to purchase Chilevisión. Signet Jewelers is enhancing its service offerings by acquiring the assets of jewelry rental subscription platform Rocksbox.
In a significant move, ExxonMobil is reportedly in talks with prospective buyers to divert its UK-based thermoplastic elastomer business, Advanced Elastomer Systems. Meanwhile, AMD‘s $35-billion acquisition of Xilinx moved closer to completion after shareholders approved the deal. Elsewhere, Canadian pot firm Canopy Growth agreed to buy The Supreme Cannabis Company for $435 million.
Payroll solutions provider Paychex stole the limelight for being the only big company to report earnings this week, which ended rather quietly. When Wall Street’s top banks usher in the first-quarter earnings season next week, it is expected to elicit significant investor interest, given the virus-related uncertainty and apprehension about economic recovery.
The season will start with cannabis firm Aphria and Fastenal reporting their financial results early next week. The reports of JPMorgan Chase, Wells Fargo, and Goldman Sachs will be released mid-week, which will be followed by a packed Thursday when Bank of America, Citigroup, and BlackRock are scheduled to unveil their latest operating statistics.
Key Earnings to Watch
Monday: Tata Consultancy Services, Aphria, and Inogen
Key US Economic Events
The following are notable companies which have reported their earnings last week. In case if you have missed catching up on their performance, click the respective links to skim through the transcripts to glean more insights.
If you want to listen to how management responds to analyst questions and the tone they use, you can head over to our YouTube channel to listen to conference calls on the go.
Digital healthcare firm SmileDirectClub Inc. (NASDAQ: SDC) reported a narrower net loss for the first quarter of 2021 amid modest revenue growth. While the bottom-line missed Wall Sreet's prediction, revenues
Virgin Galactic (NYSE: SPCE) reported first-quarter 2020 financial results after the regular market hours on Monday. The space tourism company reported zero revenue in the first quarter, compared to $238,000
The social media industry witnessed certain changes amid the COVID-19 pandemic last year. User numbers and engagement levels increased as people spent more time online to connect with family and