Latest economic data evoked mixed sentiment this week — the rebound in economic activity has raised inflation concerns while jobless claims declined for the sixth week in a row. The benchmark S&P 500 index moved up to 4,246.34 on Thursday, setting a new record. The Dow Jones Industrial Average recovered from the recent dip but closed the last session down.
Semiconductor firm Xilinx, which is all set to join the AMD fold later this year under a $35-billion buyout deal, bought software tools provider Silexica for an undisclosed amount this week. In another deal involving semiconductor firms, Nvidia clinched a deal to buy tech startup DeepMap, which provides high-definition maps for autonomous vehicles.
Steel company Nucor Corporation has agreed to purchase the insulated metal panel business of Cornerstone Building Brands for about $1 billion. Meanwhile, there were unconfirmed reports that chipmaker Intel is in advanced talks with fabless semiconductor firm SiFive, to acquire the Arm-rival for about $2 billion.
Stitch Fix is probably the only major company to have reported on the first day of the week, posting a third-quarter loss that narrowed amid improved sales. On Wednesday, snack maker Campbell Soup Company disappointed its stakeholders with lower third-quarter profit and sales. In the after-hours, video game company GameStop, which has been the talk of the town for the unprecedented stock rally, reported rather unimpressive results for its most recent quarter.
With only a few major companies remaining to report this season, there will be fewer earnings events in the coming week. Tax solutions provider H&R Block and software giant Oracle will be unveiling their fourth-quarter numbers on June 15 after the market’s close.
Real estate company Lennar Corp. is scheduled to report the next day. But, the most closely followed event would be Adobe’s second-quarter report, which is expected on July 17. The same day, grocery chain Kroger Corp. is also slated to report earnings.
Key Earnings to Watch
Monday: HEXO Corp, Optical Cable Corp, Motorcar Parts of America, and Concrete Pumping Holdings
Tuesday: Elite Pharmaceuticals, ClearSign Technologies Corporation, H&R Block, Oracle Corp., and Volt Information Sciences
Wednesday: TRF Limited, La-Z-Boy Incorporated, and The Honest Company
Key Corporate Conferences to Watch
Key Investor Days/AGMs to Watch
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.
Visa Inc. (NYSE: V) reported first quarter 2023 earnings results today. Net revenues grew 12% year-over-year to $7.9 billion. GAAP net income rose 6% to $4.2 billion while EPS grew
Intel Corporation (NASDAQ: INTC) Thursday reported a decline in adjusted earnings and revenues for the fourth quarter. The semiconductor giant also provided guidance for the first quarter of 2023. Fourth-quarter
Shares of McCormick & Company Inc. (NYSE: MKC) were down over 5% on Thursday after the company missed expectations on its fourth quarter 2022 results and provided a lower-than-expected earnings