This week, the spotlight was on the $1.9-trillion coronavirus relief package that became law after President Joe Biden officially signed the bill. The market responded positively to the much-awaited legislation and benchmark indexes S&P 500 and Dow Jones Industrial Average climbed to record highs on Thursday.
Earlier, the sentiment got a boost when the latest government data showed that jobless claims dropped to the lowest level since the early weeks of the pandemic as hiring improved.
The week began with some major M&A deals, including DuPont’s $2.3-billion buyout of Laird Performance Materials from Advent International and the $11-billion merger between Apollo Global Management and Athene Holding.
Meanwhile, payment solutions provider PayPal confirmed the purchase of crypto security company Curv and DropBox agreed to buy document analytics company DocSend. Continuing its acquisition spree, Accenture added European consulting firm fable+ to its fold. Elsewhere, Honeywell clinched a deal to acquire a majority stake in Fiplex Communications.
It was probably the quietest week this earnings season so far, with not many big companies announcing their quarterly results. Mid-week, Oracle’s stronger-than-expected Q3 outcome was shadowed by CEO Larry Ellison’s cautious guidance for the second half, resulting in a stock sell-off that drained several millions of the company’s market value.
On Tuesday, Dick’s Sporting Goods reported strong fourth-quarter numbers, riding the demand recovery during the holiday season. Another major announcement was DocuSign’s blockbuster fourth-quarter report. Next week, the market will be closely following the earnings report of CrowdStrike, the cybersecurity startup that achieved a surprise turnaround last year supported by virus-driven demand growth.
On the same day – March 16 – software provider Smartsheet is scheduled to publish its latest quarterly numbers. The main events of March 17 will include earnings announcements from Five Below and Cintas Corp. Thursday, March 18, will be a busy day as usual, with financial reports of Wall Street biggies Accenture, Dollar General, FedEx and Nike lined up for release.
Key Earnings to Watch
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.
MongoDB, Inc. (NASDAQ: MDB), the tech firm that pioneered a new method for creating databases, enables developers to work with high volumes of varied data effortlessly. The company this week
GameStop Corp. (NYSE: GME) reported a narrower net loss for the third quarter of 2022 despite the gaming company’s sales decreasing year-over-year. The company reported a net loss of $94.7 million
Shares of Signet Jewelers Limited (NYSE: SIG) were up 5% on Wednesday. The stock has gained 32% over the past three months. A day ago, the company delivered better-than-expected earnings