Encouraging data from the labor market and optimism brought on by the stimulus package bolstered stock markets this week. Benchmark indexes Dow Jones Industrial Average and S&P 500 bounced back from the mid-week slump and settled close to last week’s record high, led by bank stocks even as inflation concerns eased.
This week, the market was abuzz with reports of Microsoft’s unconfirmed bid to take over instant messaging platform Discord in a $10-billion deal, enlivening the otherwise dull M&A space. Among the confirmed deals, the $7.2-billion merger between tech firm Synnex Corp. and Tech Data, currently owned by fund manager Apollo Global, elicited much interest among the stakeholders.
The other technology deals include the acquisition of India-based robotic process automation company Intellibot by ServiceNow and the buyout of Austin-based Hook Bang by gaming giant Take-Two Interactive.
Elsewhere, Yum Brands! bought Israeli omnichannel marketing platform Tictuk Technologies for an undisclosed amount, while professional services firm Cognizant is set to boost its autonomous/electric vehicle prowess through the proposed acquisition of ESG Mobility. On Thursday, Fiserv revealed plans to buy payment technology company Pineapple Payments as part of streamlining operations.
After reporting double-digit earnings growth for the third quarter, consumer foods company General Mills early last week exuded confidence that the momentum would be maintained in the coming months. GameStop, which recently sent financial markets into a tizzy with unusually volatile stock movement, on Tuesday unveiled mixed results for the fourth quarter.
With the business world getting ready for the next earnings season, the only other major announcement was Adobe’s impressive first-quarter report.
Going forward, the spotlight will be on Walgreens Boots Alliance, the retail pharmacy giant that is scheduled to release the latest quarterly report on March 31. On the same day, chipmaker Micron Technology is expected to post second-quarter earnings.
Prior to that, the latest quarterly report of Lululemon Athletica is slated for release on March 30. The apparel retailer will be joined by online pet store Chewy on the same day. On April 1, Carmax will be publishing its year-end financial report.
Key Earnings to Watch
Wednesday: Acuity Brands, Walgreens Boots Alliance, Guess?, and Micron Technology
Key Corporate Conferences 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.
Semiconductor company Broadcom, Inc. (NASDAQ: AVGO) on Thursday reported stronger-than-expected earnings for the fourth quarter. The tech firm also provided guidance for fiscal 2024. Earnings, excluding non-recurring items, came in
As Costco Wholesale Corporation (NASDAQ: COST) prepares to publish its first-quarter earnings, the warehouse behemoth’s stock climbed to an all-time high this week. When it reports the results next week,
Shares of Dollar General Corporation (NYSE: DG) turned red on Thursday despite the company delivering better-than-expected results for the third quarter of 2023. The stock has dropped 46% year-to-date. Although