On the heels of lawmakers moving closer to passing the stimulus bill, inflation concerns gripped the market after Federal Reserve chief Jerome Powell at a meeting said the reopening would put pressure on prices.
After starting the week on a positive note, benchmark indexes S&P 500 and Dow Jones Industrial Average withdrew and slipped to a one-month low before ending the last session. They were down 1.34% and 1.11% respectively early Friday. Earlier, sentiment had improved after jobless claims came in below economists’ forecast.
After a relatively quiet period, consolidations seem to be making a comeback. Continuing its acquisition spree, Accenture clinched at least four deals this week, with the buyout of UK-based talent consultancy Cirrus Logic topping the list.
The professional services firm also agreed to buy Brazil-based robotics solutions provider Pollux and Australian logistics consultancy GRA. The other business that joined the Accenture fold is technology solutions provider REPL Group.
Agilent Technologies agreed to acquire Resolution Bioscience for $695 million, while Taco Bell owner Yum! Brands bought artificial intelligence provider Kvantum. The other key deals include Digital Turbine’s purchase of Israel-based mobile advertising company Triapodi Ltd, and the $1.45-billion acquisition of UK-based Capco by Indian software giant Wipro.
Once again, retailers dominated the earnings scene, with department store operators Kohl’s and Target Corp. publishing their latest statistics on Tuesday, followed by discount chain Dollar Tree on Wednesday. The next day, Kroger Company and warehouse giant Costco Corp. delivered mixed results for their most recent quarters amid tough-year-over comparison.
Chipmaker Broadcom’s first-quarter report was the other major announcement of the week. As Wall Street approaches the fag end of the earnings season, Oracle’s third-quarter financial report is probably the most-awaited announcement next week — scheduled for March 10.
Prior to that, H&R Block and Dick’s Sporting Goods are expected to report on March 9. As the week progresses, Ulta Beauty will be unveiling fourth-quarter numbers on March 11.
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.
Customer relationship management platform Salesforce, Inc. (NYSE: CRM) reported higher earnings and revenues for the third quarter of 2024. Earnings also topped expectations. Third-quarter profit, excluding non-recurring items, increased to
Auto parts retailer AutoZone, Inc. (NYSE: AZO) is preparing to report first-quarter results next week, after delivering better-than-expected quarterly earnings consistently in recent years. Analysts forecast an increase in profit
Shares of Hormel Foods Corporation (NYSE: HRL) were down over 4% on Wednesday after the company delivered fourth quarter 2023 earnings results that fell below expectations. The stock has dropped