Benchmark stock indexes pared their recent gains early this week amid elevated inflation concerns, but regained a part of the momentum later aided by recovery in tech stocks.
The Dow Jones Industrial Average added around 500 points since Thursday’s open, while S&P 500 gained 1.7%. Meanwhile, labor market conditions continued to improve, with weekly jobless claims falling to a fresh pandemic low.
The market witnessed some important deals this week and the one that caught everyone’s attention was fashion retailer L Brand’s decision to spin off its popular lingerie brand Victoria’s Secret.
In a key development, shareholders of Alexion Pharma approved the purchase of the European vaccine major AstraZeneca. Meanwhile, network gear maker Cisco revealed plans to acquire event-management solutions provider Socio Labs and another tech firm Kenna Security.
Taking its digitization efforts to the next level, Walmart agreed to acquire Israel-based virtual fitting room platform Zeekit for an undisclosed amount. The other major deals of the week include the acquisition of Santa Monica-based delivery-return start-up Happy Returns by PayPal.
Kicking off a relatively dull earnings week, Tyson Foods came out with stronger-than-expected second-quarter results early Monday. The earnings report of Chinese micro-blogging platform Weibo Corp. was the only other major event. The next day, game publisher Electronic Arts reported mixed fourth-quarter results. Alibaba, Walt Disney and Aurora Cannabis reported on Thursday.
The market is headed into a significant week in terms of events, with some of the much-awaited announcement from the retail realm in the pipeline. Home Depot, Macy’s and Walmart will be reporting their latest quarterly numbers on May 18, providing valuable insights into the latest trend after the pandemic triggered a shopping boom early last year. Among others, China-based internet search firm Baidu and streaming platform Tencent Music Entertainment Group are expected to report at the start of the week.
Department store chain Target Corp. and troubled home improvement retailer Lowe’s Companies are preparing to unveil their first-quarter statements on May 19. The third-quarter report of Analog Devices is scheduled for the same day. Earnings of Kohl’s Corp. are on tap for May 20, when Applied Materials and Palo Alto Networks are also expected to report. Another important event is the March-quarter report of Deere & Co., which is due on May 21.
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.
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