(The Day Ahead is an email and PDF publication that includes the day’s major stories and events, analyses and other features. To receive The Day Ahead, Eikon users can register at . Thomson One users can register at RT/DAY/US. All times in ET/GMT) Week Ahead
The meandering, somewhat disrupted activity in the markets should probably continue for most of next week, as investors keep adjusting to lowered earnings forecasts and the uncertain direction of the dollar. The greenback may continue to feel some pressure as funds flock to Europe - an additional $5.4 billion went into EU funds this past week, but it is possible that the QE effect will eventually run dry. Markets will probably trade very light into Friday’s jobs report, because it comes on a day when the US equity market is closed and most world markets are also shut.
Monsanto Co, the world’s largest seed company, reports second-quarter results on Wednesday. The company, which makes the world’s most widely used herbicide Roundup, is seeking to calm rising concerns that the key ingredient in its herbicide could be cancer-causing after an international health organization on March 20 linked glyphosate to cancer. Investors will look for more details on that and comments on its progress on new products.
Micron Technology reports second-quarter earnings on Thursday. The company, which makes DRAM and NAND chips for personal computers, smartphones, servers and other devices, said in January it expects revenue between $4.1 billion and $4.3 billion.
Federal Reserve Chair Janet Yellen gives opening remarks before the Federal Reserve’s “Economic Mobility: Research & Ideas on Strengthening Families, Communities & the Economy” conference in Washington on Thursday. (0830/1230)
CarMax Inc, the largest U.S. used-car seller, is scheduled to report earnings for the second quarter on Thursday. The company reported a 16 percent rise in revenue in the previous quarter as easier availability of credit helped it sell more pre-owned vehicles at higher prices.
Automakers are set to unveil new, mostly luxury models at the New York Auto Show on Wednesday at the Javits Center. General Motors will unveil its new top of the line Cadillac car, the CT6. The most important thing about the car is under its skin, a body made of aluminum, steel and plastic mixed together with the help of a supercomputer to produce what GM engineers believe is the best balance between strength and weight.
Warren Buffett is scheduled to address a ballroom full of car dealers at a conference in New York City sponsored by the National Auto Dealers Association on Tuesday. Buffett’s Berkshire Hathaway recently acquired a big auto dealership chain, and Buffett has said he wants to buy more.
Hardwood flooring retailer Lumber Liquidators Holdings Inc will update its net sales through March 31 on Thursday. The company expects to host its first-quarter earnings call in late April, when it will comment on demand trends after a report from CBS’s “60 Minutes” alleged the company’s flooring had higher-than-permitted levels of formaldehyde, a known carcinogen.
Web hosting company GoDaddy’s initial public offering is expected to raise about $418 million, valuing the company at up to $2.87 billion. The Internet domain registrar, many of whose Super Bowl advertisements featured race car driver Danica Patrick, competes with Amazon, Google and Microsoft. GoDaddy, which manages about a fifth of the world’s Internet domains, was acquired by a private equity consortium led by KKR and Silver Lake in 2011. The company has added more than 1.1 million customers in 2014 and has expanded its services to small and medium-sized businesses such as website building and web hosting. The company’s debut on Wednesday is expected to signal a revival of technology IPOs in United States, which have nearly halved in the first quarter.
Fertilizer company Mosaic Co holds its annual analyst day in Florida on Tuesday. Some expect the company to boost its dividend or announce a share buyback. Also of interest are the company’s comments on recent tax changes in Saskatchewan, the Canadian province where Mosaic mines potash, update on talks with Chinese buyers about an overdue potash supply contract and company’s acquisition plans will be on agenda.
On Wednesday, Mexico’s central bank will release its survey of analysts on inflation and growth. Also on Wednesday gross fixed investment data will be released for January and the HSBC PMI will reveal how factory sentiment fared in March, after hitting a 3-month low in February.
Monday March 30
The U.S. Commerce Department is scheduled to issue personal consumption expenditures index and personal income figures for February. (0830/1230) Later, National Association of Realtors issue pending home sales index for February. (1000/1400) Federal Reserve Bank of Dallas is scheduled to release manufacturing outlook survey for March. (1030/1430)
Federal Reserve Vice Chair Stanley Fischer speaks at a dinner before the 2015 Financial Markets Conference hosted by the Federal Reserve Bank of Atlanta. (1915/2315)
Pershing Square Capital CEO Bill Ackman, who has been at the center of a fight over Allergan and Herbalife, is scheduled to speak at Council of Institutional Investors spring conference. His appearance comes just few weeks after SEC Chair Mary Jo White referenced his takeover tactics in a speech, without naming him.
Mexico’s finance ministry releases the fiscal balance for February. (1630/2030) (Compiled by Astha Rawat in Bengaluru; Editing by Joyjeet Das)