Nike, Micron, Porsche, Intuit and more stocks for investors to watch this week
It’s been a relatively quiet week, before the third-quarter earnings season storm picks up again in mid-October. A handful of major companies are reporting this week, while the peak of economic data will be the Federal Reserve’s preferred inflation measure.
Report from Cintas and Paychex on Wednesday, followed by
Duke Real Estate
shareholders will vote on the proposed merger of the companies on Wednesday. Shares of a luxury automaker
will begin trading in Frankfurt on Thursday.
Economic data released this week will include the Census Bureau’s Durable Goods Report for August and the Conference Board’s Consumer Confidence Index for September, both released on Tuesday. The Bureau of Economic Analysis releases the Personal Income and Expenditure report for August on Friday, which will include the personal consumption expenditure price index. The basic version of this gauge is what the Fed watches most closely.
Other data released this week relates to the U.S. housing market, including the Census Bureau’s new home sales data for August and S&P CoreLogic’s Case-Shiller National Home Price Index for July on Tuesday.
The Federal Reserve The Bank of Chicago publishes its national activity index for the month of August. The consensus estimate is for a reading of 0.32, slightly higher than July’s 0.27 figure. Prior to the July data, the index had two months of negative readings, indicating that the economy is growing at a slower pace than the historical average.
The Census Bureau releases data on new home sales for the month of August. Sales of new single-family homes are expected to decline by about 20,000 from July to a seasonally adjusted annual rate of 492,000.
The Census Bureau publishes the durable goods report for the month of August. Economists expect new orders for durable manufactured goods to remain flat month-over-month at $273.5 billion. Excluding transportation, new orders are expected to rise 0.2%, matching July’s gain.
The conference board publishes its consumer confidence index for September. Expectations are for a reading of 104, slightly higher than in August. The index has rebounded from this year’s low in July, but is nowhere near its recent high of last summer.
S&P Core Logic releases its national Case-Shiller home price index for July. The consensus call is for a 17% year-over-year jump from an 18% increase in June. While the index has seen a deceleration in the rate of growth, house prices continue to rise at a steady pace. Last week, Federal Reserve Chairman Jerome Powell said the housing market was likely to undergo a “correction” and house prices were “climbing to an unsustainable level”.
Cintas and Paychex release quarterly results.
Duke Realty and Prologis are organizing extraordinary general meetings to vote on their proposed merger, announced in June.
CarMax, Micron Technology and Nike are holding conference calls to discuss earnings.
organize their 2022 investor days.
The shares of Porsche, under the official listing name of Dr. Ing. hc F. Porsche, are expected to begin trading on the Frankfurt Stock Exchange. Porsche’s parent company Volkswagen has set a price range that would value the maker of the iconic 911 sports car between 70 billion euros and 75 billion euros ($68.9 billion to 73.6 billion). of dollars). It would be Europe’s largest initial public offering in more than a decade.
The Office of the Economy The analysis reports personal income and expenses for the month of August. Revenue is expected to rise 0.3% month over month, while expenses are expected to rise 0.2%. This compares to gains of 0.2% and 0.1%, respectively, in July. Economists forecast that the Fed’s favorite inflation gauge, the core personal consumption expenditure price index, will rise 4.8% year-over-year after rising 4.6% in July.
Write to Nicholas Jasinski at [email protected]