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Week ahead: AB Foods, Diageo, easyJet, Tesla and Microsoft among eagerly awaited earnings

Published 22/01/2023, 10:00
Updated 22/01/2023, 10:10
© Reuters.  Week ahead: AB Foods, Diageo, easyJet, Tesla and Microsoft among eagerly awaited earnings

© Reuters. Week ahead: AB Foods, Diageo, easyJet, Tesla and Microsoft among eagerly awaited earnings

Proactive Investors - The coming week has its fair share of big entries in the corporate calendar on both sides of the Atlantic, with London's diary including AB Foods, BAE Systems (LON:BAES), Diageo (LON:DGE), Fever Tree, IG Group, easyJet (LON:EZJ) and Wizz Air (LON:WIZZ).

Over the ocean, the earnings reports will include keenly awaited updates from Tesla, Microsoft, GE, IBM , Visa (NYSE:V) and Chevron (NYSE:CVX).

Among the week's macro matters, there are purchasing managers’ index (PMI) surveys for the UK and other major economics, US inflation and GDP, along with an interest rate hike expected from the Bank of Canada.

MONDAY 23 JANUARY

The diary is not totally quiet for the start of the week, with defence sector giant BAE Systems PLC (LSE:BA.) unveiling final results.

They are predicted to be “solid” and be accompanied by a bullish outlook from the blue-chip group, according to Barclays (LON:BARC) analysts.

Significant announcements on Monday

Interims: Oxford Cannabinoid Technologies Holdings PLC (LSE:OCTP, OTCQB:OCTHF), Van Elle PLC

Finals: BAE Systems PLC

AGMs: Midatech Pharma PLC

TUESDAY 24 JANUARY

Primark owner Associated British Foods PLC (LON:ABF) continues the retail theme from recent weeks.

It is predicted to have enjoyed a strong December in the UK at its fast fashion chain and its grocery brands are also expected to have benefited from inflation.

Across the Pond, Microsoft Corporation (NASDAQ:MSFT) carries the big tech earnings season into this week, fresh from cutting 10,000 jobs.

Back in October, markets were disappointed by a lacklustre first quarter that saw profits fall due to a combination of higher costs and softer demand, while second quarter numbers might also see talk about its acquisition of a stake in ChatGPT operator OpenAI.

“The implications of the underlying technology could be far reaching and this deal, along with the implied valuation of OpenAI, mark a potential turning point for broader adoption of artificial intelligence,” said analyst Matt Britzman at Hargreaves Lansdown (LON:HRGV).

Redmond’s earnings announcement follows the closing bell in New York, while before the open there will be numbers from 3M (NYSE:MMM), GE, J&J and Verizon (NYSE:VZ).

In macro news there is a fresh round of PMI surveys for the major economies’ services and manufacturing sectors for the first weeks of January.

Significant announcements on Tuesday

Finals: Oxford BioDynamics PLC (AIM:OBD), Sureserve Group, Velocity Composites PLC

Interims: Accrol Group Holdings PLC (AIM:ACRL)

Trading updates: Associated British Foods PLC (LSE:ABF), Boot (Henry) PLC, Staffline Group PLC (AIM:STAF)

AGMs: C4X Discovery Holdings PLC (AIM:C4XD), Marstons PLC

Economic updates: PMI Composite (UK), PMI Manufacturing (UK), PMI Services (UK), PMI composite (US), PMI Manufacturing (US), PMI Services (US), Public Sector Net Borrowing (UK)

US earnings Tuesday: Microsoft, Verizon, 3M Co (NYSE:MMM), General Electrics, Johnson & Johnson (NYSE:JNJ (NYSE:JNJ)), Intuitive Surgical (NASDAQ:NASDAQ:ISRG)

WEDNESDAY 25 JANUARY

Midweek and at a time of year when summer holidays have just been or are being booked by many, budget airline easyJet PLC reports.

The first-quarter update will reveal the full extent of trade-down trends among airline passengers and comes ahead of sector peer Wizz Air a day later.

There should also be a quarterly statement from CMC Markets PLC (LSE:CMCX), which recently added environmental, social and governance (ESG) scores and data to assets tradeable on its new stockbroking platform.

Later in the day, after the US closing bell, Tesla Inc (NASDAQ:NASDAQ:TSLA) will park its fourth-quarter earnings, which arrive off the back of a disappointing delivery update that leaves analysts still split.

Some lamented the end of the “Cindarella ride”, others said the company is at a big “fork in the road” but still remains well placed to capitalise on the electrification of road transport.

Elsewhere in the US, earnings include AT&G and Boeing (NYSE:BA) before the open and IBM after the close.

Significant announcements on Wednesday

Finals: Watkin Jones PLC (AIM:WJG)

Trading updates: CMC Markets PLC (LSE:CMCX), easyJet PLC, Fresnillo PLC (LSE:LON:FRES), Hvivo PLC, Quilter PLC (LSE:QLT), TI Fluid Systems PLC (LSE:TIFS), Tullow Oil PLC (LSE:LON:TLW)

AGMs: Infrastructure India PLC, Lowland Investment Company PLC, Majedie Investments PLC

Economic updates: MBA Mortgage Applications (US), Crude Oil Inventories (US), Producer Price Index (UK)

US earnings Wednesday: Tesla, AT&T, Automatic Data Processing, Boeing, International Business Machines (NYSE:IBM), ServiceNow Inc

THURSDAY 26 JANUARY

Diageo PLC (LSE:DGE) brought out conflicting thoughts from brokers ahead of its half-year numbers.

Indications about downtrading trends and inflation impacts on demand across the US, Europe and Africa, along with volatility in China were all reasons given by one analyst behind its estimate cuts.

Elsewhere in the drinks sector, analyst opinions are also mixed about FeverTree ahead of a trading update, with costs and margin guidance from the mixer manufacturer expected to be crucial.

Wizz Air Holdings PLC (AIM:WIZZ) follows peer easyJet, with its shares having outperformed its sector rivals and investor hopes that although the outlook will be bullish on cutting losses and unveil details about its Saudi Arabian plans.

Online CFD and stock broker IG Group Holdings Plc (LSE:LON:IGG) is also scheduled to report on a mostly positive first half.

We last heard from the FTSE 250-listed company back in September, when it said revenue for the first quarter increased 11%, though recent updates from rivals pointed to a slight slowdown in December.

Stateside, the focus is on financials, with Blackstone (NYSE:BX) and Mastercard (NYSE:MA) earnings before the opening bell and Visa’s after the close.

Significant announcements on Thursday

Finals: IDOX PLC (AIM:IDOX)

Interims: Diageo PLC (LSE:DGE), IG Group PLC, Rank Group PLC (LSE:LON:RNK), Time Finance plc (AIM:TIME)

Trading updates: 3i Group PLC (LSE:LON:III), Entain-BetMGM, Fevertree PLC, Intermediate Capital Group (LSE:LON:ICP) PLC, St James Place PLC, Tate & Lyle PLC (LSE:TATE), Wizz Air Holdings PLC (AIM:WIZZ)

AGMs: Auction Technology Group PLC (LSE:ATG), Barings Emerging EMEA Opportunities PLC, Britvic PLC (LSE:LON:BVIC), Greencore Group PLC (LSE:LON:GNC), Henderson European Focus Trust PLC (LSE:HEFT)

Economic updates: Balance of Trade (US), Durable Goods Orders (US), Gross Domestic Product (US), Initial Jobless Claims (US), Personal Consumption Expenditures (US), New Homes Sales (US)

US earnings Thursday: Visa, Blackstone, Mastercard, Intel Corp (NASDAQ:INTC)

FRIDAY 27 JANUARY

A quiet end to the week is expected.

Paragon Banking Group PLC (LSE:PAG) follows up its December final results with a trading update, with the specialist lender and banking group offering perhaps a preview of its larger rivals that are coming to market with their numbers next month.

Last month it said the economic backdrop has created a volatile operating environment, but it was entering 2023 with “strong margins, high quality loan books, robust pipelines, strong capital, cautious provisioning and well-developed franchises in each of our operating divisions”.

Elsewhere, we will hear from Industrials REIT, which also had results in December where it reported strong occupier demand driving “substantial” rental uplifts and said it was “well positioned to weather pressure on valuations and rising debt costs”.

And Chevron earnings in the US might be of interest for investors in Shell (LON:RDSa) ahead of its fourth-quarter results at the start of February.

Significant announcements on Friday

Trading updates: Industrials REIT Ltd (LSE:MLI, JSE:MLI), Paragon Banking Group PLC (LSE:PAG)

AGMs: Avon Protection PLC (LSE:AVON), Henderson Far East Income Ltd, On The Beach Group PLC

Economic updates: Personal Consumption Expenditure (US), Personal Incomes (US), Personal Spending (US), Pending Homes Sales (US)

US earnings Friday: American Express (NYSE:AXP), Chevron

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