As we begin the first full week of November, there are still have a plethora of earnings reports on the way and a slew of economic data to be digested.
On the economic data docket, we can look forward to the following:
Economic Reports
Monday, Nov. 4: September Factor Orders.
Tuesday, Nov. 5: September Trade Balance, October ISM Non-Manufacturing Index.
Wednesday, Nov. 6: Weekly MBA Mortgage Applications Index, Preliminary 3Q 2019 Productivity and Unit Labor Cost data, Weekly EIA Crude Oil Inventories.
Thursday, Nov. 7: Weekly jobless claims and EIA Natural Gas Inventory data, September Consumer Credit
Friday, Nov. 8: September Wholesale Inventories, Preliminary Consumer Credit.
Season Gets Its Second Wind
Now let's turn back to September-quarter earnings season.
As we enter this week, 71% of the S&P 500 companies have reported their quarterly earnings and while, in aggregate, those reports have been better than expected, September-quarter earnings for the S&P 500 are still projected to fall 2.7% year over year. Moreover, the consensus view now has December-quarter earnings coming in sequentially weaker from the current quarter. Aggregating those second-half revisions, year-over-year EPS growth for the S&P 500 is now expected to be just 1.3% -- a far cry from over 10% this time last year.
Over the next five days, more than 1,200 companies will report their quarter results and among them will be another 90 S&P 500 constituents. By the end of the week, almost 90% of the index will have reported.
Here are some of the key reports that we'll be watching each day:
Monday, Nov. 4: Bausch Health (BHC) , Ferrari (RACE) , Sprint S, Under Armour (UAA) , Allscripts Healthcare (MDRX) , Aqua America (WTR) , Brookdale Senior Living (BKD) , Chegg (CHGG) , Freshpet (FRPT) , Groupon (GRPN) , Marriott (MAR) , Shake Shack (SHAK) , TheRealReal (REAL) , Uber (UBER) .
Tuesday, Nov. 5: Balchem (BCPC) , Emerson (EMR) , Henry Schein (HSIC) , Mylan NV (MYL) , Peloton (PTON) , Tapestry (TPR) , Alarm.com (ALRM) , Caesars Entertainment (CZR) , LendingClub (LC) , Omega Health (OHI) , Red Robin Gourmet (RRGB) , WW (WW) .
Wednesday, Nov. 6: Bloomin' Brands (BLMN) , Capri Holdings (CPRI) , Cars.com (CARS) , Cedar Fair (FUN) , CNH Industrial (CNHI) , Coty (COTY) , CVS Health (CVS) , Darling Ingredients (DAR) , Humana (HUM) , Lumber Liquidators (LL) , New York Times (NYT) , Papa John's (PZZA) , Physician's Trust Realty (DOC) , Vulcan Material (VMC) , Wendy's (WEN) , Baidu (BIDU) , CenturyLink (CTL) , Expedia Group (EXPE) , Hostess Brands (TWNK) , Immersion (IMMR) , Qualcomm (QCOM) , Square (SQ) .
Thursday, Nov. 7: AMC Entertainment (AMC) , Ceva (CEVA) , Discovery (DISCA) , Hain Celestial (HAIN) , Johnson Controls (JCI) , Keurig Dr Pepper (KDP) , Madison Square Garden (MSG) , Medifast (MED) , Ralph Lauren (RL) , Wolverine (WWW) , Zoetis (ZTS) , Activision Blizzard (ATVI) , DISH Network (DISH) , Dropbox (DBX) , KushCo (KSHB) , Stamps.com (STMP) , Symantec (SYMC) , Synaptics (SYNA) , Take-Two Interactive (TTWO) , Tivo (TIVO) , Walt Disney (DIS) , Wynn Resorts (WYNN) , Yelp (YELP) .
Friday, Nov. 8: Duke Energy (DUK) , Honda Motor (HMC) , Revlon (REV) , U.S. Concrete (USCR) .
This commentary is an excerpt from the Trifecta Stocks Roundup, a weekly feature sent to subscribers of Trifecta Stocks. Click here to learn more about this portfolio, trading ideas and market commentary product.
-- Bob Lang and Chris Versace are co-portfolio managers of Trifecta Stocks.
