Written by Brenda Nakalema

Stocks to watch in week 35 of 2022

There are about a dozen stocks to watch in the 35th week of 2022, with companies reporting their latest results …

There are about a dozen stocks to watch in the 35th week of 2022, with companies reporting their latest results during the course of the week. Economists and Investors will be paying close attention to Friday’s August jobs report.

This week’s earnings highlights include Best Buy (ticker: BBY), Chewy (ticker: CHWY), Baidu, and HP on Tuesday. Okta falls on Wednesday, and Campbell Soup and Lululemon Athletica (ticker) release earnings on Thursday.

The main event economists will be watching out for will be Friday’s release of the August employment report by the Bureau of Labour Statistics. Economists, on average, placed their forecast at 270,000 jobs and for the unemployment rate to remain steady at 3.5%.

Other data this week: Thursday will feature the BLS’s Job Openings and Labour Turnover Survey for July, S&P CoreLogic’s Case-Shiller National Home Price Index for June, and finally, the Conference Board’s Consumer Confidence Index for August.

Monday 29/8

The Federal Reserve Bank of Dallas goes ahead to publish its Texas Manufacturing Outlook Survey for the month of August. Consensus estimate stands at a negative 12.3 reading, roughly 10 points better than in July. 4/5 of the regional federal reserve bank surveys capturing business conditions have released at least one negative report in the past two months, indicating a significant reduction in activity within the manufacturing sector. In early August, the New York Fed’s Empire State Manufacturing Survey posted its second-largest decline ever.

Tuesday 30/8

Quarterly results reports released by Baidu, Bank of Montreal, Best Buy, Chewy, CrowdStrike Holdings, Hewlett Packard Enterprise, and HP Inc.

The Job Openings and Labour Turnover Survey released by The Bureau of Labour Statistics. Economists forecast lands at 10.3 million job openings on the last business day in July, roughly 400,000 fewer than in June.
Job openings remain high, although they are off their March peak of 11.9 million.

The Case-Shiller National Home Price Index for the month of June released by S&P CoreLogic. The expectation is that home prices will jump 19.5% year over year after increasing 19.7% in May. New and existing home sales have dived this year, but home prices remain near record levels.

The Consumer Confidence Index for August released by The Conference Board. The consensus call is set for a 96.5 reading, roughly one point above July’s 95.7 figure. The index has fallen for three consecutive months.

Wednesday 31/8

ADP releases its National Employment Report. Economist forecast an addition of 250,000 nonfarm jobs in August. In recent months, ADP has altered its methodology, making comparisons more complicated.

Quarterly earnings released by Cooper Cos, Brown-Forman, MongoDB Okta, and Veeva Systems.

The Chicago Business Barometer for August released by the Institute for Supply Management. Economists forecast a 51 reading, about one point less than the July figure. July’s reading stood at 52.1 and was the lowest for the index since August 2020.

Thursday 1/9

These companies hold conference calls to discuss quarterly earnings: Broadcom, Campbell Soup, Hormel Foods, and Lululemon Athletica.

The Census Bureau releases its construction spending data for July. Total spending is forecast to rise 0.2% month over month to a seasonally adjusted rate of $1.77 trillion. Construction spending declined 1.1% in June.

Friday 2/9

The jobs report for August released by the Bureau of Labour Statistics. Expectations are for nonfarm payroll employment to gain by 270,000 following an increase of 528,000 in July, which was over double forecasts. The unemployment rate is seen staying level at a near-record low of 3.5%.