Weak ahead: earnings galore, Bezos to make history
A stock market hovering near record highs....analysts predicting a blockbuster earnings season...what could go wrong?
Lofty expectations and sky-high stock market valuations top the Reuters Business Calendar for the week of July 19th.
1. High hopes for earnings season
Quarterly reporting season kicks into high gear with results coming from various sectors.
United Airlines reports on Tuesday...followed by American Airlines and Southwest Airlines on Thursday.
Coca-Cola is on Wednesday. The global drinks giant will give a snapshot of how consumers are feeling around the world. Analysts expect earnings to come in at $0.56 a share on revenues of $9.32 billion.
Verizon kicks things off for the mobile sector on Wednesday. Followed up by AT&T on Thursday.
On the same day we'll hear from Twitter and Snapchat parent Snap Inc.
The week closes out Friday with results from American Express.
Expectations for this year's earnings season are nothing shy of giddy.
Sam Stovall is the chief investment strategist at CFRA Research.
"Supposed to be very good, so much so that it's the second highest year on year growth for the S&P 500 in the past twenty five years at 61 percent, with 10 of the 11 sectors expected to post earnings increases and several of them posting triple digit gains."
2. Netflix subscriber growth slows
Fresh off of the second-most Emmy Award nominations of the year with hits like Bridgerton and the Crown, Netflix will post its quarterly results on Tuesday.
Netflix's paid subscriber numbers are actually quite important, especially given the onslaught of competitors like Disney+.
Netflix told investors back in April to expect just 1 million additional paid subscribers for the just ended quarter.
There are some concerns on Wall Street that this could be another disappointing quarter for Netflix.
Besides that, look out for more from Netflix about this new hire they made, as the streaming service looks to expand its content to include.....video games.
3. Time to get building & buying
Housing leads the economic calendar.
The National Association of Home Builders' survey for July is due Monday.
Housing starts for June come out on Tuesday.
Could there be a rebound now that lumber prices have fallen?
Economists polled by Reuters think so - predicting a rise to 1.59 million new construction projects.
Sales of previously-owned homes for June are posted on Thursday. A rise to 5.9 million units is expected.
4. The richest man... in space!
In the latest episode of "billionaires in outer space"...
Amazon founder Jeff Bezos will be part of a team flying to space on Tuesday.
And get this - Bezos is about to make history.
The Blue Origin trip will be the world's first unpiloted suborbital flight with an all-civilian crew.
5. G.I. Joe gets a reboot
Finally... let's go to the movies !!!!!!!!!
Coming behind the blockbuster debut of Marvel and Disney's "Black Widow"....
Hollywood is digging into its treasure chest of characters.
This time it's a G.I. Joe spin-off called "Snake Eyes" featuring "Crazy Rich Asians" star Henry Golding.
There'll be plenty of action scenes to fill up the big screen.
Paramount Pictures is releasing this one exclusively at movie theaters.
