Wall Street Breakfast: The Week Ahead

The new year will start off with a flurry of economic releases to test the nine-week streak of market gains. During a holiday-shortened week, investors will have an update on construction spending, manufacturing PMI numbers, the release of the minutes from the last Fed meeting, and the December jobs report fall in their laps. The nonfarm payrolls report is expected to show that the U.S. economy added 155K jobs in December, while the unemployment rate is forecast to rise slightly to 3.8%. Average hourly earnings are anticipated to cool to a month-over-month pace of +0.3%.The first major companies to report earnings in 2024 will include Walgreens Boots Alliance (WBA), Constellation Brands (STZ), and Cal-Maine Foods (NASDAQ:CALM). Tesla (NASDAQ:TSLA) will disclose Q4 deliveries in a report that could create a jolt in the electric vehicle sector.

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Welcome to the Sunday edition of Wall Street Breakfast, which previews events for investors to watch during the upcoming week. If you want to receive this a day earlier, follow Stocks to Watch and select the option to receive email notifications. Top News Getty Images The new year will start off with a flurry of economic releases to test the nine-week streak of market gains. During a holiday-shortened week, investors will have an update on construction spending, manufacturing PMI numbers, the release of the minutes from the last Fed meeting, and the December jobs report fall in their laps. The nonfarm payrolls report is expected to show that the U.S. economy added 155K jobs in December, while the unemployment rate is forecast to rise slightly to 3.8%. Average hourly earnings are anticipated to cool to a month-over-month pace of +0.3%. The first major companies to report earnings in 2024 will include Walgreens Boots Alliance (WBA), Constellation Brands (STZ), and Cal-Maine Foods (NASDAQ:CALM). Tesla (NASDAQ:TSLA) will disclose Q4 deliveries in a report that could create a jolt in the electric vehicle sector.       Earnings Earnings spotlight: Wednesday, January 3 - UniFirst (UNF), Cal-Maine Foods (CALM), and Simulations Plus (SLP). Earnings spotlight: Thursday, January 4 - Conagra Brands (CAG), Lamb Weston (LW), Walgreens Boots Alliance (WBA), Simply Good Foods (SMPL), and Lindsay (LNN). Earnings spotlight: Friday, January 5 - Constellation Brands (STZ) and Greenbrier (GBX). Data Data reports: Key reports expected out in the first few days of the month include the monthly Macau gross gaming revenue report, updates from Chinese automakers on monthly deliveries, quarterly sales/deliveries reports from General Motors (GM), Ford Motor (F), Toyota (TM), Honda (HMC), and Tesla (TSLA). Costco (COST) is expected to release its December monthly sales reports. IPOs IPO watch: A number of high-profile IPOs could fire off in 2024. Florida-based Fanatics (FANA) is expected to come to the public market after making several acquisitions in the past couple of years, including Topps trading cards and clothing brand Mitchell & Ness. Fast-fashion Shein has already confidentially filed for an initial public offering in the U.S. The IPO is expected to occur next year and aims to achieve a $90B valuation, which is higher than the current market caps for e-commerce players such as MercadoLibre (MELI), JD.com (JD), Coupang (CPNG), and eBay (EBAY). Clothing brand SKIMS is in discussions to go public. The company - co-founded by Kim Kardashian, Emma Grede and Jens Grede - was valued earlier in the year at $4B during a Series C funding round. Panera could shake up the restaurant sector after confidentially filing for an initial public offering. Sources indicate that the restaurant chain tried to sell itself via a continuation fund earlier this year, but could not get the support, and eventually had to lay off 17% of its workforce to streamline operations and boost performance before a public listing. Other potential IPOs in 2024 that could create buzz include public debuts for SpaceX (SPACE), Impossible Foods (IMPF), Databricks, Syngenta Group, CVC Capital Partners, Chime, Klarna, Stripe, Cerebras Systems, SeatGeek, ServiceTitan, and Discord. Events Event schedule: The corporate calendar is light, with only a few events standing out. The Goldman Sachs Energy, CleanTech & Utilities Conference will feature presentations from California Resources Corporation (CRC), EOG Resources (EOG), MYR Group (MYRG), Nextracker (NXT), Phillips 66 (PSX), SolarEdge Technologies (SEDG), Expro Group (XPRO). Top execs from Merck (MRK) and Bristol-Myers Squibb (BMY) will participate in the Goldman Sachs Healthcare C-Suite Unscripted Conference. Zscaler (ZS) is scheduled to hold its annual meeting. Seeking Alpha's Wall Street Breakfast Podcast Seeking Alpha's Wall Street Breakfast podcast brings you all the news you need to know for your market day. Released by 8:00 AM ET each morning, it is a quick listen that you can put on as you get ready to start your working day.
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