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Day Ahead: Top 3 Things to Watch

Stock MarketsApr 17, 2019 07:30PM ET
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Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow.

1. Pinterest, Zoom to Debut

A pair of big IPOs hit Wall Street tomorrow.

Image-sharing social media company Pinterest (NYSE:PINS) had yet to price its shares at 7:30 PM ET (23:30 GMT). But it’s expected to raise about $1.2 billion.

The company is looking to price 75 million shares between $15 and $17 per share. But according to published reports the IPO is likely to price above the expected range.

Pinterest is set to debut on the New York Stock Exchange under the symbol PINS.

Meanwhile, Zoom Video Communications (NASDAQ:ZM) raised $751.3 million, more than anticipated, with its IPO.

The video conferencing company priced 20.9 million shares at $36 per share, above its upwardly revised range of $33 to $35 per share.

The company will trade on the Nasdaq as ZM.

2. More Big-Name Earnings Before the Bell

Tomorrow’s earnings report might be a bit more numerous than usual, with markets closed for Good Friday this week.

Among the most important reports before the bell, Honeywell’s first-quarter earnings are expected at $1.83 a share, down 6.2% from $1.95 a year ago, according to analysts polled by Investing.com.

Revenue is forecast at $8.63 billion. That’s off from a year ago, but Honeywell (NYSE:HON) sold off some businesses in the meantime. Its traditional businesses are expected to be strong.

American Express (NYSE:AXP) is expected to earn $1.99 a share in the first quarter. That would be up 7% from a year ago. Analysts also see revenue rising 7.7% from a year ago to $10.5 billion. The shares were flat on Wednesday, but are up 17% on the year.

Oil service giant Schlumberger (NYSE:SLB) is seen as an early indicator of the health of the oil-and-gas sector. Earnings are expected at 30 cents a share, down 21% from a year ago. Revenue is estimated at $7.81 billion, down slightly from a year ago’s $7.83 billion.

Shares are up 31% this year, reflecting the big jump in energy prices.

Union Pacific (NYSE:UNP) is forecast to earn $1.90 a share in the first quarter. That would be up 13% from a year ago. Analysts see revenue up 1.1% to $5.54 billion. Union Pacific and other railroads are quickly implementing new operating processes, generally called precision scheduled railroading, designed to move freight more efficiently and reduce operating costs.

Shares are up 23.4% this year. Last year, the shares rose 3.1% after falling 15.1% in the fourth quarter.

3. Retail Sales Expected to Bounce Back

The economic calendar is fairly busy tomorrow, even though it’s just a day before a long weekend for the markets.

The Commerce Department will report the latest figures on retail sales at 8:30 AM ET (12:30 GMT).

Economists expect that retail sales rose 0.9% in March, with core retail sales, which exclude automobile sales, climbing 0.7%, according to forecasts compiled by Investing.com.

At the same time, the Philadelphia Federal Reserve will release its measure of manufacturing activity in its reason.

The April Philly Fed index is forecast to have dipped to 10.4.

And, as usual, the weekly initial jobless claims figures also come out at 8:30 AM ET.

Claims for first-time unemployment benefits are expected to rise to 205,000 from their lowest level since 1969 reported the week before.

Day Ahead: Top 3 Things to Watch
 

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