Looking Ahead In The Macro Market—Stock Market Preview For The Week Of June 27, 2022
A weekly stock market preview and the data that will impact the tape.
Early Futures Open (6:24pm, June 26, 2022) – Stock Market Preview
Weekend News And Developments
Canadian Prime Minister drives action on food security, climate change and gender equality at Commonwealth Heads of Government Meeting.
Carvana (NYSE:CVNA) Sought to Disrupt Auto Sales. It Delivered Undriveable Cars—OpEd Barron’s
Honourable Jean-Yves Duclos, Minister of Health, and Member of Parliament for Bourassa, Emmanuel Dubourg, will make an important funding announcement supporting long-term care in Quebec; June 27, 11:15am.
Ionis Pharmaceuticals, Inc. (Nasdaq: IONS), announced that GSK presented positive results from an interim analysis of the Phase 2b B-Clear clinical study of bepirovirsen (formerly IONIS-HBVRx), an investigational antisense medicine for the treatment of patients with chronic hepatitis B virus (CHB).
Madrigal Pharmaceuticals, Inc. announced data from multiple resmetirom abstracts presented at the European Association for the Study of the Liver’s International Liver Congress (EASL 2022), including a late-breaking presentation of data from the Phase 3 MAESTRO-NAFLD-1 study and three additional oral presentations from the resmetirom clinical development program.
Pfizer Inc. (NYSE: PFE) and BioNTech SE (Nasdaq: BNTX) announced positive data evaluating the safety, tolerability, and immunogenicity of two Omicron-adapted COVID-19 vaccine candidates: one monovalent and the other bivalent, a combination of the Pfizer-BioNTech COVID-19 Vaccine and a vaccine candidate targeting the spike protein of the Omicron BA.1 variant of concern.
President Joe Biden and Western allies opened a three-day summit in the Bavarian Alps on Sunday intent on keeping economic fallout from the war in Ukraine from fracturing the global coalition working to punish Russia’s aggression.
Saudi Exchange announces its intention to launch Single Stock Futures Contracts on the 4th of July 2022.
United States: The Biden admin alongside the G-7 announced that they will ban Russian gold imports to “further impose financial costs on Moscow for its invasion of Ukraine.”
👀What We’re Watching👀
U.S. Economic Calendar
|TIME (ET)||REPORT||PERIOD||ACTUAL||MEDIAN FORECAST||PREVIOUS|
|Monday, June 27|
|8:30 AM||Durable goods orders||May||0.20%||0.50%|
|8:30 AM||Core capital goods orders||May||—||0.80%|
|10:00 AM||Pending home sales index||May||-4.00%||-3.90%|
|Tuesday, June 28|
|8:30 AM||Trade in goods (advance)||May||—||-$105.9 billion|
|9:00 AM||S&P Case-Shiller U.S. home price index (year-over-year)||April||—||20.60%|
|10:00 AM||Consumer confidence index||June||101.1||106.4|
|Wednesday, June 29|
|8:30 AM||Gross domestic product revision (SAAR)||Q1||-1.50%||-1.50%|
|8:30 AM||Final domestic demand revision (SAAR)||Q1||—||2.70%|
|8:30 AM||Gross domestic income revision (SAAR)||Q1||—||2.10%|
|Thursday, June 30|
|8:30 AM||PCE inflation (monthly)||May||—||0.20%|
|8:30 AM||Core PCE inflation (monthly)||May||0.40%||0.30%|
|8:30 AM||PCE inflation (year-over-year)||May||—||6.30%|
|8:30 AM||Core PCE inflation (year-over-year)||May||4.70%||4.90%|
|8:30 AM||Real disposable income||May||—||0.00%|
|8:30 AM||Real consumer spending||May||—||0.70%|
|8:30 AM||Nominal personal income||May||0.50%||0.40%|
|8:30 AM||Nominal consumer spending||May||0.40%||0.90%|
|8:30 AM||Initial jobless claims||June 25||227,000||229,000|
|8:30 AM||Continuing jobless claims||June 18||—||1.32 million|
|9:45 AM||Chicago PMI||June||—||60.3|
|Friday, July 1|
|9:45 AM||S&P Global U.S. manufacturing PMI (final)||June||—||52.4|
|10:00 AM||ISM manufacturing index||June||54.90%||56.10%|
|10:00 AM||Construction spending||June||0.40%||0.20%|
😎Meme Of The Week😎
Key Upcoming Earnings (US Markets)
|Day||Symbol||Company||Earnings Call Time||EPS Estimate|
|KPRX||Kiora Pharmaceuticals Inc||After Market Close||-0.23|
|BYSI||BeyondSpring Inc||Time Not Supplied||-0.23|
|Monday, June 27||KLDO||Kaleido Biosciences Inc||Before Market Open||-0.51|
|BMTX||Bm Technologies Inc||After Market Close||0.08|
|CNTG||Centogene NV||Before Market Open||-0.53|
|CGRN||Capstone Green Energy Corp||After Market Close||-0.28|
|CNXC||Concentrix Corp||After Market Close||2.84|
|GP||GreenPower Motor Company Inc||Before Market Open||-0.08|
|CTKYY||CooTek (Cayman) Inc||Before Market Open||0.13|
|DLNG||Dynagas LNG Partners LP||After Market Close||0.17|
|TAL||TAL Education Group||Before Market Open||-0.05|
|EXPI||eXp World Holdings Inc||Time Not Supplied||0.01|
|JEF||Jefferies Financial Group Inc||After Market Close||0.51|
|TCOM||Trip.com Group Ltd||After Market Close||-0.08|
|LVO||LiveOne Inc||Time Not Supplied||-0.13|
|Tuesday, June 28||AEMD||Aethlon Medical Inc||TAS||-0.14|
|XAIR||Beyond Air Inc||After Market Close||-0.27|
|AVAV||AeroVironment Inc||After Market Close||0.39|
|FIZZ||National Beverage Corp||Time Not Supplied||0.43|
|SJR||Shaw Communications Inc||Time Not Supplied||0.3|
|SNX||TD Synnex Corp||Before Market Open||2.65|
|EPAC||Enerpac Tool Group Corp||Before Market Open||0.28|
|PRGS||Progress Software Corp||After Market Close||0.95|
|Wednesday, June 29||CDMO||Avid Bioservices Inc||After Market Close||0.01|
|BSET||Bassett Furniture Industries Inc||Time Not Supplied||0.45|
|BNED||Barnes & Noble Education Inc||Before Market Open||-0.17|
|BBBY||Bed Bath & Beyond Inc||Before Market Open||-1.37|
|CULP||Culp Inc||After Market Close||-0.35|
|CJREF||Corus Entertainment Inc||Before Market Open||0.15|
|PDCO||Patterson Companies Inc||Before Market Open||0.55|
|MKC||McCormick & Company Inc||Before Market Open||0.65|
|UNF||UniFirst Corp||Before Market Open||1.9|
|FC||Franklin Covey Co||After Market Close||0.18|
|MSM||MSC Industrial Direct Co Inc||Before Market Open||1.74|
|FTRP||Field Trip Health Ltd||After Market Close||-0.18|
|SGH||SMART Global Holdings Inc.||After Market Close||0.75|
|GIS||General Mills Inc||Before Market Open||1.01|
|SCHN||Schnitzer Steel Industries Inc||Before Market Open||2.3|
|NG||NovaGold Resources Inc||After Market Close||-0.03|
|PAYX||Paychex Inc||Before Market Open||0.79|
|MLKN||MillerKnoll Inc||After Market Close||0.47|
|Thursday, June 30||ACCD||Accolade Inc||After Market Close||-0.66|
|AYI||Acuity Brands Inc||TAS||2.95|
|WBA||Walgreens Boots Alliance Inc||TAS||0.92|
|WTER||Alkaline Water Company Inc||Before Market Open||-0.1|
|STZ||Constellation Brands Inc||Before Market Open||2.52|
|LNN||Lindsay Corp||Before Market Open||1.6|
|SMPL||Simply Good Foods Co||Before Market Open||0.35|
|TNP||Tsakos Energy Navigation Ltd||Before Market Open||-0.21|
|MU||Micron Technology Inc||After Market Close||2.44|
|Friday, July 1||None|
Spero Therapeutics, Inc. (Nasdaq: SPRO): The FDA is planning to hold an Advisory Committee meeting to discuss this application and has also set a Prescription Drug User Fee Act (PDUFA) target action date of June 27, 2022.
Short Interest Gainers
Carvana (CVNA) +33%: Short interest increased from 33.3% to just shy of the 35% mark—the highest level since December of 2020. Days to cover on Carvana rose from 1.3 to 1.6.
Chewy (CHWY) +32.96%: Short interest increased two percentage point increase to 28% to a two-month high. In the four-day period covered through Thursday, shares of Chewy are up 14.7%, though the stock remains down nearly 40% year-to-date.
Lemonade (LMND) +13.95% : Estimated short interest on the stock rose for the third consecutive week from 30.5% to 32.0%. Days to cover on Lemonade was also up nearly two points from 12.2 to 14.1- an all-times high.
Short Interest Decliners
Canoo (GOEV) -7.46%: Estimates short interest was down for the fourth consecutive week this week, slipping from 25.1% to 22.3%. Trading volume in the name has been particularly heavy this week with 5.5M-7.1M shares exchanging hands despite the absence of any meaningful news.
Citi Trends (CTRN) +3.58%: Estimated short interest peaked at an all-time high above 55% in mid-May, but has declined to just 30.1% since then as shorts cover on declining price action.
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