The FOMC policy decision is set to be announced on Wednesday, March 21st.
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Stock Market
Alphabet (GOOG, GOOGL) is set to report Q4 results after the bell with a conference call slated for 4:30pm ET.
AMZN is expected to report fourth quarter earnings today after the bell. AMZN reported third quarter earnings at 4:00pm EST. There is a conference call scheduled for 5:30pm.
AAPL is expected to report first quarter earnings tonight after the close. Q1 Capital IQ consensus calls for EPS of $3.85 (versus $3.36 last year) on revenue of $87.62 billion (+11.8% YoY).
Boeing (BA) is set to report Q4 results before the open tomorrow. The conference call is scheduled for 10:30am ET.
The January effect is a seasonal increase in stock prices during the month of January.
McDonalds (MCD) is scheduled to report Q3 earnings before the open tomorrow. The company reported last quarter's earnings at 7:58 am ET (and a conference call is scheduled for 11:00 am ET)
General Motors (GM) is set to report Q3 results before the open tomorrow. The conference call is scheduled for 9am ET.
Caterpillar, Dow component and world's largest construction and mining equipment maker, is scheduled to report Q3 results tomorrow before the bell.
Alphabet (GOOGL, GOOG) is set to report earnings tonight after the close with a conference call to follow at 4:30pm ET. GOOGL usually reports results shortly after the bell.
Nvidia (NVDA) is set to report Q1 earnings tonight after the close with a conference call to follow at 5pm ET. NVDA reported Q4 results at 4:20pm.
Online retail giant and tech heavyweight Amazon is set to report Q1 earnings today after the close.
Chipotle (CMG) is set to report Q1 earnings after the close today (last quarter the co reported at 16:05). The co will host a conference call to discuss later at 16:30.
J.P. Morgan is set to report Q1 earnings tomorrow before the market opens with a conference call to follow at 8:30am ET.
Lululemon athletica (LULU) is set to report Q4 results tonight after the close with a conference call to follow at 4:30pm ET. LULU reported Q3 results at 4:05pm. Current Capital IQ consensus stands at EPS of $1.01 on Revenue of $783.3 mln.
MU is expected to report earnings tonight after the close. There is a conference call scheduled for 4:30PM.
Q2 Capital IQ consensus calls for EPS of $0.86 (versus ($0.05) last year) on revenue of $4.651 bln (+58.5% YoY).
- The current consensus is within the company's guidance range of $4.6-4.7 billion.
- Micron's EPS guidance is at $0.86 +/- a few cents. The company raised its EPS guidance at a Morgan Stanley conference on March 2nd, and raised the midpoint of its revenue guidance.
- 2015 and early 2016 proved to be a tumultuous year as a slowdown in demand, driven largely by the decline of the PC industry (Now less than 20% of MUs business), impacted the company as it was restructuring.
- Comments from MU surrounding demand in the company's newly targeted areas of server, mobile, automotive, and Industrial machine-to-machine areas bode well as does the pricing improvements seen industry wide.
DRAM and Margins
- MU says it currently expects 2017 DRAM bit supply growth in the 15% to 20% range. Its long-term bit demand growth forecast of ~20% to 25%.
- The company's overall consolidated GAAP gross margin of 25 percent for the first quarter of fiscal 2017 was 7 percentage points higher compared to the fourth quarter of fiscal 2016 primarily due to manufacturing cost reductions and increases in DRAM average selling prices.
- Margin Guidance: Looking ahead to the second quarter, the company sees Q2 gross Margin in the range of 37-38%. CO's margins guidance was raised at the Morgan Stanley conference on March 2.
Options Activity
Based on MU options, the current implied volatility stands at ~ 46%, which is 64% higher than historical volatility (over the past 30 days).The options market is currently pricing in a move of ~7% in either direction by weekly expiration (Friday).
Options activity has been aggressively bullish in the last few weeks with multiple strikes and calls bought.
MU Options Activity
Technicals:
MU shares have outperformed the S&P so far this year with MU raising by 19% vs 5% gain in the index. Resistance sits near the $26.50-26.75 area, while support hangs near $25.75-26.00.
TRADE: Buy APR 29C AND/OR WDC APR 80C
GameStop (GME) is set to report Q4 results after the bell (5:00pm ET). Cap IQ Consensus estimates Q4 EPS of $2.29 (vs. $2.40 in 4Q16), revs of $3.06 bln (-12.6% y/y), with comps declining 16.9%.
Kohl's (KSS) is set to report Q4 results before the bell tomorrow (8:30am ET). Cap IQ Consensus estimates Q4 EPS of $1.33 (vs. $1.58 in 4Q15), and revs of $6.21 bln (-3.1%) with comps down 2.1%
NVIDIA (NVDA) is set to report Q4 results tonight after the close with a conference call to follow at 5pm ET. NVDA is expected to report results at 4:20pm ET.Current Capital IQ consensus stands at EPS of $0.98 on Revenue of $2.10 bln.
Gilead Sciences (GILD) will report Q4 results after the close with a conference call to follow at 4:30pm ET. GILD is expected to report earnings at 4:01pm. Current Capital IQ consensus stands at EPS of $2.60 and Revenues of $7.175 bln.