By William Trent, CFA of Stock Market Beat
The major events on this week’s economic calendar include:
- Housing Starts (Tuesday).
- The FOMC Announcement (Wednesday)
Significant earnings reports include:
- Large Cap Watch List member Oracle (ORCL) on Tuesday. Consensus = $0.23 on $4.3 billion revenue and next quarter = $0.34 on $5.53 billion. We think acquisitions will result in upside to estimates though organic growth may disappoint.
- Adobe (ADBE) on Tuesday. Consensus = $0.29 on $655 million in revenue and next quarter = $0.35 on $718 million. We think they are likely to beat but that investors will still be too worried about the product cycle for the stock to benefit.
- FedEx (FDX) on Wednesday. Consensus = $1.33 on $8.7 billion in revenue and next quarter = $2.03 on $9.3 billion. We think the risks lie to the downside due to consumer weakness and the read-through from box makers.