Catalyst Watch: Spotlight on Micron, Southwest Airlines, and FOMC speakers

Welcome to Seeking Alpha’s Catalyst Watch – a breakdown of some of next week’s actionable events that stand out. Check out Seeking Alpha’s earnings calendar for a full list of companies due to report.

Monday – September 23

• Volatility watch – Options trading volume is elevated on Intuitive Machines (LUNR) and Azul (AZUL). The most overbought stocks per their 14-day relative strength index include Eton Pharmaceuticals (ETON), Primega Group (PGHL), and Immuneering (IMRX). The most oversold stocks per their 14-day Relative Strength Index include BioMarin (BMRN), Integra LifeSciences (IART), and Applied Energetics (OTC:AERG). Short interest is elevated on Verve Therapeutics (VERV) and ALX Oncology Holdings (ALXO).
• All day – Notable investor events include FedEx’s (FDX) annual meeting, and Braze’s (BRZE) Investor Day.
• All day – MGM Resorts International (MGM), Hovnanian (HOV), WillScot (WSC), Nexstar Media Group (NXST), and Straker Limited (OTCPK:STGRF) will be some of the companies presenting at the two-day Deutsche Bank Leveraged Finance Conference.
• 10:15 a.m. Chicago Federal Reserve Bank President Austan Goolsbee will participate in a fireside chat on monetary policy and the U.S. economy before the National Association of State Treasurers Annual Conference.
• 1:00 p.m. Minneapolis Federal Reserve Bank President Neel Kashkari will participate in a moderated question-and-answer session before the Greater Kansas City Chamber of Commerce Leadership Exchange 2024.

Tuesday – September 24

• Earnings watch – Notable companies due to report include AutoZone (AZO), KB Home (KBH), and Thor Industries (THO). Options trading implies a double-digit move for Stitch Fix (SFIX) after it reports.
• All day – Notable investor events include Aaron’s (AAN) extraordinary shareholders meeting, General Mills’ (GIS) annual meeting, and Brookfield Business Partners’ (BBU) Investor Day.
• All day – Envestnet (ENV) will hold a special shareholder meeting to vote on the buyout offer from Bain Capital. The stock traded less than 1% below the deal price of $63.15 at the time of publication.
• 10:00 a.m. AutoZone (AZO) will hold its earnings call. In the past, the management update has led to share price jolts across the broad auto retail sector. Motorcar Parts (MPAA) and Standard Motor (SMP) are two suppliers to AutoZone that move in tandem with it about 75% of the time following earnings reports. Options trading implies a 6% swing in share price for AutoZone after it reports.

Wednesday – September 25

• Earnings watch – Notable companies due to report include Micron Technology (MU) and Jefferies (JEF).
• All day – Notable investor events include Birkenstock’s (BIRK) appearance at the UBS Athletic Training and Lifestyle Innovation Day.
• All day – Sam’s Club leadership will participate in the Gordon Haskett Warehouse Club Tour. Shares of Walmart (WMT) have perked up in the past following analyst reports that have trailed after the event.
• All day – Meta (META) will hold its Meta Connect event. The company is expected to showcase its latest advancements in AI, VR, and the Metaverse.

Thursday – September 26

• Earnings watch – Notable companies due to report include Costco Wholesale (COST), Accenture (ACN), Jabil (JBL), and CarMax (KMX).
• All day – Notable investor events include Southwest Airlines’ (LUV) highly anticipated Investor Day, and WESCO International’s (WCC) Investor Day.
• All day – Intuit (INTU) will hold its Investor Day event. Analysts have pointed to the potential that strategic updates and an AI roadmap could perk up shares.
• All day – The FDA’s Oncologic Drugs Advisory Committee will hold a meeting. Bristol-Myers Squibb’s (BMY) Opdivo and Merck’s (MRK) Keytruda are up for review.
• All day – Zeta Global (ZETA) will hold its Zeta Live event. Bank of America tipped that there could be some read-throughs for HubSpot (HUBS) and Salesforce (CRM) in addition to Zeta Global.
• All day – It is the FDA action date on approval for Karuna Therapeutics’ KarXT for schizophrenia. If approved, Karuna would be able to offer one of the first new therapies for schizophrenia. The decision could impact Neurocrine Biosciences (NBIX).
• All day – A SpaceX (SPACE) Falcon 9 rocket will launch a Dragon spacecraft carrying a new crew of four to the International Space Station. The Falcon 9’s first stage booster will return to Landing Zone 1 at Cape Canaveral Space Force Station.
• 8:30 a.m. The August Durable Goods Order report will be released.
• 9:20 a.m. Federal Reserve Chairman Jerome Powell will give prerecorded opening remarks before the 2024 Treasury Market Conference hosted by the Federal Reserve Bank of New York.
• 10:30 a.m. Federal Reserve Vice Chair for Supervision Michael Barr will speak before the 2024 Treasury Market Conference hosted by the Federal Reserve Bank of New York.

Friday – September 27

• All day – Sanofi (SNY) will be on watch on the revised FDA action target date for Sanofi’s Dupixent (dupilumab).
• All day – Vista Outdoor (VSTO) shareholders will vote for either the MNC Capital’s offer to buy the company for $43 per share, or for CSG’s offer to acquire The Kinetic Group for $2.15B and make an investment of $150M in the remaining Revelyst business for a 7.5% stake.
• All day – The spinoff by Jacobs (J) of its Critical Mission Solutions and Cyber & Intelligence government services businesses will become effective after the market closes.
• 8:30 a.m. The core PCE price index report for August will be released. The Fed’s favored inflation gauge was up 2.6% year-over-year in both July and June.

Seeking Alpha Editor Josh Fineman contributed to this story.