Catalyst Watch: AI in the spotlight with Nvidia earnings, Microsoft Build, and IBM event

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 – May 20

• Volatility watch – Options trading volume is elevated on Faraday Future Intelligent (FFIE) and AMC Entertainment (AMC). The most overbought stocks per their 14-day relative strength index include Humacyte (HUMA), Zeta (ZETA), and Ardmore Shipping (ASC). The most oversold stocks per their 14-day Relative Strength Index include Augmedix (AUGX), Cerence (CRNC), and Ryerson Holding (RYI). The stocks in the S&P 500 Index with the highest percentage of short interest are Etsy (ETSY), Paramount Global (PARA), CarMax (KMX), Charter Communications (CHTR), and Albemarle (ALB).
• Earnings watch – Notable companies due to report include Palo Alto Networks (PANW), Li Auto (LI), and Zoom Video (ZM). Options trading implies sizable share price swings for Hesai Group (HSAI) and Global E Online (GLBE) after their reports are released.
• All day – Microsoft will host a showcase for new Surface hardware and AI in Windows 11 in advance of the Build event the following day.
• All day – Norwegian Cruise Line Holdings (NCLH) will host its 2024 Investor Day in New York at the New York Stock Exchange. The event will feature presentations and a question-and-answer session with Harry Sommer, president and chief executive officer, and other members of the company’s senior leadership team.
• All day – The four-day Dell Technologies (DELL) World event will begin at The Venetian, Las Vegas.
• All day – The four-day Advanced Clean Transportation Expo will begin at the Las Vegas Convention Center. Ryder (R) CEO Robert Sanchez will be a keynote speaker, while Nikola (NKLA) will be showcasing its purpose-built Nikola zero-emission Class 8 trucks. Other companies that will be showing off electric or fuel cell trucks include Cummins (CMI), Daimler Truck (OTCPK:DTRUY), Ford (F), General Motors (GM), GreenPower Motors (GP), Honda (HMC), Hyzon Motors (HYZN), Lion Electric (LEV), Rivian Automotive (RIVN), Stellantis (STLA), and Workhorse Group (WKHS). There will also be a rare conference appearance for Tesla (TSLA) and an intriguing presence by BYD Truck (OTCPK:BYDDF).

Tuesday – May 21

• Earnings watch – Notable companies due to report include Lowe’s Companies (LOW), Autozone (AZO), Toll Brothers (TOL), and XPeng (XPEV). Options trading implies double-digit share price swings for Macy’s (M) and Amer Sports (AS) after their reports are released.
• All day – Celularity (CELU) will host an on-site and virtual Investor and Analyst R&D Day to showcase progress and advancements of its placental technology platform and clinical development pipeline and future growth expectations for the commercial advanced biomaterials business. Other notable investor events include Ares Capital’s (ARCC) (ARES) Investor Day, and Curtiss-Wright’s (CW) Investor Day.
• All day – The two-day J.P. Morgan Global TMT Conference will feature keynote talks from Block’s (SQ) Jack Dorsey, Datadog (DDOG) CEO Olivier Pomel, T-Mobile (TMUS) CEO Mike Sievert, and Snap (SNAP) CEO Evan Spiegel. The long list of companies expected to present include IMAX (IMAX), Arista Network (ANET), Mattel (MAT), Comcast (CMCSA), Verizon (VZ), C3.ai (AI), Reddit (RDDT), and Coinbase Global (COIN).
• All day – The American Thoracic Conference will include presentations by Amgen (AMGN), aTyr Pharma (LIFE), Krystal Biotech (KRYS), and Gossamer Bio (GOSS) to name a few.
• All day – IBM (IBM) will hold its Think 2024 event. The opening keynote will cover scaling business with AI and the hybrid cloud.
• All day – Microsoft (MSFT) will hold its annual Microsoft Build event for developers in Seattle. Generative AI will be a major focus at the event, with AI Explorer anticipated to include a set of features that utilize next-gen NPU hardware to allow Windows to run AI in the background. Intel (INTC) and ASUS also have plans to introduce PCs with AI accelerators.
• All day – WTI crude June futures will expire. Crude oil futures have seen extra volatility over the last year on contract expiration dates.
• All day – Richmond Federal Reserve Bank President Thomas Barkin, New York Federal Reserve Bank President John Williams, and Atlanta Federal Reserve Bank President Raphael Bostic will all speak at events during the day.
• All day – The Federal Trade Commission will hold a closed-door meeting, which typically has M&A traders on high alert.

Wednesday – May 22

• Earnings watch – Notable companies due to report include Nvidia (NASDAQ:NVDA), TJX Companies (TJX), Analog Devices (ADI), Target (TGT), and Snowflake (SNOW). Options trading implies double-digit share price swings for Petco Health and Wellness (WOOF) and e.l.f. Beauty (ELF) after their reports.
• All day – Notable investor events include Sysco’s (SYY) Investor Day, MSA Safety’s (MSA) Investor Day, and Scholar Rock Holding’s (SRRK) Investor Day. There are also annual meetings scheduled for Amazon (AMZN), Hertz Global (HTZ), and Nordstrom (JWN).
• All day – The UK regulatory PUSU deadline hits for when BHP Group Limited (BHP) must make a formal offer for Anglo American (OTCQX:AAUKF) (OTCQX:NGLOY) or walk away.
• 2:00 p.m. The Federal Reserve Open Market Committee will release the minutes of its last meeting.
• 5:00 p.m. Nvidia (NVDA) will hold its earnings conference call. Options trading implies a 9% share price move for the stock after the report. Shares rallied 16% the day after the last earnings report. The stocks with the highest trading correlation to Nvidia (NVDA) on earnings day include Taiwan Semiconductor Manufacturing (TSM), Micron (MU), and ASE Technology (ASX).

Thursday – May 23

• Earnings watch – Notable companies due to report include Intuit (INTU), Medtronic (MDT), Toronto-Dominion Bank (TD), Ralph Lauren (RL), and Workday (WDAY). Options trading implies a double-digit share price swing after Polestar Automotive (PSNY) reports.
• All day – Federal Aviation Administration Michael Whitaker will appear at a House hearing on the Federal Aviation Administration.
• All day – Raymond James Financial (RJF) will hold its annual Analyst & Investor Day.
• All day – Supernus Pharmaceuticals (SUPN) will hold its R&D Day. Shares of Supernus have been volatile after similar events in the past.
• All day – Online retailer Wayfair will open its first ever brick-and-mortar store in Wilmette, Illinois.
• All day – The 2024 Sohn Investment Conference will be held in Hong Kong. The conference has led to share price jumps for some stocks in the past after hedge funds made pitches.

Friday – May 24

• Earnings watch – Notable companies due to report include Booz Allen Hamilton (BAH) and Buckle (BKE).
• 8:30 a.m. The April Durable Goods Order report will be released.
• 10:00 a.m. The University of Michigan’s latest Consumer Survey report will be released.
• 4:00 p.m. Nasdaq will publish its latest report on short interest positions. The update on volatile stocks such as GameStop (GME), AMC Entertainment (AMC), Virgin Galactic (SPCE), and Carvana (CVNA) will be of interest to traders.
• 10:00 a.m. The University of Michigan’s latest Consumer Survey report will be released.
• 6:00 p.m. FTSE Russell will post preliminary index additions and deletions membership lists.

Seeking Alpha Editor Josh Fineman contributed to this story.