Mid-Q2 2024 Investor Conference and Events Highlights Update

Wall Street Horizon

May 15, 2024 at 12:47 p.m.·6 min read

The bulls cleared another hurdle. The first-quarter earnings season has been strong. With 92% of S&P 500 companies reporting, the earnings per share beat rate is 78%, near the five-year average. More impressive is the updated first-quarter year-over-year earnings growth rate, which, according to FactSet, now stands at 5.40%, significantly above the 3.40% figure from the end of March.[1] What's more, year-over-year earnings growth estimates for the second quarter have ticked up, from 9% on March 31 to 9.60% as of May 3. Calendar-year S&P 500 per-share earnings are now seen near $244, actually rising in recent weeks, bucking the normal trend of declining earnings per share forecasts during a given year.

Where's the slowdown?

Continued decent consumer spending, heavy corporate capital expenditure trends (thank you, artificial intelligence) and beefy profit margins all contribute to an environment conducive to both resilient economic output and record company profits. And though the first-quarter U.S. GDP print came in lower than expected, mainly due to weak net export activity and a decline in business inventory, early signs point to an acceleration in the economic expansion rate this quarter.[2]

Rate cuts on the horizon in Europe

So, despite some dire predictions of tepid U.S. real GDP growth in 2024, particularly during the middle of the year, it appears to be a pretty good time if you're a CEO at a multinational corporation. (Alas, we are merely data analysts and researchers!) But things are fine on that front, too, as the unemployment rate in the U.S. remains not far from multidecade lows while the inflation trajectory is generally heading in the right direction. There are even better consumer price trends in overseas markets with the potential for rate cuts sooner rather than later in some developed ex-U.S. economies.[3]

Stocks snap back, foreign markets perk up

In terms of the markets, equities seemed to have gotten through a dose of April malaise. The S&P 500 notched a strong start to May while other countries, namely the U.K., have seen their home indexes notch fresh highs.[4] Even China, a chronic underperformer since early 2021, has enjoyed a quick bullish turnaround, now up by more than 30% from its January nadir. There are clearly some macro tailwinds at play, but investors surely know that volatility can lurk right around the corner. There was a similar feeling of optimism early last summer before a 10% correction reset the playing field before year-end.

Conference activity heats back up

With the bulk of first-quarter earnings reports in the bag, the focus shifts to reading between the lines at corporate conferences. Investment meeting gatherings of top executives, thought leaders, industry experts and Wall Street analysts often produce key insights into the state of narrow niches of the economy. By piecing together tidbits of intel here and there, investors can gain a better understanding of where risk and opportunity may soon assert themselves. Here are some of the major investor conferences on the docket for the balance of the second quarter:

Information Technology & Communication Services

May 14: Google I/O Developers ConferenceMay 20: JP Morgan 52nd Annual TMT Global Technology Media and Communications ConferenceMay 29: Goldman Sachs Global Semiconductor ConferenceJune 4: Bank of America Global Technology ConferenceJune 5: Citi Regional Tech ConferenceJune 10: Apple Worldwide Developers Conference (WWDC)June 12: Bank of America Securities Global Technology ConferenceJune 12: Mizuho Technology Conference

Health Care

May 14: Capital One Securities 1st Annual Biotech/Biopharma Disrupters EventMay 14: RBC Capital Markets Global Healthcare ConferenceMay 14: Bank of America Securities Global Healthcare ConferenceMay 23: UBS Obesity Therapeutics DayJune 5: Jefferies Global Healthcare ConferenceJune 5: UBS Health Care Services Cape Cod SummitJune 10: Goldman Sachs 45th Annual Global Healthcare ConferenceJune 18: Citi's European Healthcare Conference, LondonJune 20: JP Morgan European Healthcare Conference

Consumer Discretionary & Consumer Staples

May 14: Goldman Sachs Global Staples ForumMay 18: National Restaurant Association ShowMay 20: Electric Vehicle Innovation SummitMay 21: HSBC Consumer ConferenceMay 23: HSBC 17th Luxury Goods ConferenceJune 4: Morgan Stanley 2nd Annual Travel & Leisure ConferenceJune 4: Bank of America Securities Housing SymposiumJune 4: Deutsche Bank 21st Annual dbAccess Global Consumer ConferenceJune 11: Deutsche Bank Global Auto Industry ConferenceJune 11: Evercore ISI 4th Annual Consumer & Retail Conference

Financials & Real Estate

May 14: Wells Fargo Financial Services Investor ConferenceMay 14: JP Morgan Insurance ForumMay 14: Janney Montgomery Scott Forth Annual Real Estate ConferenceMay 21: Barclays Leveraged Finance ConferenceMay 29: RBC Capital Markets Virtual Mid-Cap Bank Fixed Income Investor Conference (virtual)May 29: Deutsche Bank AG 14th Annual Global Financial Services ConferenceJune 10: Morgan Stanley 15th Annual US Financials Payments & CRE Conference

Industrials

May 15: Bank of America Global Industrials ConferenceMay 21: Wolfe Research 17th Annual Global Transportation & Industrials ConferenceJune 18: Citi Global Freight Field TripJune 11: Wells Fargo Industrials ConferenceJune 24: Goldman Sachs Business Services, Transport & Leisure Conference

Energy & Utilities

May 14: Citi's Energy and Climate Technology ConferenceMay 16: Deutsche Bank Global Solar & Clean Tech Conference (virtual)May 16: RBC Future of Water ConferenceMay 18: American Gas Association (AGA) Financial ForumMay 20: JP Morgan Hydrogen Week (virtual)June 3: RBC Capital Markets Global Energy, Power, and Infrastructure ConferenceJune 6: Bank of America Energy Credit ConferenceJune 11: Evercore ISI 3rd Annual Global Clean Energy & Transition Technologies SummitJune 17: JP Morgan Energy, Power & Renewables Conference

Materials

May 14: Citi Chemicals ConferenceMay 14: JP Morgan Homebuilding & Building Products ConferenceMay 21: JP Morgan Homebuilders DayMay 22: Raymond James Silver Equities ConferenceMay 28: KeyBanc Capital Markets Industrials & Basic Materials ConferenceJune 13: RBC Capital Markets Global Mining and Materials Conference

Regional

May 14: Morgan Stanley EEMEA ConferenceMay 15: JP Morgan European Technology, Media, and Telecoms TMT ConferenceMay 16: Morgan Stanley ASEAN Conference (virtual)May 24: Morgan Stanley Flagship Asia Tech Corporate DayMay 27: UBS Asian Investment ConferenceMay 31: Citi Pan Asia Regional Investor ConferenceJune 3: Goldman Sachs Annual European Financial Services ConferenceJune 5: Morgan Stanley China TMT ConferenceJune 6: JP Morgan Frontier Markets Fixed Income Conference

Investor Specific & Multi-Sector

May 14: UBS Pan European Small and Mid-Cap ConferenceMay 15: JP Morgan Global Markets ConferenceMay 29: Bank of America Securities Emerging Markets Debt & Equity ConferenceJune 4: Stifel Cross Sector Insight ConferenceJune 5: Deutsche Bank dbAccess 15th Annual Global Industrials, Materials & Building Products ConferenceJune 11: Bank of America C-Suite SMID ConferenceJune 12: Sidoti June Small-Cap ConferenceJune 26: Morningstar Investment Conference

[1] Earnings Insight, FactSet, John Butters, May 10, 2024, https://advantage.factset.com[2] Slow, but solid US economic growth anticipated in Q1; inflation likely heats up, Reuters, Lucia Mutikani, April 25, 2024, https://www.reuters.com[3] Euro zone inflation steady at 2.4%, keeping June rate cut in play as economy returns to growth, CNBC, Jenni Reid, April 30, 2024, https://www.cnbc.com[4] FTSE 100 hits record high, pound slips ahead of BoE verdict, Reuters, Pranav Kashyap, Shubham Batra,Khushi Singh, May 8, 2024, https://www.reuters.com

Copyright 2024 Wall Street Horizon, Inc. All rights reserved. Do not copy, distribute, sell or modify this document without Wall Street Horizon's prior written consent. This information is provided for information purposes only. Neither TMX Group Limited nor any of its affiliated companies guarantees the completeness of the information contained in this publication, and we are not responsible for any errors or omissions in or your use of, or reliance on, the information. This publication is not intended to provide legal, accounting, tax, investment, financial or other advice and should not be relied upon for such advice. The information provided is not an invitation to purchase securities, including any listed on Toronto Stock Exchange and/or TSX Venture Exchange. TMX Group and its affiliated companies do not endorse or recommend any securities referenced in this publication. TMX, the TMX design, TMX Group, Toronto Stock Exchange, TSX, and TSX Venture Exchange are the trademarks of TSX Inc. and are used under license. Wall Street Horizon is the trademark of Wall Street Horizon, Inc. All other trademarks used in this publication are the property of their respective owners.

This article first appeared on GuruFocus.

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