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Day Ahead: Top 3 Things to Watch

Investing.com

Investing.com - Here are the three things that could rock the markets tomorrow.

1. Packaging Chips

Two opposites in the stock world report earnings tomorrow.

Consumer staples stock ConAgra Foods (NYSE:CAG) will issue results before the bell, while tech stock Micron Technology (NASDAQ:MU) will report postmarket.

Packaged food company ConAgra is expected to report a profit of 39 cents per share on sales of about $2.5 billion, according to forecasts compiled by Investing.com.

Last quarter the company reaffirmed guidance of 1% to 3% organic sales growth over the next three years.

Semiconductor company Micron (NASDAQ:MU), a very good bellwether for the chip sector, weighs in after the bell.

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Analysts are predicting a profit of 51 cents per share on revenue of about $4.6 billion.

S.G. Cowen boosted its target today on Micron (NASDAQ:MU) to $46 from $38 ahead of earnings, citing favorable DRAM demand and NAND pricing, Briefing.com reported.

2. Housing First, GDP Second

Everybody sees GDP on their screens and it can get a bit hectic in the market, but tomorrow is just a revision of the previous numbers.

Housing should be continue to be the focus, given the spotlight on interest rates just now.

The National Association of Realtors will release its September measure of homes under contract to be sold at 10:00 AM ET (14:00 GMT).

On average, economists expect that pending home sales rose 0.9% this month, rebounding from a 2.5% drop in August.

Second-quarter GDP is expected to stay at an annual rate of 2% for the quarter.

3. So Much Fed Speak

The Fed members are busy this month and four more will speak tomorrow.

At 9:30 AM ET (13:30 GMT), Dallas Fed President Robert Kaplan will talk on trade and immigration.

At 10:00 AM ET, St. Louis Fed President James Bullard with give opening remarks at a conference on minorities in banking.

San Francisco Fed President Mary Daly and Fed Vice Chairman Richard Clarida will do the “Fed Listens” event at 11:45 AM ET.

And at 2:00 PM ET, Minneapolis Fed President Neel Kashkari will speak at a town hall.

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