Trade negotiations with Canada, and continued trade strife with the EU will likely grab investor’s attention as Tuesday opens the trading week after the Labor Day holiday. While no deal was reached with Canada on Friday, the Canadian Trade Minister was relatively upbeat that a deal would be reached between the northern neighbor and the U.S. Amazon will storm into September hoping to the the next $1 trillion company, and if it hits the mark will get some attention from pundits as the week rolls on.
Tuesday analysts will dig into the earnings of Workday (WDAY). The data analytics company recently touched all-time highs. The market is looking for $.26 a share out of the cloud applications provider. Keep an eye on competitors Oracle and ADP if Workday stumbles. Also reporting on Tuesday is HealthEquity (HQY). Earnings are expected to benefit from an uptick in Health Savings Account (HSA) contributions. The company has been growing custodial assets 31% year-over-year as of the last quarter, which has the stock rocketing in the first half of 2018. Analysts will be looking for continued growth in assets if the stock is to continue its run.
Tuesday’s economic calendar includes both the PMI and ISM Manufacturing Index as well as construction spending. The construction spending number is expected to rebound from a 1.1% decline in June. The July number is expected to rise .4%. Analysts are keeping a close eye on the number to gauge the impact housing is having on the economy. Builders are complaining of labor shortages and the rising cost of materials. Wednesday investors will digest mortgage application numbers which declined 1.7% week-over-week last week. Also released on Wednesday will be international trade numbers and Redbook retail numbers as we get into the middle of the first week of September.
Earnings from Ctrip.com (CTRP) and Docusign (DOCU) are on the way Wednesday. Ctrip has outstripped earnings estimates by an average 158% the last two quarters, but the stock is down on the year so far in 2018. It’s no surprise that analysts have recently been raising estimates for the Chinese provider of travel services. In its second reporting quarter as a public company analysts will want to see Docusign continue the blistering pace it set last quarter. Subscriptions, the main source of Docusign revenue, were up 39% year-over-year. The company also raised full year estimates well above those of the analyst community. The stock is up a little over 50% since going public earlier this year.
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