Yahoo Finance Day Ahead: Top 3 Things to Watch
Investing.com - Here are the top 3 things that could rock markets tomorrow.
1. Kraft Heinz (NASDAQ:KHC), Activision Blizzard (NASDAQ:ATVI) Earnings on Tap
Kraft Heinz (NASDAQ:KHC) reports quarterly results before the opening bell Thursday.
With shares of Kraft Heinz (NASDAQ:KHC) down by more than a quarter for the year, well below the S&P 500's 15% gain, traders are keen to get a sense of how the new CEO Miguel Patricio plans to stem losses in market share and freshen up the food company's portfolio.
The company announced a dividend cut earlier this year after suffering $15.4 billion in asset writedowns related to its Kraft and Oscar Mayer brands.
Kraft Heinz (NASDAQ:KHC) is expected to report earnings of 75 cents per share on $6.59 billion in revenue compared with $1 a share on revenue of $6.69 billion a year ago.
Activision Blizzard (NASDAQ:ATVI), meanwhile, reports results after the closing bell.
The video game company is expected to report earnings of 26 cents per share on revenue of $1.19 billion, down from 40 cents a share on revenue of $1.39 billion a year ago.
Bookings, time spent per user and monthly active users (MAUs) will also be closely watched, after the latter fell in the previous quarter.
The company previously said it expected that bookings, one of the key metrics, to come in at $1.15 billion in the second quarter of 2019.
2. U.S. Jobless Claims Data Due
At 8:30 AM ET, the Labor Department releases its weekly count of the number of individuals who filed for unemployment insurance for the week ended Aug. 4.
Economists forecast initial jobless claims to remain unchanged at 215,000.
3. Yen Watch: Japan Q2 GDP
The yen will come into focus Thursday as Japan is set to release second-quarter economic growth numbers at 7:50 PM ET.
Japan's second-quarter growth is expected to slow to a rate of 0.1% from 0.6% in the previous quarter.
Export growth in the world's third-largest economy has been hurt by the ongoing U.S.-China trade war, forcing Japan's government to cut its growth forecasts for this year.
Growth estimates for this year were cut to 0.9% in price-adjusted real terms in the fiscal year ending in March 2020, down from a previous forecast of 1.3%.
The yen has been propped up by fears that the U.S. and China are set for a protracted trade war after tensions escalated recently, following President Donald Trump's threat last week to hit China with more tariffs.
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