The week of September 14, 2020: This is a relatively light week for corporate earnings as the second-quarter earnings season winds down.
One report to note is for Aspen Group Inc. (Nasdaq: ASPU), which reports earnings on Monday.
Well, it has not disappointed.
Even with the recent market downturn, Aspen Group — an online education company — has jumped nearly 20% since our recommendation.
Aspen Group Jumps Since July
If you bought in, congratulations on your gains!
Here are some other things investors will be watching on Wall Street next week, the week of September 14:
On the IPO Front
There are a few initial public offerings (IPO) scheduled for this week.
One will be JFrog Ltd., which will trade on the Nasdaq with the ticker symbol FROG.
It’s a software company that focuses on what it calls “liquid software.”
No, not actual liquid software — but software that is continuously updated. JFrog uses it management platform to help software developers release software faster and more securely.
According to the company, it has nearly 5,800 organizations, including these in the Fortune 500:
- All top 10 technology organizations (Facebook, Google, Amazon Web Services and more).
- Eight of the top 10 financial services organizations.
- Nine of the top 10 retail organizations.
- Eight of the top 10 health care organizations.
- Seven of the top nine telecommunications organizations.
The company’s headquarters are in Israel, and its American offices are in Sunnyvale, California.
Its revenue was $69.3 million for the six months ending on June 30, 2020 — up about 50% for the year.
The company plans to sell 11.6 million shares with a price target of between $33 and $37 per share. It hopes to raise around $492 million with the IPO.
That IPO is expected to launch on September 16.
Another big IPO slated for that day is for data cloud warehouse company Snowflake. It will trade on the New York Stock Exchange under the ticker SNOW.
The company recently reported its year-over-year revenue was up 133% for the first six months of 2020 to $242 million.
Additionally, Warren Buffett’s Berkshire Hathaway Inc. (NYSE: BRK.B) and Salesforce (NYSE: CRM) each pledged to buy $250 million of the company’s Class A stock.
Snowflake plans to offer 28 million shares at a price range of between $75 and $85 with hopes of raising $2.24 billion.
Money & Markets Week Ahead: Data Dump
On Tuesday, the Federal Reserve Bank of New York will release its Empire State Index for September.
The Federal Reserve conducts this monthly survey of manufacturers in New York. It’s considered a precursor to overall manufacturer activity nationwide.
In August, the general business conditions index fell 14 points to 3.7, which indicates a slower pace of growth than July.
For the second straight month, optimism in the sector fell.
On Wednesday, the U.S. Census Bureau will unveil the August 2020 Advance Monthly Retail Report.
This report gives data on retail and food sales in the U.S.
In July, the report indicated an increase of 1.2% from the previous month and 2.7% from July 2019. However, total sales from May 2020 to July 2020 were down 0.2%.
Federal Reserve Chairman Jerome Powell will also hold a press conference on Wednesday afternoon.
The Department of Labor will release its weekly jobless figures on Thursday.
To finish off the Money & Markets Week Ahead, here’s a look at some of the key earnings reports due out the week of September 14:
Aspen Group Inc. (Nasdaq: ASPU)
Lennar Corp. (NYSE: LEN)
Cracker Barrel Old Country Store Inc. (Nasdaq: CBRL)
FedEx Corp. (NYSE: FDX)
Herman Miller Inc. (Nasdaq: MLHR)
Apogee Enterprises Inc. (Nasdaq: APOG)
No earnings reports scheduled.
That’s all for this week.
Until next time…
Research Analyst, Money & Markets
Matt Clark is the research analyst for Money & Markets. He’s the host of our podcast, The Bull & The Bear, as well as the Marijuana Market Update. Before joining the team, he spent 25 years as an investigative journalist and editor — covering everything from politics to business.