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Next week on the stock market

What to expect from a selection of FTSE 100, FTSE 250 and selected overseas shares reporting next week.

Important notes

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

Next week’s set to be another busy one on the stock market. We’ll be paying particular attention to one of our five shares to watch – and we’re also expecting news from the magic-maker itself, Disney.

As has become the market norm, we may well get some unscheduled updates too and don’t forget the below dates are subject to change.

Among FTSE 100, FTSE 250 and selected other companies scheduled to report next week:

  • Novo Nordisk could report a strong first quarter, boosted by demand for its essential medicines
  • It’s unlikely to be good news at ITV, eyes will be on how much revenue’s being squeezed
  • IAG should update us on its liquidity and the rate at which cash is going out the door

FTSE 100, FTSE 250 and selected other stocks scheduled to report next week

04-May
No FTSE 100 or FTSE 250 reporters
05-May
Activision Blizzard* Q1 Results
Disney* Q2 Results
06-May
Barrick Gold* Q1 Results
Direct Line* Q1 Trading Statement
ITV* Q1 Trading Statement
Novo Nordisk* Q1 Results
Ocado* Trading Statement
Smith & Nephew Plc Q1 Trading Statement
Virgin Money Half Year Results
07-May
3i Infrastructure Full Year Results
AB InBev* Q1 Results
BT Group* Full Year Results
Coca-Cola HBC Q1 Trading Statement
International Consolidated Airlines* Q1 Results
InterContinental Hotels Group* Q1 Trading Statement
IMI Interim Management Statement Release
Rathbones Q1 Interim Management Statement
RSA* Q1 Trading Update
Superdry Full Year Pre-Close Trading Statement
National Express Trading Update
Morgan Sindall Group AGM Statement
08-May
No FTSE 100 or FTSE 250 reporters

*Companies on which we will be writing research.

Novo Nordisk

Novo should have had a good start to the year. Its insulin treatments are crucial to millions of patients, and coronavirus won’t have disrupted that demand, making its revenue streams more resilient in the current climate. Some analysts are predicting first quarter sales will be up as much as 7%, as doctors will have given out longer-term prescriptions in anticipation of any disruption. This would be positive news, but keep in mind sales should even out in the fullness of time.

As a provider of essential medicine the group is a lot more defensive than other businesses. But there are some longer term considerations. One of those is the potential for price pressure. Novo’s drugs are relatively expensive compared to some rivals. Healthcare providers are being stretched to the limit during the current crisis, and this could result in the group needing to lower its premium price tags on some medications down the line.

Both of these points mean it’s the outlook statement that’s most important next week. We’d like to know what a first quarter sales boom will mean for sales later down the line, as well as any initial thoughts on the pricing landscape from here.

See the latest Novo Nordisk share price, charts and how to trade

Sign up for Novo Nordisk updates

ITV

Coronavirus is bad news for ITV. Economic downturns mean marketing budgets get slashed, which isn’t ideal for a company that still relies heavily on advertising revenue.

ITV already warned the virus is having a significant impact on the business for this reason, and the Studios business is under strain too as production grinds to a halt.

That means next week we’ll be tuning in to understand exactly how much revenue is being squeezed. But there may well also be some brighter spots. ITV has a strong back catalogue of existing Studios content, which it can sell to other providers. Streaming is booming globally - both Netflix and Disney+ have reported record subscriber numbers as millions of us are consigned to the coach. ITV could have seen an increase in demand for its content, and the trend also bodes well for the group’s own new streaming venture with the BBC, Britbox.

Every little helps, but we doubt these extra revenue streams will offset disruption elsewhere. Mostly we’ll be looking to see what ITV has to say about plans to weather the crisis.

See the latest ITV share price, charts and how to trade

Sign up for ITV updates

IAG

We’re starting to hear noises about some sectors of the economy powering back up, although it may still be some time before we get back to something approaching normality. We think international air travel is likely to be among the laggards, and highly doubt they’ll be leading the charge out of lockdown.

This means the airlines are still reliant on their cash reserves and the rate at which they’re burning through them. easyJet has already told us what it’s spending each week, and have reduced cash operating costs by around 70%. We hope IAG will give us similar information, and ideally it’ll report similar savings to its budget rival. At any rate, the losses are already starting to mount.

We’re also likely to get an update on the group’s liquidity position. At the end of March IAG had €9.5bn in cash and committed credit facilities. This figure wants updating, but we may also hear something about the agreements the group has struck with its lenders, known as covenants. Other companies have secured waivers if they risk violating covenants, and IAG may have agreed something similar.

See the latest IAG share price, charts and how to trade

Sign up for IAG updates

Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by Thomson Reuters. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Past performance is not a guide to the future. Investments rise and fall in value so investors could make a loss.

This article is not advice or a recommendation to buy, sell or hold any investment. No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment. This article has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is considered a marketing communication. Non-independent research is not subject to FCA rules prohibiting dealing ahead of research, however HL has put controls in place (including dealing restrictions, physical and information barriers) to manage potential conflicts of interest presented by such dealing. Please see our full non-independent research disclosure for more information.


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    Important notes

    This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

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