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Next week on the stock market

What to expect from a selection of FTSE 100, FTSE 250 and selected other companies 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.

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

  • The recovery in Facebook’s advertising revenue takes centre stage
  • Heineken may have had a better quarter, but there are more trials to come
  • Lloyds will reveal the effect of lower interest rates on profitability

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

26-Oct
PZ Cussons Trading Statement
27-Oct
BP* Q3 Results
HSBC* Q3 Results
Microsoft* Q1 Results
St James's Place Q3 New Business Statement
Whitbread* Half Year Results
28-Oct
GlaxoSmithKline* Q3 Results
Heineken* Q3 Trading Statement
Next* Q3 Trading Statement
Visa* Q4 Results
29-Oct
AB InBev* Q3 Results
Activision Blizzard* Q3 Results
Alphabet* Q3 Results
Amazon* Q3 Results
Apple* Q4 Results
BT* Q2 Results
EVRAZ Q3 Trading Statement
Facebook* Q3 Results
Indivior Q3 Results
KAZ Minerals Q3 Interim Management Statement
Lloyds Banking Group* Q3 Interim Management Statement
Royal Dutch Shell* Q3 Results
Smith & Nephew Q3 Trading Statement
Spotify* Q3 Results
Standard Chartered* Q3 Results
WPP* Q3 Trading Statement
30-Oct
ConvaTec Q3 Trading Statement
Glencore Q3 Production Report
International Consolidated Airlines * Q3 Results
Natwest* Q3 Interim Management Statement
Novo Nordisk* Q3 Trading Statement
Vivo Energy Q3 Trading Statement

*Companies on which we will be writing research.

Facebook – Sophie Lund-Yates, Equity Analyst

It will be an interesting one for Facebook next week.

The first thing we’ll be looking at is advertising revenue. Companies restricting their spending during lockdown meant growth slowed to 10.2% in the second quarter. The third quarter is also expected to be negatively impacted by new rules around targeted advertising.

Lockdown also fed into a higher level of engagement, with more time spent on screen as people were stuck at home. That’s important because keeping people on screens is what ultimately keeps the advertising-revenue wheel spinning. We suspect that the rate of growth in daily and monthly active users may have calmed down since peak lockdown, but by how much remains to be seen.

The final thing to keep an eye on will be spending. Margins are being propped up by cost cutting, which makes room for an ever increasing research and development budget. The question is whether things like marketing and other core costs are being stretched too thin.

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Heineken – Nicholas Hyett, Equity Analyst

The first half of Heineken’s year was a case study in operational gearing. Because Heineken has large fixed costs, especially in Europe where the group owns everything from breweries to pubs, a 16.4% fall in revenue saw operating profits fall 52.5%. While some restrictions remained in place, pubs and bars have been able to trade more freely in the last few months. We therefore expect Heineken’s revenue and profit to have held up better this half.

But it seems a second wave of the virus is breaking upon us. Heineken’s global operations mean the policies of each particular nation matter less than the overall trend, but it looks increasingly like the group will suffer another period of depressed sales. Heineken is reasonably well placed to cope, but debt is climbing. The next few months look like they could be tough, but all Heineken can do is ready itself and wait for the storm to blow over.

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

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Lloyds – Nicholas Hyett, Equity Analyst

Lloyds set aside £3.1bn at the half year stage to provide for future bad loans. That was based on some pretty negative assumptions, including 8.5% unemployment this quarter. So far the UK economy has held up better than Lloyds had feared – with unemployment in the third quarter of 4.5%. That means that although the economic weather remains gloomy, the bank will hopefully avoid topping up existing provisions this time round.

However, while the balance sheet looks solid, we do have questions about revenue and income. Lloyds generates most of its revenues from interest on loans (rather than investment banking activities, for example). Lower interest rates tend to be bad news for the profits banks can earn from lending, and – together with a decline in higher interest rate loans like credit cards – suggests income could fall this quarter even if bad loans remain unchanged.

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

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If investing in US companies you’ll need to complete a W-8BEN. Find out more about the charges.

Nicholas Hyett holds shares in Lloyds Banking Group

Remember investments and any income they produce can rise and fall in value so investors could make a loss. Past performance is not a guide to the future.

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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