RIVN - Catalyst Watch: BorgWarner Biogen iRobot and Coty are in the spotlight during holiday-shortened week

2023-06-30 15:00:00 ET

Welcome to Seeking Alpha's Catalyst Watch - a breakdown of some of next week's actionable events that stand out. Check out Saturday morning's regular Stocks to Watch article for a full list of events planned for the week, or the Seeking Alpha earnings calendar for companies due to report.

Monday - July 3

• Volatility watch - Department store ticks Nordstrom ( JWN ) and Kohl's ( KSS ) trade with short interest standing at more than 20% of total float. Options trading volume is elevated on FingerMotion ( FNGR ) and Amyris ( AMRS ).
• All day - BorgWarner ( BWA ) is expected to complete the spin-off of PHINIA. The stock will be traded on the New York Stock Exchange under the ticker symbol PHIN on July 5. PHINIA will consist of the former Fuel Systems and Aftermarket segments of BorgWarner.
• All day - The electric vehicle sector will be on watch with monthly deliveries reports from NIO ( NIO ), Li Auto ( LI ), and XPeng ( XPEV ) expected to arrive over the weekend, as well as quarterly deliveries reports from Tesla ( TSLA ) and Rivian Automotive ( RIVN ).
• 8:30 a.m. The May Construction Spending release is forecast to show a 0.4% month-over-month rise to moderate from the 1.2% pace for April. The lack of existing homes on the market, resilient demand for homes and falling construction costs are driving homebuilders to start resume construction, although Bank of America expects the pace of increase to potentially decline going forward due to a cutback in investment by both firms and the government.
• 1:00 p.m. The U.S. stock markets will close ahead of the July 4th holiday.
• 2:00 p.m. The U.S. bond markets will close ahead of the July 4th holiday.
• 3:00 p.m. The weekly U.S. Crop Progress report will be released. The condition of U.S. corn and soybean crops fell to the worst in several decades in the last report to send wheat ( W_1:COM ), corn ( C_1:COM ), and soybean (S_1:com) prices higher. Concerns have also increased about adverse weather affecting crops elsewhere in the world, including the European Union, where crop monitoring service MARS lowered nearly all average yield forecasts for this year's grain and oilseed crops in the bloc.

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