Earnings season isn’t over yet. Plus, there are plenty of other important updates coming this week, from influential technology conferences to employment data and spinoff milestones. Let’s take a closer look at everything. 1. Revenue: Quarterly revenue is always a big focus for our club. As we approach the end of this financial season, three club names will be announced this week, and they are big clubs. First, Palo Alto Networks will release its financial results after the close of trading on Tuesday. And on Wednesday evening, CrowdStrike and Broadcom will go live. We’ll start with our cybersecurity efforts at Palo Alto Networks and CrowdStrike. Thankfully, the market has finally returned to our view that AI is a big tailwind for security providers and not the headwind that the market priced in when these stocks were left alone earlier this year. Their remarkable comeback poses a revenue challenge. It’s not that we believe the company is incapable of meeting Wall Street estimates. The problem is that the bar for returns is high, both when it’s trading at all-time highs and well above its previous record before this year’s AI sell-off. As a result, anything above the reported number is the absolute minimum we need to see. Even more important is management’s near-term outlook and commentary to ensure that investor demand for cybersecurity is growing decisively as AI permeates every aspect of the enterprise. Beyond the numbers and demand commentary, I’d be interested to hear what both Palo Alto Networks and CrowdStrike have to say about the tilt from the April launch of Project Glasswing, a security initiative related to the Claude Mythos model. Anthropic organized this effort because we believe that yet-to-be-released AI models pose a significant risk to the world’s technology infrastructure due to their uncanny ability to find bugs in software. In April, CrowdStrike announced a unique industry coalition called Project QuiltWorks to bridge what the company calls “the AI vulnerability gap for every enterprise.” As of Friday, the Street wanted Palo Alto to report earnings of 80 cents per share and revenue of $2.94 billion, according to estimates compiled by LSEG. CrowdStrike is expected to report earnings of $1.07 per share and revenue of $1.36 billion. .SPX CRWD, PANW YTD Mountain S&P 500 year-to-date performance compared to CrowdStrike and Palo Alto Networks. Broadcom is also booming, closing at a record high on Friday. With expectations on the left, Broadcom will need to do more than just beat the headline numbers. AI revenues should continue to gain momentum, both from networking and its custom semiconductor business, which co-designs chips for tech companies like Google. More importantly, executives need to provide guidance that makes it clear that demand for their AI products is not only sustained, but will even grow stronger in the second half of this year. Will CEO Hock Tan announce that Broadcom has acquired new custom chip customers? During an earnings call in March, Tan said there were six customers, including Meta and Anthropic. Mr Tan’s comments on customer spending intentions over the next 12-18 months will be noted. As of Friday, Broadcom was expected to report earnings of $2.42 a share on revenue of $22.48 billion, according to LSEG data. 2. Presentations at conferences: Club names Nvidia, Arm, and Microsoft are attending tech conferences this week and will be discussed there. What else? – Artificial intelligence. Nvidia and Arm are both part of Taiwan’s influential Computex, a center of the semiconductor supply chain. Nvidia CEO Jensen Huang is scheduled to give a keynote speech at 11 a.m. Taipei time Monday (11 p.m. New York time Sunday). Investors are looking for details on the “surprising new product” that Hwang teased last week. There are increasing signs on social media that the product is a personal computer running Windows. Currently, you can buy consumer Windows laptops that combine graphics processing units (GPUs) from Nvidia with central processing units (CPUs) designed by other companies, such as Intel. There is no PC out there that has both an Nvidia GPU and CPU. Arm CEO Rene Haas is scheduled to give a keynote speech on Tuesday. Arm’s stock is soaring, and we’re looking forward to any new comments about the demand for new in-house data center CPUs and supply chain capacity, as well as a broader role in enabling robotics. If this rumor becomes reality and Nvidia releases a CPU for PCs, it will likely be based on Arm’s instruction set, leading to increased royalty income. Microsoft is kicking off its Build developer conference in San Francisco on Tuesday. There, the company hopes to encourage updates on the AI tools and products it has developed in-house. Among our complaints about Microsoft is the idea that its AI innovation lags far behind OpenAI, Anthropic, and Alphabet’s Google. Featuring a keynote address from CEO Satya Nadella, this conference is an opportunity to improve your narrative. In particular, a new coding model may be on the horizon, technology-focused publication The Information reported Thursday. 3. Spin-off updates: We’re big fans of club spin-offs. This is when a company establishes a separate entity to house one (or more) business units, and shareholders receive proportionate ownership of the new company. We took a hard look at this concept a few years ago, and the idea is that by creating a more streamlined company, you can run it better and have better equity than if all the companies were under the same roof. Things don’t always work out as planned (J&J’s separation of consumer and health comes to mind). However, recent successes include General Electric’s split into three companies (we now own part of GE Vernova) and DuPont’s separation of its electronics division into Qnity last fall. Qnity is the third best stock this year. The rest of DuPont is also doing well. The reason behind this: Two important updates will be announced this week regarding spin-offs taking place at the club’s holding companies, FedEx and Honeywell. On Monday, FedEx’s cargo business will begin trading on the New York Stock Exchange. The non-truck delivery company is known as FedEx Freight and has a stock price of FDXF. The rest of FedEx based in its parcel and air cargo delivery businesses will continue to have the FDX ticker. The belief that this spinoff would ultimately provide more benefits to shareholders than keeping the company afloat was part of the reason we acquired FedEx stock on May 18th. Honeywell will on Wednesday hold an investor day for Honeywell Aerospace, which is scheduled to be officially spun off on June 29. Before Honeywell officially announced the spinoff in February 2025, Jim recognized the aerospace division as the crown jewel of its portfolio and called on the conglomerate to break it up. In other words, we’ve been waiting for this for a long time. We look forward to receiving management’s plans for Honeywell Aerospace, an independent company best known for electronic and cockpit systems. In particular, it is worth noting that executives speak out about supply chain constraints. This is because this was the key point in the first quarter results in April. Separately, a quantum computing company majority-owned by Honeywell could have an IPO later this week. 4. Jobs, jobs, jobs: The labor market dominates this week’s economic data. The Job Openings and Labor Turnover Survey (JOLTS) is the first survey released Tuesday morning. The so-called JOLTS report measures the downturn in the labor market, showing the number of job openings, hires, and turnover (including separations, layoffs, and layoffs) in a given month. Tight labor markets can cause inflation as workers gain the upper hand and demand higher wages. That’s why economists, investors and central bankers are monitoring the situation closely. Note that the JOLTS data is from April, while the other two major reports (ADP’s Private Payroll Survey and the Department of Labor’s Official Employment Report) are from May. As of Friday, economists polled by FactSet expected private sector payrolls to rise by 120,000 in May, up from a better-than-expected 109,000 in April in Wednesday’s ADP report. Friday’s nonfarm payrolls report showed the unemployment rate holding steady at 4.3%, with consensus for a job increase of 105,000. April’s jobs report was well above consensus, reflecting the economy’s resilience in the face of rising oil prices and the uncertainty of a war with Iran. I would also like to pay attention to the revised data for April. Beyond the headline numbers, other metrics to keep an eye on include labor force participation rates, average hourly wages, and high-tech employment amid fears of AI disruption. This is the first jobs report for Federal Reserve Chairman Kevin Warsh to lead the central bank. While markets want the Fed to cut rates, a war-related spike in inflation will complicate that effort, especially if the labor market continues to hold out. One Week Ahead Monday, June 1st 10am ET ISM Manufacturing Purchasing Managers Index (PMI) Before the Bell: Science Applications (SAIC) After the Bell: Hewlett Packard Enterprise (HPE) Tuesday, June 2nd JOLTS Report 10am ET: Dollar General (DG), Victoria’s Secret (VSCO), Donaldson (DCI), Signet (SIG) After the Bell: Palo Alto Networks (PANW), ULTA Beauty (ULTA), PicPay (PICS) Wednesday, June 3rd ADP Commercial Payroll 8:15am ET ISM Services Purchasing Managers Index (PMI) 10am ET Before the Bell: MiniMed (MMED), Medtronic (MDT), Macy’s (M), THOR Industries (THO), Ollie’s Bargain (OLLI) After the bell: Broadcom (AVGO), CrowdStrike (CRWD), Veeva (VEEV), C3.ai (AI), Five Below (FIVE), ChargePoint (CHPT), PVH Corp (PVH), Petco (WOOF) First unemployment claims Thursday, June 4 at 8:30 AM ET Before the bell: Siena (CIEN), Toro (TTC) After the bell: Lululemon (lulu), DocuSign (DOCU), Cooper Companies (COO) Nonfarm payroll report for Friday, June 5, 8:30 a.m. ET Before the bell: ABM Industries (ABM) (Jim Cramer Charitable Trust is long *** Please fill in *** . ) Subscribers to Jim Cramer’s CNBC Investment Club will receive trade alerts before Jim makes a trade. 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