Microsoft is bringing its cloud business to a market capitalization of $ 2,000 billion. It is not yet done.

Microsoft shares edged up 0.1% to $ 265.79 on Wednesday, a new high, taking its market cap to $ 2.004 billion. (Apple costs around $ 2.2 trillion.) Ives notes that June’s channel checks see improved demand for Azure. “The Azure cloud growth story is reaching its next growth rate,” he writes. “We are seeing that transaction sizes continue to increase dramatically as enterprise-wide digital transformation changes accelerate, with CIOs all focusing on preparing their respective companies for an architecture based on the cloud. ”

Wall Street fears cloud growth will slow as the pandemic exits, which runs counter to the deal activity Microsoft is seeing, writes Ives, noting that June quarter results appear to be “robust “. He believes Microsoft is still only about 35% converting its cloud-installed app base.

Ives sees the continued global “digital transformation” as a $ 1 trillion opportunity, and says Microsoft will disproportionately benefit from it. “Microsoft remains our favorite game in the large-cap cloud and we believe the stock will start to rise in the next few quarters…” he writes. “The story of growth at Microsoft is not slowing down. “

Next week

Monday 6/28

Novo Nordisk

is holding a conference call moderated by CFO, Karsten Munk Knudsen, to discuss its research and development prospects. The investor meeting will be held in conjunction with the 2021 American Diabetes Association conference, which will run virtually June 25-29.

The Federal Reserve Bank of Dallas releases its Texas Manufacturing Outlook Survey for June. The consensus estimate is for a reading of 32.5, slightly lower than May’s 34.9. The index is near a three-year high of 37.3, reached in April, indicating the strength of the region’s manufacturing sector.

Tuesday 6/29

Main Financial Group

and

Sempra Energy

hold their 2021 investor days.

United Airlines Holdings

hosts a conference call to brief investors on the company’s growth strategy.

The conference council publishes its consumer confidence index for June. Expectations are for a reading of 117.8, roughly even with the May data. The index has rebounded strongly this year, but remains well below pre-pandemic levels.

S&P CoreLogic releases its National Case-Shiller Home Price Index for April. Economists are forecasting a 14.2% year-over-year increase, following a 13.2% gain in March, which was the biggest jump since December 2005.

Wednesday 6/30

ADP publishes its national employment report for June. Economists predict a gain of 450,000 jobs in the private sector, after adding 978,000 jobs in May. May’s increase was the largest since June of last year.

Constellation brands,

General Mills,

and

Micronic Technology

publish quarterly results.

ConocoPhillips

hosts a Market Update, featuring Company CEO Ryan Lance.

EQT is hosting a conference call to discuss its ESG 2020 performance as well as its ESG strategy for the future.

The Institute of Supply Management releases its Chicago Purchasing Managers Index for June. The consensus call is for a reading of 70, lower than May’s 75.2, which was a 47-year high for the index.

The national association of Realtors releases its May Pending Home Sales Index. Sales are expected to fall 1% month over month, following a 4.4% drop in April. Supply constraints, especially at the lower end of the housing market, were cited by the NAR for slowing sales.

Thursday 7/1

McCormick and

Alliance of Walgreens boots

hold conference calls to discuss income.

Friday 2/7

The labor office The statistics release the employment report for June. Non-farm payrolls are expected to increase by 625,000, following a gain of 559,000 in May. Unemployment rate continues to drop to 5.6% from 5.8%

Write to Eric Savitz at eric.savitz@dowjones.com