Earnings Week Ahead: Starbucks, Caterpillar, AMD, Uber, Moderna, JetBlue, and more

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As the quarterly earnings season rolls on, next week will see a slate of reports from major players in energy, semiconductors, eCommerce, travel, gaming, and entertainment. The list of releases includes Starbucks (NASDAQ:SBUX), Advanced Micro Devices (NASDAQ:AMD), Uber (NYSE:UBER), JetBlue (JBLU) and Caterpillar (NYSE:CAT).

In addition, Wall Street will receive updates from Microsoft (MSFT) takeover target Activision Blizzard (ATVI), Elliott Management-backed Pinterest (PINS) and several big names in travel, like Airbnb (ABNB), Marriott (MAR), and Expedia (EXPE).

Below is a curated list of earnings reports due in the week of August 1 to August 5:

Monday, August 1

Activision Blizzard (ATVI)

The California-based video game maker is set to post its earnings for the second quarter after Monday’s close. The company is set to be acquired by Microsoft (MSFT), although the transaction remains under review with European regulators opening a probe. Shares have continued to trade at a discount to Microsoft’s proposed takeover price at $95 per share throughout 2022. The company has also faced unionization efforts by employees, with a group of employees in Albany applying for recognition by management.

  • Consensus EPS Estimates: $0.48
  • Consensus Revenue Estimates: $1.57B
  • Earnings Insight: Activision Blizzard has beaten EPS estimates in 6 of the past 8 quarters, rising above revenue expectations in half of those reports.

Diamondback Energy (FANG)

Following results last week from industry heavyweights Chevron and Exxon, Diamondback Energy (FANG) will provide its second-quarter update on Monday. Despite a resilient year-to-date performance, shares have fallen over 20% from their June peak as oil and gas prices have retreated. Still, Goldman Sachs named the stock among its top five picks for 2022 shortly before the earnings release.

  • Consensus EPS Estimates: $6.68
  • Consensus Revenue Estimates: $2.43B
  • Earnings Insight: Diamondback Energy has beaten earnings estimates in 4 of the past 8 quarters, marking the same success rate against revenue expectations.

ON Semiconductor (ON)

ON Semiconductor (ON) will offer its earnings report before the market open on Monday. Shares of the Arizona-based semiconductor company have risen nearly 70% over the past year despite a slight drop year-to-date. In recent weeks, Citi voiced its belief that ON Semiconductor (ON) is likely to report "good earnings" and prompt a "short-term bounce" for the semiconductor sector.

  • Consensus EPS Estimates: $1.26
  • Consensus Revenue Estimates: $2.01B
  • Earnings Insight: ON Semiconductor has beaten EPS estimates in 6 of the past 8 quarters, rising above revenue expectations in all but one of those quarters.

Also reporting: Pinterest (PINS) Aerojet Rocketdyne (AJRD), Devon Energy (DVN), DaVita (DVA), and Avis Budget Corp. (CAR)

Tuesday, August 2

Advanced Micro Devices (AMD)

Advanced Micro Devices (AMD) will report earnings on Tuesday, following less than one week after a pessimistic report from its key competitor in Intel (INTC). Despite a nearly 40% drop for the stock over the course of 2022, shares have rebounded nearly 20% from their yearly low ahead of the earnings.

The report also follows less than one week after the passage of the CHIPS Act, which is presupposed to be a major tailwind for the semiconductor industry broadly. Meanwhile, headed into the report, analyst David Alton Clark issued an upbeat appraisal of the company, telling investors “you ain’t seen nothing yet.”

  • Consensus EPS Estimates: $1.04
  • Consensus Revenue Estimates: $6.53B
  • Earnings Insight: AMD has beaten EPS estimates in 7 of the past 8 quarters, exceeding revenue expectations in 6 of those quarters.

Caterpillar (CAT)

Construction giant Caterpillar (CAT) is set to report its second quarter earnings before the market open on Tuesday. Despite recessionary concerns for the cyclical business, the stock has significantly outperformed the market in 2022. Along these lines, analyst firm Valuentum argued that CAT “knows how to handle cyclical downturns.”

Still, the stock has shown significant volatility in the past few months, touching a 52-week low in mid-July. Elsewhere, the company is in the midst of a move from its long-time Illinois headquarters to a new base in Dallas.

  • Consensus EPS Estimates: $3.02
  • Consensus Revenue Estimates: $14.39B
  • Earnings Insight: Caterpillar has exceeded EPS estimates in 75% of earnings releases in the past two years. The company has marked a 50% success rate for revenue over the same span.

Starbucks (SBUX)

Starbucks (SBUX) is set to report second quarter earnings after the bell on Tuesday. The Howard Schultz-led coffee chain’s stock has slid nearly 30% so far in 2022. The company has dealt with unionization pushes throughout the year as well as the need to close stores for “safety issues”, according to Schultz.

Additionally, the chain recently offloaded its Russian business and is considering the sale of its UK business, according to The Times. Despite these challenges, analyst Christopher Canno recommends investors buy Starbucks amid a bear market.

  • Consensus EPS Estimates: $0.76
  • Consensus Revenue Estimates: $8.13B
  • Earnings Insight: Starbucks has beaten EPS estimates in 5 of the past 8 quarters, marking the same success rate against revenue expectations.

JetBlue Airways (JBLU)

In its first earnings report since outmaneuvering Frontier Air Group (ULCC) in a bidding war for Spirit Airlines (SAVE), JetBlue will report its second-quarter earnings. While surging travel demand has been cited by both Delta Air Lines (DAL) and United Airlines (UAL), capacity and cost concerns also weighed on each airline’s results. Competitor United Airlines specifically pointed to staffing shortages as a concern for the industry, with the CEO saying the firm is “not going to get back to normal utilization and normal staffing levels until next summer,” for example.

  • Consensus EPS Estimates: -$0.11
  • Consensus Revenue Estimates: $2.46B
  • Earnings Insight: JetBlue has beaten EPS estimates in 6 of the past 8 quarters, exceeding revenue expectations in 5 of those quarters.

Also reporting: Airbnb (ABNB), Uber Technologies (UBER), BP plc (BP), Dupont De Nemours (DD), Match Group (MTCH), Microstrategy (MSTR), Paypal (PYPL), Marriott (MAR), Molson Coors (TAP), Alteryx (AYX), Arconic Corporation (ARNC), Caesars Entertainment (CZR), Herbalife (HLF), and Occidental Petroleum (OXY).

Wednesday, August 3

Moderna (MRNA)

About a week after a report from vaccine-manufacturing rival Pfizer (PFE), Moderna (MRNA) will report its second quarter earnings result prior to the market open on Wednesday. Last week, the US government agreed to buy 66M doses of the MRNA’s Omicron-adapted booster shots for $1.74B.

  • Consensus EPS Estimates: $4.49
  • Consensus Revenue Estimates: $3.95B
  • Earnings Insight: Moderna has exceeded EPS estimates in 3 of the past four quarters, marking the same success rate in terms of revenue performance.

CVS Health Corp. (CVS)

CVS Health Corp. (CVS) will update investors on its second-quarter performance before the bell on Wednesday. The stock has outperformed the market so far in 2022, falling only about 8% in the first seven months of the year as compared to a nearly 20% decline in the S&P. According to Bloomberg, the Rhode Island-based healthcare company pursued a buyout of One Medical. However, only weeks prior to the earnings release, the takeover target instead struck a deal to be acquired by Amazon (AMZN) as the tech giant once again tries to muscle into the healthcare space.

Consensus EPS Estimates: $2.18

Consensus Revenue Estimates: $76.38B

Earnings Insight: CVS Health has beaten EPS estimates in 6 of the past 8 quarters, missing revenue expectations only once in that span.

eBay (EBAY)

eBay, the San Jose-based eCommerce stalwart, is set to offer its second-quarter earnings update after the market close on Wednesday. Alongside much of the internet retail space, shares of the online marketplace provider have plummeted in 2022. While comparatively stronger than many of its eCommerce peers, the stock has slid nearly 30% in the first seven months of the year, touching a 52-week low of $40.52 shortly prior to the earnings release.

  • Consensus EPS Estimates: $0.89
  • Consensus Revenue Estimates: $2.36B
  • Earnings Insight: eBay has exceeded EPS estimates in 6 of the past 8 quarters while exceeding revenue estimates in 5 of those quarters.

Also reporting: Fisker (FSR), Clorox (CLX), Qorvo (QRVO), Robinhood (HOOD), Yum Brands (YUM), MGM Resorts (MGM), Generac Holdings (GNRC), and MercadoLibre (MELI).

Thursday, August 4

Beyond Meat (BYND)

Plant-based meat substitute maker Beyond Meat (BYND) is due to report earnings after the close on Thursday. Shares of the California-based alternative protein company have cratered in 2022, falling more than 50% as the company continues to post net losses. Ahead of the release, concerns about the company’s partnership with McDonald’s (MCD) have increased as JP Morgan told clients its McPlant is likely to be discontinued.

  • Consensus EPS Estimates: -$1.11
  • Consensus Revenue Estimates: $150.99M
  • Earnings Insight: Beyond Meat has missed EPS estimates in each of the past 3 quarters, beating revenue expectations only once.

Cheniere Energy (LNG)

The largest LNG producer in the US, Cheniere Energy (LNG) is set to report earnings before the market open on Thursday. Shares of the energy company, key to US LNG exports, have surged over 40% in 2022 as an energy crisis grips the world after Russia’s invasion of Ukraine. Shortly before the earnings release, LNG prices pushed to a 14-year high. The results follow gas-consumption cuts in Europe as the continent deals with energy shortages.

  • Consensus EPS Estimates: $3.74
  • Consensus Revenue Estimates: $6.42B
  • Earnings Insight: Cheniere has beaten EPS estimates in 4 of the past 8 quarters, exceeding revenue expectations in 5 of those quarters.

Expedia (EXPE)

Online travel services provider Expedia (EXPE) will provide investors with an update on its second quarter performance after the market close on Thursday. While surging post-pandemic travel demand has been in evidence lately, Truist warned clients that this trend is likely to subside as macroeconomic headwinds hit consumers into the close of 2022. Expedia (EXPE) shares have slumped over 40% since the start of the year, slipping nearly 20% in just the two months prior to the release.

  • Consensus EPS Estimates: $1.58
  • Consensus Revenue Estimates: $3B
  • Earnings Insight: Expedia has exceeded expectations for EPS in 3 of the past 8 quarters, marking the same success rate for revenue in that period.

Also reporting: Block Inc. (SQ), Carvana (CVNA), Franchise Group (FRG), Crocs (CROX), Twilio (TWLO), Eli Lilly (LLY), Lyft (LYFT), Nikola Corp. (NKLA), Lordstown Motors (RIDE), Paramount Global (PARA), Wayfair (W), Redfin (RDFN), Warner Brothers Discovery (WBD), ConocoPhillips (COP), Amgen (AMGN), DoorDash (DASH), and XPO Logistics (XPO).

Friday, August 5

DraftKings (DKNG)

Online gambling company DraftKings (DKNG) will report its second quarter earnings results before the market open on Friday. Shares have declined over 80% from their 2021 peak. However, in the weeks leading up to its earnings release, JMP Securities suggested the stock could easily climb back to those heights as gambling opens up across the country.

  • Consensus EPS Estimates: -$0.85
  • Consensus Revenue Estimates: $436.73M
  • Earnings Insight: DraftKings has missed EPS and revenue estimates for the past two quarters.

Goodyear Tire (GT)

Goodyear Tire & Rubber Co. (GT) will provide an update on its quarterly performance prior to Friday’s market open. Shares of the tire manufacturer have fallen over 40% since the start of 2022 despite reaching record revenue in the first quarter and implementing multiple price hikes in the past year. The company continues to pursue a “100% sustainable tire” policy and aims to have it in production by 2030. Analysts have nonetheless maintained broadly bullish ratings on the stock despite the steep slide in shares thus far in 2022.

  • Consensus EPS Estimates: $0.35
  • Consensus Revenue Estimates: $4.98B
  • Earnings Insight: Goodyear has exceeded EPS expectations in 5 of the past 8 quarters, beating revenue in 4 of those quarters.

Also reporting: American Axle & Manufacturing (AXL), Dominion Energy (D), Canopy Growth Corporation (CGC), Berkshire Hathaway (BRK.A) (BRK.B)*

*According to Nasdaq earnings estimates, Berkshire Hathaway is set to report on Friday, though this has not been confirmed by the company as of yet.

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