Should investors be scared as another heavy week of earnings kicks off on Halloween? Quarterly results are due out from numerous bellwether firms in the semiconductor, insurance, pharmaceutical, healthcare, energy and gaming industries.
The list of well-known firms announcing financial figures includes restaurant names Restaurant Brands (QSR), Brinker International (EAT) and Yum! Brand (YUM) as well as leisure stalwarts Marriott (MAR), Hyatt Hotels (H), and Royal Caribbean (RCL). Gaming industry giants Penn Entertainment (PENN), Caesars Entertainment (CZR) and DraftKings (DKNG) are also expected to report.
Pharmaceutical companies are well represented with Pfizer (NYSE:PFE) and Eli Lilly (LLY) set to announce. Energy provides another key theme, including reports from Cheniere Energy (LNG), ConocoPhillips (COP) and BP (NYSE:BP). Entertainment players like Fox Corporation (FOXA) and Paramount Global (PARA) are on the agenda as well.
Below is a curated list of earnings reports due for the week of October 31 to November 4:
Monday, October 31
ON Semiconductor (ON)
Automotive-focused computer chip company ON Semiconductor (ON) is due to post its third quarter results in pre-market action on Monday. The stock has been a significant outperformer in the past year, rising nearly 40% as compared to a nearly 20% decline in the S&P.
A Seeking Alpha survey of analyst earnings and revenue revisions reveals growing optimism -- EPS and revenue estimates have been raised 25 and 26 times, respectively, in the past 90 days. In the company’s Q2 earnings report, a beat on top and bottom lines and an above-consensus forecast prompted an over 2% gain for the stock on earnings day.
- Consensus EPS Estimates: $1.31
- Consensus Revenue Estimates: $2.12B
- Earnings Insight: ON Semiconductor Corporation (ON) has beaten EPS and revenue estimates in 8 straight quarters.
Tuesday, November 1
BP Plc. (BP)
British petroleum giant BP Plc. (BP) is due to report earnings prior to the bell on Tuesday, continuing a string of reports from major oil companies. In the previous week, Chevron and ExxonMobil announced their results.
Shares of BP have surged over 35% in 2022 alongside a broader rally in energy stocks. This includes a nearly 9% gain in just the month ahead of its results.
During the quarter, the company has faced a number of headlines. This includes a fire at a Toledo refinery that resulted in the death of two workers, threats from the Biden administration over fuel exports and lawsuits in California and New Jersey. On the other hand, the $4.1B acquisition of Archaea Energy and a commitment to buybacks has assuaged some investor concerns. In August, a big dividend hike helped lift shares after a positive Q2 earnings result.
- Consensus EPS Estimates: $1.95
- Consensus Revenue Estimates: $60.93B
- Earnings Insight: BP has exceeded EPS expectations in 7 of the past 8 quarters, while rising above revenue estimates in 3 of the past 8 quarters.
Uber Technologies (UBER)
Gig economy posterchild Uber Technologies (UBER) is due to post its earnings results in premarket hours on Tuesday. Shares of the San Francisco-based ridesharing and delivery company have crashed over 35% in 2022. Meanwhile, shares are down about 50% from its 2021 peak.
Ahead of the results, the company launched a new advertising initiative on its apps. UBER also faces potential regulatory headwinds. Both the Biden administration and the FTC are mulling proposals to alter the employment status of gig economy employees.
- Consensus EPS Estimates: $-0.18
- Consensus Revenue Estimates: $8.13B
- Earnings Insight: Uber Technologies has beaten EPS estimates in 4 of the past 8 quarters, exceeding revenue expectations in 5 of those reports.
Drug maker Pfizer (PFE) is set to post its third quarter earnings results prior to the opening bell on Tuesday. COVID-related products have been pivotal for the company in recent years, aiding strong outperformance of the broader market in the past year. However, the company is facing some headwinds on this front, as pandemic demand weakens. Meanwhile, a recent study found that boosters did not outperform the original vaccines.
Elsewhere, the firm’s $11.6B acquisition of migraine drug manufacturer Biohaven Pharmaceuticals recently closed.
- Consensus EPS Estimates: $1.40
- Consensus Revenue Estimates: $21.10B
- Earnings Insight: Pfizer has beaten EPS estimates in 7 of the past 8 quarters, exceeding revenue estimates in 6 of those reports.
Wednesday, November 2
Paramount Global (PARA)
Paramount Global (PARA) is due to post its earnings results prior to Wednesday’s market open. Shares of the New York-based mass media giant have been halved in the past year, with analysts remaining broadly cautious on the stock.
For example, KeyBanc analyst Brandon Nispel said ahead of the earnings announcement that Paramount is "likely poorly positioned and most susceptible to challenging macro and competition." Along the same lines, Wells Fargo downgraded the stock shortly before the results. Elsewhere, the company’s chief creative officer departed the firm in early October, according to the Wall Street Journal.
- Consensus EPS Estimates: $0.49
- Consensus Revenue Estimates: $7.11B
- Earnings Insight: Paramount Global (PARA) has beaten EPS and revenue estimates in 6 of the past 8 quarters.
Yum! Brands (YUM)
The parent company of Taco Bell and KFC will post its third quarter earnings results prior to Wednesday’s market open, kicking off a number of restaurant earnings due in the week. Despite rising inflation, Baird Real-Time Restaurants Survey reports have indicated resilient restaurant visits through both September and October. Most analysts surveyed by Seeking Alpha recommend a Hold rating on the stock ahead of earnings.
- Consensus EPS Estimates: $1.15
- Consensus Revenue Estimates: $1.62B
- Earnings Insight: Yum has beaten EPS estimates in 5 of the past 8 quarters, exceeding revenue estimates 6 times in that span.
Also reporting: Qualcomm (NASDAQ:QCOM), CVS Health (NYSE:CVS), Brinker International (EAT), Cedar Fair Entertainment (FUN), Ferrari (RACE), Humana Inc. (HUM), GlaxoSmithKline (GSK), Melco Resorts (MLCO), and Estee Lauder (EL)
Thursday, November 3
Cheniere Energy (LNG)
Liquefied natural gas leader Cheniere Energy (LNG) is set to post its earnings results prior to the market open on Thursday. Shares of the Houston-based liquefied natural gas leader have rocketed nearly 70% higher in the past year amid energy crises across the globe.
In mid-September the company raised its 2022 guidance and forecast sustained higher margins on LNG throughout 2022. In October, Sky News said the U.K. government is negotiating "substantial purchase agreements" with Cheniere (LNG) to bolster their supplies. That said, US natural gas futures have continued to tumble into the fall amid record production levels.
- Consensus EPS Estimates: $5.69
- Consensus Revenue Estimates: $7.93B
- Earnings Insight: Cheniere has beaten EPS estimates just once in the past 8 quarters, exceeding revenue expectations in 5 of those quarters.
Marriott International (MAR)
Hotel operator Marriott International (MAR) is due to report its third quarter earnings results prior to the market open on Thursday. Despite lingering COVID impacts, shares of the hotel chain have declined only about 5% in 2022 as opposed to a double-digit drop for the S&P. CEO Tony Capuano indicated in August that travel demand has continued to increase “across all customer segments” and almost every region and forecast strong demand into year-end.
- Consensus EPS Estimates: $1.68
- Consensus Revenue Estimates: $5.33B
- Earnings Insight: Marriott has beaten EPS estimates in 8 straight quarters, but revenue expectations only three times in that span.
Peloton Interactive (PTON)
Struggling home fitness company Peloton Interactive (PTON) is due to post its earnings results prior to the market open on Thursday. Shares of the New York-based company have fallen a stark 91% in the past year. According to the Wall Street Journal, founder John Foley faced “repeated margin calls” during the steep slide.
According to Morgan Stanley, the company continued to struggle in the third quarter, with conversion rates falling to 58% below pre-pandemic levels. The Morgan Stanley research also indicates web traffic was down 34% year-over-year for the month of September to mark the lowest absolute traffic level since the start of COVID. The company has also cut the price on its bikes in recent months.
- Consensus EPS Estimates: $-0.67
- Consensus Revenue Estimates: $637.03M
- Earnings Insight: Peloton has beaten EPS estimates in 5 of the past 8 quarters, exceeding revenue expectations in 4 of those reports.
Also reporting: Coinbase (COIN), Royal Caribbean Cruise (RCL), Restaurant Brands (QSR), Barrick Gold (GOLD), Cigna Corp. (CI), ConocoPhillips (COP), Hyatt Hotels (H), Kellogg (K), Penn National Gaming (PENN), Papa John’s International (PZZA), Stellantis (STLA), Under Armour (UAA), Shake Shack (SHAK), and Wayfair (W).
Friday, November 4
DraftKings (DKNG) is due to post its third quarter results in premarket hours on Friday. Shortly before the earnings report, CFRA Research assigned a Buy rating to the stock due to its first mover status and competitive advantages in mobile sports betting. Additionally, CEO Jason Robbins indicated his belief that legalization of online gaming will continue to progress, with legalization in California by 2024.
Shares of DraftKings have significantly underperformed the market in the past year, falling nearly 70% since late October 2021. The stock is also down over 80% from its March 2021 peak.
- Consensus EPS Estimates: $-1.06
- Consensus Revenue Estimates: $431.07M
- Earnings Insight: DraftKings has beaten EPS estimates in 3 of the past 8 quarters, exceeding revenue expectations in 7 of those reports.