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Key Corporate Earnings Reports To Watch This Week: Best Buy, Dell Technologies & More

With Thanksgiving coming up on Thursday, the stock market will be closed for the day and will open for a half-day on the following Friday before closing off for the week. As the coronavirus cases keep surging in the country and the economic recovery keeps being hindered due to lockdowns, the coming week is set to see price changes in stocks that release their latest earnings reports.

Best Buy

The multinational electronics retailer, Best Buy, will be reporting the quarter 3 earnings on Tuesday, November 24, before the market opens. According to analyst consensus, the electronics and technology chain is expected to report earnings of $1.71 per share with a revenue of $11 billion.

As Americans have been working from home during the pandemic, there has been an increase in spending on household upgrades, rocketing Best Buy’s stocks by 36% this year. The stock closed at $120 on Friday while the 52-week trading range is $48.11 to $124.89.

During the summer quarter, sales of computers and electronic appliances led to double-digit gains for the retailer as online sales jumped by 242% – accounting for more than half of all its U.S revenue. To keep growing at the same pace, Best Buy needs to make sure that its online channels can make up for the losses made by its physical stores amid the lockdowns caused by the pandemic.

Dell Technologies

The multinational computer technology company, Dell, is expected to release its quarter 3 earnings report on Tuesday after the market closes. Analysts estimate the earnings to be $1.36 per share with a revenue of $21.9 billion.

The Texas-based tech giant has greatly benefitted from the increased demand for personal computers from employees and students who have been working and studying from home since the pandemic started. However, the sales from corporate clients have declined due to the pandemic’s effect on the economy and businesses.

During the last quarter, the company’s revenue soared 18% whereas computer sales to business clients plunged 11%. The CEO of the company, Michael Dell, is looking to revamp the technology empire to generate more value from the firm’s 81% share in the software firm VMware, according to Bloomberg. Previously, Dell mentioned in a July filing that the company may spin off VMware.

During the year, Dell’s shares surged by 36% while closing at $68.34 on Friday. Shares have traded between $25.51 and $71.45 for the last 52 weeks.

Deere & Co.

The American manufacturer, Deere & Company, is expected to report its quarter 4 earnings on Wednesday, November 25, before the market opens. Investors are expecting earnings of $1.49 per share from a revenue of $7.56 billion.

The world’s largest tractor manufacturer has seen its stock recover after hitting a low during March as the demand stayed strong despite the pandemic. In August, the firm said that it estimates the sale of agriculture and turf equipment to decline by 10% as compared to a previous range of 10% to 15%.

Deere’s shares shot 49% during this year as compared to a 10% increase for the S&P 500 index. The stock closed at $258.56 on Friday after increasing 1% for the day. Deere’s shares have traded between the range of $106.14 and $265.87 in the last 52 weeks.

Ambarella

The semiconductor company, Ambarella will be releasing third-quarter results after the market closes on Monday, November 23. Analysts are expecting earnings of $0.05 per share and revenue of $55.04 million.

In the last quarter, Ambarella reported a decline in sales of 11% to $50 million as it suffered due to the pandemic. However, the company’s CEO Fermi Wang, said that as Ambarella pushes into the latest artificial intelligence applications, including autonomous driving, they were thrilled about it.

In September, the management forecasted that their sales would fall for another quarter and range between $52 million to $56 million for the third quarter as compared to $68 million the previous year.

The shares of the company closed above $66 on Friday while the 52-week trading range has been $36.02 to $73.59.

Medtronic

The medical device company, Medtronic is expected to release quarterly results on Tuesday, November 24, before the market opens. According to analysts’ consensus, Medtronic is estimated to report an EPS of $0.80 and revenue of $7.08 billion for the second quarter.

During 2020, the company has seen a fall in its value as elective surgeries and procedures were disrupted due to the pandemic. Medtronic’s organic revenue plunged 17% year-over-year in the first quarter ending July. The company’s stock has declined year-to-date by 2.5%.

Shares of Medtronic closed at $110 on Friday and they have traded between the range of $72.13 and $122.15 in the past 52 weeks.

 

Other companies that are expected to release corporate results include:

  • Dollar Tree Inc. will release third-quarter results on Tuesday before the market opens
  • Expert Dick’s Sporting Goods Inc. will post third-quarter results on Tuesday morning
  • HP Inc. will report fourth-quarter results after the market closes on Tuesday
  • Autodesk Inc. is set to post earnings report for quarter 3 after the market closes on Tuesday
  • Pure Storage Inc. will reveal the third-quarter report on late Tuesday

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