As the calendar turns from October to November, the week promises a flurry of earnings reports from some of the world’s most prominent companies. Among the key players stepping into the earnings spotlight will be technology giant Apple (NASDAQ:AAPL), semiconductor powerhouse Advanced Micro Devices (NASDAQ:AMD), e-commerce platform Shopify (NYSE:SHOP) and pharmaceutical leader Pfizer (NYSE:PFE).
Joining this lineup are notable releases from Starbucks (NASDAQ:SBUX), Qualcomm (QCOM), fintech innovator SoFi Technologies (SOFI), social media platform Pinterest (PINS), biotech frontrunner Moderna (MRNA), healthcare stalwart CVS Health (CVS), digital payments giant Paypal (PYPL) and heavy machinery titan Caterpillar (CAT).
The market will also be tuned in for updates from energy industry giants BP (BP), Marathon Petroleum (MPC), Dominion Energy (D), Duke Energy (DUK) and offshore drilling specialist Transocean (RIG). The busy week of earnings also includes updates from noteworthy names such as hospitality disruptor Airbnb (ABNB), hospitality giant Marriott International (MAR), and Hyatt Hotels (H).
Below is a rundown of the major quarterly updates anticipated in the week of October 30 to November 3:
Monday, October 30
McDonald’s (MCD)
The second largest restaurant chain by total locations will report its Q2 earnings before the market opens on Monday. Shares of the fast-food chain have dropped more than 12% over the period of six months, attracting a Buy rating from Wall Street analysts. However, there are potential signs of caution, as the MCD has recieved Hold rating by Seeking Alpha’s Quant rating system, largely due to valuation concerns.
“McDonald’s resilient business model and track record of innovation make it a wise investment choice, despite potential risks,” bets SA author Christos Nikolaou.
- Consensus EPS Estimates: $2.99
- Consensus Revenue Estimates: $6.55B
- Earnings Insight: McDonald’s has beaten EPS estimates 7 and revenue estimates 6 times in the past 8 quarters.
Also reporting: AGNC Investment (AGNC), Simon Properties (SPG), Pinterest (PINS), SoFi Technologies (SOFI), Transocean (RIG) and more.
Tuesday, October 31
Pfizer (PFE)
In a report slated to come out before the opening bell on Tuesday, analysts expect EPS and revenue to decline Y/Y for drug making giant Pfizer (PFE). The results will follow better-than-anticipated results from its peer Novartis (NVS).
Sell-side analysts are optimistic about the stock, giving it a consensus Buy rating. However, the Seeking Alpha Quant Rating system takes a more cautious approach, viewing the stock as a Hold.
SA author Dair Sansyzbayev has an extremely bullish stance on the stock, highlighting that Pfizer’s stock has underperformed the market due to declining revenue and profits Y/Y. However, he argues that last year was an anomaly and underscored the fact that the company’s profitability metrics have remained strong.
Recently, Pfizer and BioNTech announced plans to conduct a Phase 3 trial for their mRNA-based combination vaccine for influenza and COVID-19.
- Consensus EPS Estimates: -$0.34
- Consensus Revenue Estimates: $13.43B
- Earnings Insight: Pfizer has beaten EPS estimates 5 times in the past 8 quarters and revenue forecasts in 3 of those reports.
Also reporting: Advanced Micro (AMD), Enterprise Products (EPD), BP (BP), Caterpillar (CAT), Amgen (AMGN), Chesapeake Energy (CHK), Lumen Technologies (LUMN), First Solar (FSLR), Sirius XM (SIRI), Marathon Petroleum (MPC), Anheuser-Busch InBev (BUD), Match Group (MTCH), Caesars Entertainment (CZR) and more.
Wednesday, November 1
CVS Health Corp. (CVS)
CVS Health (CVS) is scheduled to report its Q3 results before the bell on Wednesday. Despite consistently outperforming in quarterly results, shares of CVS have lost about 27% of their value. Sell-side analysts give it a Buy rating as opposed to Hold rating by Seeking Alpha’s Quant Rating system.
“Valuation suggests the company’s intrinsic value lies much higher,” writes SA author David Krejca.
Recently, the company named SVP of Corporate Finance, Tom Cowhey as its interim CFO as EVP, CFO and President of Health Services Shawn Guertin took a leave of absence due to unforeseen family health reasons.
- Consensus EPS Estimates: $2.13
- Consensus Revenue Estimates: $88.17B
- Earnings Insight: CVS Health has beaten EPS and revenue estimates consistently in all the past 8 quarters.
Also reporting: Qualcomm (QCOM), PayPal (PYPL), Energy Transfer (ET), Roku (ROKU), Airbnb (ABNB), Kraft Heinz (KHC), Etsy (ETSY), Prudential (PRU), GlaxoSmithKline (GSK), DuPont (DD), Lemonade (LMND), Marathon Oil (MRO), Norwegian Cruise Line (NCLH), AIG (AIG), SunPower (SPWR), SolarEdge Technologies (SEDG), Electronic Arts (EA), Aflac (AFL), MetLife (MET), Yum! Brands (YUM), Wayfair (W), MicroStrategy (MSTR), DoorDash (DASH), Allstate (ALL), Humana (HUM), Avis Budget (CAR), Zillow (ZG) and more.
Thursday, November 2
Apple (AAPL)
Tech giant Apple (AAPL) is scheduled to release its Q4 earnings report after the market closes on Thursday. Apple’s market capitalization has declined by more than 10% since reaching $3 trillion on June 30, 2023. Seeking Alpha’s Quant Rating system has assigned a Hold rating to the stock, citing valuation and growth concerns. However, Wall Street analysts remain optimistic about the stock, with a consensus Buy rating.
Due to ongoing geopolitical tensions between China and the U.S., Apple is encountering weakened demand in China, its second-largest market after the U.S. This situation might have a substantial influence on the company’s performance in the quarter.
Meanwhile, SA contributor Bill Maurer highlights that Apple’s upcoming earnings report may reveal disappointing holiday quarter sales, especially in China, due to Huawei competition. The lack of a fall iPad launch could lead to a decline in tablet revenue. Analysts have lowered revenue estimates for December 2023, pushing the valuation too high.
- Consensus EPS Estimates: $1.39
- Consensus Revenue Estimates: $89.35B
- Earnings Insight: Apple has beaten EPS estimates in 7 of the past 8 quarters, missing revenue expectations in 50% of those reports.
Also reporting: Palantir Technologies (PLTR), Block (SQ), Starbucks (SBUX), Shopify (SHOP), Organon (OGN), Barrick (GOLD), Moderna (MRNA), ConocoPhillips (COP), DraftKings (DKNG), Skyworks (SWKS), Cloudflare (NET), Duke Energy (DUK), Southern (SO), Eli Lilly (LLY), Paramount Global (PARA), Regeneron Pharma (REGN), Peloton (PTON), Bausch Health (BHC), Booking Holdings (BKNG), Marriott (MAR), Kellanova (K), The Cigna Group (CI), Molson Coors Brewing (TAP), Yelp (YELP), Wendy’s (WEN), Crocs (CROX) and more.
Friday, November 3
Dominion Energy (D)
Dominion Energy (D) is set to release its Q3 earnings prior to the market opening on Friday. Following upbeat Q2 results, the company anticipated Q/Q growth in adjusted EPS, seeing EPS of $0.72-$0.87 for the quarter.
Just a few days before, Seeking Alpha’s Quant Rating system changed its rating on the stock to Sell from Hold, a move driven by declining growth and negative EPS revisions when compared to other utilities stocks. Meanwhile, sell-side analysts maintain a Hold recommendation.
“The technical analysis indicates that Dominion Energy’s stock price is near a solid long-term support threshold, hinting at possible signs of a market rebound,” writes SA contributor Muhammad Umair.
- Consensus EPS Estimates: $0.77
- Consensus Revenue Estimates: $4.43B
- Earnings Insight: The company has beaten EPS estimates in 7 of the past 8 quarters, missing revenue expectations in 5 of those reports.
Also reporting: W.P. Carey (WPC), Cardinal Health (CAH) and more.
