Earnings Week Ahead: Salesforce, Gamestop, Lululemon and more

seekingalpha2022-05-29

Earnings season is accelerating towards the finish line, with such high-profile names as Victoria’s Secret, RH, Salesforce, Gamestop, and Lululemon set to report next week.With many of the twists and ...

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AuntieAaA
2022-05-30
AuntieAaA
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Fayedea
2022-05-30
Fayedea
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YJ Lee
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YJ Lee
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YJ Lee
2022-05-30
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Seah CL
2022-05-30
Seah CL
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hiiiinvestor
2022-05-30
hiiiinvestor
Nice

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Or, in line with the trend in recent weeks, the reports could prompt more wild swings in individual stocks, broader sectors, and even major indices.Below are some key reports to monitor during the holiday-shortened week ahead:Monday, May 30Market closed for Memorial DayTuesday, May 31Weibo Corp.With U.S. markets closed for the Memorial Day holiday, Chinese social media giant Weibo (WB) moved its first quarter earnings report to Tuesday before the market open. Coming off of an Alibaba driven bounce to close the prior week’s trading, Weibo could potentially promote more positivity on Chinese stocks:Consensus EPS Estimate: $0.46Consensus Revenue Estimate: $473.76MSalesforceThe SaaS stalwart will report after the bell on Tuesday, seeking to stem the tide of steep declines for the stock year to date. The Marc Benioff-led software giant has been a consistent performer on earnings, pushing past analyst estimates without a pause for the past two years. However, concerns are building ahead of the quarterly report that a softer book of renewal business could cause the company to come up short of the mark on Tuesday. Either way, the report will serve as an important bellwether for investors eyeing the software space and especially cloud stocks afterConsensus EPS Estimate: $0.94Consensus Revenue Estimate: $7.38BThings to Watch: Guidance and commentary on demandAmbarella, Inc.Ambarella, Inc. (AMBA) has been a consistent performer in recent quarters, beating the analyst consensus on top and bottom lines for the past eight quarters in a row. Yet the semiconductor industry is coming into question as of late as supply and demand dynamics shift out of a shortage and cracks in the bull thesis start to shine through. After weaker-than-expected guidance from Nvidia (NVDA), a strong report post-market from an automotive-focused semiconductor player could be a positive catalyst for the industry.Consensus EPS Estimate: $0.37Consensus Revenue Estimate: $90.06MThings to Watch: Inventory commentaryChargePointOn the opposite end of the consistency spectrum from Salesforce, Chargepoint Holdings (CHPT) has disappointed on EPS estimates in each of the last five quarters. While positive results from key competitors EVgo (EVGO) and Volta (VLTA) could encourage some optimism, the consequences of a miss by CHPT could be dire should the market move be negative. A beat on the bottom line, therefore, will be pivotal in the company’s post-market report.Consensus EPS Estimate: ($0.18)Consensus Revenue Estimate: $76.05MThings to Watch: EV adoption commentary, lighter lossesVictoria's Secret & Co.Retail stocks have been a rollercoaster ride for traders in earnings season thus far. With Victoria’s Secret (VSCO) reporting after the close on Tuesday, there could be more twists and turns yet. After a 20% drop in 2022 thus far, shares are trading at an exceedingly cheap multiple. However, as retail earnings have revealed recently, some stocks are cheap for good reason:Consensus EPS Estimate: $0.84Consensus Revenue Estimate: $1.47BThings to Watch: Inventory and inflation impactHP Inc.After Dell (DELL) was able to drive higher on earnings, HP’s (HPQ) earnings could provide further color on the PC market as many players continue to contend with supply chain shortages. Management’s ability to court confidence amid inflation and supply-chain problems could prove pivotal to both its stock and the sub-sector it occupies.Consensus EPS Estimate: $1.05Consensus Revenue Estimate: $16.19BThings to Watch: China concerns and supply-chain commentaryWednesday, June 1PVH CorpPVH (PVH) should provide more perspective on retail-industry trends on Wednesday. The Calvin Klein parent is expected to bounce back to 2019 sales levels, a high bar to clear in an uncertain retail environment. However, the company was recently noted by Goldman Sachs as a retailer with strong and stable margins. If that is the case, the company could well best estimates and encourage a sustained bounce for the beaten down sector.Consensus EPS Estimate: $1.60Consensus Revenue Estimate: $2.09BThings to Watch: China sales, inventory issuesCapri HoldingsMuch the same as PVH, Capri Holdings (CPRI) is likely to set the course for apparel retailers on its earnings-release day. It is worth noting that while the stock has fallen more than 30% in 2022, its slide was perhaps exacerbated by large-scale divestment by Melvin Capital as that hedge fund liquidated. Metrics like margins and inventory are likely to come into focus for the Michael Kors parent, much the same as with many other retailers.Consensus EPS Estimate: $0.82Consensus Revenue Estimate: $1.41BThings to Watch: Inventory, margin maintenanceGameStopThe king of meme stocks has seen wild swings in recent weeks, sustaining significant momentum even as short interest becomes a concern again. Additionally, with Ken Griffin and broker-dealers being drawn into the crossfire, the stock’s loyal base of retail investors is once again rallying around the name. As the company pivots to NFTs at an inopportune moment, the path ahead and the potential reaction to the earnings result are anyone’s guess.Consensus EPS Estimate: ($1.22)Consensus Revenue Estimate: $1.32BThings to Watch: Forward guidance, update on NFT pushVeeva SystemsVeeva Systems (VEEV) will look to make up for an inauspicious Q4 report in March with its Q1 report. The cloud-based software for the life sciences industry is dealing with concerns that its growth trajectory is moderating, with analysts arguing on both sides of the issue. VEEV’s results and management commentary on Wednesday will likely tip the scales in the short term on this debate.Consensus EPS Estimate: $0.92Consensus Revenue Estimate: $495.88MThings to Watch: Guidance and commentary on growth trajectoryMongoDBMongoDB remains a favorite on Wall Street despite sliding sharply from its 52-week high of $590. Analysts have noted that the company appears to have significant competitive advantages over rivals like Amazon Web Services from Amazon (AMZN). As such, the company is leading the mega-trend to build new applications using a micro-services architecture and increasing use cases. With a bullish tenor building and shares rebounding in recent weeks, management will need to make good on optimistic assumptions to carry upward momentum into the summer.Consensus EPS Estimate: ($0.10)Consensus Revenue Estimate: $267.10MThings to Watch: Demand and market shareChewyChewy (CHWY) has been a poster child for the erosion of share prices across the eCommerce industry in recent months. From Shopify (SHOP) to Wayfair (W), numerous high-flying pandemic darlings have dropped precipitously in 2022. Chewy will be tasked with attempting to turn this trend around, though analysts are not optimistic.Consensus EPS Estimate: ($0.13)Consensus Revenue Estimate: $2.41BThings to Watch: Bottom line (has missed 6 straight quarters)HovnanianHomebuilders are hitting some significant headwinds as interest rates rise and housing demand tapers off. In April, home sales fell 16.6% to 591K vs. 750K expected. Despite these trends, homebuilders (XHB) have actually gained sharply ahead of Hovnanian’s (HOV) earnings.Estimates unavailableSentinelOneCybersecurity is a hot space given geopolitical events, and earnings from SentinelOne (S) will offer a key perspective on the space. Luckily for management, earnings per share estimates have been revised downward a stunning 15 times in the last three months, offering a lower bar to clear. Strong earnings from Zscaler (ZS) have already built in some optimism ahead of the quarter. Still, loss-making firms have not often been well-received in recent weeks, even if they beat estimates.Consensus EPS Estimate: ($0.24)Consensus Revenue Estimate: $74.64MThings to Watch: Demand commentary on cyberattacks, profit forecastThursday, June 2HormelConsumer staples have attracted significant interest from investors in recent weeks as recession fears build to a fever pitch. Among the typical stand-by stocks is Hormel (HRL), the maker of such beloved products as Spam, Skippy peanut butter and Planters peanuts. The company has been somewhat inconsistent in meeting EPS estimates in recent quarters, though analysts are confident in the company’s pricing power in an inflationary environment.Consensus EPS Estimate: $0.47Consensus Revenue Estimate: $3.06BThings to Watch: Margins and sales forecastsRHIn its last earnings release, RH (RH) CEO Gary Friedman captured the market’s attention with warnings that inflation at present evoked memories of the Bear Stearns meltdown during the financial crisis. As the company sets to report once again, commentary on the health of affluent consumers and the trends in consumer appetites will be critical.Consensus EPS Estimates: $5.35Consensus Revenue Estimates: $924.76MThings to Watch: Inflation commentaryLululemonLululemon Athletica (LULU) has slumped in the past month, sliding nearly 40% recent weeks. Concerns over consumers trading down has apparently taken a toll on the retailer and its elevated price offerings. However, with consumers still holding more cash than historical norms, the leggings leader could offer an attractive pre-earnings entry point, according to some analysts. Still, forecasting a retailer’s earnings-day action is far from an easy task these days.Consensus EPS Estimate: $1.43Consensus Revenue Estimate: $1.55BThings to Watch: Comparable sales, demand forecast, pricingPagerDutyPagerDuty (PD) was a high-flying favorite shortly after its 2020 IPO. However, the stock has since had trouble recapturing the magic that drove it to all-time highs in that period. Still, PD has been a big mover on earnings in recent quarters, with a large Q4 beat in March sending shares soaring. Continued user growth and a clear path to profits will be pivotal to garnering another similar action on Thursday.Consensus EPS Estimate: ($0.08)Consensus Revenue Estimate: $82.85MThings to Watch: Bottom line guidance and paid customer growthOktaIn yet another cybersecurity stock to watch, Okta (OKTA) could offer a key opportunity for investors eyeing the space. Much the same as Palo Alto (PANW) promoted a pop despite widespread selling pressure in the market, a strong result from Okta could provide a pocket of safety in cybersecurity. Still, the stock is by no means cheap even after an over 60% drawdown from its 2021 peak. As such, a miss could provoke an outsized slide on earnings day, adding risk for speculators ahead of the print.Consensus EPS Estimate: ($0.34)Consensus Revenue Estimate: $388.78MThings to Watch: Market share dynamics as OKTA becomes a short candidate based on competition.Friday, June 2G-III ApparelRounding out apparel retail, G-III Apparel (GIII) will offer the week’s final word on retail demand and consumer trends with its broad base of home and licensed brands.Consensus EPS Estimate: $0.55Consensus Revenue Estimate: $592.87MThings to Watch: 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