In the first half-hour of trading Friday, the Dow Jones industrials were up 0.3%, the S&P 500 up 0.19% and the Nasdaq 0.03% higher.
Before U.S. markets opened on Monday, Norwegian Cruise Lines reported quarterly results that beat estimates on both the top and bottom lines. The cruise line operator also issued lower-than-expected second-quarter earnings per share (EPS) guidance and higher than forecast fiscal year EPS guidance. Shares traded up 3.9%.
ON Semiconductor beat analysts’ estimates for both EPS and revenue. The chipmaker also reaffirmed earnings and revenue guidance for fiscal 2023. Shares were up about 6.6% in early trading.
SoFi Technologies also beat both top-line and bottom-line estimates Monday morning. The company issued better-than-expected revenue guidance for the current quarter and the full fiscal year and boosted both ends of fiscal year EBITDA guidance. The stock traded down about 7%.
After markets close on Monday, MGM Resorts, NXP Semiconductors and Transocean are expected to report quarterly results. Then, BP, Enterprise Products Partners, Pfizer and Uber are on deck to report results the following morning.
Here is what analysts expect to hear from these four companies when they report results after Tuesday’s closing bell.
AMD
In the past 12 months, shares of chipmaker Advanced Micro Devices Inc. (NASDAQ: AMD) have slipped by less than 1%, including a year-to-date gain of nearly 38%. Since reaching a 52-week low last October, the stock is up more than 50%. When rival Intel reported results last week, the company beat estimates on both the top and bottom lines despite a year-over-year drop of 36% in revenue. Investors were delighted. Analysts lowered the bar for annual revenue by 14% after October’s low, and have not raised it since, despite AMD’s share price increase.
Of 42 analysts covering AMD, 28 have a Buy or Strong Buy rating on it. The other 14 have Hold ratings. At a recent price of around $89.40 a share, the upside potential to a median price target of $98.00 is 9.6%. At the high price target of $200.00, the upside potential is 124%.
Consensus estimates call for first-quarter revenue of $5.31 billion, which would be down 5.2% sequentially and 11.5% lower year over year. Estimated adjusted EPS of $0.56 would be down 18.4% sequentially and by 50.0% year over year. For the full 2023 fiscal year, analysts’ consensus estimates call for EPS of $3.01, down 14%, on revenue of $23.57 billion, down 0.1%.
AMD stock trades at 29.7 times expected 2023 EPS, 20.7 times estimated 2024 earnings of $4.31 and 16.8 times estimated 2025 earnings of $5.32 per share. The stock’s 52-week trading range is $54.57 to $109.57. AMD does not pay a dividend, and total shareholder return over the past year is negative 0.3%.
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