In the first half-hour of trading Monday, the Dow Jones industrials were up 0.07%, the S&P 500 up 0.15% and the Nasdaq 0.17% higher.
Before markets opened on Monday, Dow component Coca-Cola reported better-than-forecast earnings per share (EPS) and revenue. The company expects to see fiscal year EPS of $2.58 to $2.60, in line with Wall Street estimates and prior guidance. Currency exchange rates will be a headwind in the second quarter and the rest of the year. Shares traded up about 1% Monday morning.
After U.S. markets close on Monday, Cleveland-Cliffs, First Republic Bank and Range Resources will report quarterly results. General Electric, GE Healthcare, General Motors, Raytheon and UPS are on deck to report earnings Tuesday morning.
Here are previews of five companies set to report results after markets close on Tuesday.
Alphabet
The parent of Google, Alphabet Inc. (NASDAQ: GOOGL), like many other tech giants, spent most of the first quarter recovering from the beatdowns it received in 2022. Alphabet has added about 19.5% to its share price so far in 2023, with most of that coming in the first quarter.
Now Alphabet is trying to recover from a misstep when it introduced its chatbot feature and defend its search business from upstarts like, say, Microsoft. The company has laid off thousands of employees as it tries to rein in costs ahead of an expected slowdown in advertising. Investors are also going to be listening for more specifics about Alphabet’s AI plans.
Analysts, however, remain strongly bullish on the stock. Of 52 ratings, 47 are Buy or Strong Buy, and the rest are Hold ratings. At a recent price of around $105.40 a share, the upside potential based on a median price target of $126.00 is 19.5%. At the high price target of $160.00, the upside potential is 51.8%.
First-quarter revenue is forecast at $68.83 billion, which would be down 9.5% sequentially but up 1.2% year over year. Adjusted earnings per share (EPS) are pegged at $1.07, up 2.1% sequentially and 13.0% lower year over year. For the full 2023 fiscal year, consensus estimates call for EPS of $5.07, up 11.2%, on revenue of $298.62 billion, up 5.6%.
Alphabet stock trades at 20.8 times expected 2023 EPS, 17.5 times estimated 2024 earnings of $6.05 and 14.7 times estimated 2025 earnings of $7.21 per share. The stock’s 52-week trading range is $83.34 to $125.40. The company does not pay a dividend, and the total shareholder return for the past 12 months is negative 15.55%.
Enphase Energy
Solar energy component maker Enphase Energy Inc. (NASDAQ: ENPH) has seen its share price jump by 42.8% over the past year. Shares have dropped more than 15% this year, however, and are recovering from a 52-week low posted in mid-March. The stock is up 20.5% since March 17. The market for the company’s inverters remains strong, and Enphase is expected to have gained market share and margin during the first quarter.
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