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The earnings season is winding down, but there are still some key reports investors will want to parse through. More than 45 S & P 500 names are slated to report this week, including Disney, Biogen and D.R. Horton. MGM Resorts is also on deck. About 80% of companies in the index have posted their third-quarter earnings, with four-fifths of them beating analyst expectations, FactSet data shows. Overall S & P 500 earnings are expected to have grown by 3.7%, according to FactSet’s John Butters. To be sure, Butters warned analysts are cutting their fourth-quarter earnings estimates at a pace not seen since mid-2020. He noted that earnings estimates for the October-November period decreased by 3.9% in the past month — versus an average forecast decline of 1.9%. “Given concerns in the market about a possible economic slowdown or recession, have analysts lowered EPS estimates more than normal for S & P 500 companies for the fourth quarter? The answer is yes,” Butters wrote. Take a look at CNBC Pro’s breakdown of what’s expected from some of this week’s key reports. Tuesday D.R. Horton is set to report earnings before the bell, followed by a conference call at 8:30 a.m. ET. Last quarter: DHI reported better-than-expected earnings and revenue for the fiscal third quarter. The company also raised its fiscal year revenue outlook. This quarter: Analysts polled by LSEG expect earnings fell double digits even as revenue remained flat. What CNBC is watching: The homebuilder’s stock has soared more than 30% this year, even as the Federal Reserve has raised interest rates and Treasury yields have climbed to multiyear highs. Can D.R. Horton continue rising? Investors hope this week’s report can provide clarity on that front. What history shows: D.R. Horton earnings have beaten earnings expectations 76% of the time, according to Bespoke Investment Group. The stock was also up in four of the last five earnings days. Wednesday Biogen is set to report earnings in the premarket. A call is also slated for 8 a.m. ET. Last quarter: BIIB reported better-than-expected earnings , noting its “Fit for Growth” program can save the company about $1 billion in costs by 2025. This quarter: The biotech company is expected to report a double-digit earnings decline, according to LSEG. What CNBC is watching: Biogen shares have fallen nearly 10% this year, but sentiment has improved recently. A more convenient version of Leqembi, the company’s breakthrough Alzheimer’s drug , recently showed promising initial results. What history shows: Biogen earnings have beaten estimates 78% of the time, per Bespoke. However, shares fell after the last eight reports were released. Warner Bros. Discovery is set to report earnings before the opening bell. Leadership is scheduled to hold a call with analysts at 8 a.m. ET. Last quarter: WBD lost subscribers after the Max launch but paid down some debt . This quarter: The media giant is forecast to post flat year-over-year revenue, according to a consensus estimate from LSEG. What CNBC is watching: Warner Bros Discovery is up 24% in 2023, thanks in large part to the “Barbie” movie’s strong box office performance. However, challenges abound for media companies, and investors will look for clues on how Warner is navigating them. “We anticipate WBD’s 3Q results to largely reflect recent trends. The macro environment remains choppy, albeit modestly improving Q/Q in advertising,” Bank of America Jessica Reif Ehrlich wrote. What history shows: Warner Bros Discovery shares have risen in the last two earnings days. Disney is set to report earnings after the close, with a conference call scheduled for 4:30 p.m. ET. Last quarter: DIS posted mixed fiscal third-quarter results due to troubles in streaming . This quarter: Disney’s earnings are expected to have doubled from the year-earlier period, per LSEG. However, revenue is only forecast to have grown by about 6%. What CNBC is watching: Investors will be juggling a few issues when Disney reports fiscal fourth-quarter results, according to Goldman Sachs analyst Brett Feldman. These include “1) The fragility of the bundle as highlighted by the [ Charter/Disney ] dispute. 2) The outlook for domestic linear advertising” and “The growing importance of price increases to drive streaming revenue as net adds trends remain muted.” Disney shares are coming off a strong week, however, rising more than 7% in that time. What history shows: Disney beats earnings expectations 77% of the time, according to Bespoke. However, shares were down in four of the last five earnings days. MGM Resorts is set to report earnings after the closing bell, with a call slated for 5 p.m. ET. Last quarter: MGM posted earnings and revenue that exceeded expectations, driven by a strong recovery in Macao. This quarter: LSEG data shows the company’s revenue is expected to have expanded by more than 10%. What CNBC is watching: MGM suffered a massive cybersecurity attack in September that led the company to shutting down several computer systems until the matter was resolved. CEO Bill Hornbuckle said MGM has moved on from the issue , but investors will look for clues on what steps the company has taken to shore up its technology and cybersecurity. What history shows: MGM only exceeds earnings estimates 53% of the time, Bespoke data shows. The stock has also struggled in three of the last four earnings days. — CNBC’s Michael Bloom contributed reporting.
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