Markets could lose some momentum over the coming week after investors sold Amazon (NASDAQ:) on Friday in response to the e-commerce giant's post-closure release on Thursday that disappointed expectations. That weighed on other tech players too. Amazon had its worst day in the market in more than a year on last week's last day of trading, falling 7.6% and wiping out about $75 billion in market value after the e-retailer said revenue growth in the second quarter slowed to 27%, from 41% a year earlier. The disappointing report also sent shares of smaller internet merchants tumbling. Wayfair (NYSE:) and Etsy (NASDAQ:) both fell nearly 8%, while eBay (NASDAQ:) fell 7%. three stocks to watch in the coming week:
1. Uber Technologies
The world's largest ride-hailing company, Uber Technologies (NYSE:), will report Q2 results on Wednesday, August 4 after the market closes. Analysts predict that Uber will report a loss of $0.54 per share on revenue of $3.74 billion.
Uber shares have been under pressure this year, falling more than 12%, amid concerns that a driver shortage will hamper growth as the economy reopens and people book rides again. Uber shares closed at $43.46 Friday, after falling about 3% for the day. the company's goal to be profitable by the end of the year.
Despite the staff shortage, Chief Executive Officer Dara Khosrowshahi is confident that his company will deliver an adjusted quarterly profit by the end of the year. First quarter results showed an otherwise strong 24% growth in gross bookings, driven by Uber's food delivery business.
2. CVS Health
CVS Health (NYSE:) will also report its second quarter results on Wednesday before the market opens. Analysts expect an average equity gain of $2.06 on revenue of $70.16 billion.
The pharmacy giant raised its full-year forecast in May as COVID-19 vaccines and testing help boost and offset a weak cold and flu season. With approximately 9,900 locations across the country, CVS had conducted some 23 million virus tests, 9 million of them in the first quarter.
Vaccinations and testing, on the other hand, also attract foot traffic. About 9% of new customers who received a test through CVS also filled a new prescription at the pharmacy. in the population after the first boost. CVS shares closed Friday at $82.36 after rising 20% ??this year.
3. Beyond Meat
The El Segundo, CA-based maker of plant-based burgers, meatballs, sausages and other vegetarian "meat" products, Beyond Meat (NASDAQ:) reports results on the second quarter after the close on Thursday 5 August. Analysts on average expect the company to report $141 million in quarterly revenue, while posting a loss of $0.22 per share.
The food provider has been responsible for a significant part of its business during the pandemic due to closures of restaurants, stadiums and campuses. While Beyond has improved demand for grocery sales and rolled out more products lately, its heavy reliance on restaurant and other food service customers has been challenging.
Chief Executive Officer Ethan Brown described the return of demand for restaurants and foodservice as a "slow thaw", suggesting it will take much longer for the company to fully recover the lost portion of its revenue due to the pandemic. BYND shares closed Friday at $122.70, little changed for the year.
