Even in a trading week cut short by Thursday's Thanksgiving holiday in the US, there are still plenty of things for investors to keep an eye on. Rising COVID-19 infections could force more states to introduce lockdown measures that could spark an ongoing fledgling recovery. they will benefit from the successful launch of vaccines, possibly by the end of this year.
JPMorgan economists warned Friday that "winter will be grim." They predict that the restrictions due to the virus will slow the economy, resulting in a negative first quarter.
So, as uncertainty continues on the pandemic path, here are three stocks that could see some price action when they release their latest earnings reports:
1. Best Buy
Big box electronics and technology chain Best Buy (NYSE 🙂 will report third-quarter earnings on Tuesday, November 24, before the market opens. By analyst consensus, the retailer is expected to report $ 1.71 per share in earnings and $ 11 billion in revenues. during the ongoing work-from-home environment. The stock closed at $ 119.14 on Friday.
During the summer, double-digit sales of computers and devices helped the Minneapolis-based retailer exceed expectations. Online sales were up 242% and made up more than half of all US revenue.
To keep that momentum going, Best Buy must show that its e-commerce channels could be doing well. Mortar losses in the last quarter amid rising infections and possible lockdowns.
2. Dell Technologies
Dell Technologies (NYSE 🙂 will also publish its third quarter 2021 results on Tuesday after market close. Analysts expect earnings per share of $ 1.36 on revenues of more than $ 21.9 billion.
The Round Rock, Texas-based IT products and services provider is benefiting from strong demand for PCs from employees and students trapped at home during the coronavirus. pandemic. But at the same time, business customer sales have suffered from the virus-induced recession.
During the second quarter, the number of consumer devices increased 18%, while PC sales to business customers declined 11%.
According to Bloomberg, Chief Executive Officer Michael Dell is once again looking to overhaul the structure of his technology empire, this time to generate more value from his namesake's 81% stake in publicly traded software maker VMware (NYSE :). Dell said in a July filing that it appears to be finishing VMware. Dell shares have gained 36% this year, closing at $ 68.34 on Friday.
3. Deere & Company
Deere & Company (NYSE :), the world's largest tractor manufacturer, will announce its Q4 earnings on Wednesday, November 25 before the market opens. Wall Street expects revenue of $ 7.56 billion and earnings per share of $ 1.49.
Deere & # 39; s stock has rebounded sharply after the March dip when the Moline, Illinois-based farm equipment maker increased its share for the year as demand remained strong even during the coronavirus pandemic.
The company said in August that it expects sales of agricultural and peat machinery to drop by 10%, compared to a previous range of 10% to 15%, with better prospects in the US and Canada.
According to Chief Executive Officer John May:
"While uncertain market conditions and related customer uncertainty are expected to have a moderating effect on key markets in the near term, we believe Deere is well positioned to make our customers more profitable and sustainable."
Deere stock is up 49% this year versus a 10% gain for the index. The stock closed at $ 258.56 on Friday, after gaining more than 1% on the last day of trading last week.
