Market Overview

Monumental Earnings Week Begins on Tuesday

Monumental Earnings Week Begins on Tuesday

In light of the pandemic, S&P 500 earnings are expected to drop by 40% this quarter, the worst quarterly profit decline since 2008. Despite the poor expectations, the following few companies reporting this week tend to beat Wall Street's expectations.

Pre-Earnings Recap:

  • 3M Co (NYSE: MMM) delivered better-than-expected earnings results in 3 of the prior 4 quarters, lagging estimates once. In the past 3 months, its stock gained 3.7%, out-of-line with industry growth of 10.4%.
  • Harley-Davidson Inc's (NYSE: HOG) stock nearly doubled on hopes of a turnaround. Investors will soon find out how fruitful the company's recovery efforts were acknowledging the fact that production and dealerships were shut down in March.
  • McDonald's Corp (NYSE: MCD) and Starbucks Corp (NASDAQ: SBUX) both underperformed the broader market as they faced closure during the pandemic-induced lockdown.
  • Pfizer Inc (NYSE: PFE) announced early positive results from a potential coronavirus vaccine trial while its subsidiaries Upjohn and Mylan NV (NASDAQ: MYL) plan on merging, which could help buoy growth in the years to come. 
  • Xerox Holdings Corp (NYSE: XRX) shares lost 65% in just 5 weeks. A popular consensus, among analysts, is that the company never fully recovered from the dot-com bubble, and its failed attempt to acquire HP Inc (NYSE: HPQ) will further weigh on the company's recovery in the coming months. 
  • eBay Inc's (NASDAQ: EBAY) stock soared over 50% this year, following Amazon Inc's (NASDAQ: AMZN) outperformance closely. This performance will be put to the test with its latest earnings report, the first under CEO Jamie Iannone, who previously served as a top executive at Walmart Inc's (NYSE: WMT) digital division.
  • Visa Inc (NYSE: V) is expected to offset cross-border revenue losses with higher volumes in payments and processed transactions.

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure. IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: Contributors – IAM Newswire accepts pitches. If you're interested in becoming an IAM journalist contact:

The post Monumental Earnings Week Begins on Tuesday appeared first on IAM Newswire.


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Posted-In: 3M EBAY Harley-Davidson HP Inc McDonald'sEarnings News Markets

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