In this article, we discuss the 5 most anticipated earnings to watch in October. If you want to see some other much-awaited quarterly reports, go directly to 10 Most Anticipated Earnings to Watch in October.
5. Wells Fargo & Company (NYSE:WFC)
Number of Hedge Fund Holders: 83
Wells Fargo & Company (NYSE:WFC) is set to release its third-quarter earnings on October 14, 2022. Most analysts expect higher interest rates to drive the net interest income of major U.S. banks, including Wells Fargo.
On the other hand, many expect a sharp spike in borrowing costs to drag down the mortgage and auto-lending businesses of Wells Fargo & Company (NYSE:WFC). JPMorgan analyst Vivek Juneja also mentioned these factors in his recent coverage for the stock.
Juneja slashed his price target for Wells Fargo & Company (NYSE:WFC) from $49.50 per share to $46.50 per share. The analyst pointed towards decelerating loan growth and increasing recession fears that continue to pressurize financial stocks.
4. UnitedHealth Group Incorporated (NYSE:UNH)
Number of Hedge Fund Holders: 91
UnitedHealth Group Incorporated (NYSE:UNH) plans to announce its financial results for the third quarter before the opening bell on October 14, 2022. Analysts are calling for earnings of $5.42 per share, representing a surge of about 20 percent over the corresponding period of 2021.
Moreover, UnitedHealth Group Incorporated (NYSE:UNH) is expected to generate revenue of $80.5 billion, up nearly 11 percent on a year-over-year basis.
Meanwhile, investment management firm Carillon Tower Advisers also shared its brief views about UnitedHealth Group Incorporated (NYSE:UNH) in its second-quarter 2022 investor letter, stating:
“UnitedHealth Group Incorporated (NYSE:UNH) reported solid quarterly results and raised 2022 guidance modestly. Additionally, managed care is another industry that is viewed as defensive in the current environment, which helped support UnitedHealth and its peer group.”
3. JPMorgan Chase & Co. (NYSE:JPM)
Number of Hedge Fund Holders: 104
JPMorgan Chase & Co. (NYSE:JPM) is scheduled to post its third-quarter results on October 14, 2022. Wall Street analysts expect the bank to earn $2.92 per share on revenue of $32.06 billion.
Meanwhile, CEO of JPMorgan Chase & Co. (NYSE:JPM), Jamie Dimon, recently warned of a recession. He believes the global economy could plunge into recession in 2023. Speaking in an interview, Dimon talked about increasing inflation, elevated interest rates, the Russia-Ukraine war and tightening monetary policy. He believes these factors could lead the economy into recession.
Separately, investment management firm Vltava Fund mentioned JPMorgan Chase & Co. (NYSE:JPM) in its third-quarter 2022 investor letter, stating:
“We regard JPM to be the strongest and best- managed bank in the world. It is a leader in investment banking, commercial banking, credit cards, and asset management. Its size (the largest bank in the USA, with nearly USD 4,000 billion in assets) and diversification give it a strong competitive advantage that is compounded by its cost advantages and the high costs to clients associated with switching banks. JPM’s management prides itself on running the only large bank to avoid major instability over the long term.
JP Morgan’s quality and strength first became fully evident in 2008 under the leadership of its CEO Jamie Dimon. Not only did JP Morgan help to stabilize the market by taking over the failing Bear Stearns in the spring of that year, but throughout the Great Financial Crisis it was the only big US bank that did not require government assistance and it was highly profitable even in the difficult year of 2008.”
2. Apple Inc. (NASDAQ:AAPL)
Number of Hedge Fund Holders: 128
Apple Inc. (NASDAQ:AAPL) will be releasing its fiscal fourth quarter results at the end of this month. While many are concerned about the company’s upcoming earnings, Citi analyst Jim Suva remains optimistic about the stock.
Referring to his recent market checks, Suva said Apple Inc. (NASDAQ:AAPL) would achieve its original outlook of producing 90 million units of iPhone 14. Suva kept a “Buy” rating and a price target of $185 per share for the stock.
Meanwhile, analysts, on average, expect Apple Inc. (NASDAQ:AAPL) to earn $1.26 per share on revenue of $88.74 billion. This compares to earnings of $1.24 per share on revenue of $83.4 billion posted by the smartphone giant in the corresponding period of 2021.
1. Meta Platforms, Inc. (NASDAQ:META)
Number of Hedge Fund Holders: 184
Meta Platforms, Inc. (NASDAQ:META) plans to announce its profit and sales for the third quarter after the closing bell on October 26, 2022. Like its peers, the social network giant is also struggling to boost its sales.
Meanwhile, Meta Platforms, Inc. (NASDAQ:META) plans to cut costs to make up for its decelerating sales growth. On the other hand, several analysts also expressed concerns about the growth prospects of the company.
For instance, Atlantic Equities analyst James Cordwell recently trimmed his ratings for Meta Platforms, Inc. (NASDAQ:META) from “Overweight” to “Neutral,” citing increasing macro challenges and intensifying competition.
You can also take a peek at Best Casino Stocks To Buy and 13 Best Cybersecurity Stocks To Buy.
