In this article, we will take a look at the top 10 earnings to watch this week. If you want to see some other trending quarterly reports, go directly to Top 5 Earnings to Watch This Week.
Notable stocks from the tech sector, including Cisco Systems, Inc. (NASDAQ:CSCO), Analog Devices, Inc. (NASDAQ:ADI) and Wolfspeed, Inc. (NYSE:WOLF), came into the spotlight after posting financial results for their respective quarters.
Shares of Cisco Systems, Inc. (NASDAQ:CSCO) and Wolfspeed, Inc. (NYSE:WOLF) rose in pre-market trading Thursday, August 18, following their upbeat quarterly performance. On the other hand, shares of Analog Devices, Inc. (NASDAQ:ADI) fell despite surpassing estimates for its fiscal Q3.
In addition, consumer cyclical stocks, including Lowe’s Companies, Inc. (NYSE:LOW), Bath & Body Works, Inc. (NYSE:BBWI) and The TJX Companies, Inc. (NYSE:TJX), are also trending after their recent earnings.
Photo by Chris Liverani on Unsplash
Check out the full article below to see important financial highlights of these companies.
10. Wolfspeed, Inc. (NYSE:WOLF)
Number of Hedge Fund Holders: 31
Shares of Wolfspeed, Inc. (NYSE:WOLF) climbed over 20 percent in the pre-market trading session on Thursday, August 18, 2022, after crushing financial expectations for its fiscal fourth quarter.
Wolfspeed, Inc. (NYSE:WOLF) reported an adjusted loss of 2 cents per share, narrower than analysts’ average estimate for a loss of 10 cents per share. Revenue came in at $228.5 million, easily surpassing the expectations of $207.81 million. Wolfspeed, Inc. (NYSE:WOLF) posted an adjusted loss of 23 cents per share on revenue of $145.8 million in the same period last year.
The semiconductor company also issued the financial outlook for its fiscal first quarter. Wolfspeed, Inc. (NYSE:WOLF) projected an adjusted loss of 2 – 8 cents per share on revenue of $232.5 – $247.5 million.
9. Keysight Technologies, Inc. (NYSE:KEYS)
Number of Hedge Fund Holders: 37
Shares of Keysight Technologies, Inc. (NYSE:KEYS) turned green in the extended hours on Wednesday, August 17, 2022, after the electronic measurement services provider beat profit and sales expectations for its fiscal third quarter.
Keysight Technologies, Inc. (NYSE:KEYS) earned $2.01 per share on an adjusted basis, up from $1.54 per share in the year-ago period. Revenue for the quarter advanced 10 percent on a year-over-year basis to $1.38 billion. Analysts were looking for earnings of $1.79 per share on revenue of $1.34 billion.
If we break down the total sales by segments, communications solutions revenue increased 11 percent to $970 million, while electronic industrial solutions revenue rose 10 percent to $406 million in the quarter.
Among other updates, Keysight Technologies, Inc. (NYSE:KEYS) reported that it bought 1.6 million shares of its common stock for $228 million during the quarter.
Discussing the results, CEO of Keysight Technologies, Inc. (NYSE:KEYS), Satish Dhanasekaran, said in a statement:
“Keysight’s deep customer engagements with industry leaders, and high value, differentiated solutions continue to drive broad-based demand across key technology mega trends.”
8. Synopsys, Inc. (NASDAQ:SNPS)
Number of Hedge Fund Holders: 41
Synopsys, Inc. (NASDAQ:SNPS) slightly moved down on Wednesday, August 17, 2022, despite announcing better-than-expected financial results for its fiscal third quarter. The California-based company reported adjusted earnings of $2.10 per share, compared to $1.81 per share in the same period of 2021.
Revenue increased to $1.248 billion, from $1.057 billion in the comparable period last year. Analysts expected Synopsys, Inc. (NASDAQ:SNPS) to earn $1.99 per share on revenue of $1.23 billion.
For the current quarter, Synopsys, Inc. (NASDAQ:SNPS) guided for adjusted earnings in the range of $1.80 – $1.85 per share and revenue between $1.263 – $1.293 billion.
Like Synopsys, Inc. (NASDAQ:SNPS), analysts are also closely watching Cisco Systems, Inc. (NASDAQ:CSCO), Analog Devices, Inc. (NASDAQ:ADI) and Lowe’s Companies, Inc. (NYSE:LOW), following their recent earnings.
7. Agilent Technologies, Inc. (NYSE:A)
Number of Hedge Fund Holders: 41
Shares of Agilent Technologies, Inc. (NYSE:A) climbed to a nearly six-month high on Wednesday, August 18, 2022, following an upbeat financial performance for its fiscal third quarter.
Agilent Technologies, Inc. (NYSE:A) reported adjusted earnings of $1.34 per share, topping estimates of $1.18. In addition, the quarterly revenue of $1.72 billion exceeded the consensus of $1.61 billion.
Agilent Technologies, Inc. (NYSE:A) also released its segment-wise sales results. Revenue from its life sciences and applied markets group jumped 14 percent to $1.019 billion, while CrossLab revenue rose 5 percent to $359 million in the quarter. On the downside, revenue from the diagnostics and genomics group slipped 2 percent to $340 million.
Moving forward, Agilent Technologies, Inc. (NYSE:A) raised its full-year adjusted earnings outlook to a range of $5.06 to $5.08 per share and sales guidance to a range of $6.750 – $6.775 billion.
6. Target Corporation (NYSE:TGT)
Number of Hedge Fund Holders: 46
Shares of Target Corporation (NYSE:TGT) fell nearly three percent on Wednesday, August 18, 2022. The drop came after the Minnesota-based retailer missed profit expectations for its fiscal second quarter with a big margin.
Target Corporation (NYSE:TGT) primarily took a hit from excess inventory during the quarter. The company had to offer heavy discounts to get rid of unwanted merchandise. Those discounts negatively impacted its operating margin.
For the second quarter, Target Corporation (NYSE:TGT) reported adjusted earnings of 39 cents per share, well below $3.64 per share in the year-ago period. Analysts were looking for earnings of 72 cents per share. Revenue for the quarter rose 3.5 percent versus last year to $26 billion, matching expectations.
Nevertheless, Target Corporation (NYSE:TGT) received a price-target hike from Baird following its latest quarterly performance. Baird analyst Peter Benedict lifted his price target for Target stock from $180 per share to $190 per share, citing a cleaner inventory and encouraging guest engagement in the second half.
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Disclosure: None. Top 10 Earnings to Watch This Week is originally published on Insider Monkey.
