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Still early-on in Q2 earnings season, this week we get a look at the first of the FAANG stocks (if we’re still calling them that). Netflix (NFLX - Free Report) reports Wednesday after the closing bell, and is expected to bring in earnings -11.88% from the same quarter a year ago, on +3.63% higher revenues. The streaming entertainment giant is looking for its seventh earnings beat in the last eight quarters. The stock remains well off its late-2021 high, but up from the trough of mid-2022. That said, Netflix is also trading up 40%+ year to date.
For Netflix, one of the biggest emerging concerns may not show up in the Q2 numbers: the ongoing writers strike, joined now by SAG-AFTRA actors on the picket line. Without new content being produced, streaming content will likely see some headwinds in new subscriber numbers, especially as competition increases from other services. We’re more likely to get insights on Netflix’s conference call after the initial press release on Q2 numbers is out.
Tesla (TSLA - Free Report) also reports Wednesday afternoon, although its numbers are expected to far outshine the year ago quarter: +9.2% on earnings and a whopping +47% on the top-line. Strong auto delivery guidance has helped buoy the stock over the past couple months, and year-to-date Tesla is +160% from the near-term trough at the start of 2023. The electric vehicle leader is looking for its 10th straight earnings beat. Both Tesla and Netflix currently carry a Zacks Rank #3 (Hold).
Ahead of today’s open, the July Empire State Manufacturing Index has notched its second-straight month in positive territory, with headline +1.1 a light improvement over the 0.0 expected, and down from the surprise 6.6 (unrevised) posted for June. This is only the fourth month in the last 12 where manufacturing in New York State has been in the green; August of 2022, January 2023 and May of 2023 came in -31.3, -32.9 and -31.8, respectively.
Back to Q2 earnings a moment, tomorrow is when the action really begins, with more Wall Street banks and investment firms — Bank of America (BAC - Free Report) , Morgan Stanley (MS - Free Report) , Bank of New York - Mellon (BK - Free Report) , PNC Financial (PNC - Free Report) and Charles Schwab (SCHW - Free Report) all put out numbers ahead of the bell. In addition, Lockheed Martin (LMT - Free Report) , Hasbro (HAS - Free Report) and Novartis (NVS - Free Report) widen the scope of industries ready to report. Of these, only Lockheed currently registers a Zacks Rank #2 (Buy); the others are all #3s.
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Q2 2023 Earnings Season Gathers Pace
Still early-on in Q2 earnings season, this week we get a look at the first of the FAANG stocks (if we’re still calling them that). Netflix (NFLX - Free Report) reports Wednesday after the closing bell, and is expected to bring in earnings -11.88% from the same quarter a year ago, on +3.63% higher revenues. The streaming entertainment giant is looking for its seventh earnings beat in the last eight quarters. The stock remains well off its late-2021 high, but up from the trough of mid-2022. That said, Netflix is also trading up 40%+ year to date.
For Netflix, one of the biggest emerging concerns may not show up in the Q2 numbers: the ongoing writers strike, joined now by SAG-AFTRA actors on the picket line. Without new content being produced, streaming content will likely see some headwinds in new subscriber numbers, especially as competition increases from other services. We’re more likely to get insights on Netflix’s conference call after the initial press release on Q2 numbers is out.
Tesla (TSLA - Free Report) also reports Wednesday afternoon, although its numbers are expected to far outshine the year ago quarter: +9.2% on earnings and a whopping +47% on the top-line. Strong auto delivery guidance has helped buoy the stock over the past couple months, and year-to-date Tesla is +160% from the near-term trough at the start of 2023. The electric vehicle leader is looking for its 10th straight earnings beat. Both Tesla and Netflix currently carry a Zacks Rank #3 (Hold).
Ahead of today’s open, the July Empire State Manufacturing Index has notched its second-straight month in positive territory, with headline +1.1 a light improvement over the 0.0 expected, and down from the surprise 6.6 (unrevised) posted for June. This is only the fourth month in the last 12 where manufacturing in New York State has been in the green; August of 2022, January 2023 and May of 2023 came in -31.3, -32.9 and -31.8, respectively.
Back to Q2 earnings a moment, tomorrow is when the action really begins, with more Wall Street banks and investment firms — Bank of America (BAC - Free Report) , Morgan Stanley (MS - Free Report) , Bank of New York - Mellon (BK - Free Report) , PNC Financial (PNC - Free Report) and Charles Schwab (SCHW - Free Report) all put out numbers ahead of the bell. In addition, Lockheed Martin (LMT - Free Report) , Hasbro (HAS - Free Report) and Novartis (NVS - Free Report) widen the scope of industries ready to report. Of these, only Lockheed currently registers a Zacks Rank #2 (Buy); the others are all #3s.