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This week, we begin to see Q1 earnings reports concentrated within specific industries for the first time. As always, these start with the big banks like JPMorgan (JPM - Free Report) and Citigroup (C - Free Report) , which report later this week. But there is not an industry analyst anywhere in the world right now who expect big things from Q1 in a general sense, either in earnings releases or in Gross Domestic Product (GDP), which we’ll see in a couple weeks. Currently the Q1 GDP forecast is for -2.5% growth, and slipping from there by a factor of almost 10 for Q2.
Along with JPMorgan and Wells Fargo (WFC - Free Report) reporting tomorrow, we also get Q1 results from Johnson & Johnson (JNJ - Free Report) , which may have fared better than most in that household products and treatments sales look to have not suffered as much from “stay-at-home” orders as other consumer sectors. Not only that, but J&J’s pharma side may have news regarding the coronavirus vaccine it is reportedly developing.
On Wednesday, not only Citi, but Bank of America (BAC - Free Report) , Goldman Sachs (GS - Free Report) , Schwab (SCHW - Free Report) and U.S. Bancorp (USB - Free Report) , but also UnitedHealth (UNH - Free Report) and Bed, Bath & Beyond . Keep in mind the coronavirus crisis has only affected the final few weeks of Q1, so progress in their respective industries post-holiday season will likely still be visible. Wednesday will also bring us new Retail Sales for March; they will follow a weak February, which saw its headline number reach -0.5%.
By the end of the week, we’ll also see Q1 earnings results from oilfield services giant Schlumberger (SLB - Free Report) and railroad major Kansas City Southern . Results may be problematic for both, with weak crude oil prices and the lowest rail business seen since the Great Recession more than a decade ago. But with so much negativity already baked into the cake, there may be room for some positive surprises in there somewhere.
For a comprehensive look at what we should expect to see in this first (unofficial) week of Q1 earnings season, make sure to check out Zacks Director of Research Sheraz Mian’s latest Earnings Preview report: What to Expect from Big Bank Earnings Amid the Coronavirus.
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Big Week of Q1 Earnings Coming Up
Monday, April 13, 2020
This week, we begin to see Q1 earnings reports concentrated within specific industries for the first time. As always, these start with the big banks like JPMorgan (JPM - Free Report) and Citigroup (C - Free Report) , which report later this week. But there is not an industry analyst anywhere in the world right now who expect big things from Q1 in a general sense, either in earnings releases or in Gross Domestic Product (GDP), which we’ll see in a couple weeks. Currently the Q1 GDP forecast is for -2.5% growth, and slipping from there by a factor of almost 10 for Q2.
Along with JPMorgan and Wells Fargo (WFC - Free Report) reporting tomorrow, we also get Q1 results from Johnson & Johnson (JNJ - Free Report) , which may have fared better than most in that household products and treatments sales look to have not suffered as much from “stay-at-home” orders as other consumer sectors. Not only that, but J&J’s pharma side may have news regarding the coronavirus vaccine it is reportedly developing.
On Wednesday, not only Citi, but Bank of America (BAC - Free Report) , Goldman Sachs (GS - Free Report) , Schwab (SCHW - Free Report) and U.S. Bancorp (USB - Free Report) , but also UnitedHealth (UNH - Free Report) and Bed, Bath & Beyond . Keep in mind the coronavirus crisis has only affected the final few weeks of Q1, so progress in their respective industries post-holiday season will likely still be visible. Wednesday will also bring us new Retail Sales for March; they will follow a weak February, which saw its headline number reach -0.5%.
By the end of the week, we’ll also see Q1 earnings results from oilfield services giant Schlumberger (SLB - Free Report) and railroad major Kansas City Southern . Results may be problematic for both, with weak crude oil prices and the lowest rail business seen since the Great Recession more than a decade ago. But with so much negativity already baked into the cake, there may be room for some positive surprises in there somewhere.
For a comprehensive look at what we should expect to see in this first (unofficial) week of Q1 earnings season, make sure to check out Zacks Director of Research Sheraz Mian’s latest Earnings Preview report: What to Expect from Big Bank Earnings Amid the Coronavirus.
Mark Vickery
Senior Editor
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