For Immediate Release
Chicago, IL – September 21, 2020 – Zacks.com releases the list of companies likely to issue earnings surprises. This week’s list includes FedEx FDX, Oracle ORCL, Nike NKE, Costco COST and General Mills GIS.
What Will Q3 Earnings Season Show?
The overall earnings picture has been steadily improving over the last three months as big parts of the U.S. economy have started coming out of the pandemic-driven lockdown. The market will be looking for this improving earnings trend to accelerate in the Q3 earnings season.
The Q3 earnings season will really get going when the big banks come out with results on October 20th. The wide majority of companies have fiscal quarters that correspond with the calendar quarters, which is September 30th for Q3.
But there are almost two dozen S&P 500 members that have fiscal quarters that ended in August and four such companies, including FedEx and Oracle have reported their fiscal August-quarter results in recent days. We and other data aggregators club the results from these four index members as part of the Q3 tally.
We have another 8 S&P 500 members on deck to report fiscal August-quarter results this week, including Nike, Costco, General Mills and others. Looked at this way, the Q3 earnings season has gotten underway already.
The expectation is for total S&P 500 earnings to decline -23.4% from the same period last year -3.1% lower revenues. This would follow the -32.5% decline in Q2 when economic and business activities came to a halt as a result of the pandemic driven lockdowns.
The earnings outlook has been steadily improving since the start of Q3, as economic and business activities have resumed.
The positive revisions trend is not restricted to Q3, but also for Q4 and beyond. Estimates have started moving up again in recent days, after staying essentially stable through most of August and the first week of September.
2020 earnings and revenues are expected to be down -20.9% and -4.9%, respectively.
For an in-depth look at the overall earnings picture and expectations for the coming quarters, please check out our weekly Earnings Trends report >>>> Positive Start to the Q3 Earnings Season
Zacks’ Single Best Pick to Double
From thousands of stocks, 5 Zacks experts each picked their favorite to gain +100% or more in months to come. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
With users in 180 countries and soaring revenues, it’s set to thrive on remote working long after the pandemic ends. No wonder it recently offered a stunning $600 million stock buy-back plan.
The sky’s the limit for this emerging tech giant. And the earlier you get in, the greater your potential gain.
Click Here, See It Free >>
Follow us on Twitter: https://twitter.com/zacksresearch
Join us on Facebook: https://www.facebook.com/home.php#/pages/Zacks-Investment-Research/57553657748?ref=ts
Zacks Investment Research is under common control with affiliated entities (including a broker-dealer and an investment adviser), which may engage in transactions involving the foregoing securities for the clients of such affiliates.
Zacks Investment Research
800-767-3771 ext. 9339
Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performancefor information about the performance numbers displayed in this press release.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
NIKE, Inc. (NKE) : Free Stock Analysis Report
Oracle Corporation (ORCL) : Free Stock Analysis Report
Costco Wholesale Corporation (COST) : Free Stock Analysis Report
FedEx Corporation (FDX) : Free Stock Analysis Report
General Mills, Inc. (GIS) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research