The three major U.S. equity indexes closed lower Monday. The Dow Jones industrials dipped by 0.57%, the S&P 500 dropped 0.67% and the Nasdaq retreated 1.02%. The declines reflect a boost that arrived in mid-morning, only to evaporate slowly by the closing bell. Nine of 11 sectors ended the day with losses, led by tech (1.3%) and real estate (0.9%). The energy (up 1.5%) and utilities (up 0.3%) sectors posted the only gains. All three indexes were trading higher in Tuesday’s premarket, trying to erase Monday’s losses.
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Before markets opened on Tuesday, Best Buy beat both top-line and bottom-line estimates and reiterated lackluster guidance given in July. The stock traded up by about 1.6%.
Baidu beat estimates on both the top and bottom lines. Shares traded up about 3.2% Tuesday morning.
After U.S. markets close on Tuesday, ChargePoint, Chewy, CrowdStrike, HP and HPE will be reporting quarterly results.
Here is a preview of four companies set to report results late Wednesday or early Thursday.
Campbell Soup
Over the past 12 months, shares of Campbell Soup Co. (NYSE: CPB) have risen by about 23.5%, while the consumer staples sector has sunk by more than 10%. For the year to date, Campbell Soup has added about 17.7%, while the S&P 500 has declined by 15.4%. The stock has been flirting with the 52-week high posted in early May and trades about 30% higher than its 52-week low posted in late October. On top of that, the maker of a variety of consumer food products also pays a solid dividend yield. The company reports quarterly results before markets open on Thursday.
Analysts are less than bullish on the shares. Of 18 brokerages covering the stock, 12 have a Hold rating while five rate the stock at Sell or Strong Sell. At a recent price of around $51.10 a share, the stock traded above its median price target of $48.00. At the high price target of $55.00, the upside potential is about 7.6%.
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