Earnings Preview: Abercrombie, Best Buy, NetEase, Petco

All three major U.S. equity indexes posted dips of less than 1% Thursday, likely due to general ennui over an equities market that cannot seem to get any traction on a slippery slope. Walmart, Target and Cisco were among the day’s leading losers.

After markets closed Thursday, Applied Materials reported top-line and bottom-line numbers that missed expectations thanks to coronavirus lockdowns in China. Without getting specific, the company said that next year will be better than this year. Shares traded down about 2% in mid-morning trading Friday.

Palo Alto Networks beat estimates on both the top and bottom lines, and the company raised earnings per share (EPS) and revenue guidance. The stock traded up nearly 10% early Friday.

Ross Stores missed estimates on both the top and bottom lines. The stock was hammered Friday morning, down more than 22%.

Deere beat the consensus EPS estimate by 1.8% and missed on revenue. Net income guidance was raised, mostly due to a one-time gain of $220 million in the current quarter. Shares traded down more than 10%.

Foot Locker also beat the consensus EPS estimate and missed on revenue. The company reaffirmed fiscal year guidance and said it expects same-store sales to be down 8% to 10%. Shares traded up 5.2% in mid-morning action Friday.

We already have previewed three companies set to report quarterly results late Monday or early Tuesday: Frontline, Xpeng and Zoom Video.

Here is a look at four more firms set to report earnings on before U.S. markets open Tuesday morning.

Abercrombie & Fitch

Specialty retailer Abercrombie & Fitch Co. (NYSE: ANF) has shed about 30% of its share price over the past 12 months. Analysts have set expectations for the April quarter about as low as they possibly could while maintaining a slightly smiling face. The teen fashion retailer missed estimates for both earnings and revenue in the previous quarter, and those estimates were not especially difficult targets. Has the company worked through its inventory headaches? What impact does it foresee from inflation? We shall find out Tuesday morning.

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