Earnings Previews: Academy Sports, Coupa Software, GitLab, Hello

The three major U.S. equity indexes closed higher Thursday. The Nasdaq added 2.7%, the S&P 500 rose by 1.8%, and the Dow Jones industrials put up a gain of 1.3%. Crude oil added about $3 a barrel following the weekly report on supply. Microsoft lowered earnings per share (EPS) guidance for the current quarter, and the stock shed 4% before markets opened, but ended up closing the day at its intraday high with a gain of about 0.8%.

The May report on nonfarm payrolls rose by 390,000 jobs, leaping over the consensus estimate for a gain of 325,000 jobs. The headline unemployment rate was unchanged at 3.6%, and average hourly wages increased by 0.3% to $31.95. May’s report weighed on stocks at Friday’s opening bell.

After markets closed on Thursday, CrowdStrike reported better than expected EPS and revenue and issued upside guidance for the current quarter and for its 2023 fiscal year. Shares had added almost 8% in regular trading Thursday but sank by more than 3% after releasing the results and were trading down more than 5% Friday morning.

Lululemon also beat top-line and bottom-line estimates and issued upside guidance for both the current quarter and fiscal 2023. Shares traded down more than 2% early Friday.

Okta was the day’s headline story, adding nearly 11% in Thursday trading and then reporting results that beat on both the top and bottom lines. Upside guidance was modest, indicating to investors that the company is planning to focus on profitability rather than growth. Shares were up about 12% on last look.

Here is a look at four firms scheduled to release quarterly results either Monday or Tuesday.

Academy Sports

Sporting gear retailer Academy Sports and Outdoors Inc. (NASDAQ: ASO) has seen its share price dip by about 3.8% over the past 12 months. From its peak (and all-time high) in mid-November, the stock is down nearly 29%, after posting a new 52-week low last week. The company paid its first dividend in March, clearly hoping for investors to see the move as a commitment to profitability and shareholder returns. Analysts have cooperated by setting low expectations. Academy Sports reports results before markets open on Tuesday.

All 11 brokerages covering the stock have a Buy or Strong Buy rating At a recent share price of around $35.75, the upside potential based on a median price target of $45.00 is 25.9%. At the high price target of $70.00, the upside potential is about 95.8%.

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