The three major U.S. equity indexes closed higher Tuesday, with the Nasdaq adding 2.51%, the S&P 500 rising by 2.45% and the Dow Jones industrials closing up 2.15%. Federal Reserve Chair Jerome Powell sits down Wednesday for his first of two reports to Congress, the Senate first and the House on Thursday. Tuesday’s price bounce looked to be just a one-off, as index futures traded down between 1.5% and 1.8% in Wednesday’s premarket.
Before markets opened Tuesday morning, RV maker Winnebago beat estimates on both the top and bottom lines. Shares traded up about 1.6%.
We already previewed these earnings reports due out late Wednesday or early Thursday: Darden Restaurants, KB Home and Rite Aid.
Here is a look at four companies scheduled to release quarterly results after markets close Thursday or before they open on Friday.
BlackBerry
After touching a high of around 52-week high on this date last year, shares of BlackBerry Ltd. (NYSE: BB) have plunged by around 60%. The former cellphone maker has transitioned to a provider of security software and automotive (QNX) software. The company is scheduled to release quarterly results after markets close Thursday.
Over the past few weeks, the company has announced deals with the likes of Google and NXP Semiconductors, but it is unclear yet how those deals will pay off for shareholders. Then there is the stalled $600 million sale of mobile, messaging and wireless patent portfolio, another reason investors are cool to the stock. BlackBerry’s annual shareholders’ meeting is going to continue a battle begun last year when a shareholder “say-on-pay” proposal was defeated.
The company gets little attention from analysts, and what it does get is, at best, lukewarm. Of eight brokerages covering the stock, three have a Sell rating and the other five rate the stock at Hold. At a recent share price of around $5.25, the upside potential to a median price target of $7.00 is 33%. At the high price target of $8.00, the upside potential is 52.3%.
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