The Week Ahead on Wall Street
Earnings
Heading into the end of the quarter, it’s a lighter schedule for earnings calls. Nevertheless, here are a few names to keep an eye on this week…
On Wednesday, Winnebago Industries (WGO) reports quarterly earnings. Heading into its earnings report, the RV maker was downgraded to neutral from buy by Northcoast Research. The Wall Street firm thinks higher prices and extended wait times is leading to less demand and thus slower pre-orders for the company. Add an influx of competitors to the mix and Winnebago’s earnings report should be interesting.
Be on the lookout for a flurry of earnings reports on Thursday, including from drugstore chain operator Rite Aid (RAD). Rite Aid is seeing increased competition in the prescription medicine market, namely from Amazon (AMZN), which is considering opening up its own physical pharmacies. Investors will be paying close attention to what Rite Aid has to say about competition when it reports quarterly earnings.
Also Thursday, Nike (NKE) reports quarterly earnings. The sneaker and apparel company is facing a consumer boycott in China and its shares have been underperforming during the first half of 2021. Still Morgan Stanley just raised its price target on the stock to $185, implying around 40% upside. That has a better shot of happening if Nike paints a bullish picture when it reports earnings.
Be on the lookout for FedEx (FDX) to report quarterly earnings Thursday. The delivery company is looking for ways to reduce costs and just inked a deal with robotics company Nuro to meet that end. Through the partnership, FedEx will test autonomous vehicles in its delivery network. The pilot program is kicking off in Houston. It will be interesting to hear what FedEx says about that deal and other cost cutting initiatives.
On Friday, Carmax (KMX) reports quarterly earnings. One of the nation’s used car retailers is experiencing strong demand despite surges in prices for new and used vehicles. To meet the influx of customers Carmax is aiming to hire 1,800 automotive service professionals by the end of the summer.
The Week Ahead at SoFi
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