Nearly a quarter of the S&P 500 or about 120 stocks are due to report their fourth quarter of 2020 reports this week on the corporate front. In market capitalization, the firms involved constitute about 40 percent of the large U.S. index. Compared to the same time in 2019, the new FactSet consensus models a 5 percent reduction in the S&P index’s earnings for the year.
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Two days before the publication of its October-December results, a critical year-end time for sales of the mobile giant’s products, Apple Inc. (AAPL) rose +2.77% to a new record of $142.92. Quarterly results are scheduled, as are those of two other tech giants, Tesla and Facebook, on Wednesday after closing of the market. As early as Tuesday after closing, Microsoft will release its quarterly results.
Despite the health crisis (or due to it), analysts expect Apple, Tesla and Facebook to have historically strong revenues. For the first time, Apple is forecast to report quarterly revenue of more than $100 billion. Wedbush’s broker took the opportunity to raise its price target on the stock from $160 to $175.
Tesla, Inc. (TSLA) has finished narrowly on a fresh high (up +4.03 percent to $880.80) The results expected on Wednesday will be the first since the S&P 500 index has included the Californian electric vehicle maker.
Quite strong delivery estimates for the year have already been released by the company. Therefore, markets will be following the 2021 forecast. At the latest earnings presentation, Tesla chief Elon Musk listed several estimates, saying an analyst was “not far off” expecting 840,000 to 1 million units delivered this year. Broker Baird increased its price target for Tesla from $488 to $728 on Monday.
Virgin Galactic Holdings, Inc. (SPCE) was up +5.02% to $36; Bed Bath & Beyond Inc. (BBBY) rose +1.56% to $30.68; and AMC Entertainment Holdings, Inc. (AMC) climbed +25.93% to $4.42. On Monday, many of the traders have flocked to these top-selling stocks.
