Online retail giant and tech heavyweight Amazon is set to report Q1 earnings today after the close.
Texas Instruments (TXN) is scheduled to report Q1 earnings after the market closes today. The company reported Q4 earnings at 4:30 p.m. ET last period (a conference call will follow at 5:30 p.m. ET)
Chipotle (CMG) is set to report Q1 earnings after the close today (last quarter the co reported at 16:05). The co will host a conference call to discuss later at 16:30.
McDonalds (MCD) is scheduled to report Q1 earnings before the open tomorrow and a conference call is scheduled for 11:00 am ET.
American Express (AXP) is set to report Q1 earnings after the close with a conference call to follow at 5pm ET. AXP is expected to report at approx 4:05pm.
IBM is scheduled to report Q1 earnings tonight after the bell with a conference call scheduled to begin at 5:00 p.m. ET
Netflix (NFLX) is set to report Q1 earnings tonight after the close with a conference call to follow at 6pm ET. NFLX generally reports results shortly after the bell.
J.P. Morgan is set to report Q1 earnings tomorrow before the market opens with a conference call to follow at 8:30am ET.
Lululemon athletica (LULU) is set to report Q4 results tonight after the close with a conference call to follow at 4:30pm ET. LULU reported Q3 results at 4:05pm. Current Capital IQ consensus stands at EPS of $1.01 on Revenue of $783.3 mln.
MU is expected to report earnings tonight after the close. There is a conference call scheduled for 4:30PM.
Q2 Capital IQ consensus calls for EPS of $0.86 (versus ($0.05) last year) on revenue of $4.651 bln (+58.5% YoY).
- The current consensus is within the company's guidance range of $4.6-4.7 billion.
- Micron's EPS guidance is at $0.86 +/- a few cents. The company raised its EPS guidance at a Morgan Stanley conference on March 2nd, and raised the midpoint of its revenue guidance.
- 2015 and early 2016 proved to be a tumultuous year as a slowdown in demand, driven largely by the decline of the PC industry (Now less than 20% of MUs business), impacted the company as it was restructuring.
- Comments from MU surrounding demand in the company's newly targeted areas of server, mobile, automotive, and Industrial machine-to-machine areas bode well as does the pricing improvements seen industry wide.
DRAM and Margins
- MU says it currently expects 2017 DRAM bit supply growth in the 15% to 20% range. Its long-term bit demand growth forecast of ~20% to 25%.
- The company's overall consolidated GAAP gross margin of 25 percent for the first quarter of fiscal 2017 was 7 percentage points higher compared to the fourth quarter of fiscal 2016 primarily due to manufacturing cost reductions and increases in DRAM average selling prices.
- Margin Guidance: Looking ahead to the second quarter, the company sees Q2 gross Margin in the range of 37-38%. CO's margins guidance was raised at the Morgan Stanley conference on March 2.
Options Activity
Based on MU options, the current implied volatility stands at ~ 46%, which is 64% higher than historical volatility (over the past 30 days).The options market is currently pricing in a move of ~7% in either direction by weekly expiration (Friday).
Options activity has been aggressively bullish in the last few weeks with multiple strikes and calls bought.
MU Options Activity
Technicals:
MU shares have outperformed the S&P so far this year with MU raising by 19% vs 5% gain in the index. Resistance sits near the $26.50-26.75 area, while support hangs near $25.75-26.00.
TRADE: Buy APR 29C AND/OR WDC APR 80C
GameStop (GME) is set to report Q4 results after the bell (5:00pm ET). Cap IQ Consensus estimates Q4 EPS of $2.29 (vs. $2.40 in 4Q16), revs of $3.06 bln (-12.6% y/y), with comps declining 16.9%.
FedEx is set to report Q3 results after the close today with a conference call to follow at 5pm ET. FDX is expected to report at 4:15pm. Current Capital IQ expectations stand at EPS of $2.62 on Revenues of $14.99 bln.
Nike (NKE) is set to report Q3 results after the bell. Consensus estimates Q3 EPS of $0.53 (vs. $0.55 2Q16) w/ revs of $8.47 bln (+8% y/y).
Target is set to report earnings before the bell tomorrow. Analysts are expecting Capital IQ EPS of 1.52 and Capital IQ Rev consensus of 20.72Bln.
Tesla will report Q4 results after the bell -- Deliveries were preannounced; most analysts have yet to include SolarCity in their models. Tesla (TSLA) will report Q4 results after the bell and host a call at 16:30. This will be Tesla's first report as an integrated clean energy company.
Kohl's (KSS) is set to report Q4 results before the bell tomorrow (8:30am ET). Cap IQ Consensus estimates Q4 EPS of $1.33 (vs. $1.58 in 4Q15), and revs of $6.21 bln (-3.1%) with comps down 2.1%
NVIDIA (NVDA) is set to report Q4 results tonight after the close with a conference call to follow at 5pm ET. NVDA is expected to report results at 4:20pm ET.Current Capital IQ consensus stands at EPS of $0.98 on Revenue of $2.10 bln.
Gilead Sciences (GILD) will report Q4 results after the close with a conference call to follow at 4:30pm ET. GILD is expected to report earnings at 4:01pm. Current Capital IQ consensus stands at EPS of $2.60 and Revenues of $7.175 bln.
Walt Disney Fiscal First Quarter Earnings Report (Tuesday, February 7, after the close)
CMG is expected to report Q4 earnings tonight after the close. There is a conference call scheduled for 16:30 PM.