The Most Anticipated Earnings Releases for the Week of August 14, 2023

Earnings season traditionally concludes this week with Cisco's earnings report. However, with 175 companies reporting on Monday and only 50 on Tuesday, earnings season effectively concludes before Cisco announces on Wednesday. On Monday, of the 175 companies reporting, GreenPower Motor and Suncor Energy are drawing significant investor attention. Investors are notably bullish on GreenPower, and many short sellers have covered their positions after the last quarter's results. Nevertheless, the stock has since retracted to fill the gap, facing considerable resistance. On the other hand, Suncor remains bearish, continuing its downward trend since its late 2022 peak. 2023 has witnessed extensive short covering among hedge funds. This trend is apparent in Home Depot; where earlier, bets were placed on a declining housing market affecting the stock adversely. Yet, as we approach its earnings release on Tuesday, the stock is back at resistance with the short sellers exiting. Additionally, Sea Limited is on many investors' radars. By Wednesday, the spotlight will shine on Target and Cisco, both garnering bearish sentiment. Intriguingly, while Target has faltered with weakened checks throughout the quarter, Cisco is surging to a new pinnacle, attracting short sellers. Target's struggles seem to be Walmart's boon. Expectations soar for Walmart's earnings release on Thursday. Simultaneously, short sellers are eyeing a peak in Applied Materials, which consistently exhibits an upward trajectory. Palo Alto Networks showcased robust results last quarter, and checks this quarter appear promising. However, the company's late Friday earnings announcement—a time when companies often reveal undesirable news—has alarmed investors, raising concerns about the 2024 guidance. In contrast, Deere has surpassed its November peak, maintaining its positive momentum. Several stocks, such as Farfetch, Bill.com, and Stride, are anticipated to make double-digit moves this week. However, the expected shifts remain significantly below the average price movements observed in recent quarters.