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The Week Ahead & A Look Back - April 29 - May 3

Investors will be watching a diverse array of companies across multiple sectors reporting quarterly earnings this week. The lineup features some of the biggest names in tech, streaming, payments, pharmaceuticals, entertainment, dining and more. From Apple's latest results to Amazon, earnings releases will provide updates on how these companies are navigating the economic landscape.

With the market's ongoing volatility, analysts and shareholders will be parsing the financial performances and forward guidance for potential catalysts or headwinds. Here's a look at some of the major earnings releases slated for the upcoming week.

The Week Ahead

Monday, April 29th Earnings Releases:

SoFi (SOFI) - ★★★ : The online personal finance company providing student loan refinancing, mortgages, personal loans, investing and banking services will deliver their earnings on Monday. Investors will be keeping an eye on upcoming guidance in light on student loan payments resuming and higher interest rates.

Paramount Global (PARA) - ★★★ : Investors are looking to see how the current media giant is navigating the environment as acquisition talks and executive shakeups are underway.

Tuesday, April 30th Earnings Releases:

American Tower (AMT) - ★★★ : Investors will likely focus on the company's ability to continue expanding its communications infrastructure footprint and drive revenue growth from new site leasing activity. Key metrics will include tower revenue, cash flow, and the pipeline for new tower construction and acquisitions.

Eli Lilly (LLY) - ★★★★★ : Investors will be watching closely for any updates on drug pricing, sales performance of key products, and the development pipeline. Investors will also be paying attention to progress of obesity drugs during this earnings call.

PayPal (PYPL) - ★★ : In the digital payments space, PayPal's user growth, total payment volume, and take rates will be highly scrutinized. Investors will also look for any impacts from rising competition and macroeconomic pressures on e-commerce spending.

Sirius XM (SIRI) - ★★★ : The satellite radio provider will need to show it can continue adding self-paying subscribers and maintaining low customer churn. Updates on investments in new content and technology will also be relevant.

Amazon (AMZN) - ★★★★★ : As a market bellwether, all eyes will be on Amazon's AWS cloud computing division for sustained growth. The e-commerce business performance, advertising revenue, and forecasts for major investment areas like streaming video and groceries will be closely watched.

Lemonade (LMND) - ★★★ : This relative newcomer utilizes AI and behavioral data to drive efficiencies in insurance. Investors will want to see progress in customer acquisition, loss ratios, and the trajectory towards profitability.

LendingClub (LC) - ★★ : LendingClub is a peer lending player, key areas will be loan origination volume, credit quality of borrowers, and net interest margins. A sense of the competitive landscape will also be sought.

Pinterest (PINS) - ★★★ : Investors eyes will be on Pinterest key user metrics like monthly active users will be important for the online idea pinboard. But revenue growth, ability to monetize its platform, and advancement of areas like video and AR will be in focus.

Starbucks (SBUX) - ★★★ : The coffee chain's same-store sales growth will be heavily scrutinized, along with updates on factors like pricing, costs, unionization efforts and store boycotts.

Tanger (SKT) - ★★★★ : As a retail real estate play, occupancy rates, rental income growth and any impacts from consumer spending trends will be relevant for the outlet mall operator.

Wednesday, May 1st Earnings Releases:

MasterCard (MA) - ★★★★ : Investors will have their eyes on gross dollar volume, processed transactions, cross-border volumes to gauge travel spending, and net revenue growth. We will want insights into consumer spending trends across markets.

CVS Health (CVS) - ★★★ : Pharmacy same-store sales, pharmacy benefits management revenues, and enrollment trends will be important. Updates on integration of the Aetna acquisition and CVS' healthcare services strategy will also be watched.

KKR (KKR) - ★★★★ : We will be keeping tabs on metrics like assets under management, dry powder for new deals, realizations on portfolio exits, and distribution income. Comments on the deal environment will be relevant.

Pfizer (PFE) - ★★★★★ : Pfizer's drug pipeline and sales performance will be carefully watched during this earnings period.

Vita Coco (COCO) - ★★★ : As a beverage brand, performance metrics like sales volumes, velocity at retail, market share gains, and expansion into new products/channels will be in focus for the coconut water company.

Wingstop (WING) - ★★★★★ : For the restaurant chain, same-store sales growth, new unit development, average unit volumes, costs like labor and food inflation will be key areas investors evaluate.

DoorDash (DASH) - ★★★★ - Investors will be keeping an eye on on core fundamentals like total orders, revenue per order, growth in active users/drivers, and profitability trajectory for the delivery platform.

Kemper (KMPR) - ★★★★ : This insurer's combined ratio reflecting underwriting profitability will be heavily scrutinized along with premiums earned, investment income, and any catastrophe loss impacts.

MGM Resorts (MGM) - ★★★★ : The casino/hospitality firm's results will see investors watching RevPAR metrics for hotel occupancy and rates, gambling revenue trends, margin performance, and any new property/project updates.

Upwork (UPWK) - ★★★★ : As a gig economy platform, key metrics are freelancer/client growth, take rates on project billings, marketplace engagement, and momentum in specific skills categories.

Zillow (ZG) - ★★★★★ - The real estate marketplace will see focus on metrics like unique users, Premier Agent revenue, Internet/Media segment performance, and impacts from higher for longer interest rates in the housing market.

Thursday, May 2nd Earnings Releases:

Cinemark (CNK) - ★★★★ : Cinemark investors will be closely watching attendance figures, box office revenue, concession spend per patron, and any impacts from the theatrical release schedule. Commentary on the revival of moviegoing demand post-pandemic will be relevant.

Shake Shack (SHAK) - ★★★★★ - Investors will focus on same-store sales growth to gauge brand health for Shake Shack. It will also be interesting to see where average spend trends and the contribution from digital/delivery channels for the better-burger chain.

Apple (AAPL) - ★★★ : Being a tech bellwether, all aspects of Apple's results will get dissected - iPhone revenues, services growth, wearables performance, installed base across products, supply chain management, gross margins and capital return plans. China demand will also be an area of interest as the recent reports of softness in China has hindered the stock.

BJ's Restaurants (BJRI) - ★★★ : This casual dining operator's same-store sales, unit growth, average unit volumes, labor/commodity cost management and overall profitability metrics like restaurant-level margins will be scrutinized.

Dolby Laboratories (DLB) - ★★★★ : The audio technology company's results will see focus on revenue breakdown across licensing segments like broadcast, PC, mobile, and adoption of new offerings like Dolby Atmos. The royalty rate pipeline will also be watched.

DraftKings (DKNG) - ★★★★ : As a sportsbetting/iGaming play, key areas to watch are handle (total bets), revenue growth, user acquisition costs, market shares in live states, and regulatory/expansion updates.

Live Nation (LYV) - ★★★★ : This live events company's results will hinge on underlying concert sales and ticket pricing versus the prior year as the concert business rebounds. Commentary on the tour pipeline and pricing environment will be important. Also, any commentary related to potential DOJ lawsuit will be key during this earnings call.

A Look Back

  • Spotify Stock Soars as Cost Cuts Offset User Growth Slowdown

Spotify - ★★★★ - Ranked #37 in our Q2 2024 Large Cap Equity Rankings

Spotify Technology's shares rallied over 14% on Tuesday after the audio streaming giant reported better-than-expected profits for the first quarter, even as recent layoffs weighed on user growth.

The company swung to earnings of €0.97 ($1.04) per share for the March quarter, easily topping analysts' consensus estimate of €0.62 EPS. This marked a sharp turnaround from the €1.16 per share loss in the prior year period.

Revenue jumped an impressive 20% year-over-year to €3.64 billion, edging out the €3.6 billion Wall Street had forecast on the top line.

  • Meta (Facebook) Stock Plunges Nearly 13%, But Bearish Options Traders Cash In

Meta Platforms (META) - ★★★★ - Ranked #8 in our Q2 2024 Large Cap Equity Rankings

Facebook parent company Meta Platforms (NASDAQ: META) saw its stock plummet nearly 13% during intraday trading on Thursday after reporting mixed first-quarter results the prior evening. While the tech giant's earnings and revenue beat Wall Street's estimates, disappointing guidance appeared to spook investors and send shares tumbling.

However, bearish options traders were able to capitalize on the sell-off. The May 17 2024 $480 put option on Meta surged as much as 200% during Thursday's session, with premiums reaching a high of $65 per contract after closing at just $20.96 on Wednesday.

For those who subscribed to our platinum research service, the outsized gains likely came as no surprise. At the start of April, we updated our 12-month price target on Meta to $480 when shares were trading over $500. At the time, with the stock up over 100% in the prior year, we warned subscribers that protective puts could be a wise options strategy given the potential for a correction.

  • Snapchat's 30% Explosion Puts It Near Our $15 Price Target

Snapchat (SNAP) - ★★★★★ - Ranked #2 in our Q2 2024 SMID Equity Rankings

Snap Inc.'s stock skyrocketed nearly 30% during intraday trading on Friday, reaching an intraday high of $14.88 after the company reported blowout first-quarter earnings results after market close on Thursday. The social media company's shares closed at $11.40 on Thursday before the earnings release.

The massive stock surge validates our team's highly optimistic outlook on Snap. In our Q2 2024 SMID Equity Rankings released on March 13th, we ranked Snap #2 with an "ultra positive" 5-star outlook. When Snap was trading at $11.85 on March 13th, we set a 12-month price target of $15 for the stock - a 26% upside from its price at the time. Today's intraday high of $14.88 puts Snap remarkably close to achieving our bullish target just over a month later.

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The information provided in this report is for general informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. The opinions expressed in the report are our own and are subject to change without notice. We may have a position in the securities mentioned in the report, and we may buy or sell such securities without notice. Any investment decisions made based on the information in this report are solely the responsibility of the recipient. We do not accept any liability for any direct, indirect, or consequential loss arising from any use of this report or its contents.


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