Banking

Banks, Delta Start Earnings Season As Coinbase To Go Public: Investing Action Plan

Here’s your weekly Investing Action Plan: what you need to know as an investor for the coming week. Top bank stocks and Delta Air Lines (DAL) will report Q1 results as earnings season gets underway. Coinbase will go public amid an explosion in cryptocurrency investing, while several key economic indicators are due.




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Stocks To Watch

Shares of 10x Genomics (TXG) are near a 201.80 buy point but could form a handle. Shopify (SHOP) is eyeing a 1,499.85 buy point after retaking its 50-day line. Square (SQ) flashed buy signals after clearing a short-term high of 252.60 and breaking a downtrend to reclaim its 50-day line. Its stock has an official buy point of 283.29. Etsy (ETSY) also retook its 50-day line, broke a downtrend and has another potential early entry of 231.44 as well as an official buy point of 251.96. Pinterest (PINS) is getting close to a 90 buy point.

Bank Stocks To Kick Off Earnings Season

Wells Fargo (WFC) and JPMorgan Chase (JPM) report before the market open on Wednesday. Bank of America (BAC) and Citigroup (C) report before trading starts on Thursday. Zacks Investment Research analysts expect Wells Fargo to post EPS of 65 cents on revenue of $17.46 billion. They see JPMorgan earnings of $2.95 per share on revenue of $29.88 billion. The view for Bank of America is for EPS of 63 cents and revenue of $21.75 billion, while Citi is expected to earn $2.31 a share on sales of $18.3 billion. Goldman Sachs (GS) reports Wednesday, and Morgan Stanley (MS) reports Friday.

Delta Losses To Widen While Travel Rebounds

The airline reports early Thursday, marking the start of earnings season for the aviation industry. Wall Street expects per-share losses to widen to $2.79 from 51 cents a year ago, as revenue falls 54% to $3.94 billion. Delta will report as more people start to travel again, after a year in coronavirus quarantine, while carriers bring back furloughed employees. But coronavirus cases are rising again, leaving the industry in flux.

Coinbase IPO Due As Bitcoin Booms

Cryptocurrency exchange Coinbase Global plans to launch a highly anticipated initial public offering on April 14, through a direct listing. It will trade on the Nasdaq under the ticker COIN and is expected to receive a market valuation near $100 billion. Coinbase is the largest U.S. cryptocurrency exchange, with Q1 revenue of $1.3 billion. The IPO comes as the price of Bitcoin has soared over the last year, with the cryptocurrency becoming more of a mainstream investment asset.

Top U.S. Health Insurer On Deck

UnitedHealth, the nation’s No. 1 health insurer by membership, kicks off the managed care earnings season before Thursday’s stock market open. Analysts expect EPS to rise 18.6% to $4.41 as revenue grows 7% to $68.98 billion. One key question is whether UnitedHealth will revise prior guidance that Covid costs and deferred care could cut $1.80 per share from EPS this year, which analysts saw as conservative. Shares are back above a 368.05 buy point.

Taiwan Semi Earnings In Focus

The world’s top chip foundry reports early Thursday. Analysts expect EPS to climb 27% to 95 cents. Taiwan Semiconductor Manufacturing (TSM) already disclosed that Q1 sales rose 17% in local currency, topping views. It was the company’s third straight quarter of record sales as the global economy rebounds from the coronavirus pandemic. Taiwan Semi’s factories have been running at full capacity for the past year.

Aphria To Report Amid Tilray Merger

Canadian pot producer Aphria (APHA) reports fiscal Q3 earnings on Monday. Wall Street expects the company to swing to a loss of 2 cents per share from EPS of 2 cents a year ago, as sales climb 26% to $137.75 million. Aphria will report as Canadian cannabis producers seek ways into the U.S., where investors are betting on wider legalization. And it will report after its announced plans to merge with Canadian rival Tilray (TLRY). Rival Canopy Growth (CGC) also recently said it would acquire Supreme.

Boeing Orders, Deliveries

The aerospace giant will release Q1 orders and deliveries on Tuesday ahead of full Q1 earnings on April 28. Boeing has seen an uptick in 737 Max orders since the grounding was lifted late last year, including a 100 aircraft order from Southwest (LUV) in late March. But it recently warned of a potential electrical issue on the Max. On Thursday, European rival Airbus (EADSY) said it delivered 72 aircraft in March for a total of 125 for the quarter, above the 122 delivered in the year-ago quarter.

Economic Indicators

On Tuesday, the Labor Department will report consumer price inflation data. The Federal Reserve will publish its beige book report of regional economic and business conditions on Wednesday. On Thursday, the Commerce Department reports retail sales, the Philly Fed and New York Fed manufacturing gauges come out, and the Federal Reserve reports industrial production data. The Commerce Department releases housing starts numbers.

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