With the greater part of third quarter earnings results in the rearview mirror, investors are looking ahead to marquee reports from Nvidia (NVDA) and Walmart (WMT) this week.
So far, the Q3 earnings season is off to a positive start. As of Nov. 14, 92% of S&P 500 companies have reported results, according to FactSet data, and analysts are expecting a 13.1% jump in earnings per share during the third quarter. If that figure holds, it would mark the fourth straight quarter of double-digit earnings growth and an acceleration from the 12% earnings growth rate reported in Q2 of this year.
Expectations were much lower coming into the quarter, as analysts expected S&P 500 companies to report a 7.9% jump in earnings per share in Q3, as of Sept. 30.
Source: FactSet
This week, all eyes will be on the respective AI and retail heavyweights, Nvidia and Walmart, with additional earnings reports from Palo Alto Networks (PANW), Home Depot (HD), Lowe’s (LOW), Target (TGT), TJX (TJX), and XPeng (XPEV) rounding out the week.
Here are the latest updates from corporate America.
LIVE 218 updates
TJX Companies stock rises as company delivers solid results in uncertain consumer environment
The parent company of T.J.Maxx and Marshalls reported an earnings beat and improved outlook on Wednesday, lifting the stock nearly 3% in premarket trading.
TJX Companies (TJX) reported profits of $1.28 per share on net sales of $15.1 billion. Wall Street analysts were looking for earnings of $1.22 per share on revenue of $14.85 billion, according to S&P Global Market Intelligence.
Same-store sales increased 5% year over year, broadly growing across divisions. The company increased its inventory by $1 billion to $9.4 billion.
TJX also lifted its sales, profit margin, and earnings per share guidance for the full year.
Comparable sales are expected to be up 4%, while pretax profit margin is expected to be at 11.6%. TJX expects diluted earnings per share in a range of $4.63 to $4.66, which is above the raised guidance of $4.52 to $4.57 it provided in the second quarter.
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