Earnings Previews: ChargePoint, Lululemon

Early Wednesday, the Dow Jones industrials were down 0.87%, the S&P 500 down 0.84% and the Nasdaq down 0.72%.

After U.S. markets closed on Tuesday, Box reported better-than-expected results on both the top and bottom lines. Second-quarter guidance was slightly above the consensus estimates, and full-year guidance was in line with expectations. Shares traded up by 1.9%.

HP missed the consensus revenue but posted a beat on earnings per share (EPS). Revenue fell 21% year over year, and PC revenue tumbled by 29% and volume fell by 28%. Guidance for the current quarter and the full fiscal year were in line with expectations. The stock traded down 3.0% Wednesday morning.

Hewlett Packard Enterprise also posted better-than-expected EPS while missing on revenue. Investors did not appear to be in a congenial mood, however, as shares traded down 6.9%.

Before markets opened on Wednesday, Frontline reported revenue and EPS above analysts’ estimates. The oil shipper expects demand for oil to rise by about 3 million barrels a day in the second half of this year. That is not out of the question, but not a slam dunk either. Shares traded down 5.1%.

After U.S. markets close on Wednesday, C3.ai, CrowdStrike, Nordstrom and Salesforce are expected to report quarterly results. Then look for reports from Bilibili, Dollar General and Macy’s the following morning. Later on Thursday, Broadcom, Dell, and SentinelOne step into the earnings spotlight.

Here is a preview of two more companies reporting quarterly results after markets close on Thursday.

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Electric vehicle (EV) charging network provider ChargePoint Holdings Inc. (NYSE: CHPT) tacked on a 14% share price boost on Tuesday, following an upgrade from Neutral to Buy at BofA, along with a lowered price target of $14 (down from $15.50).

The proposed buildout of charging stations included in the ill-named Inflation Reduction Act has not had as much of an impact on ChargePoint’s positive prospects as did Tesla’s opening of its charging stations to all EVs. What the company has to say about its near-term prospects is likely to have a greater effect on investors than the actual quarterly numbers being showcased.

Analysts remain bullish on the stock, with 14 of 19 brokerages having a Buy or Strong Buy rating and the other five rating it at Hold. At a recent share price of around $9.50, the stock’s implied upside based on a median price target of $15.50 is 63.2%. At the high price target of $26.00, the implied upside is about 70.3%.

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