What to Expect in the Week Ahead (GS, JNJ, TSM, and NFLX Earnings; Retail Sales and Housing Starts)

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What to Expect in the Week Ahead (GS, JNJ, TSM, and NFLX Earnings; Retail Sales and Housing Starts)

Earnings in the week ahead could be the next catalyst for a broadening market

$ジョンソン・エンド・ジョンソン (JNJ.US)$ is expected to announce its fiscal Q2 earnings before the markets open on Wednesday, July 17.

Ahead of the event, analysts expect Johnson & Johnson to report a profit of $2.73 per share, down 2.5% from $2.80 per share reported in the year-ago quarter. The company has consistently surpassed Wall Street's EPS estimates over the past four quarters.

Its adjusted EPS for the last reported quarter increased 12.4% year over year to $2.71 per share, beating the consensus estimate by 2.7%, as sales in its medical devices business surged.

Looking ahead to fiscal 2024, analysts expect Johnson & Johnson to report an EPS of $10.62, up 7.1% from $9.92 in fiscal 2023. Its fiscal 2025 EPS is expected to grow 2.7% annually to $10.91.

$台湾セミコンダクター・マニュファクチャリング (TSM.US)$ is scheduled to report second-quarter earnings on July 18, when it will also update its outlook and plans for the current quarter and the rest of the year.

Taiwan Semiconductor Manufacturing Co, whose customers include $アップル (AAPL.US)$ and $エヌビディア (NVDA.US)$ has benefited from the surge towards AI that has helped it weather the tapering off of pandemic-led demand and pushed TSMC's share price to a record high.

Revenue in the April-June period of this year came in at T$673.51 billion ($20.67 billion), according to Reuters, compared with an LSEG SmartEstimate, drawn from 21 analysts, of T$654.27 billion. That represents growth of 32% on-year, compared with $15.68 billion in the year-ago period.

On its most recent earnings call in April, Taiwan Semiconductor Manufacturing Co forecast second quarter revenue in a range of between $19.6 billion to $20.4 billion. For June alone, TSMC reported that revenue rose 33% year-on-year to T$207.87 billion.

$ネットフリックス (NFLX.US)$ will reveal its April through June 2024 financial results after the stock market closes on Thursday, 18 July 2024. Investors want to know if the popular streaming service can keep attracting lots of new subscribers, make the most of its ad-supported plans, and remain the top streaming platform.

Netflix expects its revenue to increase 16% year-over-year (YoY) to $9.49 billion in the second quarter of 2024 but analysts predict Netflix's Q2 revenue will be slightly higher at $9.53 billion. In the first quarter of 2024, Netflix's revenue was $9.37 billion, up 15% from the prior year.

Regarding earnings, Netflix forecasts net income of $2.06 billion, or $4.68 per share, for the second quarter of 2024 whereas analysts estimate Netflix's Q2 earnings per share will reach $4.74. For comparison, in Q2 2023, Netflix reported net income of $1.48 billion, or $3.29 per share. Netflix's net income in Q1 2024 was $2.3 billion, or $5.28 per share.

Retail sales, housing starts and industrial production in the coming week

Economic reports to watch this week will include the Census Bureau’s retail sales data for June on Tuesday, the Federal Reserve’s latest beige book on Wednesday, and the Conference Board's Leading Economic Index for June on Thursday.

The Census Bureau reports retail sales data for June. The consensus estimate is that retail spending should hold flat to last month, after a 0.1% increase in May. Excluding autos, sales are expected to increase 0.1% compared with a 0.1% drop previously.

The National Association of Home Builders releases its Housing Market Index for July. Expectations are for a 43 reading, matching the June data.

The Census Bureau releases new residential construction data for June. Economists forecast a seasonally adjusted annual rate of 1.31 million privately-owned housing starts, about 30,000 more than in May. Housing starts are at their lowest level in nearly four years.

The Federal Reserve releases the beige book for the fifth of eight times this year. The report gathers anecdotal information on current economic conditions from the 12 regional banks.