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Monday, July 13, 2020

Earnings this week : July 13 - 10, 20 (wk 28)

Monday (July 13)
  • Morning: PEP

Tuesday (July 14)
  • Morning: C DAL FAST FRC JPM WFC

Wednesday (July 15)
  • Morning: ASML BK GS PNC USB UNH
  • Afternoon: AA SNBR

Thursday (July 16)
  • Morning: ABT ANGO BMI BAC DPZ HOMB JNJ MS SON TSM TFC WNS
  • Afternoon: FNB JBHT MRTN NFLX PPG WAL

Friday (July 17) 
  • Morning: ALLY ALV BLK CFG ERIC FHN KSU RF STT

Earnings spotlight: 
PepsiCo (PEP) on July 13; Citigroup (NYSE:C), Delta Air Lines (NYSE:DAL), JPMorgan Chase (NYSE:JPM) and Wells Fargo (NYSE:WFC) on July 14; Goldman Sachs (NYSE:GS), PNC Bank (NYSE:PNC), U.S. Bancorp (NYSE:USB) and Alcoa (NYSE:AA) on July 15; Abbott Labs (ABT), Domino's Pizza (DPZ), Johnson & Johnson (NYSE:JNJ), Bank of America (NYSE:BAC), Morgan Stanley (NYSE:MS) and Netflix (NFLX) on July 16; Autoliv (NYSE:ALV), Ally Financial (NYSE:ALLY) and BlackRock (NYSE:BLK) on July 17.

Earnings nuggets: 
When banks start to report Q2 earnings on Tuesday, July 14, all eyes will be on credit loss estimates to see if they are larger than Q1's reserves. On Wall Street, Wells Fargo analyst Mike Mayo taps Goldman Sachs (GS) as the top investment into the earnings parade due in part to the great risk managers at the bank, while JPMorgan sees Bank of America and Citigroup outperforming in the near term. Other bank stocks seen riding out the earning blitz in decent shape include Truist Financial (NYSE:TFC), Citigroup (C), KeyCorp (NYSE:KEY), Signature Bank (NASDAQ:SBNY) and Western Alliance (NYSE:WAL). Meanwhile, Goldman Sachs expects Netflix to post a blowout net subscriber addition tally of 12.5M for Q2. The firm assigned a Street-high price target of $670 to back up its bullish thesis, which is centered on that the COVID-19 crisis is accelerating the shift from traditional content consumption (linear TV, theaters, live events) to streaming services. In the consumer sector, UBS expects Domino's Pizza to blast past consensus estimates for U.S. same-store sales growth of 16%, while Morgan Stanley tips that PepsiCo will post a weak Q2 (-3% organic sales, -19% EPS growth), but recommends snapping up shares for the long term on any weakness.

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