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S&P 500 Earnings Preview – Broadcom Headlines Thursday’s Earnings

David Becker

Broadcom Inc

Broadcom Inc (AVGO) is scheduled to release its Q2 fiscal earnings after the closing bell on Thursday, June 4, 2020. The company is expected to report earnings of $5.14 per share on 5.69 billion in revenue. This compares to $5.33 in earnings in the prior quarter. Earnings forecasts have remained unchanged over the last 30-days, which is a neutral signal for the stock price. Growth estimates are expected to contract by 1%.

The stock prices have rallied 90% off the lows seen in April and has made a 2-month high ahead of earnings results. The stock is poised to test resistance near the all-time highs at $320. A better than expected results is likely to lift shares to target resistance.

The Gap Inc

The Gap Inc (GPS) is scheduled to release its fiscal Q1 financial results before the opening bell on Thursday, June 4, 2020. The company is expected to lose $0.66 per share on $2.38 billion in revenues. This compares to $0.41 in the prior quarter. Earnings forecasts have $0.25 per share over the past 30-days which generally would be considered a negative sign, but this looks like it has already been priced into the share price. Growth estimates are expected to contract by approximately 575%.

The stock price has rebounded more than 100% since the March lows and is currently targeting resistance near the 200-day moving average near $13.75 which would be a gain of 17%.

This article was originally posted on FX Empire

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