Technology

FDX, ORCL, NKE, COST and GIS are part of Zacks Earnings Preview

For Immediate Release

Chicago, IL – September 21, 2020 – Zacks.com releases the list of companies likely to issue earnings surprises. This week’s list includes FedEx FDX, Oracle ORCL, Nike NKE, Costco COST and General Mills GIS.

What Will Q3 Earnings Season Show?

The overall earnings picture has been steadily improving over the last three months as big parts of the U.S. economy have started coming out of the pandemic-driven lockdown. The market will be looking for this improving earnings trend to accelerate in the Q3 earnings season.

The Q3 earnings season will really get going when the big banks come out with results on October 20th. The wide majority of companies have fiscal quarters that correspond with the calendar quarters, which is September 30th for Q3.

But there are almost two dozen S&P 500 members that have fiscal quarters that ended in August and four such companies, including FedEx and Oracle have reported their fiscal August-quarter results in recent days. We and other data aggregators club the results from these four index members as part of the Q3 tally.

We have another 8 S&P 500 members on deck to report fiscal August-quarter results this week, including Nike, Costco, General Mills and others. Looked at this way, the Q3 earnings season has gotten underway already.

The expectation is for total S&P 500 earnings to decline -23.4% from the same period last year -3.1% lower revenues. This would follow the -32.5% decline in Q2 when economic and business activities came to a halt as a result of the pandemic driven lockdowns.

The earnings outlook has been steadily improving since the start of Q3, as economic and business activities have resumed.

The positive revisions trend is not restricted to Q3, but also for Q4 and beyond. Estimates have started moving up again in recent days, after staying essentially stable through most of August and the first week of September.

2020 earnings and revenues are expected to be down -20.9% and -4.9%, respectively.

For an in-depth look at the overall earnings picture and expectations for the coming quarters, please check out our weekly Earnings Trends report >>>> Positive Start to the Q3 Earnings Season

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NIKE, Inc. (NKE): Free Stock Analysis Report

Oracle Corporation (ORCL): Free Stock Analysis Report

Costco Wholesale Corporation (COST): Free Stock Analysis Report

FedEx Corporation (FDX): Free Stock Analysis Report

General Mills, Inc. (GIS): Free Stock Analysis Report

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