Investing

Best Earnings Reports for Week Ending April 2, 2021

Micron Technology Inc.

Out of a limited number of earnings reports released in this shortened week, we’ll recap here the impact of the week’s five best reports.

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Chewy

Online pet supply store Chewy Inc. (NYSE: CHWY) reported quarterly and full-year earnings after markets closed Tuesday. Quarterly earnings per share (EPS) came to $0.05, compared to a consensus estimate calling for a loss per share of $0.10. On top of that, revenue guidance for the April quarter was about Wall Street’s consensus.

The stock added more than $4.00 to its share price on Wednesday, up about 5.4% to close at $84.71. The stock has trailed off since then and traded on Thursday down about 2.7% at $82.42, in a 52-week range of $31.78 to $120.00.

BioNTech

COVID-19 vaccine maker BioNTech S.E. (NASDAQ: BNTX) reported EPS of $1.84 against a forecast calling for a loss of $0.18 per share before markets opened Tuesday. The stock gained $8.50 (4.5%) on the day and was trading up by nearly another $8.00 on Thursday. Continued gains are due to new reports that the drug (developed in conjunction with Pfizer) is effective in younger children and against variants of the disease.

The stock closed Wednesday at $109.19 and added $3.40 on Thursday to trade at around $112.60. The 52-week range is $37.00 to $131.00, and the consensus price target is $123.65.

Academy Sports

Sporting goods and outdoor products retailer Academy Sports and Outdoors Inc. (NASDAQ: ASO) also reported results before markets opened Tuesday. The company more than doubled EPS guidance, posting earnings of $1.09 per share compared to the consensus estimate of $0.50. Revenue also beat expectations. Shares added about $2.50 on Tuesday and traded roughly flat Wednesday, before rising by nearly 5% by noon on Thursday.

The stock was trading at $28.33, after posting a new 52-week high of $28.58 earlier. The stock’s 52-week low is $12.05, and the consensus price target is $31.71.

Walgreens

Drugstore giant and Dow Jones industrial average component Walgreens Boots Alliance Inc. (NASDAQ: WBA) reported results after markets closed Tuesday. The stock added about $2.00 following a report that included EPS of $1.40 (a 25% surprise to the upside) and a miss on revenue. However, Walgreens also improved its guidance, forecasting mid-to-high single-digit EPS growth compared to its prior outlook of low single-digit growth.

Shares traded at around $55.05 on Thursday, up about 0.3% for the day, in a 52-week range of $33.36 to $56.78. The price target on the stock is $49.44.

Micron

Semiconductor maker Micron Technology Inc. (NASDAQ: MU) reported results after markets closed Wednesday and the shares opened Thursday 5.4% higher at $93.00. The gain was pared back to around $91.50, while trading volume had already reached nearly 26.5 million, about 30% higher than the daily average. EPS for the quarter came at the top of analysts’ expected range of $0.93 to $0.98, and revenue of $6.24 billion was better than an estimate of $6.21 billion.

Shares moved higher Thursday, accelerated by a report that Micron and Western Digital are each eyeing an acquisition of Japanese semiconductor maker Kioxia Holdings. The Japanese firm could fetch a bid of around $30 billion. That’s far more than the $2.5 billion Micron paid in 2013 for bankrupt Japanese semiconductor maker Elpida.

Micron stock traded up about 3.9% at $91.61 in the noon hour Thursday. The stock’s 52-week range is $39.52 to $95.75, and the price target on the stock is $110.32.

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