About 90 minutes after Tuesday’s opening bell, the Dow Jones industrials traded down 0.9%, the S&P 500 was down 0.1% and the Nasdaq traded 0.04% lower.

On Monday, Taiwan-based United Microelectronics reported quarterly and year-end results that missed the earnings per share (EPS) estimate slightly and beat the revenue estimate. Shares traded up 2.1% by mid-morning Tuesday.

Before the bell on Tuesday, Goldman Sachs reported misses on both EPS and revenue. Investment banking fees were down 48% year over year, and the bank’s provision for loan losses jumped from $344 million a year ago to $972 million. Shares traded down about 6%.

Morgan Stanley also missed the consensus EPS estimate but did top the revenue estimate. Investment banking fees were off 49% year over year, and equity net revenue fell 24% compared with the fourth quarter of last year. Shares traded up 7.2%.

Silvergate Capital missed on profits, reporting a loss of $1 billion, compared to a net profit of $18.4 million in the year-ago quarter. Shares traded up 20.5% in Tuesday’s premarket, likely due to the fact that Signature Bank reported a loss on digital assets of $12.4 billion compared to Silvergate’s $8.1 billion dump.

After markets close on Tuesday, United Airlines is expected to report quarterly results. Here is our preview. First thing Wednesday morning, Charles Schwab and Prologis are on deck to report quarterly earnings. Later on Wednesday, Alcoa, Discover Financial and Kinder Morgan will post results.

Here are our previews for three firms set to report results early Thursday morning.

KeyCorp

KeyCorp (NYSE: KEY) is a bank holding company that offers consumer banking at nearly 1,000 Key Bank locations and more than 1,300 ATMs in 15 states. The bank also offers wealth advisory and investment management services. By market cap, it is the 20th largest regional bank in the country, but its dividend is among the top quarter. As is the case with many banks, analysts are expecting lower revenue and profits due to the economic environment. A surprise in either direction likely will move the stock noticeably.

Analysts are cautious, with 10 of 22 having a Buy or Strong Buy rating and nine more rating the stock at Hold. At a recent price of around $18.00 per share, the upside based on a median price target of $20.00 is 11.1%. At the high price target of $43.00, the upside potential is 139%.

Fourth-quarter revenue is forecast to reach $1.93 billion, which would be up 2.3% sequentially but down 1.0% year over year. Adjusted EPS are forecast at $0.55, flat sequentially and down 15.4% year over year. For the full year, EPS is estimated to reach $2.10, down 20.0%, on revenue of $7.3 billion, up 0.1%.

KeyCorp stock trades at 8.6 times expected 2022 EPS, 8.2 times estimated 2023 earnings of $2.20 and 7.5 times estimated 2024 earnings of $2.40. The stock’s 52-week trading range is $15.26 to $37.17, and the company pays an annual dividend of $0.82 (yield of 4.51%). Total shareholder return over the past year was negative 30.3%.

Dow stock Procter & Gamble Inc. (NYSE: PG) has posted a share price drop of about 5.1% over the past 12 months. From a 52-week high posted in late January last year, shares have declined 9%. The world’s largest consumer products maker is expected to get even bigger as the global population grows. Gross profit margin for the past year is 47.2%, and net margin is more than 18%. The company’s return on common equity over the past 12 months is nearly 33%, more than double the S&P 500 long-term average.

Of 27 analysts covering the stock, 15 have a Buy or Strong Buy rating and 11 more have Hold ratings. At a share price of around $151.50, the upside potential based on a median price target of $155.00 is 2.3%. At the high price target of $172.00, the implied gain is 13.5%.

Analysts expect P&G to report fiscal 2023 second-quarter revenue of $20.73 billion, up 0.6% sequentially but 1.1% lower year over year. Adjusted EPS are pegged at $1.59, up 1.2% sequentially and down 4.2% year over year. For the full 2023 fiscal year ending in June, estimates call for EPS of $5.85, up 0.7%, on sales of $80.22 billion, up 0.04%.

P&G shares trade at 25.9 times expected 2023 EPS, 24.1 times estimated 2024 earnings of $6.28 and 22.4 times estimated 2025 earnings of $6.77 per share. The stock’s 52-week range is $122.18 to $165.35. Its annual dividend is $3.65 (yield of 2.44%). Total shareholder return for the past year was negative 2.8%.

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Truist

Truist Financial Corp. (NYSE: TFC) is the country’s fifth-largest regional bank, with a market cap of more than $62 billion. Since posting a 52-week high in mid-January of last year, the stock has dropped about 30%. So far in 2023, however, shares are up more than 9%. Higher interest rates combined with higher lending levels in the commercial and industrial markets augur well for the bank’s fourth-quarter report.

As with KeyCorp, sentiment on the stock is mixed. Eleven of 24 analysts have a Buy or Strong Buy rating and 12 rating the shares at Hold. At a price of around $47.10 a share, the upside potential based on a median price target of $52.00 is 10.4%. At the high price target of $60.00, the upside potential is 27.4%.

Analysts expect fourth-quarter revenue of $6.15 billion, up 6.1% sequentially and by 9.8% year over year. Adjusted EPS are forecast at $1.28, up 3.2% sequentially but 7.2% lower year over year. For the full 2022 fiscal year, current estimates call for EPS of $4.92, down 11.1%, and revenue of $23.06 billion, up about 3%.

Truist stock trades at 9.6 times expected 2022 EPS, 9.3 times estimated 2023 earnings of $5.09 and 8.9 times estimated 2024 earnings of $5.29 per share. The stock’s 52-week range is $40.01 to $68.95. Truist pays an annual dividend of $2.08 (yield of 4.41%). Total shareholder return for the past 12 months was negative 27.3%.

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