Shortly before noon Tuesday, the Dow Jones industrials traded 0.25% lower, while the S&P 500 was up 0.07% and the Nasdaq up 0.4%. Equities managed to repair some of the damage from a slow start.

After markets close Monday, Pinterest beat the consensus earnings per share (EPS) estimate by a penny but fell short on revenue. The social media company also announced a $500 million buyback program and the departure of the chief financial officer. Shares traded down 3.3% shortly before noon Tuesday.

NOV beat estimates on both the top and bottom lines. The oilfield services firm did not offer guidance, but CEO Clay Williams said NOV believes “that the world simply must rebuild and fortify its petroleum supply capability soon and a sustained oil and gas up-cycle is required to increase energy security across the globe.” The stock traded down 0.7%.

Simon Property Group also beat both top-line and bottom-line estimates. The mall operator issued fiscal 2023 net income guidance of $6.35 to $6.60 per share and comparable funds from operations of $11.70 to $11.95 per share. Shares traded down 2.9%.

Before U.S. markets opened on Monday, BP reported EPS that fell short of expectations by a penny and revenue above the consensus estimate. The energy supermajor also said it would slow its transition to low-carbon energy and boost spending on oil and gas production. Shares traded up 6.6%.

Centene beat estimates on both the top and bottom lines. The health care company also reaffirmed previous fiscal 2023 guidance. Shares traded down about 1.2%.

Linde posted an EPS beat but missed on revenue. The industrial gas producer raised first-quarter and full-year guidance, and the stock traded up about 1.8% Tuesday morning.

After markets close Tuesday, Enphase Energy, Fortinet and Lumen are set to report quarterly results. CVS Health, Fox and Uber will post earnings first thing Wednesday morning. Later on Wednesday, Affirm, Disney, MGM Resorts and Robinhood are on deck to report quarterly results.

Here is a look at what to expect when the following five firms share their results first thing Thursday morning.

AbbVie

Pharmaceuticals giant AbbVie Inc. (NYSE: ABBV) posted an all-time high share price last April, but that has dropped by almost 15% since. The company’s best-selling drug, Humira, lost its patent protection last month, and the company’s CEO said in a recent interview that AbbVie will lift a self-imposed limit of $2 billion for acquiring new products. The company also expects sales and profits to suffer this year, remain flat in 2024 and return to growth in 2025. If it can maintain its dividend payment, investors may stick with it.

Brokerage firms continue to be bullish on AbbVie, with 14 of 26 having a Buy or Strong Buy rating and another 10 rating shares at Hold. At a recent price of around $144.00 a share, the implied gain based on a median price target of $162.10 is 12.6%. At the high price target of $200.00, the implied gain is 38.9%.
Estimates for the fourth quarter call for AbbVie revenue of $15.3 billion, which would be up 3.3% sequentially and up 2.8% year over year. Adjusted EPS are pegged at $3.58, down 2.3% sequentially but 8.2% higher year over year. For the full 2022 fiscal year, analysts are looking for EPS of $13.77, a gain of nearly 8.5% year over year, and sales of $58.28 billion, up 3.9%.

The stock trades at 10.5 times expected 2022 EPS, 12.3 times estimated 2023 earnings of $11.68 and 12.6 times estimated 2024 earnings of $11.43 per share. The stock’s 52-week trading range is $134.09 to $175.91, and AbbVie pays an annual dividend of $5.92 (yield of 4.08%). Total shareholder return over the past year was 5.02%.

Cameco

Over the past year, uranium producer Cameco Corp. (NYSE: CCJ) has seen its share price jump by more than 38%. At its peak in mid-April, the stock was trading at a level it had not seen in 11 years. Since the April peak, uranium prices have dropped by about $12 a pound (nearly 19%) and Cameco stock has dropped by more than 13%. The shares are up nearly 20% for the year to date.

Demand for uranium is expected to rise this year and could get a sharp boost if Japan decides to restart some 40 reactors it mothballed following the 2011 Fukushima Daiichi disaster. The country said in 2012 that it would shut down all its nukes by 2040.

Analysts are solidly bullish on Cameco stock. All nine brokerages have a Buy or Strong Buy rating. At a share price of around $27.00, the upside potential based on a median price target of $33.44 is 23.9%. At the high price target of $35.67, the upside potential is 32.1%.

Fourth-quarter revenue is forecast at $332.35 million, up 18.1% sequentially and by 9.6% year over year. Analysts expect Cameco to post EPS of $0.04, up 65.7% sequentially but down 20.0% year over year. For the full fiscal 2022 year, EPS are currently forecast at $0.24, better than the $0.20 per share loss last year, on sales of  $1.4 billion, up 19.7%.

Cameco stock trades at 114.6 times expected 2022 earnings, 38.9 times estimated 2023 earnings of $0.70 per share and 50.8 times estimated 2024 earnings of $0.54 per share. The stock’s 52-week range is $19.35 to $32.49. Cameco pays an annual dividend of $0.09 (yield of 0.31%). Total shareholder return for the past year was 37.17%.

Canopy Growth

Marijuana grower and cannabis products maker Canopy Growth Corp. (NASDAQ: CGC) has seen its share price drop by around 64% over the past 12 months. Canopy Growth (and every other marijuana grower in Canada) is waiting for the U.S. government to remove its classification of marijuana as a dangerous drug. While there has been some movement toward that goal, marijuana legalization is far from the top of any national politician’s mind right now. We continue waiting for Godot.

Analysts have essentially soured on the stock. Of 20 brokerages covering the shares, nine have a Hold rating and nine more a Sell or Strong Sell rating. Only two have a Buy or Strong Buy rating. At a share price of around $2.80, the implied upside based on a median price target of $2.93 is 4.6%. At the high price target of $10.40, the upside potential is about 257%.
Analysts estimate that Canopy Growth’s third-quarter revenue for fiscal 2023 will come in at $86.91 million, up 1.8% sequentially but down 22.0% year over year. The consensus estimate calls for an adjusted loss per share of $0.17, better than an adjusted loss of $0.24 in the prior quarter and worse than the year-ago loss of $0.13 per share. For the full 2023 fiscal year ending in March, analysts expect a loss of $0.98 per share, far worse than last year’s EPS of $0.42. Full-year revenue is forecast at $345.67 million, down about 17%.

Canopy Growth is not expected to post a profit in 2023, 2024 or 2025. The enterprise value to sales multiple is expected to be 4.8 in 2022. Based on average estimated sales of $409.81 million and $553.27 million for 2023 and 2024, respectively, the multiple is 4.0 for 2023 and 2.0 for 2024. The stock’s 52-week range is $2.09 to $9.61. Canopy Growth does not pay a dividend, and the total shareholder return for the past year is negative 63.9%.

PepsiCo

Snack food and soft drink maker PepsiCo Inc. (NYSE: PEP) has had about 1% skimmed from its share price over the past 12 months, including a drop of 5.8% so far in 2023. Last month the Federal Trade Commission reportedly opened an investigation into the pricing practices of PepsiCo and rival Coca-Cola. The stock gained about 6.5% in 2022. The company also took delivery of its first Tesla all-electric semis in December with a plan to take delivery of 100 trucks by the end of the year.

Of 23 brokerages covering the stock, 11 have a Buy or Strong Buy rating and another rate it at Hold. At a share price of around $170.00, the upside potential based on a median price target of $190.00 is about 11.8%. At the high price target of $210.00, the upside potential is 23.5%.

Fourth-quarter revenue is forecast at $26.83 billion, up 22.0% sequentially and by 6.3% year over year. Adjusted EPS are forecast to dip sequentially by 16.3% to $1.65 but rise by 7.8% year over year. For the full 2022 fiscal year, analysts expect PepsiCo to post revenue of $83.13 billion, up 7.4%, and EPS of $6.79, up 8.5%.

PepsiCo stock trades at 25.1 times expected 2022 EPS, 23.3 times estimated 2023 earnings of $7.30 and 21.5 times estimated 2024 earnings of $7.95 per share. The stock’s 52-week range is $153.37 to $188.84. PepsiCo pays an annual dividend of $4.60 (yield of 2.72%). Total shareholder return for the past year was 1.89%.

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Under Armour

Sports apparel and gear maker Under Armour Inc. (NYSE: UAA) has dropped about 38% from its share price over the past 12 months. if not for the addition of about 20% since the beginning of the year, the loss would have been worse. Earlier this month, asset management giant BlackRock reported that it had boosted its holding of Under Armour’s stock by 4.5% and now owns 2.4% of the outstanding shares. The news sent the shares down more than 4% over the next few days.

Sentiment on the stock is bullish, with 13 of 29 analysts having a Buy or Strong Buy rating and 16 having Hold ratings. At a share price of around $12.00, the upside potential based on a median price target of $12.95 is about 8%. At the high target of $16.00, the upside potential is about 33%.

Third-quarter fiscal 2023 revenue is forecast at $1.55 billion, down 1.5% sequentially 5.4% higher year over year. Adjusted EPS are forecast to come in at $0.09, down 54.3% sequentially and by 55.6% year over year. For the full 2023 fiscal year, analysts have forecast EPS of $0.46, down 46%, on revenue of $5.86 billion, up 3.2%.

Under Armour stock trades at 24.8 times expected 2023 EPS, 17.4 times estimated 2024 earnings of $0.65 and 15.2 times estimated 2025 earnings of $0.75 per share. The stock’s 52-week range is $6.38 to $20.64. Under Armour does not pay a dividend. Total shareholder return over the past year is negative 38%.

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