In mid-morning trading on Friday, the Dow Jones industrials were down 0.17%, the S&P 500 down 0.21% and the Nasdaq 0.33% lower.

After U.S. markets closed on Thursday, Faraday Future reported a diluted net loss per share of $0.07, well below the single analyst estimate calling for a loss per share of $0.43. The company did not report any revenue but did report net income of $6.5 million, thanks to a change in its fair value measurement from a loss of $149 million in the first quarter of last year to a gain of $94.92 million this year. Shares traded up 16.7% Friday morning.

News Corp. reported better-than-expected earnings per share (EPS) and revenue, but the company’s only division to post a year-over-year revenue increase was its Dow Jones unit. The company is cutting headcount and implementing other cost-saving measures. Shares were up about 6.3%.

Petrobras reported first-quarter revenue of $26.77 billion, slightly higher than expectations, and net income of $7.34 billion. Based on approximately 6.5 billion shares outstanding, earnings per American depositary receipt (ADR) came in at about $1.13, also higher than analysts expected. ADRs traded up about 6.4%.

No notable earnings reports are due out Friday afternoon. Before U.S. markets open on Monday, Bitfarms and Workhorse are scheduled to release quarterly results. Later in the day, look for reports from Canoo and Nu Holdings.

Here is a look at four companies scheduled to report results before first thing Tuesday morning. One is a Dow stock, and the others are among U.S.-listed Asian stocks that get a lot of attention from investors.

Home Depot

Home Depot Inc. (NYSE: HD) has added about 2.5% to its share price over the past 12 months. Since posting its 52-week low late last June, the stock has increased by 9.6%, including a drop of more than 8% so far in 2023.

Sales growth turned negative in the December quarter after 11 straight quarters of increases. EPS have grown in 11 straight quarters, but the pace has slowed. The company already has indicated that sales are expected to be flat year over year and that profits are expected to decline slightly. The shares could be punished if they do not show some spirit in the April quarter.

Of 36 analysts covering the stock, 21 have a Buy or Strong Buy rating, and 14 rate it at Hold. At a recent share price of around $290.00, the upside potential based on a median price target of $335.00 is about 15.5%. At the high price target of $400.00, the upside potential is 37.9%.

Analysts expect Home Depot to report fiscal first-quarter revenue of $38.42 billion, which would be up 7.2% sequentially but down about 1.3% year over year. Adjusted EPS are forecast at $3.82, up 15.7% sequentially and 6.1% lower year over year. For the full 2024 fiscal year ending in January, EPS are forecast at $15.75, down 5.66%, on sales of $156.68 billion, down 0.5% year over year.

Home Depot stock trades at 18.4 times expected 2024 EPS, 17.2 times estimated 2025 earnings of $16.79 and 16.3 times estimated 2026 earnings of $17.74 per share. The stock’s 52-week trading range is $264.51 to $347.25. The Dow component pays an annual dividend of $8.36 (yield of 2.88%). Total shareholder return for the past year was 4.78%.

Beijing-based online entertainment firm iQIYI Inc. (NASDAQ: IQ) has added more than 118% to its share price over the past 12 months. Most of the increase came in the last quarter of 2022; so far in 2023, shares are up about 9.7%.

At its recent conference in Beijing, the company said it will release 270 net titles in 2023, covering movies, TV dramas and variety shows, and other entertainment content. While most of its focus is on its Chinese audience, the Netflix-like company will be pushing for profits in its international markets as well.

Of 23 brokerages covering the stock, 14 have a Buy or Strong Buy rating and eight rate it at Hold. At a share price of around $5.80, the upside potential to the median price target of $8.53 is 47.1%. At the high target of $22.07, the upside potential is around 280%.

First-quarter revenue is forecast to rise by about 4.3% sequentially to $1.15 billion, essentially flat year over year. The company is expected to post EPS of $0.10, down 27% sequentially and up $0.03 per share in the year-ago quarter. For the full 2023 fiscal year, analysts expect EPS of $0.40, up from $0.22 per share last year, on revenue of $4.61 billion, up 9.8%.

The stock trades at 14.6 times expected 2023 EPS, 9.7 times estimated 2024 earnings of $0.40 and 8.1 times estimated 2025 earnings of $0.73 per share. The stock’s 52-week range is $1.65 to $7.99. The company does not pay a dividend, and the total shareholder return for the past year was 119.74%.

Sea Limited

Singapore-based Sea Limited (NYSE: SE) operates Asia’s leading online gaming and entertainment platform. Over the past 12 months, the stock has risen by about 47%, including a bump of nearly 62% so far in 2023. Since posting its 52-week low in early November, shares have more than doubled in value.

The company has succeeded in cutting costs and could post better-than-expected first-quarter results. Sea’s goals for the current year are growing its cash balance and boosting top-line and bottom-line growth. First-quarter results need to demonstrate that these goals are realistic.

Of 32 analysts covering the stock, 22 have a Buy or Strong Buy rating, and nine others have Hold ratings. At a share price of around $83.50, the stock’s implied upside based on a median price target of $98.00 is 17.4%. At the high price target of $159.00, the upside potential is 90.4%.
Analysts expect Sea to report first-quarter revenue of $3.03 billion, down 12.2% sequentially but 4.5% higher year over year. EPS are pegged at $0.73, down 27.5%, and far better than the year-ago loss per share of $0.80. For the full 2023 fiscal year, EPS is forecast at $3.31, well above last year’s loss per share of $1.69, on sales of $13.47 billion, up about 8.2% year over year.

The stock trades at 25.2 times expected 2023 EPS, 25.9 times estimated 2024 earnings of $3.23 and 16.5 times estimated 2025 earnings of $5.05 per share. The stock’s 52-week range is $40.66 to $93.70. The company does not pay a dividend, and the total shareholder return for the past year was 46.27%.

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Tencent Music

Tencent Music Entertainment Group Inc. (NYSE: TME), China’s largest online music entertainment platform, is a subsidiary of Tencent Holdings, the owner of WeChat and an owner of more than 18% of Sea Limited stock. Over the past year, shares of Tencent Music have jumped by nearly 95%, even after a 12% haircut so far in 2023.

Revenue slowed in the fourth quarter but not in the company’s music streaming business. The declines came in its social entertainment businesses (karaoke and live streaming), the foundations on which the company was built. Further growth in music streaming relies on converting free users to paid subscribers. In the prior quarter, paying subscriber number rose by more than 12 million to 88.5 million.

Analysts remain bullish on the stock, with 18 of 26 analysts having Buy or Strong Buy ratings, while seven others rate it at Hold. At a price of around $7.30 a share, the potential upside based on a median price target of $9.94 is about 36.2%. At the high target of $12.24, the implied upside is around 67.7%.

Analysts expect the company to post first-quarter revenue of $994.22 million, down 7.7% sequentially and by 110.5% year over year. Adjusted EPS are pegged at $0.12, down 12.5% sequentially but 33.3% higher year over year. For the full 2023 fiscal year, EPS are forecast at $0.50, up 18.2%, on revenue of $4.29 billion, up 4.3%.

The stock trades at 14.6 times expected 2023 EPS, 13.5 times estimated 2024 earnings of $0.54 and 12.1 times estimated 2025 earnings of $0.61 per share. Tencent Music’s 52-week range is $3.14 to $9.29. The company does not pay a dividend, and total shareholder return over the past 12 months was 87.53%.

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