Shares on Wall Street ended Friday in mixed volatile trade to cap another, with the benchmark briefly falling into bearish territory amid concerns over the surging economy and rising interest rates.
The benchmark S&P 500 and the tech-heavy index both posted their seventh consecutive weekly decline, the longest streak of losses for both indexes since 2001.
The blue chip suffered its eighth consecutive weekly loss, its longest since 1932, during the Great Depression.
The week ahead is expected to be another busy week with more revenue from NVIDIA (NASDAQ:), Zoom Video (NASDAQ:), and retailers such as Costco (NASDAQ:), Macy’s (NYSE:), Nordstrom (NYSE:), and Dollar General (NYSE:).
In addition to earnings, the highlight of the economic calendar will be the latest data, which includes the Fed’s favorite inflation measure.
Regardless of which direction the market is heading, we highlight one stock that is likely to be in demand and one that could drop further below.
Remember, however, that our schedule is only for the coming week.
Stocks to buy: Alibaba
Shares of China’s biggest online retail giant, Alibaba Group Holdings (NYSE:) – which are trading near their lowest level since spring 2017 – could see an increase in buying activity in the coming days as one of China’s most valuable tech companies prepares to release its latest financial results.
Consensus estimates call for the Hangzhou, China-based tech giant, sometimes referred to as “China’s Amazon,” to report earnings per share of ¥7.17 ($1.07) for the first three months of 2022, in down 30.5% from EPS of ¥10.32 ($1.54) in the period a year ago.
Revenue is expected to have risen 6.4% to 199.48 billion yen ($29.8 billion), according to InvestingPro+.
Results are expected before the US market opens on Thursday, May 26.
If confirmed, this would mark Alibaba’s weakest quarterly sales growth since its IPO in 2014, reflecting the negative impact of a year-long tech crackdown in Beijing, intensifying competition from JD.com ( NASDAQ:), Pinduoduo (NASDAQ:) and ByteDance, as well as the continuing macroeconomic headwinds related to COVID.
Perhaps more importantly, investors will be eager to hear comments from Alibaba Chief Executive Daniel Zhang regarding the outlook for the months ahead amid recent signs that China’s anti-tech regulatory crackdown could soften.
Chinese authorities began a sweeping regulatory crackdown in late 2020 aimed at curbing its powerful tech sector and booming platform economy, including imposing hefty fines and launching numerous antitrust investigations.
BABA has climbed around 19% since falling to $73.28 on March 15, its lowest level in six years. It ended Friday’s session at $86.79. At current levels, the e-commerce and cloud computing powerhouse has a market capitalization of $233.2 billion.
Despite the recent rebound, Alibaba shares are still down 27% year-to-date and are around 73% below their all-time high of $319.32 reached in October 2020.
Analysts are still bullish on Alibaba stock. With a fair value of $144.16 per share, InvestingPro+’s quantitative models point to a 66% upside from Friday’s closing level as investors price in diminished risk from regulatory repression.
Stock to empty: best buy
Best Buy’s (NYSE:) stock, which fell more than 16% to its lowest level since April 2020 last week, is set for another volatile week as investors brace for disappointing financial results and the weak advice from one of America’s biggest tech gadget retailers.
According to InvestingPro+, analysts expect the consumer electronics chain’s earnings to fall 29.1% from a year earlier to $1.58 a share when it reports first-quarter numbers before the bell. opening on Tuesday 24 May.
Sales are expected to fall about 10% year-over-year to $10.46 billion as shoppers cut spending on TVs, tablets, computers and other discretionary items and divert more spending to needs and basic services in the current environment.
So investors will be paying close attention to Best Buy’s national same-store sales growth, which fell 2.3% in the prior quarter.
Beyond the top and bottom numbers, Best Buy’s earnings and sales forecast for the coming months will come under scrutiny as the retailer grapples with rising inflationary pressures, higher fuel and transportation costs. and supply chain disruptions.
Comments regarding the health of the U.S. economy and consumer from executives on Best Buy’s post-earnings conference call will also be front and center after pessimistic remarks from (NYSE:) and (NYSE:) swayed the sector last week.
Based on the moves in the options market, traders are pricing a big swing for BBY stocks after the report, with a possible implied move of around 8% in either direction.
Shares of BBY closed at a two-year low of $72.36 on Friday, giving the Richfield, Minn.-based consumer electronics retailer a market capitalization of around $16.3 billion. .
Year-to-date, shares of Best Buy are down 28.8%, underperforming the broader market over the same period. It is currently 49% below its all-time high of $141.97 reached in November 2021.
Interested in finding your next big idea? InvestingPro+ gives you the ability to screen over 135,000 stocks to find the fastest growing or most undervalued stocks in the world, with professional data, tools and insights. Learn more “
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