The S&P 500 Index held steady last week, hovering near its all-time high of 7,820. The index has jumped 22.3% from its low this year, brushing aside the ongoing US-Iran and Russia-Ukraine conflicts as well as rising US bond yields. This article highlights some of the top constituent stocks to watch this week, including Micron (NASDAQ:MU), Accenture (NYSE:ACN), and Tesla (NASDAQ:TSLA).
Micron Will be the Top S&P 500 Stock to Watch as it Releases Q4 Earnings
Micron, a company valued at over $1.22 trillion, will be the top S&P 500 stock to watch this week as it publishes its fourth-quarter earnings. These numbers will provide more hints on the health of the artificial intelligence industry.
Micron has hinted that its revenue growth accelerated in its fourth quarter. In its last earnings report, the management estimated that its revenue will jump to over $50 billion. Benzinga data shows that analysts predict that the revenue will be $51 billion. Since Micron always beats estimates, there is a likelihood that its real numbers will be higher than that.
Micron’s profitability is also expected to improve, with the earnings-per-share (EPS) expected to jump to $31.59 from the $3.03 it made in the same period last year.
Most analysts are highly bullish on Micron, with 38 of them having a buy rating and 3 having a hold. The average estimate among analysts being $1,336, up by about 23% from the current level.
Accenture Stock in Focus as it Releases Earnings
Accenture, one of the biggest IT consulting companies, will also be in the spotlight as it publishes its earnings this week. These numbers come as the stock is trading at $176, up by 51% from its lowest level this year.
Accenture’s earnings comes a few days after it announced a major partnership with Anthropic that will see them invest at least $1 billion each. The deal will see the two companies establish a team of embedded evaluators to evaluate and red-team models.
The upcoming earnings are watched closely because the previous one saw the stock drop from $153 to $126 as its business was affected by the AI boom. Analysts now expect that its revenue will come in at $18 billion, up by 2.51% from the same period last year. Its earnings-per-share is expected to grow slightly to $3.18.
Tesla Stock in Spotlight Ahead of Roadster Reveal and Q3 Deliveries Data
Elon Musk’s Tesla will be in the spotlight this week because of two important events. The company will unveil its long-delayed Roaster vehicle, which it hopes will help to boost its revenues in the US.
Most importantly, the company will also publish deliveries numbers of the third quarter. Most participants in a Kalshi market estimate that its deliveries will be over 465,000. Goldman Sachs (NYSE:GS) sees the real number coming at 435,000, while Barclays expects it to jump to 475,000.
These numbers come at a time when many consumers are considering EVs as gasoline and diesel prices jump because of the US-Iran war.
Image: Shutterstock
Login to comment