10 Stocks in The Limelight After Quarterly Reports

In this article, we will take a look at the 10 stocks in the limelight after quarterly reports.

U.S. stocks from consumer cyclical, healthcare, communication services, and technology sectors recently released their quarterly financial results. Surprisingly, most of these stocks, including Abercrombie & Fitch Co. (NYSE:ANF), DICK’S Sporting Goods, Inc. (NYSE:DKS), Agilent Technologies, Inc. (NYSE:A), and Zoom Video Communications, Inc. (NASDAQ:ZM), fell sharply despite beating earnings expectations for their respective quarters.

In addition, stocks like Analog Devices, Inc. (NASDAQ:ADI) and American Eagle Outfitters, Inc. (NYSE:AEO) also came into the limelight after posting better-than-expected quarterly profit and sales.

Image by Sergei Tokmakov Terms.Law from Pixabay

We will discuss the detailed financial results and share price movement of these companies in the remaining article. Therefore, let’s start our list of 10 stocks in the limelight after quarterly reports.

Stocks in The Limelight After Quarterly Reports

10. Cerence Inc. (NASDAQ:CRNC)

Number of Hedge Fund Holders: 18

Shares of Cerence Inc. (NASDAQ:CRNC) plummeted more than 20 percent, hitting an 18-month low on Monday, 22 November 2021. The drop came after the company released a disappointing financial outlook along with its fiscal fourth-quarter results.

Cerence Inc. (NASDAQ:CRNC) reported adjusted earnings of 66 cents per share, up from 62 cents per share in the year-ago quarter. Analysts were looking for earnings of 56 cents per share. In addition, the company’s quarterly revenue rose 7.5 percent versus last year to $98.1 million, nearly in line with the consensus forecast.

Looking forward, Cerence Inc. (NASDAQ:CRNC) expects adjusted earnings in the range of 47 – 53 cents per share for its fiscal first quarter, below expectations of 58 cents per share. Revenue for the same period is expected to come between $91 – $96 million versus analysts’ average estimate of $101.3 million.

9. Urban Outfitters, Inc. (NASDAQ:URBN)

Number of Hedge Fund Holders: 23

Shares of Urban Outfitters, Inc. (NASDAQ:URBN) fell nearly 12 percent in the after-hours trading session on Monday, 22 November 2021, despite beating expectations for its fiscal third quarter.

The specialty retail stores operator earned 89 cents per share for the three months ended 31 October 2021. This compares to earnings of 78 cents per share in the same period of 2020. Revenue for the quarter came in at $1.13 billion versus $969.6 million in the year-ago quarter.

Analysts were expecting Urban Outfitters, Inc. (NASDAQ:URBN) to report earnings of 84 cents per share on revenue of $1.12 billion. On the downside, the comparable retail sales of 14 percent missed the expectations of 15.2 percent growth. The company blamed the weak store traffic for offsetting strong gains made through its digital channels.

Like Urban Outfitters, Inc. (NASDAQ:URBN), analysts are also closely watching Analog Devices, Inc. (NASDAQ:ADI), Abercrombie & Fitch Co. (NYSE:ANF), DICK’S Sporting Goods, Inc. (NYSE:DKS), Agilent Technologies, Inc. (NYSE:A), and Zoom Video Communications, Inc. (NASDAQ:ZM), following their financial results.

8. American Eagle Outfitters, Inc. (NYSE:AEO)

Number of Hedge Fund Holders: 24

Shares of American Eagle Outfitters, Inc. (NYSE:AEO) turned red in the pre-market trading session on Tuesday, 23 November 2021, even after announcing better-than-expected profit and sales for the third quarter.

The Pennsylvania-based apparel chain earned 76 per share on an adjusted basis, up from 35 cents per share in the comparable period of 2020. Analysts were looking for earnings of 61 cents per share.

In addition, American Eagle Outfitters, Inc. (NYSE:AEO) posted revenue of $1.27 billion, up 24 percent on a year-over-year basis and ahead of the consensus forecast of $1.23 billion. Aerie revenue in the quarter jumped 28 percent versus last year to $315 million. In comparison, revenue from the American Eagle brand rose 21 percent to $941 million in the quarter.

Speaking on the results, CEO Jay Schottenstein said in a statement:

“As strong demand for our merchandise and brands continues, I’m very pleased to report another quarter of record revenue and profit. The work on our Real Power. Real Growth. value creation plan is driving meaningful improvements to our profitability through real estate and inventory optimization; omni-channel and customer focus; and our supply chain initiatives.”

7. Best Buy Co., Inc. (NYSE:BBY)

Number of Hedge Fund Holders: 29

Shares of Best Buy Co., Inc. (NYSE:BBY) plummeted nearly 15 percent in the pre-market trading session on Tuesday, 23 November 2021, after announcing its financial results for the third quarter.

The consumer electronics retailer reported adjusted earnings of $2.08 per share, beating the consensus forecast of $1.91 per share. In addition, the quarterly revenue of $11.91 billion also exceeded analysts’ average estimate of $11.58 billion. Best Buy Co., Inc. (NYSE:BBY) had posted adjusted earnings of $2.06 per share on revenue of $11.85 billion for the comparable period of 2020.

If we see its region-wise sales performance, domestic revenue in the quarter inched up 1.2 percent versus last year to $10.99 billion. On the downside, international revenue fell 7.8 percent to $925 million.

Looking forward, the company expects revenue in the range of $16.4 – $16.9 billion for the fourth quarter. Moreover, Best Buy Co., Inc. (NYSE:BBY) also raised its full-year revenue outlook to a range of $51.8 – $52.3 billion, compared to its earlier guidance of $51- $52 billion.

Like Best Buy Co., Inc. (NYSE:BBY), Analog Devices, Inc. (NASDAQ:ADI), Abercrombie & Fitch Co. (NYSE:ANF), DICK’S Sporting Goods, Inc. (NYSE:DKS), Agilent Technologies, Inc. (NYSE:A), and Zoom Video Communications, Inc. (NASDAQ:ZM), also caught investors’ attention after their earnings reports.

6. Keysight Technologies, Inc. (NYSE:KEYS)

Number of Hedge Fund Holders: 30

Shares of Keysight Technologies, Inc. (NYSE:KEYS) slipped nearly two percent in the after-hours trading session on Monday, 22 November 2021, even though the company surpassed expectations for its fiscal fourth quarter.

The electronic design and test solutions provider reported adjusted earnings of $1.82 per share, up from $1.62 per share in the comparable period of 2020. Revenue for the quarter rose six percent on a year-over-year basis to $1.29 billion. Analysts were expecting Keysight Technologies, Inc. (NYSE:KEYS) to post earnings of $1.64 per share on revenue of $1.27 billion.

If we look at the sales performance of key businesses, revenue from the communications solutions group (CSG) increased two percent versus last year to $919 million. In comparison, revenue from the electronic industrial solutions group (EISG) jumped 18 percent to $375 million in the quarter.

Keysight Technologies, Inc. (NYSE:KEYS) also released the financial outlook for its fiscal first quarter. It expects adjusted earnings in the range of $1.50 – $1.56 per share and revenue between $1.225 – $1.245 billion for the current quarter.

Discussing the results, CEO Ron Nersesian said in a statement:

“Keysight delivered a record quarter and strong finish to our fiscal year. Despite tight supply conditions, exceptional execution drove all-time high orders, revenue, gross margin, and operating margin.”

5. Abercrombie & Fitch Co. (NYSE:ANF)

Number of Hedge Fund Holders: 31

Shares of Abercrombie & Fitch Co. (NYSE:ANF) fell more than 10 percent in the pre-market trading session on Tuesday, 23 November 2021, despite announcing better-than-expected financial results for the third quarter.

The Ohio-based lifestyle retailer reported adjusted earnings of 86 cents per share, up from 76 cents per share in the year-ago quarter. Revenue came in at $905.2 million versus $819.7 million in the comparable period of 2020.

Digital sales in the quarter rose eight percent versus last year to $413 million. Analysts were expecting Abercrombie & Fitch Co. (NYSE:ANF) to report earnings of 66 cents per share on total revenue of $895 million.

Speaking on the results, CEO Fran Horowitz said in a statement:

“The start of the holiday season has been promising. Customers have come out early to shop and have been responding well to assortments. We continue to actively manage through ongoing supply chain constraints, including production and delivery delays and elevated costs, and are confident that we have the product, marketing voice and omnichannel experience to surprise and delight new and existing customers throughout the fourth quarter.”

4. DICK’S Sporting Goods, Inc. (NYSE:DKS)

Number of Hedge Fund Holders: 31

DICK’S Sporting Goods, Inc. (NYSE:DKS) delivered solid profit and sales for the third quarter along with an upbeat outlook on Tuesday, 23 November 2021. The sporting goods retailer earned $3.19 per share on an adjusted basis, crushing the consensus forecast of $2.06 per share.

In addition, the quarterly revenue of $2.75 billion easily surpassed the expectations of $2.51 billion. Moreover, the same-store sales growth of 12.2 percent was also way better than the consensus forecast of 3.5 percent growth. DICK’S Sporting Goods, Inc. (NYSE:DKS) had posted adjusted earnings of $2.01 per share on revenue of $2.41 billion for the comparable period of 2020.

Looking forward, DICK’S Sporting Goods, Inc. (NYSE:DKS) expects adjusted earnings in the range of $14.60 – $14.80 per share and revenue between $12.12 – $12.19 billion for the full year.

CEO Lauren Hobart expressed her satisfaction with the results, saying:

“We are extremely pleased to announce a record third quarter in which we delivered significant sales and earnings growth over both last year and 2019. Consumer demand remained strong, and our differentiated product assortment continued to drive exceptional sales and merchandise margin momentum.”

3. Agilent Technologies, Inc. (NYSE:A)

Number of Hedge Fund Holders: 46

Shares of Agilent Technologies, Inc. (NYSE:A) slipped over five percent in the pre-market trading session on Tuesday, 23 November 2021, even though the laboratory instruments maker posted its fiscal fourth-quarter results above expectations.

Agilent Technologies, Inc. (NYSE:A) reported adjusted earnings of $1.21 per share, up from 98 cents per share in the comparable period of 2020. Analysts were looking for earnings of $1.04 per share.

Revenue for the quarter increased 12 percent on a year-over-year basis to $1.66 billion, beating the consensus forecast of $1.47 billion. If we look at the performance of its flagship businesses, revenue from the life sciences and applied markets group rose 11 percent on a year-over-year basis to $747 million.

In comparison, revenue from the CrossLab group increased 10 percent to $572 million, while revenue from the diagnostics and genomics group climbed 16 percent to $341 million in the quarter.

Agilent Technologies, Inc. (NYSE:A) also released the financial outlook for its fiscal first quarter. The company expects adjusted earnings in the range of $1.16 – $1.18 per share and revenue between $1.64 – $1.66 billion for the current quarter.

2. Zoom Video Communications, Inc. (NASDAQ:ZM)

Number of Hedge Fund Holders: 56

Shares of Zoom Video Communications, Inc. (NASDAQ:ZM) fell to their lowest level in nearly 18 months after announcing the financial results for its fiscal third quarter on Monday, 22 November 2021. The communications technology company reported adjusted earnings of $1.11 per share, up from 99 cents per share in the year-ago quarter.

In addition, Zoom Video Communications, Inc. (NASDAQ:ZM) posted revenue of $1.05 billion, up 35 percent versus the comparable period of 2020. The results surpassed the consensus forecast of $1.09 per share for earnings and $1.02 billion for revenue.

Looking forward, Zoom Video Communications, Inc. (NASDAQ:ZM) expects adjusted earnings in the range of $1.06 – $1.07 per share and revenue between $1.051 – $1.053 billion for its fiscal fourth quarter.

1. Analog Devices, Inc. (NASDAQ:ADI)

Number of Hedge Fund Holders: 74

Shares of Analog Devices, Inc. (NASDAQ:ADI) were seen trading nearly flat in the morning trading session on Tuesday, 23 November 2021, despite releasing solid profit and sales for its fiscal fourth quarter.

The Massachusetts-based semiconductor company reported adjusted earnings of $1.73 per share, up from $1.44 per share in the year-ago quarter. Revenue for the quarter climbed 53 percent on a year-over-year basis to $2.34 billion. Analysts were expecting Analog Devices, Inc. (NASDAQ:ADI) to post earnings of $1.70 per share on revenue of $2.25 billion.

Analog Devices, Inc. (NASDAQ:ADI) also released the financial outlook for its fiscal first quarter. It expects adjusted earnings in the range of $1.68 – $1.88 per share and revenue between $2.5 billion – $2.7 billion for the current quarter.

CEO Vincent Roche expressed his pleasure with the latest quarterly performance. Roche said in a statement:

“ADI delivered another quarter of record revenue and profits, marking a strong end to the fiscal year. Our Industrial and Automotive markets reached all-time highs and our Consumer business returned to solid growth in fiscal 2021. As we enter fiscal 2022, our backlog and bookings remain robust, and we continue to invest in capacity, setting us up for continued growth in the years ahead.”

You can also take a peek at Martin Taylor’s Crake Asset Management Portfolio: Top 10 Stock Picks and Top 10 Stock Picks of Brandon Osten’s Venator Capital Management.

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Disclosure: None. 10 Stocks in The Limelight After Quarterly Reports is originally published on Insider Monkey.