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The earnings reports calendar is getting crowded as some big names deliver numbers this week - and investors will get to see if a harsh winter hurt Q1 results this season.
S&P 500 companies' Q1 earnings are forecast to have fallen 1.4% year over year, according to data from FactSet. That's down sharply from the start of the year, when profit growth was projected to rise 4.5%.
Estimates for Q1 earnings started coming down as companies guided lower during their 2013 earnings reports.
But some two-thirds of companies typically top forecasts, so final figures will likely be less dismal than estimates.
Just look at Alcoa Inc. (NYSE: AA)...
First-quarter earnings season unofficially kicked off Tuesday when Alcoa Inc. posted results after the close. The aluminum producer swung to a loss in the first quarter. But, earnings per share (EPS) came in at $0.09 a share, $0.03 ahead of expectations.
That was good enough for Cowen & Co. and Stifel Nicolaus to boost their price targets by $1, to $12 and $15 respectively, Additionally, UBS and Jefferies each increased their price targets by $2.50 to $12.50.
Here are some more earnings reports on the calendar this week that investors will want to pay attention to...
5 Upcoming Earnings Reports to Watch
- After the close Wednesday, Bed Bath & Beyond Inc. (Nasdaq: BBBY) is forecast to post EPS of $1.60 for FQ4 2014. That's down from $1.68 in the same quarter a year ago. Even a slight miss could spell trouble. Shares of one of the largest household goods chain retailer tumbled 12.5% in January after missing quarterly expectations. BBBY shares were flat at $67.75 in early afternoon trading.
- Ruby Tuesday Inc. (NYSE: RT) is expected to report a loss of $0.07 per share for the fiscal quarter ending February 2014, when it posts earnings Wednesday after the close. That compares EPS of $0.10 earned in the same period a year earlier. Expectations are guarded for the company behind Ruby Tuesday and Lime Fresh restaurants. Comparable sales slumped 7.8% at company-owned locations last quarter, prompting management to make a series of changes. Shareholders will be watching to see if those changes have paid off. In afternoon trading, RT shares were up 1.54% at $5.93.
This next company's earnings report will shed light on consumer behavior...