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The second-quarter earnings parade continues Thursday with a barrage of earnings from some key sector players.
8 Hot Stocks to Watch Thursday on Earnings Reports
No. 1: GroPro Inc. (Nasdaq: GPRO) tops today's list of hot stocks to watch. The high-flying maker of hands-free cameras that captures daredevil stunts went public in late June. Shares more than doubled from their IPO price of $24 in the first four days of trading and presently sit around $45.90 a share. Just two analysts have weighed in with a Q2 forecast, which is for a $0.12 per share loss, according to Zacks Research. Ahead of the report, investors bulked up on bearish positions. Shares of the company that were lent out for shorting purposes doubled to nearly 4 million during the week that ended Tuesday, according to SunGard Astec Analytics. Short positions increased further Wednesday, with borrowing up an additional 10% in yesterday's morning session, Karl Loomes, market analyst at SunGard, told MarketWatch. Loomes noted, however, that short positions may be building due to recent share-price gains rather than expectations of weak earnings. GPRO earnings will be released after today's close.
No. 2: Tesla Motors Inc. (Nasdaq: TSLA) is also on tap to post Q2 numbers after the close. Expectations are for the electric car maker to post adjusted earnings per share (EPS) of $0.04 on revenue of $811 million. Whisper numbers have TSLA posting EPS of $0.15. The Palo Alto, California-based company could indeed surprise nicely to the upside. TSLA has gone from selling just over 2,500 units of its Model S sedan in 2012 to just under 20,000 units in 2013. For 2014, Tesla is eyeing 35,000 global deliveries. Tesla stock, up a whopping 51.61% year to date, is volatile and likely to see some big action following the report.