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Just a handful of the benchmarks' members are still set to report earnings, along with some key small-cap players.
Tuesday's Hot Stocks to Watch: BBY, SWHC, TSL, and More
Stocks to Watch No 1: Best Buy Co. Inc. (NYSE: BBY) leads today's hot-stocks-to-watch list when it reports earnings before the open on Tuesday. The leading electronics retailer is expected to post Q2 earnings per share (EPS) of $0.31, a penny short of the $0.32 earned in the same quarter a year ago. Whisper numbers are for a much more bullish EPS of $0.38. BBY beat estimates in Q1, but shares are still struggling to recover from lows hit following a weak holiday season. Ahead of the Q2 release, Piper Jaffray reiterated its "Buy" rating on BBY. Last month, Citigroup upped their rating on shares to "Buy" and raised their price target to $36 from $31. Morgan Stanley recently set an "Overweight" rating on BBY with a $36 price target. Wedbush sees revenue at or below consensus estimates, but the firm has earnings beating estimates thanks to cost controls. Notable bullish call activity has picked up in the days prior to the Q2 report. Shares, at $31.20, are down 21.77% year to date.
Stocks to Watch No. 2: Smith and Wesson Holding Corp. (Nasdaq: SWHC) reports fiscal Q1 results after Tuesday's close. The Street expects the manufacturer of firearms to post EPS of $0.25. Whisper numbers have SWHC missing by a penny. In mid-June, SWHC reported a 4.6% net sales decrease amid lower long gun sales, which offset strong handgun sales. Yet FY2014 results were a record and included the highest sales, gross margin, and profits in the company's history. The company maintains it is well positioned to continue to "take market share and deliver profitability." Shares are down 1.63% year to date.