Earnings Preview For Sep 1-5

The earnings calendar is extremely light with just 43 companies confirmed to report. S&P 500 members H&R Block (HRB) and Staples (SPLS) are the most notable names within this group.

Wednesday’s release of the Federal Reserve’s Beige Book and Friday’s issuance of the August employment numbers highlight the economic calendar.

• Tuesday: August ISM manufacturing index, July construction spending
• Wednesday: Beige Book, July factory orders, weekly crude inventories
• Thursday: Weekly initial jobless claims
• Friday: August unemployment and nonfarm payrolls

Federal Reserve Governor Randall Kroszner will speak in Argentina about U.S. and international financial systems on Monday, Sep 1.

Companies That Could Issue Positive Earnings Surprises

One of the 4 brokerage analysts who cover Casey’s General Stores (CASY) recently raised his fiscal first-quarter profit forecast. The revision pushed the consensus earnings estimate 3 cents higher to 51 cents per share. The most accurate estimate is more bullish at 59 cents per share. CASY has topped expectations during 4 out of the past 5 quarters. Casey General Stores is scheduled to report on Wednesday, Sep 3, after the close of trading.

Companies That Could Issue Negative Earnings Surprises

Staples (SPLS) warned that second-quarter earnings per share declined approximately 15% compared to a year prior. Contributing to the decline was a 7% drop in North American same-store sales. One-third of the covering brokerage analysts responded by trimming their forecasts. The revisions caused the consensus earnings estimate to decline by a penny to 24 cents per share. The most accurate estimate is more bearish at 22 cents per share. The office supply retailer met expectations last quarter, but its fourth-quarter results were a penny below expectations. Staples is scheduled to report on Wednesday, Sep 3, before the start of trading.

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