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Alphabet (GOOGL), Microsoft (MSFT) and Starbucks (SBUX) were all near buy points ahead of their most recent quarterly reports, but have since dropped from those levels after issuing weak results. On the other hand, Facebook (FB) and Amazon (AMZN) had formed bases and were propelled higher by their strong earnings.
Here’s a look at four stocks that are trading near or in buy range ahead of their quarterly reports later this week: Applied Materials (AMAT), Autodesk (ADSK), Eight By Eight (EGHT) and Campbell Soup (CPB).
You may not think of Campbell Soup when you think of top stocks, but the maker of packaged food has a high IBD Composite Rating of 92 out of 99. The company is expected to report Friday an earnings increase of 3%, a big slowdown from two quarters in a row of roughly 30% bottom-line growth. Revenue is expected to fall a fraction.
Campbell breached support at the 50-day line Wednesday in above-average volume but was able to finish the session just above the line. Shares are now about 5% below their all-time high reached as the stock cleared a flat base buy point of 65.58. The stock is trading 3% below that pivot.
Eight By Eight
Eight By Eight is a telecom services firm with an 85 Composite Rating. Earnings are expected to drop 60% while revenue climbs 25% when it reports Thursday.
Shares tried to break out of a cup-with-handle base with a 12.05 buy point Wednesday, but closed the session below that level. The stock is 13% below its January peak.
Applied Materials is expected to see earnings grow 10% on a fractional sales decline. The chip equipment maker, which reports Thursday, has a Composite Rating of 66.
Shares are trading in buy range from a cup base the stock initially cleared in March. The stock ran up as much as 11% in the following weeks, but has since pulled back about 8% from its high reached one month ago.
And computer software firm Autodesk is expected to swing to a loss of 14 cents a share on a 21% decline in revenue when it reports Thursday. The company has a 49 Composite Rating.
Shares recently breached support at the 50-day line and are dipping back below buy range from a cup-with-handle base. The stock is now about 12% below its December peak.