New Oriental Education & Technology Group Inc. (NYSE:EDU) Q1 2021 Results Earnings Conference Call October 13, 2020 8:00 AM ET
Sisi Zhao – Director, Investor Relations
Stephen Yang – Chief Financial Officer
Conference Call Participants
Tian Hou – T.H. Capital
Felix Liu – UBS
Jin Yoon – Newstreet Research
Mark Li – Citi
Alex Xie – Credit Suisse
Sheng Zhong – Morgan Stanley
Lucy Yufrom – Bank of America Securities
Alex Liu – China Renaissance
DS Kim – JPMorgan
Tommy Wong – China Merchant Securities
Liping Zhao – CICC
Good evening and thank you for standing by for New Oriental’s FY 2021 First Quarter Results Earnings Conference Call. At this time all participants are in a listen-only mode. After managements prepared remarks there will be a question-and-answer session. Today’s conference call is being recorded. If you have any objections, you may disconnect at this time.
Stock indexes were modestly lower Tuesday after a big Monday for technology shares. There was some bad news on the Covid-19 vaccine front and little progress toward a fiscal stimulus bill in Washington, but most of Tuesday’s action was on the individual stock level, as third-quarter earnings season kicks off.
On Tuesday morning, the
Dow Jones Industrial Average
fell 110 points, or 0.4%, the
also dipped 0.4%, and the
ticked down less than 0.1%.
It was a contrast to Monday, when stocks jumped on little news during a light Columbus Day holiday and the technology-heavy Nasdaq rallied 2.6% to its third-highest close in history.
Contributing to the lackluster trading on Tuesday was an announcement from
Johnson & Johnson
(ticker: JNJ) on Monday night that it paused its trial of a coronavirus vaccine after an unexplained illness in a trial participant.
Broken record time as stimulus hopes continue to provide early market support
Earnings season gets underway tomorrow with big banks beginning to report
Big week for FAANGs as Amazon AMZN Prime Day, Apple AAPL event coming up
If Wall Street had a seat belt sign, now’s when the captain would tell us to buckle up for possible turbulence ahead.
Even if earnings season didn’t begin tomorrow, there’s plenty to keep investors on their toes. Amazon’s (AMZN) Prime Day, Apple’s (AAPL) long-awaited product event, continued stimulus negotiations in Washington, and mounting virus cases in the U.S. and Europe all get mixed into the recipe.
Ordinarily, those ingredients would be enough for anyone, but this time it’s happening while investors and the entire world have one eye on polls three weeks ahead of the U.S. presidential election. Despite all this, volatility is the lowest since late
The S&P 500 Index (SNPINDEX: ^GSPC) gained nearly 1.7% on Oct. 12, a huge day for the index that makes up some 80% of the entire U.S. stock market’s value. With the exception of materials, every sector closed higher today, but tech did the heavy lifting. The Technology Select Sector SPDR ETF gained 3%. Apple (NASDAQ: AAPL) gained 6.2% today, while Amazon.com (NASDAQ: AMZN) closed up 4.5% and Alphabet (NASDAQ: GOOGL)(NASDAQ: GOOG) and Facebook (NASDAQ: FB), picked up 4%. Combined, that’s $7.4 trillion in market cap gaining more than 4.5% on average.
Why the big day? A combination of factors, including Wall Street analyst upgrades, optimism that Congress could reach a deal on stimulus, and high hopes as earnings season gets under way — not to mention a couple of big events coming up for Apple and Amazon. Shares of auto giant Ford (NYSE: F) joined Apple in
The South Korean conglomerate said on Thursday that it expects to make an operating profit of roughly 12.3 trillion won ($10.6 billion) for the July-September quarter. That’s up 58% from the same period a year ago. The estimates also beat the 26% profit bump analysts polled by data provider Refinitiv had predicted.
Samsung said it expects sales for the third quarter will rise about 6% to 66 trillion won ($57 billion).
On Friday, J.P. Morgan analysts reiterated their Overweight rating on Abbott Laboratories (ABT) while raising their price target from $110 to $125. The analysts give their insight on what they expect to see from 3Q20 results for Abbott Laboratories ahead of earnings season. They like MedTech and Diagnostic businesses combined with BinaxNow, Libre 3.0 and better Fx dynamics.
The analysts forecast 3Q20 revenue sales of $8.70B (+7.8% reported, +8.6%cc) and cash EPS of $0.92 (+9.4%). This is a bit higher than the Street forecast of $8.49B (+7.0%cc) and $0.90 EPS. Similar to the last quarter, better-than-expected COVID trends will work in Abbott’s favor. Medical Devices and Diagnostics is the main factor in representing most of upside given how consensus numbers haven’t moved for recent product announcements (i.e. Binax) and commentary.
J.P. Morgan analysts mentioned, “When combined with the tailwinds the company is seeing within diagnostics from its COVID-19 test approvals,
Apple today updated its investor relations page to announce that it will share its earnings results for the fourth fiscal quarter (third calendar quarter) of 2020 on Thursday, October 29.
Fourth quarter earnings calls typically provide some insight into the early sales of new iPhones, but since this year’s iPhones have been delayed until October, initial iPhone sales data will not factor into fourth quarter revenue.
Apple will perhaps provide detail on sales of the Apple Watch Series 6 and the new Apple Watch SE, which did launch during the September quarter.
Apple declined to provide guidance for the fourth quarter of 2020 during its third quarter earnings call due to the ongoing global health crisis, which continues to affect Apple’s product launch timelines and sales.
Apple in the third quarter brought in $59.7 billion in revenue, marking a record June quarter bolstered by products and services growth and a
Apple on Thursday announced that its quarterly earnings call for the fourth fiscal quarter of 2020 will be held on Oct. 29, where CEO Tim Cook and CFO Luca Maestri are expected to detail the company’s health heading into what is typically a lucrative fall season.
As usual, Apple will hold an investor conference call following its Q4 earnings release on Thursday, Oct. 29, according to an updated investor webpage. The call is scheduled to take place at 2:00 p.m. Pacific, 5 p.m. Eastern.
More importantly, the executives will elucidate Apple’s continued response to the COVID-19 pandemic. The company put in an impressive Wall Street beat for its third fiscal quarter of 2020 despite fallout from the virus, managing a record $59.7 billion in revenue.
While iPhone sales stagnated during the last quarter, Services, iPad and Mac buoyed overall revenue with major year-over-year increases. Services, for example,
Note: The following is an excerpt from this week’s Earnings Trends report. You can access the full report that contains detailed historical actual and estimates for the current and following periods, please click here>>>
Here are the key points:
The outlook for corporate earnings has been steadily improving since early July, driven mostly by a better-than-expected economic recovery. This trend has been confirmed by the early 2020 Q3 recent earnings releases.
For 2020 Q3, total S&P 500 earnings are expected to decline -22.8% on -2.8% lower revenues. This is an improvement from the -26.5% earnings decline expected at the start of July and follows the -32.4% earnings drop in Q2.
Sectors with the weakest Q3 growth outlook remain the social-distancing exposed spaces like Transportation (-122.5% earnings decline), Energy (-102.2%), and Consumer Discretionary (-85.7%).
Out of the total 16 Zacks sectors, 14 sectors are expected to experience earnings declines in Q3,
Micron Technology, Inc. (NASDAQ:MU) Q4 2020 Results Earnings Conference Call September 29, 2020 4:30 PM ET
Farhan Ahmad – Vice President, Investor Relations
Sanjay Mehrotra – President and CEO
Dave Zinsner – Chief Financial Officer
Conference Call Participants
Toshiya Hari – Goldman Sachs
John Pitzer – Credit Suisse
C.J. Muse – Evercore
Blayne Curtis – Barclays
Harlan Sur – JP Morgan
Timothy Arcuri – UBS
Mitch Steves – RBC Capital
Ambrish Srivastava – BMO
Good afternoon. My name is Sheri, and I will be your conference facilitator today. At this time, I would like to welcome everyone to Micron’s Fourth Quarter 2020 Financial Release Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer period. [Operator Instructions]
Thank you. It is now my pleasure to turn the floor over to your host, Farhan Ahmad,