The US stock market came under intense pressure last week, with the S&P 500 and Nasdaq 100 indices falling hard. The S&P 500 Index dropped to 7,376, its lowest level since July 29, down by 6% from its highest point this year. Similarly, the Nasdaq 100 moved further into a correction after falling by 13% from its peak. This article looks at some of the top US stocks to watch this week.
Rocket Lab in focus ahead of earnings
Rocket Lab and other companies in the space industry have slumped in the past few months following the much-anticipated SpaceX IPO. RKLB has dropped by 65% from its highest point this year.
The stock dropped after the company announced a $8 billion purchase of Iridium, a move aimed at boosting its vertical integration. It also slumped after the company postponed its Neutron launch to 2027. This was a notable move because the company is betting that Neutron to supercharge its growth.
The company will be in the spotlight this week as it publishes its financial results. Analysts expect the results to show that its revenue jumped by 65% in the third quarter to $257 million, with the fourth-quarter guidance coming in at $265 million.
Rocket Lab has a mixed performance after its earnings. For example, it was barely moved when it published the last financial results. It rose by over 35% after releasing its strong results in April.
Cisco Systems
Cisco Systems stock has come under pressure in the past few months. After peaking at $130 in June, the stock has slumped by 28% to the current $93.85. This sell-off has coincided with the ongoing decline in technology stocks, including popular firms like Nvidia and AMD.
Cisco Systems will publish its earnings report this week, meaning that it will likely have some substantial volatility. The stock dropped by nearly 10% after the last earnings report. Before that, it jumped by as much as 20% in April.
Analysts expect the upcoming report to show that the revenue rose by 21% in the third quarter to over $18.12 billion. The earnings per share (EPS) is expected to come in at $1.32, much higher than the $1 it made in the same period last year.
Applied Materials
Applied Materials is a top company that designs, builds, and sells wafer fabrication tools that deposit, etch, implant, and polish materials on silicon wafers. Its top technologies include chemical vapor deposition (CVD), physical vapor deposition (PVD), and atomic layer deposition (ALD).
The company’s business has done well during the ongoing artificial intelligence boom that has led to more demand from companies like TSMC, Intel, GlobalFoundries, Samsung, and SK Hynix.
Applied Materials will publish its financial results this week. Analysts expect the results to show that its revenue jumped by 51.4% on a YoY basis to $10.3 billion. After that, analysts expect the results to show that its revenue will hit $10.74 billion.
Applied Materials’ earnings per share are expected to come in at $4.06, much higher than the $2.17 it made last year.
The other top companies to watch this week are Constellation Energy, KKR, Occidental, Skydance, CoreWeave, On Holding, Corteva, Nu Holdings, Nebius, and Cerebras.
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