By Jeremy C. Owens, MarketWatch
Columbia Pictures/Courtesy Everett Collection
Beyond Meat Inc. will be the earnings appetizer for the coming week, with Apple Inc. as the main course, chips on the side and Big Oil as dessert.
Beyond Meat /zigman2/quotes/211617595/composite BYND +0.95% will report earnings Monday afternoon after the market closes, following an astonishing early run on the public markets for the meat-alternative company. After selling shares at $25 apiece in an early-May initial public offering, Beyond Meat has exploded higher, closing Friday at $234.90, more than nine times higher than the IPO price.
Beyond Meat is now worth more than $14 billion, over twice as much as its most recently announced partner, Dunkin’ Donuts parent company Dunkin’ Brands Group Inc. /zigman2/quotes/200947441/composite DNKN +1.28% , which reports earnings Thursday. Beyond Meat’s valuation will be tested with its second-quarter results, but the company has already taken one run through the earnings gauntlet and emerged fresh on the other side: Shares jumped nearly 40% after first-quarter earnings were announced in early June.
See also: Beyond Meat has hit the ‘short-squeeze trifecta’ as borrow fees keep soaring
The next day, fruit is on the menu, along with a much larger valuation. Apple /zigman2/quotes/202934861/composite AAPL +0.96% will report earnings Tuesday afternoon to wrap up Big Tech’s earnings season after Facebook Inc. /zigman2/quotes/205064656/composite FB -0.66% , Alphabet Inc. /zigman2/quotes/202490156/composite GOOGL -0.08% /zigman2/quotes/205453964/composite GOOG -0.06% and Amazon.com Inc. /zigman2/quotes/210331248/composite AMZN -1.40% reported last week. All the Big Tech companies that have reported so far have treated the current antitrust probes differently: Facebook disclosed the larger investigation and its own independent inquiry, while Google mentioned only the larger Justice Department inquiry and Amazon said nothing. Microsoft Corp. /zigman2/quotes/207732364/composite MSFT +0.16% has stayed out of the headlines after surviving its own antitrust inquiry two decades ago.
For more: Big Tech handling disclosure of U.S. antitrust investigations differently
This will likely be the final report for Apple before it unveils the next iteration of the iPhone, an event that usually takes place in early September before sales start later that month. Apple is on pace for only the second year of negative sales growth since 2001, and hopes for the next generation of iPhones aren’t that high, as analysts expect a 5G version that could spark a larger refresh in 2020. Apple seemed to get a head start on that last week by agreeing to buy out Intel Corp.’s /zigman2/quotes/203649727/composite INTC -0.53% smartphone-modem business.
Apple earnings preview: It looks like 2016 again, and that is not a good thing
Beyond Apple, tech earnings in the coming week will be dominated by chips. After Intel Corp. gave off mixed signals in its report last week, rival Advanced Micro Devices Inc. /zigman2/quotes/208144392/composite AMD +2.21% will report on Tuesday amid more optimism. AMD launched its new Ryzen 3000 products earlier this month, so the company’s second-half forecast could suggest whether AMD’s 85% stock increase so far in 2019 is warranted.
AMD preview: With stock at highest prices in more than a decade, outlook must be strong
Qualcomm Inc. /zigman2/quotes/206679220/composite QCOM -0.55% reports Wednesday, after Apple officially announced its move into smartphone modems with the Intel unit’s acquisition, a move that had been rumored heavily since Qualcomm and Apple called off their worldwide fight. It will be the first report since Qualcomm was found by a judge to be in violation of antitrust law, a ruling the company is appealing. Other chip companies on the docket this week include equipment maker Lam Research Inc. /zigman2/quotes/208077897/composite LRCX +0.91% , memory specialist Western Digital Corp. /zigman2/quotes/204213617/composite WDC -2.89% and NXP Semiconductors NV. /zigman2/quotes/202999625/composite NXPI -0.14%
For dessert on Friday, investors get an early-morning taste of Big Oil. Chevron Corp. /zigman2/quotes/205871374/composite CVX +1.09% and Exxon Mobil Corp. /zigman2/quotes/204455864/composite XOM -0.82% will report before the bell, with an eye on acquisition of shale assets and U.S. oil demand. ConocoPhillips /zigman2/quotes/207605056/composite COP -1.15% could give a hint about what to expect when it reports on Tuesday.
Big Oil preview: Shale M&A is high on the list of investor concerns
While a step down from the busiest week of earnings season, the coming week will have the second largest crowd of companies reporting this quarter. Seven of the 30 Dow Jones Industrial /zigman2/quotes/210598065/realtime DJIA +0.33% components are scheduled to report — including Apple, Chevron and Exxon — and about 170 S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.07% companies are expected to release results, according to FactSet, including a flood of pharmaceutical and tech companies.
Need some drugs to help with all of those?
Two of the Dow components expected to report this week are large drug companies that will drop results on Tuesday: Pfizer Co. /zigman2/quotes/202877789/composite PFE -1.00% and Merck & Co. Inc. /zigman2/quotes/209956077/composite MRK +0.83% They are far from the only pharmaceutical giants set to report, as there are three more scheduled on the same day in Amgen Inc. /zigman2/quotes/209157011/composite AMGN -0.75% , Eli Lilly & Co. /zigman2/quotes/200106384/composite LLY -0.34% and Gilead Sciences Inc. /zigman2/quotes/210293917/composite GILD -1.54% , with Mylan NV /zigman2/quotes/209413137/composite MYL -1.48% and Humana Inc. /zigman2/quotes/203095337/composite HUM -0.43% set to join the next day.
Early results from drug makers has been strong despite concerns for the sector heading into earnings season. Last week, Abbvie Inc.’s /zigman2/quotes/202428675/composite ABBV +0.25% struggling stock received a boost after its earnings report, cancer treatment Opdivo helped boost Bristol-Myers Squibb Co.’s /zigman2/quotes/202559280/composite BMY +0.69% results, and Biogen Inc. /zigman2/quotes/201531540/composite BIIB -3.26% beat expectations.
Too busy to get around to mentioning GE
There are plenty of tech earnings beyond Apple and semiconductor companies this week. Like Beyond Meat, Pinterest Inc. /zigman2/quotes/211319641/composite PINS -1.56% will report earnings for a second time following a closely watched IPO. Dow component Verizon Communications Inc. /zigman2/quotes/204980236/composite VZ +0.15% and videogame companies Electronic Arts Inc. /zigman2/quotes/206954087/composite EA -0.34% and Zynga Inc. /zigman2/quotes/209662259/composite ZNGA -0.47% are also expected to report, along with a host of commerce-related tech companies in Square Inc. /zigman2/quotes/205989440/composite SQ -0.05% , Shopify Inc. /zigman2/quotes/209033712/composite SHOP +2.86% , Etsy Inc. /zigman2/quotes/202790087/composite ETSY -0.29% and Wayfair Inc. /zigman2/quotes/201071690/composite W -1.15%
Other big-name reports to watch for include General Electric Co. /zigman2/quotes/208495069/composite GE -1.14% , General Motors Co. /zigman2/quotes/205226835/composite GM -3.63% , Yum Brands Inc. /zigman2/quotes/209029767/composite YUM +0.04% , Proctor & Gamble Co. /zigman2/quotes/202894679/composite PG +1.16% , Mondelez International Inc. /zigman2/quotes/201769764/composite MDLZ +1.21% , Marlboro maker Altria Group Inc. /zigman2/quotes/208895754/composite MO -0.36% , Molson Coors Brewing Co. /zigman2/quotes/205165133/composite TAP -1.37% and U.S. Steel Corp. /zigman2/quotes/200069642/composite X -2.26% .