Focus on "Magnificent 7" stocks like Novartis, Reddit, and Check Point for upcoming earnings.

From Nasdaq: 2024-10-28 14:00:00

The third-quarter 2024 earnings season is underway, meeting expectations. Market watchers are analyzing results to gauge the U.S. economy’s health. Next week, focus will be on the “Magnificent 7” stocks, including Novartis AG, Reddit Inc., and Check Point Software Technologies Ltd.

182 S&P 500 companies have reported Q3 results, with earnings down 2.1% YoY but revenues up 4.5%. The quarter is expected to see 1.5% earnings growth and 5% revenue growth. Novartis AG, Reddit Inc., and Check Point Software Technologies Ltd. are set to report earnings tomorrow.

Novartis AG’s strong performance continues, with key drug sales growth and a diverse portfolio. Positive earnings estimate revisions show revenue growth of 7.1% and EPS increase of 11.5% YoY for Q3 2024. Anticipated growth in 2025 indicates a positive outlook for the company.

Reddit Inc. operates digital communities, facilitating user engagement. The company is expected to report Q3 revenues of $313.5 million and earnings per share of -$0.07. Positive earnings estimate revisions suggest revenue growth of 49% in 2024 and significant gains in 2025.

Check Point Software Technologies Ltd. benefits from cloud solutions adoption and strong demand for security offerings. Q3 2024 is forecasted to show revenue growth of 6.6% and EPS increase of 8.7% YoY. Positive earnings estimate revisions for 2024 and 2025 indicate a promising future for the company.

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