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Stocks to watch next week: Tesla, Alphabet, Intel, Boeing and Unilever
As the latest earnings season gets well underway, there are a range of big-name companies due to report in the coming week.
Two Magnificent 7 companies are reporting next week, with Elon Musk's Tesla (TSLA) due to release results on Tuesday, followed by Google-parent Alphabet (GOOGL, GOOG) on Thursday.
Another tech stock in focus next week will be Intel (INTC), with investors keen to see more detail on how new CEO Lip-Bu Tan plans to turn the troubled chipmaker around.
US planemaker Boeing (BA) is another company slated to report, with investors waiting to find out more on how the company could be impacted by escalating trade tensions.
In a shortened week for UK markets, which are closed for the Easter bank holiday on Monday, Unilever (ULVR.L) is due to report on Thursday.
Here's more on what to look out for:
Tesla (TSLA) – Releases first quarter results on Tuesday 22 April
Shares in Tesla (TSLA) have slumped 37% year-to-date, as the electric vehicle company's sales have declined in different countries and backlash against CEO Elon Musk has grown.
Earlier in April, reported first quarter global deliveries that widely missed estimates. For the quarter, Tesla reported 336,681 deliveries compared to expectations of 390,342, according to Bloomberg consensus estimates, making it the worst quarter for deliveries since the second quarter of 2022.
Protesters have gathered at Tesla showrooms around the world to demonstrate against Musk's political activities, in heading up US president Donald Trump's Department of Government Efficiency (DOGE) and overseeing cuts to government agencies.
"Tesla comes into results as arguably the most scrutinised company in the world," said Matt Britzman, senior equity analyst at Hargreaves Lansdown. "That’s not really a position investors want to be in, and there’ll be a lot of focus on whether Elon Musk gives any indication of when he might be stepping back from DOGE. A return to business as usual would be welcomed with open arms. Investors will also be looking for some clarity on more affordable vehicles and any updates on the imminent launch of the robotaxi service in June."
Shares in Tesla have slumped 37% year-to-date. ·John Keeble via Getty Images
In the fourth quarter, Tesla posted revenue of $25.7bn (£19.4bn), which was well below the $27.2bn expected by analysts, as well as being up just 2% on the same period in the previous year. Adjusted earnings per share of $0.73, also came in below expectations of $0.75. For the full-year, Tesla generated revenue of $97.7bn, which was up just 1% on 2023.
For the first quarter, Britzman said that "revenue is expected to come in broadly flat year-on-year, with a drop in earnings as Tesla transitioned to the refreshed version of its best-selling car, the Model Y. Things could pick up again in the coming quarter, with strong sales of the new Model Y to Chinese buyers a good indication that the refresh is just as popular as its predecessor."
Alphabet (GOOGL, GOOG) – Releases first quarter results on Thursday 24 April
Volatility in markets on escalating trade tensions have weighed on the other Magnificent 7 stocks, including Google-parent Alphabet (GOOGL, GOOG), which is down 19% year-to-date.
Shares fell after Alphabet reported mixed fourth quarter results in early February. Revenue of $96.47bn came in just shy of the $96.62bn expected by analysts, though earnings of $2.15 per share beat Bloomberg consensus estimates of $2.13.
The company also said it planned to spend $75bn on artificial intelligence (AI) this year, which was 29% higher than analysts expected, according to Reuters.
Investors have become more nervous around major tech companies' level of spending on AI, on the back of Chinese startup DeepSeek releasing a lower-cost AI model, which rattled markets.
In a note on 8 April, JPMorgan (JPM) analysts said that they were "reducing estimates, multiples, & price targets on 25 companies across our internet coverage universe based on tariff impact, macro headwinds, and a potential recession."
They kept an "overweight" rating on Alphabet but lowered their price target to $180 from $220.
"As the largest global ad platform, Google is a reflection of the broader economy, and therefore we expect the company to be negatively impacted by tariff-related slowdown, macro uncertainty, and removal of the de minimis rule," they said.
Trump signed an executive order on 2 April to close the "de minimus" trade loophole, which allowed merchandise priced below $800 to enter the US duty-free.
JPMorgan analysts added that while Google's search business "should be more resilient than most other types of ad spend given typically high [return on investment], it will still be affected by a weaker consumer and lower [gross domestic product], and Google also has exposure to brand spend through YouTube and Network."
Intel (INTC) – Releases first quarter results on Thursday 24 April
Shares in Intel (INTC) surged on the news of Tan's appointment in March, though the stock is still more than 5% in the red year-to-date.
The company's financial struggles have made it a takeover target in recent months, with shares having risen on reports of potential deals. That included reports that TSMC (2330.TW, TSM) was in talks with other chipmakers to form a joint venture to take over the company's foundry business. This division is responsible for building chips for both Intel and third-party contractors. However, a TSMC board member later denied these reports.
Meanwhile, Reuters reported ahead of Tan's return that he was considering an overhaul of Intel's chip manufacturing methods and AI strategies. In a letter to employees on 12 April, Tan said: "Together, we will work hard to restore Intel's position as a world-class products company, establish ourselves as a world-class foundry and delight our customers like never before."
Bank of America (BAC) semiconductor analyst Vivek Arya said on Yahoo Finance's Opening Bid podcast last month that he thinks Intel has a "much better shot of remaining viable in this industry" under Tan.
"It's not going to be easy — competition is not sitting still," he added. "Their competition, remember, is Nvidia (NVDA). It's AMD (AMD). It's Arm Holdings (ARM). It's a Taiwan Semiconductor. It is Broadcom (AVGO). It's Marvell (MRVL)."
In results released in January, Intel posted revenue of $14.3bn for the fourth quarter, which was down 7% on the same period in 2023, but beat analyst expectations of $13.8bn. Earnings per share of $0.13 were also down on the $0.54 reported for the fourth quarter of 2023, but slightly ahead of estimates of $0.12.
However, guidance for the first quarter disappointed against expectations. Intel said it expected revenue between $11.7bn and $12.7bn in Q1, below analyst estimates of $12.85bn. Adjusted gross margins are also set to come in at 36%, below the 39% Wall Street expected.
Boeing (BA) – Releases first quarter earnings on Wednesday 23 April
Shares in Boeing (BA) fell earlier this week, after Bloomberg reported on Tuesday that China had ordered airlines to stop taking new deliveries of its jets.
The report comes as trade tensions between the US and China escalate, with a back-and-forth raising of tariffs. Last week, Trump announced a 90-day pause on many higher custom tariffs, except for those on China, which now stand at 145% — a 125% reciprocal tariff and the 20% Trump previously levied.
A halt in deliveries to China would be another headwind for Boeing, which has faced a series of issues, including safety and quality control crises, as well as labour strikes.
Boeing ended 2024 on revenue of $66.5bn for the year, which was down 14% on the previous year. The company also posted a net loss of $11.8bn for the year, up from $2.2bn in 2023.
Boeing ended 2024 on revenue of $66.5bn for the year, which was down 14% on the previous year. ·Ken Hawkins
Shares rose last month after Boeing's chief financial officer offered a more upbeat outlook for the US planemaker.
Speaking at a Bank of America (BAC) industrials conference, Boeing CFO Brian West said that the company's cash flow could improve in the first quarter by "hundreds of millions" of dollars, according to a Reuters report.
At the time, West said while the company was concerned about the impact of Trump's tariffs on the availability of parts, he said that planemaker has enough inventory for the time being.
Unilever (ULVR.L) – Releases first quarter results on Thursday 24 April
Unilever will release its first-quarter trading update next week, providing investors with a glimpse at how the company is navigating a tough macroeconomic environment under its new CEO, Fernando Fernandez, who took the helm on 1 March.
The update comes as Unilever pushes forward with a major turnaround plan that includes 7,500 previously announced job cuts and the planned sale of its ice cream division.
"Unilever will be giving an update on first quarter trading next week, with investors eager to get more insight into the company's evolving strategy under its new CEO, Fernando Fernandez," Hargreaves Lansdown senior equity analyst Matt Britzman said.
“The company had already flagged that it is expecting a softer start to the year due to subdued pricing and weaker consumer confidence in key markets.”
In its full-year results, Unilever posted turnover of €60.8bn (£52.2bn), which was little changed on the previous year, while net profit of €6.4bn was down nearly 11% on the previous year.
Britzman noted that the Q1 results will be a crucial indicator of how effectively Unilever is navigating current headwinds.
However, the company — whose portfolio ranges from Marmite to Dove soap — has signalled that it expects performance to improve in the latter half of the year.
“Markets are also expecting further updates on the progression and restructuring efforts of the ice cream spinoff,” Britzman added. “With global trade tensions persisting, Unilever's approach to addressing tariff risks and their impact on the supply chain will be closely watched.”
He also highlighted that Unilever’s marketing spend is now at its highest level in more than a decade. “It’ll be important to see this investment translating into market share improvements,” he said.
Despite ongoing market volatility driven by tariff policies under the Trump administration, Unilever shares are up 3.79% year-to-date. The company is one of the world’s leading suppliers of beauty and personal care, home care and nutrition products, with a presence in over 190 countries.
