A few companies with quarterly results due next week could see shares slide as analysts have lowered their earnings forecasts. The second-quarter earnings season so far has seen roughly 27% of S & P 500 companies report results, notching more than 10% earnings growth according to FactSet data. The leading S & P 500 sectors with companies beating Wall Street estimates for quarterly results include financials, information technology and communication services. But analysts have tamped down their earnings forecasts and estimates in recent months for some companies, which could lead to share declines after quarterly results. CNBC Pro used FactSet data to screen the S & P 500 for stocks that could slide based on the following criteria. Earnings estimates have declined at least 10% in the past three and six months Implied upside to average price target of 10% or less Companies are reporting earnings next week New York-based utility Consolidated Edison is on the list. Shares have advanced nearly 5% in 2024. ED YTD mountain ConEd stock. Analysts have lowered their earnings forecasts on the utility stock by 13% and 65% over the past three months and six months, respectively. Current analyst forecasts imply a more than 11% slide for ConEd shares moving forward. The company will report second-quarter results Aug. 1 . Indeed, in a recent report, Guggenheim revised its estimates for ConEd’s second-quarter earnings to 58 cents a share, down from 64 cents a share, “to account for known and measurable items year-to-date including weather, cost run rates and revenue seasonality.” The firm has a neutral rating on the utility. Chipmaker Intel is also in the screen. Shares have pulled back more than 35% in 2024. Analysts’ estimates for earnings have slid by 372% over the past three months, and they are down 167% over the past six months. INTC YTD mountain Intel stock. The company’s first-quarter results earlier this year set the stage for analysts dialing down their forecasts, with Intel providing weak guidance. Still, Intel seeks to regain market share and dominance in the semiconductor market. Intel will report second-quarter results Aug. 1 . Stifel analyst Ruben Roy reiterated a hold rating on Intel stock on Tuesday, noting that his team expects second-quarter revenue to be in line with management’s guidance. “Although we view short-term (2H) risk-to-reward favorably, long-term questions will remain,” he said. Electronic Arts , also in CNBC Pro’s screener, has ticked up more than 3% in 2024. EA YTD mountain Electronic Art stock. Earnings estimates from analysts have slid 59% over the past three months and 69% over the past six months, according to FactSet. Citi analyst Jason Bazinet downgraded Electronic Arts to neutral from buy in a July 14 note, citing potential headwinds from a continued slowdown in consumer spending. Electronic Arts will report fiscal first-quarter results July 30.
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