Earnings are the heartbeat of the market - and every week brings a fresh set of opportunities and risks. With each report, we get new information about corporate health, investor sentiment, and the sectors driving leadership (or lagging).
In the Weekly Beat, we spotlight the most important earnings reactions from the prior week - the winners, the losers, and the surprises that moved markets. Then we shift our focus forward, breaking down the biggest setups and expectations for the week ahead.
Whether itβs mega-cap leaders, niche growth stories, or the sectors most tied to the economy, weβve got you covered on what traders need to know right now.
There were no S&P 500 earnings reactions to write about, so we covered another healthcare stock that has our attention, Tarsus Pharma. $TARS.
The company's flagship drug, XEMVY, has grown its net sales from $1.7M in Q3 2023 to over $102M in Q2 2025. This fundamental growth is being translated into the technicals as the stock is resolving a massive base and making new all-time highs.
Again, there were no S&P 500 earnings reactions to cover, so we highlighted a Bitcoin miner, which has recently transformed itself into a high-power computing company. This is Cipher Mining $CIFR.
Since the April lows, CIFR has been the single best-performing stock in the entire Russell 3000 Index, outpacing nearly every other company in the U.S. market. When you zoom out, this run could just be getting started. The price is breaking above the post-SPAC highs from 2021 for the first time, entering a brand-new primary uptrend.
On Tuesday, the $25B beer, wine, and spirits company, Constellation Brands $STZ, rallied 1% after reporting a double beat after Monday's closing bell.
We also received an update from one of the world's largest providers of spices and condiments, McCormick $MKC. They posted a double beat, but suffered a -3.9% post-earnings reaction.
There were no S&P 500 earnings reactions on Wednesday, so we dove into one of our favorite precious metals stocks. This is Coeur Mining $CDE.
Over the past two years, CDE has delivered positive earnings reactions in nearly every quarter, most recently rallying by more than 20% after its May earnings report. This is being driven by explosive growth in the company's fundamentals.
Before Thursday's opening bell, we heard from the $198B producer of Pepsi and Cap'n Crunch, PepsiCo $PEP, which beat its headline expectations and had a +4.2% post-earnings reaction. Despite the short-term improvement in fundamentals, the stock is still in a long-term downtrend.
We also received an update from one of the world's largest airlines, Delta Air Lines $DAL. They posted a double beat, and shareholders were rewarded with a +4.3% post-earnings reaction.
What's happening next week π
Next week is the opening scene for the new earnings season.
As always, the banks will headline the opening week. We'll be focused on JPMorgan $JPM, Goldman Sachs $GS, and Bank of America $BAC.
In financials, we'll also be watching:
The brokerage giants Charles Schwab $SCHW and Interactive Brokers $IBKR.
The asset management behemoths BlackRock $BLK and State Street $STT.
Two of the largest healthcare stocks in the world Johnson & Johnson $JNJ and Abbott Laboratories $ABT.
And the bellwether semiconductor stock, Taiwan Semiconductor $TSM.
It'll be an exciting week for readers of the Beat Report, so make sure you don't miss a beat.
Now, letβs dive into the top setups heading into next week.
Here's the setup in JPM ahead of Tuesday's earnings report π
JPMorgan is expected to post $45.47B in revenue and EPS of $4.85 before Tuesday's opening bell.
The stock has been in a strong uptrend since the April low, rallying over 50% in a near-vertical line.
However, the trend has been losing steam recently. On Friday, the price closed below a key shelf of former highs, and it looks vulnerable to further downside next week.
As the largest and most important bank in the world, all eyes will be on 305 next week.
Here are the past 3 years of earnings results & reactions for JPM π
As you can see, JPMorgan has delivered strong revenue and earnings growth over the past three years, consistently rewarding shareholders.
This changed last quarter when the company reported negative top and bottom-line growth, and snapped a streak of three consecutive positive earnings reactions.
With this negative fundamental change and the previously mentioned technical breakdown, there's a significant risk that JPM will be punished for its earnings report on Tuesday.
Here's the setup in GS ahead of Tuesday's earnings report π
Goldman Sachs is expected to report $14.12B in revenue and EPS of $11.02 before Tuesday's opening bell.
Heading into the report, the price is in a tight coil below a key Fibonacci extension.
Zooming out to the April low, the stock has been even stronger than JPM, rallying over 80%.
It looks to us like the bulls want to make another run higher if the company delivers in its earnings report.
On the upside, the 161.8% extension of the prior drawdown is the key level to watch. If the buyers can clear that level, it'll shift the path of least resistance higher toward the next Fibonacci extension level.
If the company fails to deliver, GS could be vulnerable to a swift retest of the February peak around 672.
Here are the past 3 years of earnings results & reactions for GS π
Since the beginning of 2024, Goldman Sachs has been reporting strong revenue and earnings growth, and Mr. Market has rewarded them for it nearly every time. The only negative earnings reaction was in October 2024, and it was fake news - the stock had a positive reaction score.
In addition to the consistent post-earnings reactions, we've also seen consistent post-earnings drift since the beginning of 2024. This adds to our conviction in the company's fundamentals.
Buyers have loved everything about this company for years, and we see no reason for that to change this quarter.
We expect GS to be rewarded once again for its earnings report on Tuesday.
Here's the setup in BAC ahead of Wednesday's earnings report π
The market expects Bank of America to report $27.52B in revenue and EPS of $0.95 before Wednesday's opening bell.
Ahead of the report, the sellers are taking control of stock and sending the price back below the prior cycle's peak. This has formed a textbook failed breakout, which could lead to a swift move lower as the bulls scramble for the exit.
This short-term price action is not a good look before an earnings report, as it elevates the risk of a negative post-earnings reaction.
So long as BAC is below 50, we expect the sellers to continue driving the price lower.
Here are the past 3 years of earnings results & reactions for BAC π
Over the past three years, the revenue and earnings growth for Bank of America have been a mixed bag. There isn't a strong fundamental trend, which is reflected in the inconsistent earnings reactions.
The same inconsistency can be said about the pre- and post-earnings drift - there is no trend.
This mediocre fundamental has led to the new all-time lows relative to JPM, the industry leader.
Based on the lack of trend in the fundamentals and the previously mentioned technical breakdown, we expect the market to punish BAC for its earnings report on Wednesday.
Happy Sunday
-The Beat Team
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