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Next week on the stock market

What to expect from a selection of FTSE 100, FTSE 250 and selected other companies reporting next week.

Important notes

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

Among those currently scheduled to release results next week:

  • Subscriber outlook is more important than ever at Netflix
  • Tesla is hoping to rebound after missing production expectations
  • Ocado reports off the back of raising fresh capital from investors

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Among those currently scheduled to release results next week:

18-Jul
No FTSE 350 Reporters
19-Jul
BHP Full Year Operational Review
Netflix* Q2 Results
20-Jul
Antofagasta Production Report
Centamin Half Year Results
Liontrust Asset Management Q1 Trading Statement
Royal Mail* Q1 Trading Statement
Tesla* Q2 Results
21-Jul
3i Group Q1 Trading Statement
AJ Bell Q3 Trading Statement
Anglo American Q2 Production Report
Brewin Dolphin Q3 Trading Statement
Britvic Q3 Trading Statement
Close Brothers Q4 Trading Statement
Diploma Q3 Trading Statement
Dunelm Q4 Trading Statement
Euromoney Institutional Investor Q3 Trading Statement
Frasers Group* Q2 Trading Statement
Howden Joinery Half Year Results
IG Group Full Year Results
Intermediate Capital Group Q1 Trading Statement
Moneysupermarket Group Half Year Results
Ocado Group* Half Year Results
QinetiQ Trading Statement
SSE* Q1 Trading Statement
Workspace Group Q1 Trading Statement
22-Jul
Beazley Half Year Results
JTC Trading Statement
Verizon* Q2 Results

*Events on which we will be updating investors.

Netflix – Sophie Lund-Yates, Equity Analyst

There’s a lot riding on Netflix’s results. The market has not taken kindly to its downgrading of subscriber targets, and a further disappointing show is likely to result in another severe revaluation of the group’s value. As a reminder, last quarter, Netflix new subscribers declined by 200,000 and said it expects a further 2.0m drop in the current quarter.

Attracting and keeping subscribers isn’t just difficult because of heightened competition in the streaming space, but because of the ongoing surge of inflation. Household budgets are under real strain across the world, meaning TV subscriptions could be rubbed off monthly outgoings.

Away from the core metric of subscriber numbers and predictions, we’ll be looking at Netflix’s content spend. It takes big bucks to stay ahead in this sector, and we’d like to see how Netflix is handling the balancing act of being financially responsible and spending enough to create content that keeps customers.

See the Netflix share price, charts and our latest view

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Tesla – Matt Britzman, Equity Analyst

We’ve already had a glimpse of what’s to come in next week’s second quarter earnings, with an update on production and delivery volumes earlier in July. Despite June being the highest production month in Tesla’s history, volumes missed analyst expectations and marked the first time in 10 quarters that quarter to quarter deliveries fell.

Ongoing supply chain issues and factory shutdowns have continued to hinder the group’s ability to ramp up scale. In China, operations at the Shanghai factory were impacted by fresh bouts of Covid-19 restrictions. Also new factories in Texas and Berlin battle with soaring costs as they struggle to ramp up production.

The outlook for the second half of the year will be watched closely. Bringing new factories up to production levels that support profits is key, and it’ll be interesting to hear whether the group’s target of making 1.5m cars this year remains intact.

See the Tesla share price, charts and our latest view

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Ocado Group – Matt Britzman, Equity Analyst

Having tapped investors for just shy of £600m last month, there’s pressure to deliver some positive news on new partner sign ups for Ocado Solutions. It’s all well and good having the most advanced robots flying around fulfilment centres, but further progress is needed on sign ups sooner rather than later.

We always pay close attention to guidance on capital expenditure. Building out new customer fulfilment centres isn’t cheap and keeping costs in check is key. Management guided to around £800m at the start of the year, we’re interested to see if that’s intact.

The Retail arm, jointly owned with M&S, expects to see further impact on sales from the ongoing cost-of-living crisis. Last we heard, new customers were coming on board but average basket size was declining as shoppers ordered one or two less items. That, coupled with growing cost pressures put the Retail arm under pressure. The group’s expecting cash profit (EBITDA) margin in the low single digits.

See the Ocado share price, charts and our latest view

Sign up to Ocado research

This article is not advice or a recommendation to buy, sell or hold any investment. No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment. This article has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is considered a marketing communication. Non-independent research is not subject to FCA rules prohibiting dealing ahead of research, however HL has put controls in place (including dealing restrictions, physical and information barriers) to manage potential conflicts of interest presented by such dealing. Please see our full non-independent research disclosure for more information. Past performance is not a guide to the future. Investments rise and fall in value so investors could make a loss.

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    Important notes

    This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

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