There's never a dull week on Wall Street. Let's go over some of the news that will shape the week to come.
The market kicks off the new trading week after taking Friday off in a fury. It's earnings season, and the financial reports will be pouring in through the next couple of weeks.
A big name to watch on Monday will be Netflix (NASDAQ:NFLX). The leading premium video service sets high goals for itself. Three months ago it expected to close out the March quarter with 48 million streaming subscribers worldwide, 4 million more than it had at the end of 2013. We'll know the answer soon.
One of the many companies reporting on Tuesday is Cree (NASDAQ:CREE). The LED products specialist heads into its report with good momentum. The stock was upgraded by Needham this past Wednesday, with analyst Edwin Mok setting a $64 price target.
It's refreshing to see Wall Street pros warm up to a stock days ahead of an important financial report. Analysts see modest top- and bottom-line improvement at Cree.
One company that has made the most of the smartphone revolution is Qualcomm (NASDAQ:QCOM). The patent-rich wireless chip designer has been able to capitalize on its been CDMA technology to profit from the mobile boom.
Growth has been slowing at Qualcomm, and the market's braced to see revenue and earnings per share climb just 6% and 4%, respectively, when it reports on Wednesday. Wall Street is taking a conservative approach with Qualcomm, but investors don't seem to mind. Many tech darlings have been correcting sharply in recent weeks, but Qualcomm still finds itself $0.04 away from its all-time high.
It isn't a tech darling itself anymore, but Microsoft (NASDAQ:MSFT) can still move the market. The software giant that continues to dominate the languishing PC space is trying to catch up in mobile, where Windows is far behind Android and iOS as the operating system of choice for tablets and smartphones.
Microsoft knows it's an old dog that needs to learn new tricks. A new CEO has come in, trying to turn cloud computing from a threat to an opportunity. The market doesn't think it's too late, even if Microsoft is expected to post small declines on both ends of the income statement when it steps up with fresh numbers on Thursday.
Biotechnology was one of the hardest hit sectors during the recent tech stock correction, and on Friday we'll see how ImmunoGen (NASDAQ:IMGN) is holding up. The cancer-tackling biotech is still posting quarterly losses. No one is expecting that to change on Friday morning, but it will give ImmunoGen a good platform to discuss where it stands and where it's heading.