Arista Networks is a buy with a strong beat-and-raise quarter expected.Join InvestingPro for just 60 cents a day!
Regardless of which direction the market goes, below I highlight one stock likely to be in demand and another which could see fresh downside. Remember though, my timeframe is) to see its stock outperform this week, as the networking-infrastructure company will likely deliver another quarter of strong bottom-line and top-line growth and provide an upbeat outlook.
According to the options market, traders are pricing in an implied move of about 9% in either direction for ANET stock following the print. Notably, shares lost 6% after the company’s Q4 report in mid-February.Consensus expectations call for the Santa Clara, California-based tech company to post earnings per share of $1.74 for the first three months of 2024, increasing 21.7% from EPS of $1.43 in the year-ago period.
Arista has carved a niche in the networking technology sector with its innovative solutions and has been successful in grabbing market share from chief rivals Cisco Systems this week, with shares possibly breaking down to new record lows, as the struggling electric truck startup’s latest earnings and guidance will underwhelm investors due to the negative impact of various headwinds on its business.
Market participants expect a sizable swing in RIVN stock after the update drops, with an implied move of roughly 14% in either direction as per the options market. Notably, RIVN shares plunged 28% after the last report came out to suffer the worst earnings-reaction-day selloff since it went public in late 2021.Wall Street sees the Irvine, California-based EV maker losing -$1.16 a share in the March quarter, compared to a net loss of -$1.
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