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This Week: Electronic Arts, Kraft Heinz and GM results

July 29, 2019
FILE - In this March 6, 2019, file photo a gamer plays Electronic Arts' "Apex Legends" in Jersey City, N.J. Electronic Arts is likely to report lower profit and sales when it reports first quarter earnings on Tuesday, July 30. (AP Photo/Jenny Kane)
FILE - In this March 6, 2019, file photo a gamer plays Electronic Arts' "Apex Legends" in Jersey City, N.J. Electronic Arts is likely to report lower profit and sales when it reports first quarter earnings on Tuesday, July 30. (AP Photo/Jenny Kane)

A look at some of the key business events and economic indicators upcoming this week:

EA’s weak start to year

Electronic Arts is likely to report lower profit and sales when it reports first quarter earnings on Tuesday. The publisher of “Apex Legends,” ″FIFA19″ and other video games has forecast full year sales of $5.38 billion and profit of about $8.56 a share. Analysts surveyed by FactSet predict EA made only 1 cent a share in the April to June quarter.

Kraft Heinz

Shares in the maker of Velveeta, Capri Sun and Grey Poupon haven’t recovered from the company’s announcement in February that its accounting practices were under federal investigation. It later restated financial reports for 2016, 2017 and part of 2018. Its stock is down more than 30% since February’s announcement. It reports second quarter earnings on Wednesday.

GM sputters

General Motors will report lower profit and sales in the second quarter, according to analysts surveyed by FactSet. Wall Street predicts the manufacturer of the Silverado, Blazer and Corvette made $1.44 a share in the quarter, down from $1.81 a year ago. Last quarter GM sold fewer vehicles and management said the company needs to be smaller to prepare for tough times ahead.

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