The S&P 500 Index has soared by 9% this year, helped by the AI supercycle, elevated energy prices, and strong corporate earnings. The rally faded last week after the hawkish Federal Reserve interest rate decision. This report explores some of the top stocks to watch next week, including Micron, Carnival, Paychex, and FedEx.

Micron to Shed Color on the Memory Industry

Micron (NASDAQ:MU), a top player in the memory industry, whose valuation has jumped to over $1.2 trillion, will be the top company to watch next week. It will publish its financial results on Wednesday and provide more color on the booming memory industry. 

Analysts anticipate the upcoming numbers to show that its revenue rose by 276% in the last quarter to $35 billion. Its earnings per share are expected to come in at $20, up from $1.91 in the same quarter last year.

These numbers will be crucial as Micron is the third-best-performing company in the S&P 500 Index. If the numbers and its guidance are strong, it will likely push other companies in the industry like Sandisk, Seagate, and Western Digital higher. This is important as these are the best-performing companies in the index this year.

Carnival Earnings to Provide Hints on PROPEL

Carnival (NYSE:CCL) stock has barely moved this year despite it facing a major fuel crisis as crude oil prices soared. This fuel crisis is expected to shave its earnings-per-share from 35 cents last year to 34 cents. 

The most important aspect of this report will be an update on PROPEL strategy. PROPEL stands for Powering Growth and Returns, Responsibly. It aims to convert its demand into higher returns, earnings growth, and cash flow, while having a strong balance sheet. 

This strategy aims to achieve a return on invested capital to 16%, and have a 50% adjusted EPS growth from 2025, and over 40% of cash from operations distributed to its shareholders. 

FedEx to Publish First Earnings After FedEx Freight Spinoff

FedEx (NYSE:FDX) stock has lost momentum of late, falling from $411 earlier this month to $326. Bulls hope that the upcoming earnings on June 23rd will help to boost its performance. These will be the first earnings since the company separated its business by spinning off FedEx Freight. It still owns a 19.9% stake in FedEx Freight. 

The upcoming numbers are expected to reveal that its revenue jumped by 8% in the fourth quarter to $24 billion. This growth will bring its annual revenue to $93 billion, up by 6.52% YoY. 

These results will provide the management with a chance to explain their strategy after the spin-off. The company will likely share its roadmap on how to boost its shareholder returns. 

PayChex Comes as the Stock is Down 40% From ATH

PayChex, a top player in the HR and payroll industry, is another S&P 500 stock to watch next week. Its results come as its stock remains 40% below its all-time high amid concerns about its revenue growth. There are also concerns about how AI tools will disrupt its business. 

The average estimate among analysts is that its revenue will come in at $1.61 billion, up by 12.54% YoY. Analysts have low expectations about its stock, with the average estimate being $116, up by 18% above the current level.

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