Earnings this week: HIMS, BABA, CRCL and more

We're into the second week of May, and earnings season is delivering its most interesting lineup yet. Macro expectations are shifting fast, capital is rotating hard, and this week's reports set up a clear tension between high-conviction momentum plays and deep-value re-ratings.

Here are five names to watch.

Circle Internet Group (CRCL)

The USDC issuer is evolving from a crypto pure-play to a global traditional finance payments infrastructure.

• Earnings date: May 11, 2026 (pre-market / intraday)

• Outlook: Bullish

• Analyst view: Broadly positive. With USDC circulation at $75.3 billion, institutions treat CRCL as a long-term quality hold. Circle’s Kyriba partnership – integrating USDC and AI for cross-border payments and 24/7 real-time settlement – is the key near-term catalyst, repositioning it as a traditional fintech rather than a pure crypto play. EPS estimate: $0.15–$0.19. Revenue estimate: $717.13 million.

• Key focus: Enterprise adoption. Watch for USDC growth data from traditional enterprise clients and revenue conversion from partnerships like Kyriba.

Hims & Hers Health (HIMS)

34% short interest, 90% recurring revenue, and a GLP-1 overhang that may already be priced in.

• Earnings date: May 11, 2026 (after market close)

• Outlook: Mixed – high conviction either way

• Analyst view: Divided. EPS estimates lowered by 14% to $0.527 with a ~$20.19 PT. However, revenue resilience ($600M-$625M expected) is praised, and its 90% recurring revenue base likely prices in the recent GLP-1 headwinds.

• Key focus: Short squeeze potential (watch for strong peptide/GLP-1 guidance) and new subscriber acquisition costs (CAC).

Cisco Systems (CSCO)

$2.1 billion in AI infrastructure orders – Cisco is making its case to be revalued as an AI play.

• Earnings date: May 13, 2026 (after market close)

• Outlook: Moderate buy

• Analyst view: Consensus Moderate Buy with PT range of $90.29–$93.08 (Morgan Stanley $91, BofA $95). Zacks projects Q3 revenue of $15.58 billion (+10.1% YoY) and EPS of $1.04. The $2.1 billion AI infrastructure order last quarter is the headline catalyst, but rising memory costs and the Splunk cloud transition are flagged as near-term margin risks.

• Key focus: AI order delivery (management guided $5B+ in AI orders this fiscal year) and gross margin – watch whether network product revenue growth of ~19.1% holds up against supply chain cost pressure.

Alibaba (BABA)

Trading near historical lows with a $188 average analyst target – the gap between price and value is hard to ignore.

• Earnings date: May 13, 2026 (pre-market)

• Outlook: Moderate buy

• Analyst view: Consensus Moderate Buy with average PT of $188.75 vs. current ~$140 – implying significant upside. Barclays rates it Overweight at $186. Analysts expect Q4 FY2026 revenue of ~$35.81 billion and EPS of $0.889. At a P/E of 26.81x and PEG of 2.42, most institutions consider it deeply undervalued.

• Key focus: Domestic e-commerce recovery (Taobao/Tmall GMV and margins) and capital returns – further buyback expansion or dividend increases are the most direct price catalysts.

Gemini Space Station (GEMI)

A pure-play space stock that crashed 90% from its peak and is now looking for a reason to recover.

• Earnings date: May 14, 2026 (after market close)

• Outlook: High risk – speculative only

• Analyst view: Thin institutional coverage; consensus PT of $8.55. Peaked at $45.89 in September 2025 before crashing to $3.91 on sector-wide de-rating. Now stabilising near $5. EPS estimates remain deeply negative – this is a timing and momentum trade, not a fundamentals one.

• Key focus: New commercial contracts, confirmed launch schedules, or NASA/DOD orders. Ignore near-term earnings. Monitor cash runway to assess dilution risk.

This week's lineup splits cleanly into two trading theses. HIMS and GEMI are high-volatility sentiment plays – for traders willing to take on risk for a squeeze or a bounce. BABA, CSCO, and CRCL are fundamentals re-rating plays – the market is using earnings to verify margin expansion and market share with a microscope.

Which side you're on depends on your risk appetite. Both setups have real catalysts behind them.