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6 Top Earnings to Watch Next Week

Stocks in this article: HPQ DELL LOW BBY AEO ARUN

NEW YORK ( TheStreet) -- After Cisco Systems (CSCO) blew the lid off the earnings estimate, can HP and Dell do the same? I believe one of them can and one will struggle making their numbers. I selected the six companies I will watch earnings for and will trade if opportunity presents itself.

Aruba Networks (ARUN) ARUN Chart ARUN data by YCharts

Background: Aruba Networks delivers the enterprise network to users, wherever they work or roam using a combination of solutions. Aruba is based in Sunnyvale, Calif. and trades an average of 3.9 million shares per day with a marketcap of $1.9 billion.

52-Week Range: $12.36 to $25.55

Book Value: $4.10

Price to Book: 3.89

Investors are looking forward to improving fourth-quarter earnings after the market closes on Aug. 23. The consensus opinion is presently 17 cents a share, the same as the corresponding period last year.

Twelve analysts rate ARUN a buy or strong buy out of 17, and none give a sell rating.

The P/E ratio has come down, as the current trailing 12 months P/E ratio is 30.7, while the forward P/E ratio is now 22.8, based on earnings of 27 cents per share this year.

In the last month, the stock has really moved higher with a 30.5% increase. Even so, the 60-day moving average is well below the 200-day moving average. A recent closing price of $17.35 is trading above the 60- and 90-day moving averages, but the stock continues to trade in a bearish trend.

Even coming off a big oversold status, I would not get too aggressive buying before the earnings report. A strong beat can cause a squeeze, but won't be worth it for anyone other than those willing to accept the risk of further downside in the price.

The short interest is very high and is a strong warning that short sellers expect the share price to fall considerably. The short interest is 21.5%.

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