JPMorgan analyst Brandt Montour is positive on shares of Royal Caribbean (RCL) and Norwegian Cruise Line (NCLH) into the Q3 earnings reports. "Reasonably good" results and outlooks against a backdrop of "muted" expectations, poor sentiment and valuations near multi-year lows, will be enough to move the stocks higher, Montour tells investors in a research note. He expects both companies to report "solid" Q3 results, keep 2019 EPS guidance intact, and generally sound upbeat regarding 2020 bookings. Montour keeps an Overweight rating on both Royal and Norwegian, with reduced price targets of $138 and $59, respectively.

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Sees Q2 fuel consumption 416,000 metric tons.

Reports Q1 revenue $3.7B, consensus $3.69B. Load factors in the first quarter were 107%. "Wow, what a great start to the year! Demand for our leading brands and the incredible experiences they deliver continues to be very robust, resulting in outperformance in the first quarter, a further increase of full year earnings guidance, and 60% expected earnings growth year over year," said Jason Liberty, president and CEO, Royal Caribbean Group. "Building on this momentum, we expect to achieve all our Trifecta financial goals in 2024, which allows us to focus on a new era of growth to drive long-term shareholder returns and take a greater share of the rapidly growing $1.9 trillion global vacation market."

Notable companies reporting before tomorrow's open, with earnings consensus, include Merck (MRK), consensus $1.87... Caterpillar (CAT), consensus $5.14... Comcast (CMSCA), consensus 99c... Honeywell (HON), consensus $2.17... Bristol-Myers (BMY), consensus ($4.44)... Altria (MO), consensus $1.15... Keurig Dr. Pepper (KDP), consensus 35c... GE Vernova (GEV), consensus (37c)... Royal Caribbean (RCL), consensus $1.33... Tractor Supply (TSCO), consensus $1.72... Mobileye (MBLY), consensus (6c)... Textron (TXT), consensus $1.23... LabCorp (LH), consensus $3.48... Southwest Airlines (LUV), consensus (34c)... American Airlines (AAL), consensus (29c)... Harley-Davidson (HOG), consensus $1.51.