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Many companies reporting quarterly results next week have gained momentum after Wall Street analysts have raised their earnings estimates for the companies over the past three months. Tech stocks are expected to be a prominent segment of the benchmark S&P 500 during the fourth quarter earnings season. But excluding six of the seven so-called “Magnificent Seven” stocks, the S&P 500 is expected to underperform. It has fallen about 6% in the last three months. Still, analysts have revised upward their profit estimates for some stocks scheduled to report earnings next week. CNBC Pro screened FactSet data for companies reporting quarterly earnings next week that meet the following criteria: Earnings per share estimates with at least 10 upward revisions in the past three months EPS estimates in the past three months Chipmaker Intel made the list for the past six months when EPS estimates with five or fewer downward revisions have trended higher than in the past. Wall Street’s optimism about the stock is growing ahead of its fourth-quarter earnings report on Jan. 25, with about 35 analysts surveyed by FactSet having revised their earnings per share forecasts over the past three months. It has increased by more than 36% on average. Analysts currently expect Intel to report adjusted earnings of 45 cents per share next week. INTC YTD Mountain Intel stock has fallen about 6% since the beginning of the year. Last month, Intel announced a series of new chips, including the Gaudi3c, designed to enhance its generative artificial intelligence software and help it compete with fellow AI giants Nvidia and AMD. Semiconductor equipment maker Lam Research joined the group after outperforming its stock, which soared 86% last year and is up about 1% so far in 2024. Analysts have suggested that Lam’s second-quarter results ending Jan. 24 could beat expectations, with 17 of them raising their EPS estimates for the past three months by about 5%. LRCX YTD Mountain Lamb Research Stock. Analysts surveyed by FactSet currently expect the company to report adjusted earnings per share of $7.07 for the most recent quarter. The semiconductor industry is coming off a strong 2023, with the VanEck Semiconductor ETF, which tracks 26 chipmakers, soaring more than 3% to an all-time high on Thursday. Other stocks that made the list include electricity and natural gas company Xcel Energy and home construction company DR Horton.
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