Recent Surge in Stock Prices
As market dynamics continue to swirl with fervor, multiple stocks are on the brink or have already shattered 52-week highs, featuring prominent names like Amazon, Meta Platforms, Super Micro Computer, Coinbase, and American Eagle Outfitters.
Earnings Momentum Driving Force
These stocks, apart from riding the recent wave of positivity, boast of a favorable Zacks Rank, indicating an upward trajectory in earnings estimates by analysts. Historically, such stocks that reach new highs often tend to soar even higher, especially in the presence of positive earnings forecast revisions.
Performance Snapshot
Examining a performance chart of each stock over the past year intertwined with the benchmark S&P 500 index offers a comprehensive picture of the rally.
Image Source: Zacks Investment Research
Amazon’s Resilience
Amazon’s robust operational improvements have propelled its shares, exceeding consensus EPS forecast by an average of 50% in its last four releases. With a Zacks Rank #1 (Strong Buy), the stock is expected to witness a further surge in earnings.
Image Source: Zacks Investment Research
Glowing Prospects for Super Micro Computer
Super Micro Computer’s stock has been scorching hot, skyrocketing over 1000% in the last year, driven by the AI frenzy. With high growth expectations and a Zacks Rank #1 (Strong Buy), investors are bullish on its future potential.
Image Source: Zacks Investment Research
Meta Platforms’ Spectacular Journey
Meta Platforms has been riding high on impressive quarterly results, with earnings consistently outperforming expectations. With a Zacks Rank #1 (Strong Buy), the company’s earnings outlook shines brightly.
Image Source: Zacks Investment Research
The Crypto Frenzy and Coinbase
Amid escalating interest in crypto, Coinbase’s shares are soaring, with an astronomical 1200% beat in the latest EPS release. With a Zacks Rank #1 (Strong Buy), the company anticipates a whopping 170% surge in earnings this fiscal year.
Image Source: Zacks Investment Research
American Eagle Outfitters’ Impressive Performance
American Eagle Outfitters has been on a remarkable spree propelled by an improved operational environment leading to better-than-expected quarterly results. Boasting a Zacks Rank #1 (Strong Buy), the company is capturing investor attention.
Image Source: Zacks Investment Research
The Verdict
The raging market momentum continues unabated into 2024, with these stocks notching remarkable highs and undoubtedly delighting investors. For those looking to leverage this sturdy trend, the quintet of Amazon, Meta Platforms, Super Micro Computer, Coinbase, and American Eagle Outfitters present compelling investment avenues.