Published on 23 Feb 2024 on Zacks via Yahoo Finance
5 Top-Ranked Stocks That Have More Than Doubled Year to Date
Wall Street has been roaring higher, driven by a solid earnings season, a resilient economy and a technology surge. Both the S&P 500 and Dow Jones are at all-time highs, while the tech-heavy Nasdaq Composite Index is just below its record peak.The gains have been broad-based across various segments and many stocks have more than doubled this year. We have highlighted five stocks that have a Zacks Rank #1 (Strong Buy) or 2 (Buy), a Momentum Score of B or better and saw positive earnings estimate revisions for the current fiscal year over the past 30 days, suggesting continued outperformance. These are Equillium, Inc. EQ, Phunware Inc. PHUN, Super Micro Computer, Inc. SMCI, Vaxart, Inc. VXRT and Dianthus Therapeutics Inc. DNTH. You can see the complete list of today’s Zacks #1 Rank stocks here.
Solid Earnings
Total fourth-quarter earnings of the 402 S&P 500 members who have reported results so far increased 4.9% from the prior-year period on 3.4% higher revenues. Of the companies that reported results, 78.6% beat EPS estimates and 64.4% surpassed revenue estimates. The pace of earnings and revenue growth represents an acceleration from the last couple of quarters, with the technology sector being a major contributor. Notably, the earnings growth is the best growth rate for the S&P 500 companies since the 6.2% earnings growth rate in the second quarter of 2022.