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Finding Top Stocks Trading at New Highs Amid the Market Pullback
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The market began a busy week roughly flat following the massive selloff in the last full week of July. Big tech sellers showed up in force on Tuesday morning, sending Nvidia and other first-half winners lower.
The drop pushed the Nasdaq deeper below its 50-day moving average heading into the Fed’s rate decision and Jay Powell’s speech on Wednesday. Wall Street is also waiting nervously on earnings reports from Meta, Apple, Amazon, and other big tech stocks this week.
The pullback was healthy and there could be more selling in the near term since the Nasdaq hasn’t sniffed its 200-day since October.
That said, while Wall Street is finally taking profits on big tech stocks, plenty of stocks are surging higher to close July. Stocks trading at highs while the market falls should be worth investors’ attention since they are trading at new highs amid the selling for a reason.
Today we explore a screen that helps investors find stocks experiencing impressive upward earnings revisions activity, helping them earn Zacks Rank #1 (Strong Buys). The stocks we screen for are also momentum names trading near 52-week highs as the market drops that might be worth buying heading into August.
Screen Basics
The screen we are looking into today comes loaded with the Research Wizard. The screen helps investors dig through all of the Zacks Rank #1 (Strong Buy) stocks, of which there are over 200 at any given time, to find some of the top momentum names.
The screen narrows down the list of Zacks Rank #1 (Strong Buy) stocksto those with upward price momentum that are also trading within 20% of their 52-week highs. The screen then uses the PEG ratio and the Price to Sales ratio to help make sure investors are getting value as well. The screen then makes your life a little easier and narrows it down to just seven stock picks.
The screen basics are listed below…
· Zacks Rank = #1 (Strong Buy)
· Current Price/52-week High >= 0.8
· PEG Ratio: P/E F(1)/EPS Growth <= 1
· Price/Sales <= 3
· Percentage Change Price -12 Weeks = Top # 7
This strategy comes loaded with the Research Wizard and it is called bt_sow_momentum_method1 It can be found in the SoW (Screen of the Week) folder.
The screen is pretty simple, yet powerful. Here is one of the seven stocks that made it through this week's screen…
H&R Block, Inc. ((HRB - Free Report) ) provides tax preparation services, financial products, and small-business solutions. H&R Block’s mobile banking app, Spruce is gaining traction. On top of that, HRB’s Block Advisors and Wave offerings help small-business owners through year-round bookkeeping, payroll, advisory, and payment processing solutions. These features are helping H&R Block become more than just a tax-focused company.
Taxes are never going out of style and H&R Block’s consistent growth outlook is something Wall Street craves over the long run. H&R Block is projected to grow its adjusted earnings by 12% this year and 11% next year on roughly 3% higher sales during both periods. H&R Block has easily topped our bottom-line estimates in the trailing four quarters and its upward earnings revisions help it land a Zacks Rank #1 (Strong Buy).
Image Source: Zacks Investment Research
H&R Block stock has soared 73% in the past year and 22% in the last three months to reach all-time highs. H&R Block’s recent run is part of a 140% climb in the last three years to blow away the S&P 500’s 24%. HRB’s dividend yields 2.2% at the moment and it returns value to shareholders via stock buybacks.
Get the rest of the stocks on this list and start looking for the newest companies that fit these criteria. It's easy to do. And it could help you find your next big winner. Start screening for these companies today with a free trial to the Research Wizard. You can do it.
Want more articles from this author? Scroll up to the top of this article and click the FOLLOW AUTHOR button to get an email each time a new article is published.
Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material.
Image: Bigstock
Finding Top Stocks Trading at New Highs Amid the Market Pullback
The market began a busy week roughly flat following the massive selloff in the last full week of July. Big tech sellers showed up in force on Tuesday morning, sending Nvidia and other first-half winners lower.
The drop pushed the Nasdaq deeper below its 50-day moving average heading into the Fed’s rate decision and Jay Powell’s speech on Wednesday. Wall Street is also waiting nervously on earnings reports from Meta, Apple, Amazon, and other big tech stocks this week.
The pullback was healthy and there could be more selling in the near term since the Nasdaq hasn’t sniffed its 200-day since October.
That said, while Wall Street is finally taking profits on big tech stocks, plenty of stocks are surging higher to close July. Stocks trading at highs while the market falls should be worth investors’ attention since they are trading at new highs amid the selling for a reason.
Today we explore a screen that helps investors find stocks experiencing impressive upward earnings revisions activity, helping them earn Zacks Rank #1 (Strong Buys). The stocks we screen for are also momentum names trading near 52-week highs as the market drops that might be worth buying heading into August.
Screen Basics
The screen we are looking into today comes loaded with the Research Wizard. The screen helps investors dig through all of the Zacks Rank #1 (Strong Buy) stocks, of which there are over 200 at any given time, to find some of the top momentum names.
The screen narrows down the list of Zacks Rank #1 (Strong Buy) stocksto those with upward price momentum that are also trading within 20% of their 52-week highs. The screen then uses the PEG ratio and the Price to Sales ratio to help make sure investors are getting value as well. The screen then makes your life a little easier and narrows it down to just seven stock picks.
The screen basics are listed below…
· Zacks Rank = #1 (Strong Buy)
· Current Price/52-week High >= 0.8
· PEG Ratio: P/E F(1)/EPS Growth <= 1
· Price/Sales <= 3
· Percentage Change Price -12 Weeks = Top # 7
This strategy comes loaded with the Research Wizard and it is called bt_sow_momentum_method1 It can be found in the SoW (Screen of the Week) folder.
The screen is pretty simple, yet powerful. Here is one of the seven stocks that made it through this week's screen…
H&R Block, Inc. (HRB - Free Report)
H&R Block, Inc. ((HRB - Free Report) ) provides tax preparation services, financial products, and small-business solutions. H&R Block’s mobile banking app, Spruce is gaining traction. On top of that, HRB’s Block Advisors and Wave offerings help small-business owners through year-round bookkeeping, payroll, advisory, and payment processing solutions. These features are helping H&R Block become more than just a tax-focused company.
Taxes are never going out of style and H&R Block’s consistent growth outlook is something Wall Street craves over the long run. H&R Block is projected to grow its adjusted earnings by 12% this year and 11% next year on roughly 3% higher sales during both periods. H&R Block has easily topped our bottom-line estimates in the trailing four quarters and its upward earnings revisions help it land a Zacks Rank #1 (Strong Buy).
Image Source: Zacks Investment Research
H&R Block stock has soared 73% in the past year and 22% in the last three months to reach all-time highs. H&R Block’s recent run is part of a 140% climb in the last three years to blow away the S&P 500’s 24%. HRB’s dividend yields 2.2% at the moment and it returns value to shareholders via stock buybacks.
Get the rest of the stocks on this list and start looking for the newest companies that fit these criteria. It's easy to do. And it could help you find your next big winner. Start screening for these companies today with a free trial to the Research Wizard. You can do it.
Click here to sign up for a free trial to the Research Wizard today.
Want more articles from this author? Scroll up to the top of this article and click the FOLLOW AUTHOR button to get an email each time a new article is published.
Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material.
Disclosure: Performance information for Zacks’ portfolios and strategies are available at: www.zacks.com/performance_disclosure