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Strength Seen in GlobalFoundries (GFS): Can Its 6.8% Jump Turn into More Strength?
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GlobalFoundries Inc. (GFS - Free Report) shares rallied 6.8% in the last trading session to close at $58.13. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 7.1% gain over the past four weeks.
GlobalFoundries extended its rally, driven by its U.S. manufacturing capabilities to support its domestic chip manufacturing amid rising geopolitical tensions, including increasing trade restrictions on China.
This company is expected to post quarterly earnings of $0.29 per share in its upcoming report, which represents a year-over-year change of -45.3%. Revenues are expected to be $1.62 billion, down 12.3% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For GlobalFoundries, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on GFS going forward to see if this recent jump can turn into more strength down the road.
GlobalFoundries is a member of the Zacks Electronics - Semiconductors industry. One other stock in the same industry, FormFactor (FORM - Free Report) , finished the last trading session 8.1% lower at $57.15. FORM has returned 3.6% over the past month.
For FormFactor, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.31. This represents a change of +121.4% from what the company reported a year ago. FormFactor currently has a Zacks Rank of #3 (Hold).
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Strength Seen in GlobalFoundries (GFS): Can Its 6.8% Jump Turn into More Strength?
GlobalFoundries Inc. (GFS - Free Report) shares rallied 6.8% in the last trading session to close at $58.13. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 7.1% gain over the past four weeks.
GlobalFoundries extended its rally, driven by its U.S. manufacturing capabilities to support its domestic chip manufacturing amid rising geopolitical tensions, including increasing trade restrictions on China.
This company is expected to post quarterly earnings of $0.29 per share in its upcoming report, which represents a year-over-year change of -45.3%. Revenues are expected to be $1.62 billion, down 12.3% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For GlobalFoundries, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on GFS going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
GlobalFoundries is a member of the Zacks Electronics - Semiconductors industry. One other stock in the same industry, FormFactor (FORM - Free Report) , finished the last trading session 8.1% lower at $57.15. FORM has returned 3.6% over the past month.
For FormFactor, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.31. This represents a change of +121.4% from what the company reported a year ago. FormFactor currently has a Zacks Rank of #3 (Hold).