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The Zacks Analyst Blog Highlights Tesla, Alphabet, Seagate Technologies, Texas Instruments and Visa
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For Immediate Release
Chicago, IL – July 24, 2024 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Tesla (TSLA - Free Report) , Alphabet (GOOGL - Free Report) , Seagate Technologies (STX - Free Report) , Texas Instruments (TXN - Free Report) and Visa (V - Free Report) .
Here are highlights from Tuesday’s Analyst Blog:
Seagate, Alphabet Lead Tuesday Afternoon Earnings Beats
Markets Tuesday behaved reminiscent to a week ago or so. While three of the four major indices hung pretty close to zero-balance and dipped into the red shortly before the closing bell, the small-cap Russell 2000 swooped past the field shortly after the open and remained above it all session. The Dow lost -57 points, -0.14%, while the Nasdaq was -10 points, -0.06%, and the S&P 500 -0.16%. The Russell gained +1.23% and is +10% over the past month of trading.
As Q2 earnings begins to elbow out other new events, we take one exception here. Tuesday morning, Existing Home Sales for June made the case for the housing industry, but didn't particularly make it well. A total of 3.89 million seasonally adjusted, annualized units for the month was below the estimated 3.95 million and the unrevised 4.11 million for May. This is the fourth-straight month of lower existing home sales and the lowest of the year as the median price rose to a record-high $426,900. Wednesday morning, after the open, we'll see New Home Sales, which are expected to be up month over month, taking up a higher percentage of housing demand.
Tesla disappointed on Q2 earnings yesterday afternoon. Coming out at 52 cents per share was a dime lower than the consensus estimate, while revenues slightly outperformed expectations: $25.50 billion from $25.13 billion. In the press release, the company warned full-year deliveries may be "notably lower," with more color pointing toward the following conference call. A lower-priced Tesla model and the Robotaxi status are two elements Tesla shareholders will also expect to hear more about. Directly following the release, TSLA shares are -2.5%.
Google parent Alphabet, on the other hand, beat on both top and bottom lines after the close. Earnings of $1.89 per share notched a four-cent beat (and notably ahead of the $1.44 per share reported in the year-ago quarter) on revenues — minus TAC costs, which the company doesn't discount on headline — of $71.36 billion, ahead of the $70.60 billion in the Zacks consensus. YouTube brought in $8.66 billion, which was light of estimates, but its cloud business came in at $10.35 billion, surpassing expectations — and improving its status among the very biggest cloud-computing companies. Shares were sluggish to start after-hours trading, but are up +1.5% at this hour.
Seagate Technologies had perhaps the most impressive quarter post-closing bell Tuesday. Its fiscal Q4 earnings came in at $1.05 per share — 20 cents higher than the Zacks consensus and a whopping +680% over the -$0.18 per share posted a year ago for the Zacks Rank #1 (Strong Buy)-rated cloud and AI tech firm. Revenues of $1.89 billion outpaced the $1.86 billion expected, and marks the third-straight earnings beat for the company, which was up +6.4% in late trading, adding to the +27% gains year to date.
Texas Instruments also outperformed in the quarter, but not as substantially. Earnings of $1.22 per share amounted to a six-cent beat — consistent with its near-perfect record of (slight) improvements over estimates in the past five years. Revenues came in at $3.82 billion, modestly beyond the $3.80 billion analysts had been looking for. The analog-chip giant kept its next-quarter guidance in-line with recent estimates, and shares were up +5% initially on the news.
Visa posted a one-penny beat in its fiscal Q3 yesterday afternoon. Earnings of $2.42 per share was notably ahead of the $2.16 per share reported a year ago. But revenues were a smidge below expectations to $8.9 billion for the quarter, on Payments Volume which grew +7% in the quarter. Shares were down -2% in the late session, virtually giving up the credit card giant's entire year-to-date gains.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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The Zacks Analyst Blog Highlights Tesla, Alphabet, Seagate Technologies, Texas Instruments and Visa
For Immediate Release
Chicago, IL – July 24, 2024 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Tesla (TSLA - Free Report) , Alphabet (GOOGL - Free Report) , Seagate Technologies (STX - Free Report) , Texas Instruments (TXN - Free Report) and Visa (V - Free Report) .
Here are highlights from Tuesday’s Analyst Blog:
Seagate, Alphabet Lead Tuesday Afternoon Earnings Beats
Markets Tuesday behaved reminiscent to a week ago or so. While three of the four major indices hung pretty close to zero-balance and dipped into the red shortly before the closing bell, the small-cap Russell 2000 swooped past the field shortly after the open and remained above it all session. The Dow lost -57 points, -0.14%, while the Nasdaq was -10 points, -0.06%, and the S&P 500 -0.16%. The Russell gained +1.23% and is +10% over the past month of trading.
As Q2 earnings begins to elbow out other new events, we take one exception here. Tuesday morning, Existing Home Sales for June made the case for the housing industry, but didn't particularly make it well. A total of 3.89 million seasonally adjusted, annualized units for the month was below the estimated 3.95 million and the unrevised 4.11 million for May. This is the fourth-straight month of lower existing home sales and the lowest of the year as the median price rose to a record-high $426,900. Wednesday morning, after the open, we'll see New Home Sales, which are expected to be up month over month, taking up a higher percentage of housing demand.
Tesla disappointed on Q2 earnings yesterday afternoon. Coming out at 52 cents per share was a dime lower than the consensus estimate, while revenues slightly outperformed expectations: $25.50 billion from $25.13 billion. In the press release, the company warned full-year deliveries may be "notably lower," with more color pointing toward the following conference call. A lower-priced Tesla model and the Robotaxi status are two elements Tesla shareholders will also expect to hear more about. Directly following the release, TSLA shares are -2.5%.
Google parent Alphabet, on the other hand, beat on both top and bottom lines after the close. Earnings of $1.89 per share notched a four-cent beat (and notably ahead of the $1.44 per share reported in the year-ago quarter) on revenues — minus TAC costs, which the company doesn't discount on headline — of $71.36 billion, ahead of the $70.60 billion in the Zacks consensus. YouTube brought in $8.66 billion, which was light of estimates, but its cloud business came in at $10.35 billion, surpassing expectations — and improving its status among the very biggest cloud-computing companies. Shares were sluggish to start after-hours trading, but are up +1.5% at this hour.
Seagate Technologies had perhaps the most impressive quarter post-closing bell Tuesday. Its fiscal Q4 earnings came in at $1.05 per share — 20 cents higher than the Zacks consensus and a whopping +680% over the -$0.18 per share posted a year ago for the Zacks Rank #1 (Strong Buy)-rated cloud and AI tech firm. Revenues of $1.89 billion outpaced the $1.86 billion expected, and marks the third-straight earnings beat for the company, which was up +6.4% in late trading, adding to the +27% gains year to date.
Texas Instruments also outperformed in the quarter, but not as substantially. Earnings of $1.22 per share amounted to a six-cent beat — consistent with its near-perfect record of (slight) improvements over estimates in the past five years. Revenues came in at $3.82 billion, modestly beyond the $3.80 billion analysts had been looking for. The analog-chip giant kept its next-quarter guidance in-line with recent estimates, and shares were up +5% initially on the news.
Visa posted a one-penny beat in its fiscal Q3 yesterday afternoon. Earnings of $2.42 per share was notably ahead of the $2.16 per share reported a year ago. But revenues were a smidge below expectations to $8.9 billion for the quarter, on Payments Volume which grew +7% in the quarter. Shares were down -2% in the late session, virtually giving up the credit card giant's entire year-to-date gains.
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Since 2000, our top stock-picking strategies have blown away the S&P's +7.0 average gain per year. Amazingly, they soared with average gains of +44.9%, +48.4% and +55.2% per year.
Today you can access their live picks without cost or obligation.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.