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Chico's FAS and Stanley Black & Decker have been highlighted as Zacks Bull and Bear of the Day
Read MoreHide Full Article
For Immediate Release
Chicago, IL – October 11, 2022 – Zacks Equity Research shares Chico's FAS, Inc. as the Bull of the Day and Stanley Black & Decker (SWK - Free Report) asthe Bear of the Day. In addition, Zacks Equity Research provides analysis on Chesapeake Energy (CHK - Free Report) , EQT Corporation (EQT - Free Report) and Cheniere Energy (LNG - Free Report) .
Chico's FAS, Inc. still has momentum from the pandemic as women are shopping for apparel for experiences, like weddings, and back-to-work. This Zacks Rank #1 (Strong Buy) is expected to see earnings growth this year and next.
Chico's FAS is a fashion company with three distinct brands for women: Chico's, White House Black Market and Soma. It sells clothing, shoes, accessories and intimate apparel through brick-and-mortar boutiques, digital online boutiques and through StyleConnect, the company's customized, branded, digital styling tool.
As of July 30, 2022, it operated 1,258 stores in the US and sold merchandise through 58 international franchise locations in Mexico and 2 domestic airport locations. Chico's FAS also operates the websites at chicos.com, chicosofftherack.com, whbm.com and soma.com.
A Record Fiscal Second Quarter
On Aug 31, Chico's FAS reported its fiscal second quarter results and beat the Zacks Consensus Estimate by $0.09. Earnings were $0.34 compared to the Zacks Consensus of $0.25. It was the fourth beat in a row.
It was also a record second quarter with comparable sales jumping 19.5%. White House Black Market was up 32%, Chico's was up 30% but Soma fell 9% as consumers pulled back on lounge and cozy on the economic re-opening. You aren't wearing sweatpants to a wedding.
However, all three brands are up over the same quarter in 2019, which was pre-pandemic.
The quarter was also boosted by the company's new loyalty program which Chico's FAS said was being embraced by customers. Loyalty programs work.
Gross margins rose 300 basis points to 41.4% year-over-year on fewer promotions.
However, inventories jumped year-over-year to $338.8 million from $202.1 million last year thanks to elevated in-transit inventories. On-hand inventories were also up, jumping 25%, but that was due to high consumer demand and the intent to meet that demand.
Will inventories be a problem heading into the holiday season? Keep an eye on the promotions.
Full Year Earnings Estimates Jump
Chico's is a small cap retailer with a market cap of just $624 million. It has little coverage on the Street. Zacks.com only has one earnings estimate for this year and next but that analyst is bullish.
Third quarter guidance wasn't doom and gloom even though the gross margin forecast did come down to a range of 38.9% to 39.4%.
The Zacks Consensus for fiscal 2022 has risen to $0.85 from $0.72 in the last 2 months. That's earnings growth of 113% from fiscal 2021 as the company only made $0.40 that year.
The analyst is also bullish about next year, seeing another 11.8% earnings growth for fiscal 2023.
Shares are Dirt Cheap
Like other retail stocks, Chico's FAS shares came storming out of the gate during the pandemic rebound in 2020 and 2021. Over the last 2 years, shares are up 326%.
But this year, shares have slipped 7.3% on the year. However, they are mostly holding onto a narrow trading range above their pre-pandemic level.
Chico's FAS is dirt cheap with a forward P/E of just 5.8.
The question is what will happen this holiday season. Who can keep promotions to a minimum? Who will be on trend? Holiday parties will return but will women be buying new outfits?
Chico's FAS has kept its recent momentum, which is impressive in the competitive apparel category.
For investors looking for a cheap retail stock with a strong outlook, Chico's FAS is one to keep on the short list.
Stanley Black & Decker is in the midst of a business transformation while it also has to fight inflationary pressures. This Zacks Rank #5 (Strong Sell) is expected to see an earnings decline of 47% this year.
Stanley Black & Decker is the world's largest tool company with nearly 50 manufacturing facilities in the United States and more than 100 worldwide.
It produces power tools, hand tools, storage, digital tool solutions, lifestyle products, outdoor products, engineered fasteners and other industrial equipment. It's iconic brands include DEWALT, BLACK+DECKER, CRAFTSMAN, STANLEY, CUB CADET, HUSTLER AND TROY-BILT.
First Earnings Miss in 5 Years in the Second Quarter
On July 28, 2022, Stanley Black & Decker reported its second quarter earnings and saw its first earnings miss in 5 years.
Earnings were $1.77 versus the Zacks Consensus of $2.12, or a miss of $0.35.
Revenue was actually up 16% year-over-year to $4.4 billion, driven by strategic outdoor power equipment acquisitions, which were up 24%, and price realization, which added 7%. This was partially offset by lower volume, which fell 13%, and currency, which was down 2%.
Tools and Outdoor demand softened during the last portion of the quarter which caused the company to spring into action. It's expecting demand to normalize closer to 2019 in the back half of 2022. As a result, it's reducing inventory and cutting costs.
In addition to dealing with inflationary pressures and softening demand, Stanley Black & Decker is also in a transition with its business. It sold Stanley Security and Access Technologies in July 2022. It also reached an agreement to sell its Oil & Gas business.
The company has repurchased $2.3 billion in shares in 2022 with proceeds from the divestitures and is sitting on a bunch of cash.
Raised Its Dividend
On July 20, 2022, Stanley Black & Decker approved a $0.01 increase of its quarterly cash dividend to $0.80 per share for the third quarter.
This was the 55th consecutive annual dividend increase for the company. The dividend is currently yielding a juicy 4.1%.
Earnings Estimates Slashed
After the talk of reducing inventories in July, the analysts turned bearish. 3 estimates were slashed for both 2022 and 2023 in the last 60 days.
The 2022 Zacks Consensus Estimate has fallen to $5.53 from $6.71 in the last 2 months. That's an earnings decline of 47.2% as the company made $10.48 last year.
2023 is expected to bounce back by 24%, to $6.85, but even 2023 has come down from just a few months ago.
Are Shares Cheap?
It shouldn't be a surprise that Stanley Black & Decker shares have taken a hit this year. Shares are down 59% year-to-date.
But they're also near 5-year lows and are down 51% during that time, when the S&P 500 is up 41% for the same period.
Is the stock cheap?
Stanley Black & Decker trades with a forward P/E of 14, even after the earnings were cut. That's cheap but it's not dirt cheap.
The company is expected to report third quarter earnings on Oct 27, 2022. Investors interested in this tool maker might want to stay on the sidelines until there is more clarity on what is happening in the business.
Additional content:
3 Natural Gas Names to Get Through Near-Term Uncertainty
The U.S. Energy Department's weekly inventory release showed a larger-than-expected increase in natural gas supplies. The negative inventory numbers, coupled with other factors, meant that futures fell for the seventh week in a row.
At the same time, there appears to be plenty of upside left for the commodity in 2022, supported by a strong liquefied natural gas (“LNG”) export trend and solid fundamentals. In this context, it would be wise to build a position in quality names such as Chesapeake Energy, EQT Corporation and Cheniere Energy.
EIA Reports a Build Larger Than Market Expectations
Stockpiles held in underground storage in the lower 48 states rose 129 billion cubic feet (Bcf) for the week ended Sep 30, exceeding the guidance of a 114 Bcf addition per the analysts surveyed by S&P Global Commodity Insights.
The increase was also above last year’s injection of 114 Bcf for the same corresponding week and the five-year (2017-2021) average net build of 87 Bcf.
The latest increment puts total natural gas stocks at 3,106 Bcf, which is still 165 Bcf (5%) below the 2021 level at this time and 264 Bcf (7.8%) lower than the five-year average.
The total supply of natural gas averaged 106.5 Bcf per day, up 0.8 Bcf per day on a weekly basis as dry production jumped to a new record of 100.3 Bcf per day.
Meanwhile, daily consumption fell 1.4% to 89.7 Bcf from 91 Bcf in the previous week, mainly reflecting a weaker power burn, with the cooling demand season coming to a finish.
Natural Gas Registers a Marginal Weekly Decrease
Natural gas prices edged down last week, following the higher-than-expected inventory build. Futures for November delivery ended Friday at $6.748 on the New York Mercantile Exchange, falling around 0.3% from the previous week’s closing. The decrease in natural gas realization — for the seventh straight week — is also the result of a boom in supplies and the prediction of mild autumn weather.
Final Thoughts
As is the norm with natural gas, changes in temperature and weather forecasts can lead to price swings. The latest models anticipate light temperature-driven consumption over the near term (with little use of air conditioning or heater across much of the Lower 48), which is a negative for prices.
An increase in natural gas production has also kept the commodity in check. With the upstream operators finally responding to price incentives and ramping up volumes in the last two months, daily production has topped 100 Bcf in recent weeks. This wave of new supply is expected to largely neutralize concerns that the market might enter the winter withdrawal season with gas in storage well below normal. Current inventories are still low and remain nearly 8% below their five-year average.
The one thing supporting natural gas is a stable demand catalyst in the form of continued strong LNG feedgas deliveries. LNG shipments for export from the United States have been robust for months on the back of environmental reasons and record-high prices of the super-chilled fuel elsewhere. Now, with the Russia-Ukraine conflict, LNG has become even more coveted. As a matter of fact, earlier this year, the United States entered into a partnership with the EU to export additional LNG to wean the bloc off its dependence on Russian natural gas supplies. This means LNG deliveries are poised to rise further, especially with natural gas supplies from Moscow to Europe squeezed following leaks in the key Nord Stream pipeline.
However, the protracted downtime associated with the fire breakout at the Freeport LNG export plant in Texas has drowned out most of the positives as of now. The Quintana, TX facility — responsible for around 15% of U.S. liquefaction capacity — was knocked offline by the Jun 8 blast and is expected to only partially restart in November. Consequently, some of the LNG cargoes due for export are likely to have been diverted to the domestic market despite huge demand abroad.
Investing Strategy
While fundamental indicators continue to suggest strong price levels, the natural gas market is currently quite unpredictable and spooked by the sudden rise in production and mild weather. As such, investors are rather unsure of what to do. As of now, the lingering uncertainty over the fuel means that they should preferably opt for fundamentally strong stocks like Chesapeake Energy, EQT and Cheniere Energy.
Chesapeake Energy has a premier natural gas portfolio with more than 15 years of inventory spread over some 2,200 locations. CHK — valued at some $12.1 billion — has a projected earnings growth rate of 95.4% for the current quarter.
Chesapeake Energy beat the Zacks Consensus Estimate for earnings in three of the last four quarters. This Zacks Rank #1 (Strong Buy) stock has a trailing four-quarter earnings surprise of 24.5%, on average. CHK shares have rallied 60.2% in a year.
EQT: EQT is primarily an explorer and producer of natural gas, with a primary focus on the Appalachian Basin in Ohio, Pennsylvania and West Virginia. In terms of average daily sales volumes, EQT is the largest natural gas producer in the domestic market.
The company, carrying a Zacks Rank #2 (Buy), has an expected earnings growth rate of 369.6% for the current year. The Zacks Consensus Estimate for EQT’s 2022 earnings has been revised 14% upward over the past 60 days. EQT — valued at around $16 billion — has soared 117% in a year.
Cheniere Energy is valued at around $43.5 billion. LNG reported EPS of $2.90 for the second quarter, reflecting a 2.5% surprise over consensus.
Cheniere Energy has a projected earnings growth rate of 235.7% for the current year. The Zacks Consensus Estimate for this #2 Ranked natural gas exporter’s third-quarter earnings has been revised 42.7% upward over the past 60 days. LNG shares have climbed 71.2% in a year.
Why Haven’t You Looked at Zacks' Top Stocks?
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Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
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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Chico's FAS and Stanley Black & Decker have been highlighted as Zacks Bull and Bear of the Day
For Immediate Release
Chicago, IL – October 11, 2022 – Zacks Equity Research shares Chico's FAS, Inc. as the Bull of the Day and Stanley Black & Decker (SWK - Free Report) asthe Bear of the Day. In addition, Zacks Equity Research provides analysis on Chesapeake Energy (CHK - Free Report) , EQT Corporation (EQT - Free Report) and Cheniere Energy (LNG - Free Report) .
Here is a synopsis of all five stocks.
Bull of the Day:
Chico's FAS, Inc. still has momentum from the pandemic as women are shopping for apparel for experiences, like weddings, and back-to-work. This Zacks Rank #1 (Strong Buy) is expected to see earnings growth this year and next.
Chico's FAS is a fashion company with three distinct brands for women: Chico's, White House Black Market and Soma. It sells clothing, shoes, accessories and intimate apparel through brick-and-mortar boutiques, digital online boutiques and through StyleConnect, the company's customized, branded, digital styling tool.
As of July 30, 2022, it operated 1,258 stores in the US and sold merchandise through 58 international franchise locations in Mexico and 2 domestic airport locations. Chico's FAS also operates the websites at chicos.com, chicosofftherack.com, whbm.com and soma.com.
A Record Fiscal Second Quarter
On Aug 31, Chico's FAS reported its fiscal second quarter results and beat the Zacks Consensus Estimate by $0.09. Earnings were $0.34 compared to the Zacks Consensus of $0.25. It was the fourth beat in a row.
It was also a record second quarter with comparable sales jumping 19.5%. White House Black Market was up 32%, Chico's was up 30% but Soma fell 9% as consumers pulled back on lounge and cozy on the economic re-opening. You aren't wearing sweatpants to a wedding.
However, all three brands are up over the same quarter in 2019, which was pre-pandemic.
The quarter was also boosted by the company's new loyalty program which Chico's FAS said was being embraced by customers. Loyalty programs work.
Gross margins rose 300 basis points to 41.4% year-over-year on fewer promotions.
However, inventories jumped year-over-year to $338.8 million from $202.1 million last year thanks to elevated in-transit inventories. On-hand inventories were also up, jumping 25%, but that was due to high consumer demand and the intent to meet that demand.
Will inventories be a problem heading into the holiday season? Keep an eye on the promotions.
Full Year Earnings Estimates Jump
Chico's is a small cap retailer with a market cap of just $624 million. It has little coverage on the Street. Zacks.com only has one earnings estimate for this year and next but that analyst is bullish.
Third quarter guidance wasn't doom and gloom even though the gross margin forecast did come down to a range of 38.9% to 39.4%.
The Zacks Consensus for fiscal 2022 has risen to $0.85 from $0.72 in the last 2 months. That's earnings growth of 113% from fiscal 2021 as the company only made $0.40 that year.
The analyst is also bullish about next year, seeing another 11.8% earnings growth for fiscal 2023.
Shares are Dirt Cheap
Like other retail stocks, Chico's FAS shares came storming out of the gate during the pandemic rebound in 2020 and 2021. Over the last 2 years, shares are up 326%.
But this year, shares have slipped 7.3% on the year. However, they are mostly holding onto a narrow trading range above their pre-pandemic level.
Chico's FAS is dirt cheap with a forward P/E of just 5.8.
The question is what will happen this holiday season. Who can keep promotions to a minimum? Who will be on trend? Holiday parties will return but will women be buying new outfits?
Chico's FAS has kept its recent momentum, which is impressive in the competitive apparel category.
For investors looking for a cheap retail stock with a strong outlook, Chico's FAS is one to keep on the short list.
Bear of the Day:
Stanley Black & Decker is in the midst of a business transformation while it also has to fight inflationary pressures. This Zacks Rank #5 (Strong Sell) is expected to see an earnings decline of 47% this year.
Stanley Black & Decker is the world's largest tool company with nearly 50 manufacturing facilities in the United States and more than 100 worldwide.
It produces power tools, hand tools, storage, digital tool solutions, lifestyle products, outdoor products, engineered fasteners and other industrial equipment. It's iconic brands include DEWALT, BLACK+DECKER, CRAFTSMAN, STANLEY, CUB CADET, HUSTLER AND TROY-BILT.
First Earnings Miss in 5 Years in the Second Quarter
On July 28, 2022, Stanley Black & Decker reported its second quarter earnings and saw its first earnings miss in 5 years.
Earnings were $1.77 versus the Zacks Consensus of $2.12, or a miss of $0.35.
Revenue was actually up 16% year-over-year to $4.4 billion, driven by strategic outdoor power equipment acquisitions, which were up 24%, and price realization, which added 7%. This was partially offset by lower volume, which fell 13%, and currency, which was down 2%.
Tools and Outdoor demand softened during the last portion of the quarter which caused the company to spring into action. It's expecting demand to normalize closer to 2019 in the back half of 2022. As a result, it's reducing inventory and cutting costs.
In addition to dealing with inflationary pressures and softening demand, Stanley Black & Decker is also in a transition with its business. It sold Stanley Security and Access Technologies in July 2022. It also reached an agreement to sell its Oil & Gas business.
The company has repurchased $2.3 billion in shares in 2022 with proceeds from the divestitures and is sitting on a bunch of cash.
Raised Its Dividend
On July 20, 2022, Stanley Black & Decker approved a $0.01 increase of its quarterly cash dividend to $0.80 per share for the third quarter.
This was the 55th consecutive annual dividend increase for the company. The dividend is currently yielding a juicy 4.1%.
Earnings Estimates Slashed
After the talk of reducing inventories in July, the analysts turned bearish. 3 estimates were slashed for both 2022 and 2023 in the last 60 days.
The 2022 Zacks Consensus Estimate has fallen to $5.53 from $6.71 in the last 2 months. That's an earnings decline of 47.2% as the company made $10.48 last year.
2023 is expected to bounce back by 24%, to $6.85, but even 2023 has come down from just a few months ago.
Are Shares Cheap?
It shouldn't be a surprise that Stanley Black & Decker shares have taken a hit this year. Shares are down 59% year-to-date.
But they're also near 5-year lows and are down 51% during that time, when the S&P 500 is up 41% for the same period.
Is the stock cheap?
Stanley Black & Decker trades with a forward P/E of 14, even after the earnings were cut. That's cheap but it's not dirt cheap.
The company is expected to report third quarter earnings on Oct 27, 2022. Investors interested in this tool maker might want to stay on the sidelines until there is more clarity on what is happening in the business.
Additional content:
3 Natural Gas Names to Get Through Near-Term Uncertainty
The U.S. Energy Department's weekly inventory release showed a larger-than-expected increase in natural gas supplies. The negative inventory numbers, coupled with other factors, meant that futures fell for the seventh week in a row.
At the same time, there appears to be plenty of upside left for the commodity in 2022, supported by a strong liquefied natural gas (“LNG”) export trend and solid fundamentals. In this context, it would be wise to build a position in quality names such as Chesapeake Energy, EQT Corporation and Cheniere Energy.
EIA Reports a Build Larger Than Market Expectations
Stockpiles held in underground storage in the lower 48 states rose 129 billion cubic feet (Bcf) for the week ended Sep 30, exceeding the guidance of a 114 Bcf addition per the analysts surveyed by S&P Global Commodity Insights.
The increase was also above last year’s injection of 114 Bcf for the same corresponding week and the five-year (2017-2021) average net build of 87 Bcf.
The latest increment puts total natural gas stocks at 3,106 Bcf, which is still 165 Bcf (5%) below the 2021 level at this time and 264 Bcf (7.8%) lower than the five-year average.
The total supply of natural gas averaged 106.5 Bcf per day, up 0.8 Bcf per day on a weekly basis as dry production jumped to a new record of 100.3 Bcf per day.
Meanwhile, daily consumption fell 1.4% to 89.7 Bcf from 91 Bcf in the previous week, mainly reflecting a weaker power burn, with the cooling demand season coming to a finish.
Natural Gas Registers a Marginal Weekly Decrease
Natural gas prices edged down last week, following the higher-than-expected inventory build. Futures for November delivery ended Friday at $6.748 on the New York Mercantile Exchange, falling around 0.3% from the previous week’s closing. The decrease in natural gas realization — for the seventh straight week — is also the result of a boom in supplies and the prediction of mild autumn weather.
Final Thoughts
As is the norm with natural gas, changes in temperature and weather forecasts can lead to price swings. The latest models anticipate light temperature-driven consumption over the near term (with little use of air conditioning or heater across much of the Lower 48), which is a negative for prices.
An increase in natural gas production has also kept the commodity in check. With the upstream operators finally responding to price incentives and ramping up volumes in the last two months, daily production has topped 100 Bcf in recent weeks. This wave of new supply is expected to largely neutralize concerns that the market might enter the winter withdrawal season with gas in storage well below normal. Current inventories are still low and remain nearly 8% below their five-year average.
The one thing supporting natural gas is a stable demand catalyst in the form of continued strong LNG feedgas deliveries. LNG shipments for export from the United States have been robust for months on the back of environmental reasons and record-high prices of the super-chilled fuel elsewhere. Now, with the Russia-Ukraine conflict, LNG has become even more coveted. As a matter of fact, earlier this year, the United States entered into a partnership with the EU to export additional LNG to wean the bloc off its dependence on Russian natural gas supplies. This means LNG deliveries are poised to rise further, especially with natural gas supplies from Moscow to Europe squeezed following leaks in the key Nord Stream pipeline.
However, the protracted downtime associated with the fire breakout at the Freeport LNG export plant in Texas has drowned out most of the positives as of now. The Quintana, TX facility — responsible for around 15% of U.S. liquefaction capacity — was knocked offline by the Jun 8 blast and is expected to only partially restart in November. Consequently, some of the LNG cargoes due for export are likely to have been diverted to the domestic market despite huge demand abroad.
Investing Strategy
While fundamental indicators continue to suggest strong price levels, the natural gas market is currently quite unpredictable and spooked by the sudden rise in production and mild weather. As such, investors are rather unsure of what to do. As of now, the lingering uncertainty over the fuel means that they should preferably opt for fundamentally strong stocks like Chesapeake Energy, EQT and Cheniere Energy.
Chesapeake Energy has a premier natural gas portfolio with more than 15 years of inventory spread over some 2,200 locations. CHK — valued at some $12.1 billion — has a projected earnings growth rate of 95.4% for the current quarter.
Chesapeake Energy beat the Zacks Consensus Estimate for earnings in three of the last four quarters. This Zacks Rank #1 (Strong Buy) stock has a trailing four-quarter earnings surprise of 24.5%, on average. CHK shares have rallied 60.2% in a year.
You can see the complete list of today’s Zacks #1 Rank stocks here.
EQT: EQT is primarily an explorer and producer of natural gas, with a primary focus on the Appalachian Basin in Ohio, Pennsylvania and West Virginia. In terms of average daily sales volumes, EQT is the largest natural gas producer in the domestic market.
The company, carrying a Zacks Rank #2 (Buy), has an expected earnings growth rate of 369.6% for the current year. The Zacks Consensus Estimate for EQT’s 2022 earnings has been revised 14% upward over the past 60 days. EQT — valued at around $16 billion — has soared 117% in a year.
Cheniere Energy is valued at around $43.5 billion. LNG reported EPS of $2.90 for the second quarter, reflecting a 2.5% surprise over consensus.
Cheniere Energy has a projected earnings growth rate of 235.7% for the current year. The Zacks Consensus Estimate for this #2 Ranked natural gas exporter’s third-quarter earnings has been revised 42.7% upward over the past 60 days. LNG shares have climbed 71.2% in a year.
Why Haven’t You Looked at Zacks' Top Stocks?
Our 5 best-performing strategies have blown away the S&P's impressive +28.8% gain in 2021. Amazingly, they soared +40.3%, +48.2%, +67.6%, +94.4%, and +95.3%. Today you can access their live picks without cost or obligation.
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Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
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.