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The Zacks Analyst Blog Highlights Amazon.com, Abercrombie & Fitch, Cadence Design, DHI Group and Spotify
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For Immediate Release
Chicago, IL – February 14, 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: Amazon.com (AMZN - Free Report) , Abercrombie & Fitch (ANF - Free Report) , Cadence Design Systems (CDNS - Free Report) , DHI Group (DHX - Free Report) and Spotify Technology (SPOT - Free Report) .
Here are highlights from Tuesday’s Analyst Blog:
"Year of the Dragon" a Boon for Wall Street: 5 Growth Picks
The Chinese Lunar Year started on Feb 10 and marked the Year of the Dragon, which historically has been bullish for U.S. equities. Major indexes have scaled northward significantly in such years since 1871, according to Fundstrat Global Advisors’ research head, Tom Lee.
U.S. equities, on average, gained a solid 12.7% during Years of the Dragon, with the broader S&P 500 closing higher 75% of the time. Small-cap stocks also performed well in these years and have often outperformed their larger counterparts.
Encouragingly, the stock market is off to a strong start, with the S&P 500 notching its tenth record close of 2024 and has booked the fifth consecutive week of gains. The broader index surpassed the 5,000 mark recently and has increased more than 5% year to date. The Dow and the Nasdaq are also currently trading in the green for the year.
The stock market, in reality, is expected to continue its winning momentum all through the year as consumers remain confident about their well-being, while steady economic growth squashed fears of an imminent recession. Price pressures, meanwhile, have begun to show signs of cooling down amid strength in the labor market, thereby boosting consumers’ confidence.
The consumer confidence index in recent times has climbed to its highest level in two years, while economic growth in the fourth quarter of 2023 expanded at an annualized rate of 3.3% as business investment and government outlays improved (read more: 5 Stocks to Gain as Consumers Feel Confident About the Economy).
The Federal Reserve’s preferred, personal consumption expenditures price index, on the other hand, advanced only 1.7% in the fourth quarter, less than the 2.6% increase in the third quarter. On the labor front, hiring continued to be robust, especially during the holiday shopping season (read more: 5 Staffing Stocks to Gain as Labor Market Remains Hot).
Thus, with things looking up for the economy vis-à-vis the stock market in the Year of the Dragon, investing in fundamentally sound growth stocks like Amazon.com, Abercrombie & Fitch, Cadence Design Systems, DHI Group and Spotify Technology seems prudent.
Amazon is one of the largest e-commerce providers. Amazon currently has a Zacks Rank #1 and a Growth Score of A. The Zacks Consensus Estimate for its current-year earnings has moved up 14.2% over the past 60 days. AMZN’s expected earnings growth rate for the current year is 39%.
Abercrombie & Fitch operates as a specialty retailer of premium, high-quality casual apparel. Abercrombie & Fitch currently has a Zacks Rank #1 and a Growth Score of B. The Zacks Consensus Estimate for its current-year earnings has moved up 6.6% over the past 60 days. ANF’s expected earnings growth rate for the current year is 2,348%.
Cadence Design Systems is a leader in the electronic system design space. Cadence Design Systems currently has a Zacks Rank #2 and a Growth Score of B. The Zacks Consensus Estimate for its current-year earnings has moved up 0.2% over the past 60 days. CDNS’s expected earnings growth rate for the current year is 19.7%.
DHI Group offers specialized websites that focus on select professional communities. DHI Group currently has a Zacks Rank #1 and a Growth Score of A. The Zacks Consensus Estimate for its current-year earnings has moved up 12.5% over the past 60 days. DHX’s expected earnings growth rate for the current year is 80%.
Spotify Technology provides music streaming services. Spotify Technology currently has a Zacks Rank #1 and a Growth Score of A. The Zacks Consensus Estimate for its current-year earnings has moved up 36.8% over the past 60 days. SPOT’s expected earnings growth rate for the current year is 212.2%.
Why Haven’t You Looked at Zacks' Top Stocks?
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.
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 Amazon.com, Abercrombie & Fitch, Cadence Design, DHI Group and Spotify
For Immediate Release
Chicago, IL – February 14, 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: Amazon.com (AMZN - Free Report) , Abercrombie & Fitch (ANF - Free Report) , Cadence Design Systems (CDNS - Free Report) , DHI Group (DHX - Free Report) and Spotify Technology (SPOT - Free Report) .
Here are highlights from Tuesday’s Analyst Blog:
"Year of the Dragon" a Boon for Wall Street: 5 Growth Picks
The Chinese Lunar Year started on Feb 10 and marked the Year of the Dragon, which historically has been bullish for U.S. equities. Major indexes have scaled northward significantly in such years since 1871, according to Fundstrat Global Advisors’ research head, Tom Lee.
U.S. equities, on average, gained a solid 12.7% during Years of the Dragon, with the broader S&P 500 closing higher 75% of the time. Small-cap stocks also performed well in these years and have often outperformed their larger counterparts.
Encouragingly, the stock market is off to a strong start, with the S&P 500 notching its tenth record close of 2024 and has booked the fifth consecutive week of gains. The broader index surpassed the 5,000 mark recently and has increased more than 5% year to date. The Dow and the Nasdaq are also currently trading in the green for the year.
The stock market, in reality, is expected to continue its winning momentum all through the year as consumers remain confident about their well-being, while steady economic growth squashed fears of an imminent recession. Price pressures, meanwhile, have begun to show signs of cooling down amid strength in the labor market, thereby boosting consumers’ confidence.
The consumer confidence index in recent times has climbed to its highest level in two years, while economic growth in the fourth quarter of 2023 expanded at an annualized rate of 3.3% as business investment and government outlays improved (read more: 5 Stocks to Gain as Consumers Feel Confident About the Economy).
The Federal Reserve’s preferred, personal consumption expenditures price index, on the other hand, advanced only 1.7% in the fourth quarter, less than the 2.6% increase in the third quarter. On the labor front, hiring continued to be robust, especially during the holiday shopping season (read more: 5 Staffing Stocks to Gain as Labor Market Remains Hot).
Thus, with things looking up for the economy vis-à-vis the stock market in the Year of the Dragon, investing in fundamentally sound growth stocks like Amazon.com, Abercrombie & Fitch, Cadence Design Systems, DHI Group and Spotify Technology seems prudent.
These stocks carry a Zacks Rank #1 (Strong Buy) or 2 (Buy) and a Growth Score of A or B, a combination that offers the best opportunities in the growth investing space. You can see the complete list of today’s Zacks Rank #1 stocks here.
Amazon is one of the largest e-commerce providers. Amazon currently has a Zacks Rank #1 and a Growth Score of A. The Zacks Consensus Estimate for its current-year earnings has moved up 14.2% over the past 60 days. AMZN’s expected earnings growth rate for the current year is 39%.
Abercrombie & Fitch operates as a specialty retailer of premium, high-quality casual apparel. Abercrombie & Fitch currently has a Zacks Rank #1 and a Growth Score of B. The Zacks Consensus Estimate for its current-year earnings has moved up 6.6% over the past 60 days. ANF’s expected earnings growth rate for the current year is 2,348%.
Cadence Design Systems is a leader in the electronic system design space. Cadence Design Systems currently has a Zacks Rank #2 and a Growth Score of B. The Zacks Consensus Estimate for its current-year earnings has moved up 0.2% over the past 60 days. CDNS’s expected earnings growth rate for the current year is 19.7%.
DHI Group offers specialized websites that focus on select professional communities. DHI Group currently has a Zacks Rank #1 and a Growth Score of A. The Zacks Consensus Estimate for its current-year earnings has moved up 12.5% over the past 60 days. DHX’s expected earnings growth rate for the current year is 80%.
Spotify Technology provides music streaming services. Spotify Technology currently has a Zacks Rank #1 and a Growth Score of A. The Zacks Consensus Estimate for its current-year earnings has moved up 36.8% over the past 60 days. SPOT’s expected earnings growth rate for the current year is 212.2%.
Why Haven’t You Looked at Zacks' Top Stocks?
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.
See Stocks Free >>
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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.