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2 Nasdaq 100 Stocks to Buy Before Earnings - and Hold Forever
Today’s episode of Full Court Finance at Zacks dives into key stock market levels to watch for as Wall Street bulls attempt to keep the Nasdaq and Bitcoin near record highs. The episode then breaks down why investors might want to buy two Nasdaq-100 stocks— Micron and Lululemon — ahead of their upcoming earnings reports.
The stock market took a breather on Wednesday and Thursday following its post-CPI release pop.The bulls have pushed stocks higher in 2024 without sending the market to euphoric altitudes. The nearby chart showcases the regular pullbacks to the 21-day throughout the year.
The Nasdaq is trading near fresh highs while sitting at neutral RSI levels. Bitcoin’s surge to new records has also likely helped stop the Nasdaq from overheating. Plus, there are tons of market movers such as Tesla and Apple trading at highly enticing levels for long-term investors.
Micron Technology, Inc. - Q2 FY24 Results Due on March 20
Micron shares have climbed about 70% in the last year vs. the Zacks Tech sector’s 50%. MU has tracked the Tech sector over the last decade, up 290%. Yet MU trades 9% below its average Zacks price target and 10% below its recent highs.
The stock is approaching its 21-day moving average after sellers prevented Micron from breaking too far above its previous records. Micron stock had also hit overbought levels.
Micron is the giant of memory chips, which have been more historically cyclical than the broader semiconductor market and heavily impacted by pricing.
Thankfully, Micron’s outlook is impressive as the memory chip maker benefits from data center expansion and booming AI growth. Micron predicts that AI will drive record demand for memory chips.
Micron is projected to post 45% revenue growth in FY24 and FY25 to soar from $15.54 billion last year to $32.94 billion. The company’s adjusted earnings growth outlook is even stronger and its most accurate/recent EPS estimates came in miles above its already improved consensus.
Micron’s upbeat EPS revisions help it land a Zacks Rank #2 (Buy). Micron’s balance sheet is sturdy and 23 of the 27 brokerage recommendations Zacks has are “Strong Buys.” If Micron impresses on March 20, the stock could finally enter a new trading range.
Lululemon - Q4 FY23 Results Due on Mach 21
Lululemon stock has soared 60% in the last 12 months vs. Nike’s -15% drop, its Zacks sector’s 17% climb, and the Market’s 32% jump. Lululemon has skyrocketed nearly 900% in the last decade vs. the benchmark’s 180% and Nike’s 167%. LULU, like Micron, sits at an attractive range for long-term investors.
LULU trades 10% below its average Zacks price target and it recently rebounded above its 50-day after buyers came in at its long-term 21-week moving average. Plus, Lululemon trades at a roughly 50% discount to its 10-year highs at 31.9X forward earnings and in line with its 10-year median.
Lululemon’s transformation into a well-rounded sportswear and apparel company pushed Nike, Target, and countless upstarts to mimic the athleisure giant’s style. Lululemon’s high-margin growth is highly impressive as higher-income shoppers power it through various economic conditions. Lululemon executives project it will double its net revenue between 2021 and 2026, driven by direct-to-consumer, menswear, and international expansion.
LULU is projected to post 18% revenue growth in FY23 and 14% higher sales in FY24, following 26% average expansion in the trailing five years. LULU is projected to expand its bottom line by 24% in FY23 and 15% in FY24. Lululemon, which grabs a Zacks Rank #3 (Hold), is buying back stock, supported by its robust balance sheet.
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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Zacks Investment Ideas feature highlights: Micron, Lululemon and Nike
For Immediate Release
Chicago, IL – March 18, 2024 – Today, Zacks Investment Ideas feature highlights Micron (MU - Free Report) , Lululemon (LULU - Free Report) and Nike (NKE - Free Report) .
2 Nasdaq 100 Stocks to Buy Before Earnings - and Hold Forever
Today’s episode of Full Court Finance at Zacks dives into key stock market levels to watch for as Wall Street bulls attempt to keep the Nasdaq and Bitcoin near record highs. The episode then breaks down why investors might want to buy two Nasdaq-100 stocks— Micron and Lululemon — ahead of their upcoming earnings reports.
The stock market took a breather on Wednesday and Thursday following its post-CPI release pop.The bulls have pushed stocks higher in 2024 without sending the market to euphoric altitudes. The nearby chart showcases the regular pullbacks to the 21-day throughout the year.
The Nasdaq is trading near fresh highs while sitting at neutral RSI levels. Bitcoin’s surge to new records has also likely helped stop the Nasdaq from overheating. Plus, there are tons of market movers such as Tesla and Apple trading at highly enticing levels for long-term investors.
Micron Technology, Inc. - Q2 FY24 Results Due on March 20
Micron shares have climbed about 70% in the last year vs. the Zacks Tech sector’s 50%. MU has tracked the Tech sector over the last decade, up 290%. Yet MU trades 9% below its average Zacks price target and 10% below its recent highs.
The stock is approaching its 21-day moving average after sellers prevented Micron from breaking too far above its previous records. Micron stock had also hit overbought levels.
Micron is the giant of memory chips, which have been more historically cyclical than the broader semiconductor market and heavily impacted by pricing.
Thankfully, Micron’s outlook is impressive as the memory chip maker benefits from data center expansion and booming AI growth. Micron predicts that AI will drive record demand for memory chips.
Micron is projected to post 45% revenue growth in FY24 and FY25 to soar from $15.54 billion last year to $32.94 billion. The company’s adjusted earnings growth outlook is even stronger and its most accurate/recent EPS estimates came in miles above its already improved consensus.
Micron’s upbeat EPS revisions help it land a Zacks Rank #2 (Buy). Micron’s balance sheet is sturdy and 23 of the 27 brokerage recommendations Zacks has are “Strong Buys.” If Micron impresses on March 20, the stock could finally enter a new trading range.
Lululemon - Q4 FY23 Results Due on Mach 21
Lululemon stock has soared 60% in the last 12 months vs. Nike’s -15% drop, its Zacks sector’s 17% climb, and the Market’s 32% jump. Lululemon has skyrocketed nearly 900% in the last decade vs. the benchmark’s 180% and Nike’s 167%. LULU, like Micron, sits at an attractive range for long-term investors.
LULU trades 10% below its average Zacks price target and it recently rebounded above its 50-day after buyers came in at its long-term 21-week moving average. Plus, Lululemon trades at a roughly 50% discount to its 10-year highs at 31.9X forward earnings and in line with its 10-year median.
Lululemon’s transformation into a well-rounded sportswear and apparel company pushed Nike, Target, and countless upstarts to mimic the athleisure giant’s style. Lululemon’s high-margin growth is highly impressive as higher-income shoppers power it through various economic conditions. Lululemon executives project it will double its net revenue between 2021 and 2026, driven by direct-to-consumer, menswear, and international expansion.
LULU is projected to post 18% revenue growth in FY23 and 14% higher sales in FY24, following 26% average expansion in the trailing five years. LULU is projected to expand its bottom line by 24% in FY23 and 15% in FY24. Lululemon, which grabs a Zacks Rank #3 (Hold), is buying back stock, supported by its robust balance sheet.
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.