The market has bounced back with a vengeance after bottoming out last Tuesday. Something about the Fourth of July has investors cheering the domestic market. I’m sure easing of trade fears has a little something to do with that. Today’s Bull of the Day is a stock that’s in the media business but also runs one of the most famous racing championships in the world. I’m talking about Liberty Media Formula One Group (FWONA Quick QuoteFWONA - Free Report) .

The group owns 100% of the iconic Formula One motorsports business. In addition, it owns 15% of the MLB’s Atlanta Braves, 33% of Associated Partners LP, a 34% stake in Live Nation Entertainment and a chunk of a host of other businesses. A detailed list of their assets is available on the company’s website.

The company is a Zacks Rank #1 (Strong Buy) stock in an industry that ranks in the Top 7% of our Zacks Industry Rank. The reason for the favorable Zacks Rank stems from a series of increased earnings estimates coming from analysts. Over the last thirty days, analysts have dramatically increased their estimates for the current quarter and current year. Our Zacks Consensus Estimate for the current quarter has jumped from 39 cents to 57 cents. The current year consensus number went from a 71-cent loss all the way to a 36-cent gain.

This is coming on the heels of last quarter’s earnings report where the company reporting just a 7-cent loss versus expectations calling for an 80-cent loss. The previous quarter, earnings came in at $1.79 despite analysts expecting a 26-cent loss.

Liberty Media Corporation Price and Consensus

Liberty Media Corporation Price and Consensus | Liberty Media Corporation Quote

It’s no wonder why the market has been so bullish on shares of FWONA. The stock has surged from $28 in mid-May to over $37 intraday during yesterday’s trade. The 200-day moving average down at $32.98 should provide plenty of support should the stock sell off a bit. Below that, the 50-day sits down at $31.30. The commodity channel index is overbought right now at 118.

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