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The Dow has snapped a seven-day winning streak as of Tuesday’s close, as the near-term rotation into cyclicals and value out of growth tech ran out of steam. The blue-chip 30 fell just 0.39% on the day, or 127.5 points, led by a 3.9% sell-off in Boeing (BA - Free Report) shares, after gaining more than 18% over the past month. The S&P 500 was basically flat on the day, -0.16%, while the small-cap Russell 2000 was -1.7%. Only the Nasdaq sneaked into the green, +0.09%.
Plenty of attention will be given to Fed Chair Jay Powell’s press conference following the wrap-up of the two-day meeting of the Federal Open Market Committee (FOMC). Of course, interest rates aren’t going anywhere anytime soon, but analysts will be paying close attention to how Powell discusses economic metrics gaining momentum of late (today’s lousy Retail Sales numbers notwithstanding). Last time he spoke publicly, Powell invoked the word “inflation,” and the market proved sensitive to it.
Cybersecurity leader Crowdstrike (CRWD - Free Report) beat estimates on both top and bottom lines for its fiscal Q4 earnings report after the bell today, with 13 cents per share outpacing the 9 cents in the Zacks consensus on $264.9 million in sales, which breezed past the $251 million expected. The stock gained 5% initially on the news in late trading, but has pulled back a bit since. Shares are basically flat year to date, but up more than 400% from this time a year ago.
Guidance for next quarter basically flat with expectations on earnings, but notably higher on the top-line: within a range of $287-292 million is expected for Q2, much higher than our analysts’ $264.4 million. This Zacks Rank #2 (Buy)-rated stock ahead of the earnings report may see some upward revisions on the revenue side; full-year estimates were also boosted a bit. The company has not posted an earnings miss since its IPO in 2019.
Miami, FL-based homebuilder Lennar (LEN - Free Report) posted a blowout quarter on the bottom line, with $3.20 per share ($2.04 adjusted) easily surpassing the $1.65 per share expected, and well beyond the year-ago earnings of $1.27 per share. Sales came in at $5.3 billion, better than the $5.1 billion in the Zacks consensus, but it was that big earnings performance grabbing the headline. The company feels the housing market will remain strong, even with rising mortgage rates.
Lennar’s purchase last year of Opendoor (OPEN - Free Report) — a service offering cash for homes, whereby upgrades are made by the company and flipped — has brought about results sooner than many had expected. Opendoor was quickly brought public via a SPAC mid-2020. A week ago, InvestorSpace suggested the company holds 500% upside potential; clearly the public offering has already proven a good move for Lennar.
In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?
Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
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Dow, S&P Snap Winning Streaks; Lennar, Crowdstrike Beat
The Dow has snapped a seven-day winning streak as of Tuesday’s close, as the near-term rotation into cyclicals and value out of growth tech ran out of steam. The blue-chip 30 fell just 0.39% on the day, or 127.5 points, led by a 3.9% sell-off in Boeing (BA - Free Report) shares, after gaining more than 18% over the past month. The S&P 500 was basically flat on the day, -0.16%, while the small-cap Russell 2000 was -1.7%. Only the Nasdaq sneaked into the green, +0.09%.
Plenty of attention will be given to Fed Chair Jay Powell’s press conference following the wrap-up of the two-day meeting of the Federal Open Market Committee (FOMC). Of course, interest rates aren’t going anywhere anytime soon, but analysts will be paying close attention to how Powell discusses economic metrics gaining momentum of late (today’s lousy Retail Sales numbers notwithstanding). Last time he spoke publicly, Powell invoked the word “inflation,” and the market proved sensitive to it.
Cybersecurity leader Crowdstrike (CRWD - Free Report) beat estimates on both top and bottom lines for its fiscal Q4 earnings report after the bell today, with 13 cents per share outpacing the 9 cents in the Zacks consensus on $264.9 million in sales, which breezed past the $251 million expected. The stock gained 5% initially on the news in late trading, but has pulled back a bit since. Shares are basically flat year to date, but up more than 400% from this time a year ago.
Guidance for next quarter basically flat with expectations on earnings, but notably higher on the top-line: within a range of $287-292 million is expected for Q2, much higher than our analysts’ $264.4 million. This Zacks Rank #2 (Buy)-rated stock ahead of the earnings report may see some upward revisions on the revenue side; full-year estimates were also boosted a bit. The company has not posted an earnings miss since its IPO in 2019.
Miami, FL-based homebuilder Lennar (LEN - Free Report) posted a blowout quarter on the bottom line, with $3.20 per share ($2.04 adjusted) easily surpassing the $1.65 per share expected, and well beyond the year-ago earnings of $1.27 per share. Sales came in at $5.3 billion, better than the $5.1 billion in the Zacks consensus, but it was that big earnings performance grabbing the headline. The company feels the housing market will remain strong, even with rising mortgage rates.
Lennar’s purchase last year of Opendoor (OPEN - Free Report) — a service offering cash for homes, whereby upgrades are made by the company and flipped — has brought about results sooner than many had expected. Opendoor was quickly brought public via a SPAC mid-2020. A week ago, InvestorSpace suggested the company holds 500% upside potential; clearly the public offering has already proven a good move for Lennar.
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Zacks Top 10 Stocks for 2021
In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?
Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
AccessZacks Top 10 Stocks for 2021 today >>