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Halliburton Company and M.D.C. Holdings have been highlighted as Zacks Bull and Bear of the Day
Read MoreHide Full Article
For Immediate Release
Chicago, IL – November 2, 2022 – Zacks Equity Research shares Halliburton Company (HAL - Free Report) as the Bull of the Day and M.D.C. Holdings, Inc. (MDC - Free Report) as the Bear of the Day. In addition, Zacks Equity Research provides analysis on United States Cellular Corp. (USM - Free Report) , TELUS Corp. (TU - Free Report) , Comtech Telecommunications Corp. (CMTL - Free Report) .
Halliburton Company is seeing strong demand in the energy industry heading into 2023. This Zacks Rank #1 (Strong Buy) is expected to see big earnings growth this year and next.
Halliburton is one of the largest global providers of products and services to the energy industry.
Another Beat in the Third Quarter
On Oct 25, Halliburton reported its third quarter results and beat on the Zacks Consensus by $0.04. Earnings were $0.60 versus the Zacks Consensus of $0.56.
Halliburton has an outstanding earnings surprise track record. It hasn't missed on earnings since 2018, including during the tough COVID pandemic years.
Revenue was up 39% year-over-year to $5.4 billion. Revenue was also up 6% from the second quarter.
It saw free cash flow of $543 million in the quarter.
Both North America and International Were Strong
By geographies, North American revenue rose 9% quarter-over-quarter to $2.6 billion. It was driven by increased pressure pumping services and drilling-related services in North America land. These increases were partially offset by decreased activity across multiple product service lines in the Gulf of Mexico.
International revenue rose 3% quarter-over-quarter to $2.7 billion. Latin America revenue was up 11% sequentially due to increased well construction services and project management activity in Mexico and higher fluids and project management activity in Suriname.
Europe/Africa revenue declined 11% sequentially to $639 million due to an exit from the Russian business along with decreased activity in the North Sea.
Middle East/Asia revenue rose 6% sequentially to $1.2 billion due to increased activity in Saudi Arabia and increased drilling services in Malaysia and Indonesia.
"In all markets, Halliburton's strong financial results demonstrate the execution of our strategic priorities. I believe structural demand for more oil and gas supply will provide strong tailwinds for our business, and Halliburton is well-positioned to deliver improved profitability and increased returns for shareholders," said Jeff Miller, CEO.
Analysts Raise 2022 and 2023 Earnings Estimates
Analysts were impressed with the third quarter results and the outlook.
7 estimates have been revised higher in the last week for 2022. It has pushed the Zacks Consensus Estimate up to 42.07 from $2.03 in that time period.
That's earnings growth of 92% as Halliburton made just $1.08 in 2021.
2023 is also looking bullish as 6 estimates have been revised higher in the last 7 days. The 2023 Zacks Consensus Estimate has jumped to $2.88 from $2.81. That is further earnings growth of 39.4%.
Shares are Volatile in 2022
Shares of Halliburton were in a big rally through June 2022 and then sold off hard. It's been a wild ride.
However, they're now up about 45% over the last year compared to the S&P 500's decline of 18%.
It's not dirt cheap, but Halliburton still has an attractive P/E at 17.6.
Halliburton pays a dividend, currently yielding 1.3%.
For investors looking for an oil services stock to add to their portfolio, Halliburton is one to keep on the short list.
[In full disclosure, Tracey owns shares of Halliburton in the Zacks Value Investor portfolio.]
M.D.C. Holdings, Inc. is seeing the impact of 7% mortgage rates on new orders. This Zacks Rank #5 (Strong Sell) is expected to see a sharp decline in earnings next year as the housing market cools.
M.D.C. Holdings is a national home builder which subsidiaries operate under the name Richmond American Homes. It has homebuilding operations in many of the largest cities including Denver, Las Vegas, Phoenix, Los Angeles, San Diego, Washington DC, Orlando, Seattle, Boise, Nashville, Austin and Albuquerque.
It also has mortgage financing and insurance and title services, primarily for Richmond American homebuyers.
An Earnings Miss in the Third Quarter
On Oct 27, M.D.C. Holdings reported its third quarter results and missed on the Zacks Consensus Estimate by $0.26. Earnings were $1.98 compared to the Zacks Consensus of $2.24.
Revenue rose 12% to $1.4 billion year-over-year as the company delivered its extensive home backlog.
Excluding impairments, home sale gross margins expanded 120 basis points to 24.7% year-over-year. Unit deliveries fell 1% to 2387.
However, cancellations as a percentage of beginning backlog were up 970 basis points to 17.1% from 7.4% a year ago.
"Interest rate volatility and overall economic uncertainty took a toll on our sales efforts in the third quarter, as we experienced a slowdown in demand coupled with a sharp increase in cancellations," said Larry Mizel, MDC's Executive Chairman.
"Buyer psychology continued to be adversely affected by the negative news flow surrounding housing market conditions and the overall economy, leading to a disappointing net order result for the quarter," he added.
The company is focusing its sales efforts on inventory that can close this year to generate cash flow. It also said that it has a seasoned management team that has been through slowdowns before.
Big Earnings Decline Expected for 2023
M.D.C. Holdings' unit backlog decreased 30% to 5338 homes in the third quarter. With sales also slowing, it's not a surprise that analysts believe earnings will be lower in 2023.
1 estimate has been cut in the last 30 days for 2023, pushing the Zacks Consensus down to $5.41 from $8.21 in the last 90 days.
This is an earnings decline of 40.5% as the company is expected to make $9.10 in 2022.
Shares are Cheap
The home builder stocks have plunged in 2022 as mortgage rates have risen. M.D.C. Holdings is down 46% year-to-date.
M.D.C. Holdings is still trading with an extremely low P/E of just 3.4.
It also pays an industry-leading dividend, currently yielding 6.4%.
But the Homebuilders are in the bottom 1% of the Zacks Industry Rank. It ranks 247 out of 250 industries as those earnings estimates are coming down quickly.
I would be careful of value traps.
With housing market conditions changing quickly, investors might want to stay on the sidelines until there is some clarity about how low home sales will go.
Additional content:
3 Telecom Stocks Likely to Surpass Q3 Estimates
In the third quarter of 2022, telecom stocks witnessed a gradual revival as business operations returned to pre-pandemic levels. Despite supply chain woes related to continued chip shortage and challenging macroeconomic environment, the industry seemed to benefit from higher demand for scalable infrastructure for seamless connectivity amid a wide proliferation of IoT devices.
A steady pace of 5G deployment and investments by leading carriers to increase their fiber footprint in rural areas to bridge the digital divide seemed to infuse confidence in the sector. Telecom firms also stepped up efforts to provide a vital lifeline to countless humans as the work-from-home trend gained traction.
Factors in Play
Accelerated 5G Rollout: With the exponential growth of mobile broadband traffic and home Internet solutions, demand for advanced networking architecture has increased manifold. This has forced service providers to upgrade their networks and support the surge in home data traffic. To maintain superior performance standards, there is a continuous need for network tuning and optimization, which creates demand for state-of-the-art wireless products and services. Moreover, a faster pace of 5G deployment is expected to augment the scalability, security and universal mobility of the telecommunications industry and propel the wide proliferation of IoT.
Fiber Densification: Expansion of fiber optic networks by carriers to support their 4G LTE and 5G wireless standards, as well as wireline connections, are acting as tailwinds. The fiber-optic cable network is vital for backhaul and the last mile local loop, which are required by wireless service providers for 5G deployment.
Fiber networks are also essential for the growing deployment of small cells that bring the network closer to the user and supplement macro networks to provide extensive coverage. The telecom industry is facilitating its customers to move away from an economy-of-scale network operating model to demand-driven operations and seamlessly migrate to 5G by offering easy programmability and flexible automation through steady infrastructure investments.
Volatility in Raw Material Prices: The industry is continuously facing an acute shortage of chips, which are the building blocks for various equipment used by telecom carriers. Moreover, high raw material prices due to inflation, the prolonged Russia-Ukraine war and the consequent economic sanctions against the Putin regime have affected the operation schedule of various firms. Although various steps have been taken to address the global shortage of semiconductor chips and devise ways to increase domestic production, the demand-supply imbalance has crippled operations and largely affected profitability due to inflated equipment prices.
Network Convergence: With operators moving toward converged or multi-use network structures, combining voice, video and data communications into a single network, the industry is increasingly developing solutions to support wireline and wireless network convergence. The industry players have enabled enterprises to rapidly scale communications functionalities to a vast range of applications and devices with easy-to-use software application programming interfaces.
The wide proliferation of cloud networking solutions is further resulting in increased storage and computing on a virtual plane. As both consumers and enterprises use the network, there is tremendous demand for quality networking equipment.
How to Pick?
A multitude of telecom stocks is likely to report earnings in the coming weeks. A solid earnings performance of the telecom sector could sow the seeds for future investments and R&D in network and 5G-enabled devices for superior 5G capabilities as the industry seeks to capitalize on the inherent growth potential.
Among a diverse range of companies, choosing the right stock for your portfolio could appear to be a colossal task. While it is impossible to be sure about such outperformers, our proprietary methodology makes the process fairly simple.
Our research shows that for stocks with the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold), chances of a positive earnings surprise are as huge as 70%. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
Earnings ESP is an important ingredient of our proven model, which, along with a top Zacks Rank, creates the perfect combination to determine stocks with the best chances to pull off a surprise in the upcoming earnings announcements. It is the percentage difference between the Most Accurate Estimate and the Zacks Consensus Estimate.
Potential Winners
United States Cellular Corp.: Headquartered in Chicago, IL, U.S. Cellular is the fourth largest full-service wireless carrier in the United States. The company provides a range of wireless products and services, and a high-quality network to increase the competitiveness of local businesses and improve the efficiency of government operations.
U.S. Cellular is expanding its footprint while adopting unlimited plans to enhance average revenue per user. The company has a mid-band spectrum in almost all of its operating markets. U.S. Cellular currently sports a Zacks Rank #1 and has an Earnings ESP of +47.46%. The company is scheduled to report results after the closing bell on Nov 3.
TELUS Corp.: Based in Burnaby, British Columbia, TELUS is one of the largest telecom carriers in Canada, covering 95% of the country's population. It provides wireless, wireline, and Internet communications services for voice and data to businesses and consumers.
The addition of the 600 MHz spectrum will help TELUS increase its urban capacity while expanding the rural availability of wireless broadband service. It has also launched a 3500 MHz spectrum on its 5G wireless network to provide faster Internet connectivity to customers in various parts of Canada. The company is slated to report third-quarter results on Nov 4, before the opening bell. The stock currently has an Earnings ESP of +0.63% and a Zacks Rank #3. You can see the complete list of today's Zacks #1 Rank stocks here.
Comtech Telecommunications Corp.: Headquartered in Melville, NY, Comtech is a leading global provider of next-generation 911 emergency systems and secure wireless communications technologies to commercial and government customers.
Comtech's key satellite earth station modems incorporate forward error correction and bandwidth compression technologies, which enable its customers to optimize their satellite networks by either reducing their satellite transponder lease costs or increasing data throughput. It holds leadership positions in the market for high-throughput modems used in cellular backhaul. This Zacks Rank #1 stock has an Earnings ESP of +38.46%. The company is scheduled to report results on Dec 8.
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.
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/performancefor information about the performance numbers displayed in this press release.
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Halliburton Company and M.D.C. Holdings have been highlighted as Zacks Bull and Bear of the Day
For Immediate Release
Chicago, IL – November 2, 2022 – Zacks Equity Research shares Halliburton Company (HAL - Free Report) as the Bull of the Day and M.D.C. Holdings, Inc. (MDC - Free Report) as the Bear of the Day. In addition, Zacks Equity Research provides analysis on United States Cellular Corp. (USM - Free Report) , TELUS Corp. (TU - Free Report) , Comtech Telecommunications Corp. (CMTL - Free Report) .
Here is a synopsis of all five stocks:
Bull of the Day:
Halliburton Company is seeing strong demand in the energy industry heading into 2023. This Zacks Rank #1 (Strong Buy) is expected to see big earnings growth this year and next.
Halliburton is one of the largest global providers of products and services to the energy industry.
Another Beat in the Third Quarter
On Oct 25, Halliburton reported its third quarter results and beat on the Zacks Consensus by $0.04. Earnings were $0.60 versus the Zacks Consensus of $0.56.
Halliburton has an outstanding earnings surprise track record. It hasn't missed on earnings since 2018, including during the tough COVID pandemic years.
Revenue was up 39% year-over-year to $5.4 billion. Revenue was also up 6% from the second quarter.
It saw free cash flow of $543 million in the quarter.
Both North America and International Were Strong
By geographies, North American revenue rose 9% quarter-over-quarter to $2.6 billion. It was driven by increased pressure pumping services and drilling-related services in North America land. These increases were partially offset by decreased activity across multiple product service lines in the Gulf of Mexico.
International revenue rose 3% quarter-over-quarter to $2.7 billion. Latin America revenue was up 11% sequentially due to increased well construction services and project management activity in Mexico and higher fluids and project management activity in Suriname.
Europe/Africa revenue declined 11% sequentially to $639 million due to an exit from the Russian business along with decreased activity in the North Sea.
Middle East/Asia revenue rose 6% sequentially to $1.2 billion due to increased activity in Saudi Arabia and increased drilling services in Malaysia and Indonesia.
"In all markets, Halliburton's strong financial results demonstrate the execution of our strategic priorities. I believe structural demand for more oil and gas supply will provide strong tailwinds for our business, and Halliburton is well-positioned to deliver improved profitability and increased returns for shareholders," said Jeff Miller, CEO.
Analysts Raise 2022 and 2023 Earnings Estimates
Analysts were impressed with the third quarter results and the outlook.
7 estimates have been revised higher in the last week for 2022. It has pushed the Zacks Consensus Estimate up to 42.07 from $2.03 in that time period.
That's earnings growth of 92% as Halliburton made just $1.08 in 2021.
2023 is also looking bullish as 6 estimates have been revised higher in the last 7 days. The 2023 Zacks Consensus Estimate has jumped to $2.88 from $2.81. That is further earnings growth of 39.4%.
Shares are Volatile in 2022
Shares of Halliburton were in a big rally through June 2022 and then sold off hard. It's been a wild ride.
However, they're now up about 45% over the last year compared to the S&P 500's decline of 18%.
It's not dirt cheap, but Halliburton still has an attractive P/E at 17.6.
Halliburton pays a dividend, currently yielding 1.3%.
For investors looking for an oil services stock to add to their portfolio, Halliburton is one to keep on the short list.
[In full disclosure, Tracey owns shares of Halliburton in the Zacks Value Investor portfolio.]
Bear of the Day:
M.D.C. Holdings, Inc. is seeing the impact of 7% mortgage rates on new orders. This Zacks Rank #5 (Strong Sell) is expected to see a sharp decline in earnings next year as the housing market cools.
M.D.C. Holdings is a national home builder which subsidiaries operate under the name Richmond American Homes. It has homebuilding operations in many of the largest cities including Denver, Las Vegas, Phoenix, Los Angeles, San Diego, Washington DC, Orlando, Seattle, Boise, Nashville, Austin and Albuquerque.
It also has mortgage financing and insurance and title services, primarily for Richmond American homebuyers.
An Earnings Miss in the Third Quarter
On Oct 27, M.D.C. Holdings reported its third quarter results and missed on the Zacks Consensus Estimate by $0.26. Earnings were $1.98 compared to the Zacks Consensus of $2.24.
Revenue rose 12% to $1.4 billion year-over-year as the company delivered its extensive home backlog.
Excluding impairments, home sale gross margins expanded 120 basis points to 24.7% year-over-year. Unit deliveries fell 1% to 2387.
However, cancellations as a percentage of beginning backlog were up 970 basis points to 17.1% from 7.4% a year ago.
"Interest rate volatility and overall economic uncertainty took a toll on our sales efforts in the third quarter, as we experienced a slowdown in demand coupled with a sharp increase in cancellations," said Larry Mizel, MDC's Executive Chairman.
"Buyer psychology continued to be adversely affected by the negative news flow surrounding housing market conditions and the overall economy, leading to a disappointing net order result for the quarter," he added.
The company is focusing its sales efforts on inventory that can close this year to generate cash flow. It also said that it has a seasoned management team that has been through slowdowns before.
Big Earnings Decline Expected for 2023
M.D.C. Holdings' unit backlog decreased 30% to 5338 homes in the third quarter. With sales also slowing, it's not a surprise that analysts believe earnings will be lower in 2023.
1 estimate has been cut in the last 30 days for 2023, pushing the Zacks Consensus down to $5.41 from $8.21 in the last 90 days.
This is an earnings decline of 40.5% as the company is expected to make $9.10 in 2022.
Shares are Cheap
The home builder stocks have plunged in 2022 as mortgage rates have risen. M.D.C. Holdings is down 46% year-to-date.
M.D.C. Holdings is still trading with an extremely low P/E of just 3.4.
It also pays an industry-leading dividend, currently yielding 6.4%.
But the Homebuilders are in the bottom 1% of the Zacks Industry Rank. It ranks 247 out of 250 industries as those earnings estimates are coming down quickly.
I would be careful of value traps.
With housing market conditions changing quickly, investors might want to stay on the sidelines until there is some clarity about how low home sales will go.
Additional content:
3 Telecom Stocks Likely to Surpass Q3 Estimates
In the third quarter of 2022, telecom stocks witnessed a gradual revival as business operations returned to pre-pandemic levels. Despite supply chain woes related to continued chip shortage and challenging macroeconomic environment, the industry seemed to benefit from higher demand for scalable infrastructure for seamless connectivity amid a wide proliferation of IoT devices.
A steady pace of 5G deployment and investments by leading carriers to increase their fiber footprint in rural areas to bridge the digital divide seemed to infuse confidence in the sector. Telecom firms also stepped up efforts to provide a vital lifeline to countless humans as the work-from-home trend gained traction.
Factors in Play
Accelerated 5G Rollout: With the exponential growth of mobile broadband traffic and home Internet solutions, demand for advanced networking architecture has increased manifold. This has forced service providers to upgrade their networks and support the surge in home data traffic. To maintain superior performance standards, there is a continuous need for network tuning and optimization, which creates demand for state-of-the-art wireless products and services. Moreover, a faster pace of 5G deployment is expected to augment the scalability, security and universal mobility of the telecommunications industry and propel the wide proliferation of IoT.
Fiber Densification: Expansion of fiber optic networks by carriers to support their 4G LTE and 5G wireless standards, as well as wireline connections, are acting as tailwinds. The fiber-optic cable network is vital for backhaul and the last mile local loop, which are required by wireless service providers for 5G deployment.
Fiber networks are also essential for the growing deployment of small cells that bring the network closer to the user and supplement macro networks to provide extensive coverage. The telecom industry is facilitating its customers to move away from an economy-of-scale network operating model to demand-driven operations and seamlessly migrate to 5G by offering easy programmability and flexible automation through steady infrastructure investments.
Volatility in Raw Material Prices: The industry is continuously facing an acute shortage of chips, which are the building blocks for various equipment used by telecom carriers. Moreover, high raw material prices due to inflation, the prolonged Russia-Ukraine war and the consequent economic sanctions against the Putin regime have affected the operation schedule of various firms. Although various steps have been taken to address the global shortage of semiconductor chips and devise ways to increase domestic production, the demand-supply imbalance has crippled operations and largely affected profitability due to inflated equipment prices.
Network Convergence: With operators moving toward converged or multi-use network structures, combining voice, video and data communications into a single network, the industry is increasingly developing solutions to support wireline and wireless network convergence. The industry players have enabled enterprises to rapidly scale communications functionalities to a vast range of applications and devices with easy-to-use software application programming interfaces.
The wide proliferation of cloud networking solutions is further resulting in increased storage and computing on a virtual plane. As both consumers and enterprises use the network, there is tremendous demand for quality networking equipment.
How to Pick?
A multitude of telecom stocks is likely to report earnings in the coming weeks. A solid earnings performance of the telecom sector could sow the seeds for future investments and R&D in network and 5G-enabled devices for superior 5G capabilities as the industry seeks to capitalize on the inherent growth potential.
Among a diverse range of companies, choosing the right stock for your portfolio could appear to be a colossal task. While it is impossible to be sure about such outperformers, our proprietary methodology makes the process fairly simple.
Our research shows that for stocks with the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold), chances of a positive earnings surprise are as huge as 70%. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
Earnings ESP is an important ingredient of our proven model, which, along with a top Zacks Rank, creates the perfect combination to determine stocks with the best chances to pull off a surprise in the upcoming earnings announcements. It is the percentage difference between the Most Accurate Estimate and the Zacks Consensus Estimate.
Potential Winners
United States Cellular Corp.: Headquartered in Chicago, IL, U.S. Cellular is the fourth largest full-service wireless carrier in the United States. The company provides a range of wireless products and services, and a high-quality network to increase the competitiveness of local businesses and improve the efficiency of government operations.
U.S. Cellular is expanding its footprint while adopting unlimited plans to enhance average revenue per user. The company has a mid-band spectrum in almost all of its operating markets. U.S. Cellular currently sports a Zacks Rank #1 and has an Earnings ESP of +47.46%. The company is scheduled to report results after the closing bell on Nov 3.
TELUS Corp.: Based in Burnaby, British Columbia, TELUS is one of the largest telecom carriers in Canada, covering 95% of the country's population. It provides wireless, wireline, and Internet communications services for voice and data to businesses and consumers.
The addition of the 600 MHz spectrum will help TELUS increase its urban capacity while expanding the rural availability of wireless broadband service. It has also launched a 3500 MHz spectrum on its 5G wireless network to provide faster Internet connectivity to customers in various parts of Canada. The company is slated to report third-quarter results on Nov 4, before the opening bell. The stock currently has an Earnings ESP of +0.63% and a Zacks Rank #3. You can see the complete list of today's Zacks #1 Rank stocks here.
Comtech Telecommunications Corp.: Headquartered in Melville, NY, Comtech is a leading global provider of next-generation 911 emergency systems and secure wireless communications technologies to commercial and government customers.
Comtech's key satellite earth station modems incorporate forward error correction and bandwidth compression technologies, which enable its customers to optimize their satellite networks by either reducing their satellite transponder lease costs or increasing data throughput. It holds leadership positions in the market for high-throughput modems used in cellular backhaul. This Zacks Rank #1 stock has an Earnings ESP of +38.46%. The company is scheduled to report results on Dec 8.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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/performancefor information about the performance numbers displayed in this press release.