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Strength Seen in Ally Financial (ALLY): Can Its 5.4% Jump Turn into More Strength?
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Ally Financial (ALLY - Free Report) shares ended the last trading session 5.4% higher at $23.50. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 28.2% loss over the past four weeks.
After stumbling significantly since Mar 8, following the fallout from the collapse of two S&P 500 banks, the investors regained some confidence in the finance sector amid the steps taken by the regulators to avert a full-blown crisis. This, along with gradually cooling inflation and now a less chance of bigger rate hike, reinforced investor optimism. These developments drove the ALLY stock higher.
This auto finance company and bank is expected to post quarterly earnings of $0.90 per share in its upcoming report, which represents a year-over-year change of -55.7%. Revenues are expected to be $2.06 billion, down 3.7% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Ally Financial, the consensus EPS estimate for the quarter has been revised 0.6% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on ALLY going forward to see if this recent jump can turn into more strength down the road.
Ally Financial is a member of the Zacks Financial - Consumer Loans industry. One other stock in the same industry, Curo Group , finished the last trading session 3.4% lower at $1.42. CURO has returned -64% over the past month.
For Curo Group, the consensus EPS estimate for the upcoming report has changed -583.3% over the past month to -$0.81. This represents a change of -640% from what the company reported a year ago. Curo Group currently has a Zacks Rank of #4 (Sell).
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Strength Seen in Ally Financial (ALLY): Can Its 5.4% Jump Turn into More Strength?
Ally Financial (ALLY - Free Report) shares ended the last trading session 5.4% higher at $23.50. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 28.2% loss over the past four weeks.
After stumbling significantly since Mar 8, following the fallout from the collapse of two S&P 500 banks, the investors regained some confidence in the finance sector amid the steps taken by the regulators to avert a full-blown crisis. This, along with gradually cooling inflation and now a less chance of bigger rate hike, reinforced investor optimism. These developments drove the ALLY stock higher.
This auto finance company and bank is expected to post quarterly earnings of $0.90 per share in its upcoming report, which represents a year-over-year change of -55.7%. Revenues are expected to be $2.06 billion, down 3.7% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Ally Financial, the consensus EPS estimate for the quarter has been revised 0.6% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on ALLY going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Ally Financial is a member of the Zacks Financial - Consumer Loans industry. One other stock in the same industry, Curo Group , finished the last trading session 3.4% lower at $1.42. CURO has returned -64% over the past month.
For Curo Group, the consensus EPS estimate for the upcoming report has changed -583.3% over the past month to -$0.81. This represents a change of -640% from what the company reported a year ago. Curo Group currently has a Zacks Rank of #4 (Sell).