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Top 5 Big Winners of 1H 2023 With More Upside Left
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U.S. stock markets had a dream rally in the first half of 2023. The three major stock indexes — the Dow, the S&P 500, and the Nasdaq Composite — advanced 3.8%, 15.9% and 31.7%, respectively, in the first half.
Wall Street achieved several milestones in the first half of this year. The broad-market index — the S&P 500 — formed a new bull market during this period. The S&P 500 and the Nasdaq Composite recorded their best first-half since 2019 and 1983, respectively.
The S&P 500 recorded its best second-quarter performance since fourth-quarter 2021 and posted three consecutive quarterly wins. The Dow closed the third successive quarter on a positive note. The Nasdaq Composite also registered back-to-back quarterly gains.
As a result, number of stocks surged in first-half 2023. Among them, quite a few stocks skyrocketed with triple-digit returns. Investment in these stocks with a favorable Zacks Rank should make your portfolio shine bright in the near future.
Our Top Picks
We have narrowed our search to five large-cap (market capital > $10 billion) stocks that have popped more than 100% year to date. These stocks have a strong upside left for the rest of 2023. These stocks have seen positive earnings estimate revisions in the past 60 days. Each of our picks carries either a Zacks Rank #1 (Strong Buy) or 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The chart below shows the price performance of our five picks year to date.
Image Source: Zacks Investment Research
NVIDIA Corp. (NVDA - Free Report) is gaining from the strong growth of artificial intelligence, high-performance computing and accelerated computing, which is boosting its Compute & Networking revenues. A surge in Hyperscale demand and a solid uptake of artificial intelligence-based smart cockpit infotainment solutions are acting as tailwinds for NVDA.
The collaboration with Mercedes-Benz and Audi is likely to advance NVDA’s presence in autonomous vehicles and other automotive electronics space. We expect its Automotive segment’s revenues to witness a CAGR of 29% through fiscal 2023-2025.
Zacks Rank #1 NVIDIA has an expected revenue and earnings growth rate of 58.1% and more than 100%, respectively, for the current year (ending January 2024). The Zacks Consensus Estimate for current-year earnings has improved 2.7% over the past 30 days. The stock price of NVDA has soared 189.5% year to date.
Meta Platforms Inc. (META - Free Report) is benefiting from steady user growth across all regions, particularly Asia Pacific. Increased engagement for its products like Instagram, WhatsApp, Messenger and Facebook has been a major growth driver. META is considered to have pioneered the concept of social networking.
However, as developed regions mature, Meta Platforms has taken measures to drive penetration in the emerging markets of South East Asia, Latin America and Africa. Of all places, India deserves special mention in terms of user growth. The world’s second-largest populated country offers tremendous potential for META. With China off the radar, India can prove to be a terrific growth engine for Meta.
Zacks Rank #2 Meta Platform has an expected revenue and earnings growth rate of 9% and 21.5%, respectively, for the current year. The Zacks Consensus Estimate for current-year earnings has improved 1.5% over the past 60 days. The stock price of META has jumped 138.5% year to date.
DraftKings Inc. (DKNG - Free Report) is a digital sports entertainment and gaming company catering to the competitive spirits of sports fans with products that include daily fantasy, regulated gaming and digital media. DKNG is the only U.S.-based vertically integrated sports betting operator.
DKNG is a multi-channel provider of sports betting and gaming technologies, powering sports and gaming entertainment for 50 operators across more than 15 regulated U.S. and global markets.
Zacks Rank #2 DraftKings has an expected revenue and earnings growth rate of 43% and 40.8%, respectively, for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.5% over the past 30 days. The stock price of DKNG has climbed 133.3% year to date.
Royal Caribbean Cruises Ltd. (RCL - Free Report) has been benefiting from strong close-in bookings at higher prices and continued strength of onboard spending driving load factors. Considering the extension of the WAVE season and solid pent-up demand, RCL raised its 2023 guidance. RCL expects adjusted EPS to be in the range of $4.40-$4.80, up from the previously stated $3-$3.60.
Zacks Rank #1 Royal Caribbean Cruises has an expected revenue and earnings growth rate of 48.7% and more than 100%, respectively, for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.2% over the past 30 days. The stock price of RCL has surged 109.9% year to date.
MongoDB Inc. (MDB - Free Report) provides a general-purpose database platform worldwide. MDB offers MongoDB Enterprise Advanced, a commercial database server for enterprise customers and MongoDB Atlas, a hosted multi-cloud database-as-a-service solution, and Community Server.
MongoDB also provides professional services comprising consulting and training. MDB serves financial services, government, healthcare, media and entertainment, technology, retail and telecommunications industries.
Zacks Rank #2 MongoDB has expected revenue and earnings growth rates of 19.8% and 86.4%, respectively, for the current year (ending January 2024). The Zacks Consensus Estimate for current-year earnings has improved 46.6% over the past 60 days. The stock price of MDB has appreciated 108.8% year to date.
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Top 5 Big Winners of 1H 2023 With More Upside Left
U.S. stock markets had a dream rally in the first half of 2023. The three major stock indexes — the Dow, the S&P 500, and the Nasdaq Composite — advanced 3.8%, 15.9% and 31.7%, respectively, in the first half.
Wall Street achieved several milestones in the first half of this year. The broad-market index — the S&P 500 — formed a new bull market during this period. The S&P 500 and the Nasdaq Composite recorded their best first-half since 2019 and 1983, respectively.
The S&P 500 recorded its best second-quarter performance since fourth-quarter 2021 and posted three consecutive quarterly wins. The Dow closed the third successive quarter on a positive note. The Nasdaq Composite also registered back-to-back quarterly gains.
As a result, number of stocks surged in first-half 2023. Among them, quite a few stocks skyrocketed with triple-digit returns. Investment in these stocks with a favorable Zacks Rank should make your portfolio shine bright in the near future.
Our Top Picks
We have narrowed our search to five large-cap (market capital > $10 billion) stocks that have popped more than 100% year to date. These stocks have a strong upside left for the rest of 2023. These stocks have seen positive earnings estimate revisions in the past 60 days. Each of our picks carries either a Zacks Rank #1 (Strong Buy) or 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The chart below shows the price performance of our five picks year to date.
Image Source: Zacks Investment Research
NVIDIA Corp. (NVDA - Free Report) is gaining from the strong growth of artificial intelligence, high-performance computing and accelerated computing, which is boosting its Compute & Networking revenues. A surge in Hyperscale demand and a solid uptake of artificial intelligence-based smart cockpit infotainment solutions are acting as tailwinds for NVDA.
The collaboration with Mercedes-Benz and Audi is likely to advance NVDA’s presence in autonomous vehicles and other automotive electronics space. We expect its Automotive segment’s revenues to witness a CAGR of 29% through fiscal 2023-2025.
Zacks Rank #1 NVIDIA has an expected revenue and earnings growth rate of 58.1% and more than 100%, respectively, for the current year (ending January 2024). The Zacks Consensus Estimate for current-year earnings has improved 2.7% over the past 30 days. The stock price of NVDA has soared 189.5% year to date.
Meta Platforms Inc. (META - Free Report) is benefiting from steady user growth across all regions, particularly Asia Pacific. Increased engagement for its products like Instagram, WhatsApp, Messenger and Facebook has been a major growth driver. META is considered to have pioneered the concept of social networking.
However, as developed regions mature, Meta Platforms has taken measures to drive penetration in the emerging markets of South East Asia, Latin America and Africa. Of all places, India deserves special mention in terms of user growth. The world’s second-largest populated country offers tremendous potential for META. With China off the radar, India can prove to be a terrific growth engine for Meta.
Zacks Rank #2 Meta Platform has an expected revenue and earnings growth rate of 9% and 21.5%, respectively, for the current year. The Zacks Consensus Estimate for current-year earnings has improved 1.5% over the past 60 days. The stock price of META has jumped 138.5% year to date.
DraftKings Inc. (DKNG - Free Report) is a digital sports entertainment and gaming company catering to the competitive spirits of sports fans with products that include daily fantasy, regulated gaming and digital media. DKNG is the only U.S.-based vertically integrated sports betting operator.
DKNG is a multi-channel provider of sports betting and gaming technologies, powering sports and gaming entertainment for 50 operators across more than 15 regulated U.S. and global markets.
Zacks Rank #2 DraftKings has an expected revenue and earnings growth rate of 43% and 40.8%, respectively, for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.5% over the past 30 days. The stock price of DKNG has climbed 133.3% year to date.
Royal Caribbean Cruises Ltd. (RCL - Free Report) has been benefiting from strong close-in bookings at higher prices and continued strength of onboard spending driving load factors. Considering the extension of the WAVE season and solid pent-up demand, RCL raised its 2023 guidance. RCL expects adjusted EPS to be in the range of $4.40-$4.80, up from the previously stated $3-$3.60.
Zacks Rank #1 Royal Caribbean Cruises has an expected revenue and earnings growth rate of 48.7% and more than 100%, respectively, for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.2% over the past 30 days. The stock price of RCL has surged 109.9% year to date.
MongoDB Inc. (MDB - Free Report) provides a general-purpose database platform worldwide. MDB offers MongoDB Enterprise Advanced, a commercial database server for enterprise customers and MongoDB Atlas, a hosted multi-cloud database-as-a-service solution, and Community Server.
MongoDB also provides professional services comprising consulting and training. MDB serves financial services, government, healthcare, media and entertainment, technology, retail and telecommunications industries.
Zacks Rank #2 MongoDB has expected revenue and earnings growth rates of 19.8% and 86.4%, respectively, for the current year (ending January 2024). The Zacks Consensus Estimate for current-year earnings has improved 46.6% over the past 60 days. The stock price of MDB has appreciated 108.8% year to date.