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Top 5 Non-Tech Nasdaq Winners of 1H With More Upside Left
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Wall Street rebounded in the first half of 2023 after a highly disappointing 2022. The rally was primarily led by growth stocks, especially, technology stocks. Consequently, the tech-heavy Nasdaq Composite Index took the lead role in enabling U.S. stock markets to resume their northward journey.
Moreover, the tech rally in the first half was led by a massive thrust toward artificial intelligence (AI), especially generative AI. The rapid penetration of digital technologies and the Internet worldwide during the lockdown, ushered in significant adoption of AI.
Despite being a tech-laden index, Nasdaq Composite also carries a diversified structure. Several stocks from non-technology sectors like consumer discretionary, consumer staples, medical, business services and industrials are included in the index. Several stocks from these non-technology sectors popped in first-half 2023.
Our Top Picks
We have narrowed our search to five Nasdaq Composite listed non-technology stocks that provided handsome returns in the first half and have more potential for growth. These stocks have seen positive earnings estimate revisions in the last 30 days. Each of our picks carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The chart below shows the price performance of our five picks year to date.
Image Source: Zacks Investment Research
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 U.S. and global markets.
Zacks Rank #2 DraftKings has an expected revenue and earnings growth rate of 43.6% 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 soared 134% year to date.
Celsius Holdings Inc. (CELH - Free Report) specializes in commercializing healthier, nutritional functional foods, beverages and dietary supplements. CELH markets Celsius, the calorie burner, through its wholly-owned operating subsidiary, Celsius Inc. CELH sells its products through grocery, drug, convenience, club and mass, and health and fitness channels.
Zacks Rank #1 Celsius Holdings has an expected revenue and earnings growth rate of 69.6% and more than 100%, respectively, for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.7% over the last 30 days. The stock price of CELH has surged 40.3% year to date.
Marriott International Inc. (MAR - Free Report) is benefiting from its focus on expansion initiatives, digital innovation, and loyalty program. MAR is also gaining from reopening international borders and leniency in travel restrictions, which have resulted in solid leisure demand along with business and cross-border travel improvements. MAR is consistently trying to expand its worldwide presence and capitalize on the demand for hotels in international markets.
Zacks Rank #2 Marriott International has an expected revenue and earnings growth rate of 13.1% and 25.7%, respectively, for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.2% over the last 30 days. The stock price of MAR has advanced 24.7% year to date.
Copart Inc. (CPRT - Free Report) enjoys a leadership position in the automotive auction market, commanding roughly 40% of the market share. CPRT’s competitiveness is supported by its multiple locations and size of its new facility openings.
Zacks Rank #1 Copart has an expected revenue and earnings growth rate of 7.1% and 9%, respectively, for the current year (ending July 2024). The Zacks Consensus Estimate for current-year earnings has improved 0.4% over the last 30 days. The stock price of CPRT has climbed 44.7% year to date.
Exact Sciences Corp. (EXAS - Free Report) exited the first quarter of 2023 with better-than-expected results. Robust revenues from the Screening and Precision Oncology segments contributed to the top line. During the quarter, 10,000 new healthcare professionals ordered Cologuard, bringing the total to over 312,000.
The growing uptake of EXAS’ Oncotype DX Breast and therapy selection products which help in the diagnosis of early-stage breast cancer looks encouraging. EXAS also raised its guidance for 2023.
Zacks Rank #2 Exact Sciences has an expected revenue and earnings growth rate of 15.8% and 41.5%, respectively, for the current year. The Zacks Consensus Estimate for current-year earnings has improved 4.2% over the last 30 days. The stock price of EXAS has jumped 82.9% year to date.
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Top 5 Non-Tech Nasdaq Winners of 1H With More Upside Left
Wall Street rebounded in the first half of 2023 after a highly disappointing 2022. The rally was primarily led by growth stocks, especially, technology stocks. Consequently, the tech-heavy Nasdaq Composite Index took the lead role in enabling U.S. stock markets to resume their northward journey.
Moreover, the tech rally in the first half was led by a massive thrust toward artificial intelligence (AI), especially generative AI. The rapid penetration of digital technologies and the Internet worldwide during the lockdown, ushered in significant adoption of AI.
Despite being a tech-laden index, Nasdaq Composite also carries a diversified structure. Several stocks from non-technology sectors like consumer discretionary, consumer staples, medical, business services and industrials are included in the index. Several stocks from these non-technology sectors popped in first-half 2023.
Our Top Picks
We have narrowed our search to five Nasdaq Composite listed non-technology stocks that provided handsome returns in the first half and have more potential for growth. These stocks have seen positive earnings estimate revisions in the last 30 days. Each of our picks carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The chart below shows the price performance of our five picks year to date.
Image Source: Zacks Investment Research
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 U.S. and global markets.
Zacks Rank #2 DraftKings has an expected revenue and earnings growth rate of 43.6% 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 soared 134% year to date.
Celsius Holdings Inc. (CELH - Free Report) specializes in commercializing healthier, nutritional functional foods, beverages and dietary supplements. CELH markets Celsius, the calorie burner, through its wholly-owned operating subsidiary, Celsius Inc. CELH sells its products through grocery, drug, convenience, club and mass, and health and fitness channels.
Zacks Rank #1 Celsius Holdings has an expected revenue and earnings growth rate of 69.6% and more than 100%, respectively, for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.7% over the last 30 days. The stock price of CELH has surged 40.3% year to date.
Marriott International Inc. (MAR - Free Report) is benefiting from its focus on expansion initiatives, digital innovation, and loyalty program. MAR is also gaining from reopening international borders and leniency in travel restrictions, which have resulted in solid leisure demand along with business and cross-border travel improvements. MAR is consistently trying to expand its worldwide presence and capitalize on the demand for hotels in international markets.
Zacks Rank #2 Marriott International has an expected revenue and earnings growth rate of 13.1% and 25.7%, respectively, for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.2% over the last 30 days. The stock price of MAR has advanced 24.7% year to date.
Copart Inc. (CPRT - Free Report) enjoys a leadership position in the automotive auction market, commanding roughly 40% of the market share. CPRT’s competitiveness is supported by its multiple locations and size of its new facility openings.
Zacks Rank #1 Copart has an expected revenue and earnings growth rate of 7.1% and 9%, respectively, for the current year (ending July 2024). The Zacks Consensus Estimate for current-year earnings has improved 0.4% over the last 30 days. The stock price of CPRT has climbed 44.7% year to date.
Exact Sciences Corp. (EXAS - Free Report) exited the first quarter of 2023 with better-than-expected results. Robust revenues from the Screening and Precision Oncology segments contributed to the top line. During the quarter, 10,000 new healthcare professionals ordered Cologuard, bringing the total to over 312,000.
The growing uptake of EXAS’ Oncotype DX Breast and therapy selection products which help in the diagnosis of early-stage breast cancer looks encouraging. EXAS also raised its guidance for 2023.
Zacks Rank #2 Exact Sciences has an expected revenue and earnings growth rate of 15.8% and 41.5%, respectively, for the current year. The Zacks Consensus Estimate for current-year earnings has improved 4.2% over the last 30 days. The stock price of EXAS has jumped 82.9% year to date.