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The Zacks Analyst Blog Highlights Apple, NVIDIA, Bank of America, Nike and Prologis
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For Immediate Release
Chicago, IL – August 21, 2023 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Apple Inc. (AAPL - Free Report) , NVIDIA Corp. (NVDA - Free Report) , Bank of America Corp. (BAC - Free Report) , Nike, Inc. (NKE - Free Report) and Prologis, Inc. (PLD - Free Report) .
Here are highlights from Friday’s Analyst Blog:
Top Stock Reports for Apple, NVIDIA and Bank of America
The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, includingApple Inc., NVIDIA Corp. and Bank of America Corp. These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.
Apple shares have struggled lately, with the stock losing losing -11.6% of its value since the start of August, lagging the Zacks Tech sector's -7.3% decline and the S&P 500 index's -4.6% pullback. This recent weakness notwithstanding, the stock has been a standout performer this year, handily outperforming the Tech sector as well as the broader market.
The company is benefiting from increasing customer engagement in the services segment. The expanding content portfolio of Apple TV+ and Apple Arcade, as well as the launch of its high-yield savings account with Apple Card, helped in driving subscriber growth.
Apple's results also benefited from strong growth in emerging markets and growing adoption among enterprises. Apple expects iPhone and Services' year-over-year growth to accelerate in fiscal fourth-quarter as compared with the June quarter.
However, revenues for both Mac and iPad are expected to decline by double digits on a year-over-year basis due to difficult comparison. Unfavorable forex is expected to hurt top-line.
As is the case with Apple, NVIDIA shares have struggled lately as well, with the stock lagging the Tech sector as well as the S&P 500 index this month (-9.4% vs. -7.3% for the Tech sector & -4.6% for the index). That said, Nvidia's performance this year is one for the record books, with the stock up +192.9% this year vs. +32.7% for the Tech sector and +15.2% for the market.
Nvidia has literally been in a league of its own since its last quarterly release on May 24th when it raised guidance by a magnitude that we have never seen from another company. With the company on deck to report results on Wednesday, August 23rd, it is under the spotlight as to whether the preceding quarter's numbers were a one-off or the start of a sustained period of outperformance.
The company is gaining from 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. Collaboration with Mercedes-Benz and Audi is likely to advance its presence in autonomous vehicles and other automotive electronics space.
However, NVDA's near-term prospects look gloomy due to weakening demand for chips used in gaming and professional visualization end markets. While macroeconomic headwinds are impacting gaming and professional visualization chip demand, higher channel inventory levels are hurting chip prices.
Shares of Bank of America have underperformed the Zacks Banks - Major Regional industry over the past six months (-10.9% vs. -15.9%). The tough economic backdrop is expected to keep weighing on investment banking (IB) business. This, along with the volatile nature of the capital markets, might hurt non-interest income. Moreover, inflationary pressure will likely result in mounting expenses.
Nevertheless, Higher interest rates and decent loan demand will likely keep aiding the company's net interest income (NII) growth. The opening of financial centers and improving digital capabilities is expected to bolster the top line.
Other noteworthy reports we are featuring today include Nike, Inc. and Prologis, Inc.
Why Haven't You Looked at Zacks' Top Stocks?
Since 2000, our top stock-picking strategies have blown away the S&P's +6.2 average gain per year. Amazingly, they soared with average gains of +46.4%, +49.5% and +55.2% per year. Today you can access their live picks without cost or obligation.
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/performance for information about the performance numbers displayed in this press release.
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The Zacks Analyst Blog Highlights Apple, NVIDIA, Bank of America, Nike and Prologis
For Immediate Release
Chicago, IL – August 21, 2023 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Apple Inc. (AAPL - Free Report) , NVIDIA Corp. (NVDA - Free Report) , Bank of America Corp. (BAC - Free Report) , Nike, Inc. (NKE - Free Report) and Prologis, Inc. (PLD - Free Report) .
Here are highlights from Friday’s Analyst Blog:
Top Stock Reports for Apple, NVIDIA and Bank of America
The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, includingApple Inc., NVIDIA Corp. and Bank of America Corp. These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.
You can see all of today's research reports here >>>
Apple shares have struggled lately, with the stock losing losing -11.6% of its value since the start of August, lagging the Zacks Tech sector's -7.3% decline and the S&P 500 index's -4.6% pullback. This recent weakness notwithstanding, the stock has been a standout performer this year, handily outperforming the Tech sector as well as the broader market.
The company is benefiting from increasing customer engagement in the services segment. The expanding content portfolio of Apple TV+ and Apple Arcade, as well as the launch of its high-yield savings account with Apple Card, helped in driving subscriber growth.
Apple's results also benefited from strong growth in emerging markets and growing adoption among enterprises. Apple expects iPhone and Services' year-over-year growth to accelerate in fiscal fourth-quarter as compared with the June quarter.
However, revenues for both Mac and iPad are expected to decline by double digits on a year-over-year basis due to difficult comparison. Unfavorable forex is expected to hurt top-line.
(You can read the full research report on Apple here >>>)
As is the case with Apple, NVIDIA shares have struggled lately as well, with the stock lagging the Tech sector as well as the S&P 500 index this month (-9.4% vs. -7.3% for the Tech sector & -4.6% for the index). That said, Nvidia's performance this year is one for the record books, with the stock up +192.9% this year vs. +32.7% for the Tech sector and +15.2% for the market.
Nvidia has literally been in a league of its own since its last quarterly release on May 24th when it raised guidance by a magnitude that we have never seen from another company. With the company on deck to report results on Wednesday, August 23rd, it is under the spotlight as to whether the preceding quarter's numbers were a one-off or the start of a sustained period of outperformance.
The company is gaining from 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. Collaboration with Mercedes-Benz and Audi is likely to advance its presence in autonomous vehicles and other automotive electronics space.
However, NVDA's near-term prospects look gloomy due to weakening demand for chips used in gaming and professional visualization end markets. While macroeconomic headwinds are impacting gaming and professional visualization chip demand, higher channel inventory levels are hurting chip prices.
(You can read the full research report on NVIDIA here >>>)
Shares of Bank of America have underperformed the Zacks Banks - Major Regional industry over the past six months (-10.9% vs. -15.9%). The tough economic backdrop is expected to keep weighing on investment banking (IB) business. This, along with the volatile nature of the capital markets, might hurt non-interest income. Moreover, inflationary pressure will likely result in mounting expenses.
Nevertheless, Higher interest rates and decent loan demand will likely keep aiding the company's net interest income (NII) growth. The opening of financial centers and improving digital capabilities is expected to bolster the top line.
(You can read the full research report on Bank of America here >>>)
Other noteworthy reports we are featuring today include Nike, Inc. and Prologis, Inc.
Why Haven't You Looked at Zacks' Top Stocks?
Since 2000, our top stock-picking strategies have blown away the S&P's +6.2 average gain per year. Amazingly, they soared with average gains of +46.4%, +49.5% and +55.2% per year. Today you can access their live picks without cost or obligation.
See Stocks Free >>
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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/performance for information about the performance numbers displayed in this press release.