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Strength Seen in United (UAL): Can Its 7.9% Jump Turn into More Strength?
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United Airlines (UAL - Free Report) shares ended the last trading session 7.9% higher at $96.3. 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 2% loss over the past four weeks.
The uptick came after the U.S. and Iran agreed to a two-week ceasefire, easing concerns over disruptions in the Strait of Hormuz. Oil prices also fell on the news of the ceasefire, providing further strength to airline stocks, including United Airlines.
This airline is expected to post quarterly earnings of $1.13 per share in its upcoming report, which represents a year-over-year change of +24.2%. Revenues are expected to be $14.24 billion, up 7.8% 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 United, the consensus EPS estimate for the quarter has been revised 32.9% 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 UAL going forward to see if this recent jump can turn into more strength down the road.
United is a member of the Zacks Transportation - Airline industry. One other stock in the same industry, International Consolidated Airlines Group SA (ICAGY - Free Report) , finished the last trading session 7.5% higher at $10.5. ICAGY has returned -2.5% over the past month.
International Consolidated Airlines Group's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.05. Compared to the company's year-ago EPS, this represents no change. International Consolidated Airlines Group currently boasts a Zacks Rank of #3 (Hold).
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Strength Seen in United (UAL): Can Its 7.9% Jump Turn into More Strength?
United Airlines (UAL - Free Report) shares ended the last trading session 7.9% higher at $96.3. 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 2% loss over the past four weeks.
The uptick came after the U.S. and Iran agreed to a two-week ceasefire, easing concerns over disruptions in the Strait of Hormuz. Oil prices also fell on the news of the ceasefire, providing further strength to airline stocks, including United Airlines.
This airline is expected to post quarterly earnings of $1.13 per share in its upcoming report, which represents a year-over-year change of +24.2%. Revenues are expected to be $14.24 billion, up 7.8% 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 United, the consensus EPS estimate for the quarter has been revised 32.9% 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 UAL 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 >>>>
United is a member of the Zacks Transportation - Airline industry. One other stock in the same industry, International Consolidated Airlines Group SA (ICAGY - Free Report) , finished the last trading session 7.5% higher at $10.5. ICAGY has returned -2.5% over the past month.
International Consolidated Airlines Group's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.05. Compared to the company's year-ago EPS, this represents no change. International Consolidated Airlines Group currently boasts a Zacks Rank of #3 (Hold).