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InterDigital (IDCC) Moves 9.0% Higher: Will This Strength Last?
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InterDigital (IDCC - Free Report) shares ended the last trading session 9% higher at $276.66. 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 6% loss over the past four weeks.
The uptrend was largely driven by InterDigital’s patent license agreement with Amazon, covering Amazon’s services and devices, including Amazon Prime Video. Both companies also decided to bury the hatchet regarding all pending litigation and enter into a new binding licensing agreement for video streaming services.
This wireless research and development company is expected to post quarterly earnings of $1.60 per share in its upcoming report, which represents a year-over-year change of -75.5%. Revenues are expected to be $144.02 million, down 52.1% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For InterDigital, the consensus EPS estimate for the quarter has been revised marginally 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 IDCC going forward to see if this recent jump can turn into more strength down the road.
InterDigital is part of the Zacks Wireless Equipment industry. Comtech Telecommunications (CMTL - Free Report) , another stock in the same industry, closed the last trading session 7% higher at $4.59. CMTL has returned 15% in the past month.
Comtech's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.27. Compared to the company's year-ago EPS, this represents a change of -50%. Comtech currently boasts a Zacks Rank of #3 (Hold).
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InterDigital (IDCC) Moves 9.0% Higher: Will This Strength Last?
InterDigital (IDCC - Free Report) shares ended the last trading session 9% higher at $276.66. 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 6% loss over the past four weeks.
The uptrend was largely driven by InterDigital’s patent license agreement with Amazon, covering Amazon’s services and devices, including Amazon Prime Video. Both companies also decided to bury the hatchet regarding all pending litigation and enter into a new binding licensing agreement for video streaming services.
This wireless research and development company is expected to post quarterly earnings of $1.60 per share in its upcoming report, which represents a year-over-year change of -75.5%. Revenues are expected to be $144.02 million, down 52.1% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For InterDigital, the consensus EPS estimate for the quarter has been revised marginally 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 IDCC 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 >>>>
InterDigital is part of the Zacks Wireless Equipment industry. Comtech Telecommunications (CMTL - Free Report) , another stock in the same industry, closed the last trading session 7% higher at $4.59. CMTL has returned 15% in the past month.
Comtech's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.27. Compared to the company's year-ago EPS, this represents a change of -50%. Comtech currently boasts a Zacks Rank of #3 (Hold).