February 24, 2024
Nvidia stock takes a hit amid news of China ban – time to buy on the dip?


for immediate RELEASE

Chicago, IL – December 6, 2023 – Zacks.com Announces the List of Stocks Featured in the Analyst Blog. Every day Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Nvidia NVDA, Royal Caribbean Cruises RCL, Arista Networks Inc. ANET, ServiceNow Inc. Now and Amazon.com AMZN.

Here are the highlights from Tuesday’s analyst blog:

5 top-ranked stocks pushing the S&P 500 to a 2023 peak

After a series of ups and downs, the S&P 500 extended its blockbuster November rally to set a 2023 record high. With the latest surge, the benchmark quickly erased the steep decline it saw over the summer and is up nearly 20% so far this year. The rally was driven by optimism that the Fed will raise interest rates, which has pushed Treasury yields lower and rekindled investors’ risk-off trade. Yields on US Treasuries saw their biggest monthly decline since 2008.

Gains were widespread across sectors and many stocks in the S&P 500 are up more than 75% this year. We’ve highlighted five stocks that have a Zacks Rank #1 (Strong Buy) or 2 (Buy), a Momentum Score of B or better, and have seen positive earnings estimate revisions for the current fiscal year in the last 30 days. Suggests continued improved performance. these are NVIDIA, Royal Caribbean Cruises, Arista Networks Inc., ServiceNow Inc, And Amazon.Com, you can see The full list of today’s Zacks #1 Rank stocks here,

There is growing confidence among investors that the Fed may be nearing the end of its rate hike cycle. The optimism was further boosted by Fed Chairman Jerome Powell’s comments that the central bank may cut rates from March. According to CME’s FedWatch tool, traders are estimating a 70% chance of a rate cut by the US central bank by next March. The latest round of data points also reinforced the idea that the Fed has raised rates.

A significant portion of the S&P 500’s gains can be attributed to the strong performance of a group of large-cap stocks, known as the “Magnificent Seven.” This group, which includes Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta Platform and Tesla, has seen the stock rise significantly, ranging from 47% to 220% so far this year. The perceived safety of these investments, their size, competitive advantage and the potential of emerging technologies such as artificial intelligence have been key factors driving their performance.

Apart from this, better than expected earnings also provided strength. Earnings growth for the S&P 500 index, which was negative for each of the last three quarters, turned positive in the third quarter of 2023.

Best Stocks of the S&P 500

NVIDIA A worldwide leader in visual computing technologies and the inventor of the graphics processing unit, or GPU. The stock is up 220% this year. The past 30 days have seen a solid earnings estimate revision of $1.43 for the fiscal year ending January 2024, and an estimated increase of 264.4%.

Nvidia currently has a Zacks Rank #2 and a Growth Score of A.

Royal Caribbean is a cruise company that owns and operates three global brands – Royal Caribbean International, Celebrity Cruises and Azamara Club Cruises. The stock soared 124% and saw a solid earnings estimate revision of 187.9 cents for this year over the past 30 days with an estimated earnings growth rate of 13%.

Royal Caribbean currently has a Zacks Rank #1 and a Growth Score of B.

Arista Networks Is engaged in providing cloud networking solutions for data centers and cloud computing environments. The company offers 10/25/40/50/100 Gigabit Ethernet switches and routers optimized for next-generation data center networks. The stock is up nearly 78% this year.

Arista Networks saw a positive earnings estimate revision of 4 cents for this year and its earnings growth rate is 43%. It has a Zacks Rank #2 and a Solid Growth Score of B.

service now Provides cloud computing services that automate digital workflows to accelerate enterprise IT operations. The stock is up about 78% in 2023. This year has seen a positive earnings estimate revision of four cents over the last 30 days, putting the estimated earnings growth rate at 37.5%.

ServiceNow has a Zacks Rank #2.

AmazonOne of the largest e-commerce providers with extensive operations in North America, now expanding around the world. This is an increase of 75% and the estimated earnings growth this year is 276.1%.

Amazon has a Zacks Rank #2 and a Growth Score of A.

Why haven’t you taken a look at Zacks’ top stocks?

Since 2000, our top stock-picking strategies have blown away the S&P’s average gain of +6.2 per year. Surprisingly, they came away with an average profit +46.4%, +49.5% And +55.2% Per year. Today you can access their live pics without any cost or obligation.

View Stock Free >>

media Contact

Zacks Investment Research

800-767-3771 ext. 9339

[email protected]

https://www.zacks.com

Past performance is no guarantee of future results. There is a possibility of loss in any investment, This material is being provided for informational purposes only and does not constitute 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 any particular investor. It should not be assumed that any investment in the securities, companies, sectors or markets identified and described was or will be profitable. All information herein is current as of the date and is subject to change without notice. Any views or opinions expressed may not reflect the views of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or any securities asset management activities. These returns are from hypothetical portfolios consisting of stocks with a Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of the actual portfolio of shares. The S&P 500 is an unmanaged index. See information about the performance numbers presented in this press release.

Want the latest recommendations from Zacks Investment Research? Today, you can download the 7 Best Stocks for the Next 30 Days. Click to get this free report

Amazon.com, Inc. (AMZN): Free Stock Analysis Report

Royal Caribbean Cruises Limited (RCL): Free Stock Analysis Report

Nvidia Corporation (NVDA): Free Stock Analysis Report

ServiceNow, Inc. (Now): Free Stock Analysis Report

Arista Networks, Inc. (ANET): Free Stock Analysis Report

Click here to read this article on Zacks.com.

Zacks Investment Research

Source: finance.yahoo.com

Leave a Reply

Your email address will not be published. Required fields are marked *