18 Jan These stocks reporting earnings next week have momentum at their back
A host of companies reporting quarterly results next week have momentum on their side after Wall Street analysts boosted their earnings estimates on them over the past three months. The fourth-quarter earnings season is expected to show tech stocks as the standout segment of the benchmark S & P 500. Take away six of the seven so-called ” Magnificent Seven ” stocks, however, and S & P 500 earnings are forecast to slump by about 6% in the latest three months. Still, some stocks that are set to report earnings next week have seen analysts bump up their profit forecasts. CNBC Pro screened FactSet data for companies reporting quarterly results next week that meet the following criteria: 10 or more upwardly revised earnings per share estimates in the past three months Five or fewer downward EPS estimate changes in the past three months EPS estimates have trended higher over the past six months Chipmaker Intel made the list. The stock has seen Wall Street grow more optimistic ahead of its Jan. 25 fourth-quarter results, with about 35 analysts polled by FactSet increasing their earnings per share estimates by an average of more than 36% over the past three months. Analysts now expect Intel to report an adjusted 45 cents per share next week. INTC YTD mountain Intel stock has ticked down about 6% from the start of the year. Last month, Intel unveiled a slate of new chips including Gaudi3c, designed to power generative artificial intelligence software and help the company compete with peer AI powerhouses Nvidia and AMD . Semiconductor equipment maker Lam Research also made the cut after the stock outperformed last year, when it soared 86%, aqnd so far in 2024, when it’s risen about 1%. Analysts signal Lam’s Jan. 24 fiscal second-quarter results could be better-than-expected, with 17 of them raising their EPS forecasts over the past three months by about 5%. LRCX YTD mountain Lam Research stock. Analysts surveyed by FactSet now estimate the company will notch an adjusted earnings per share of $7.07 in its most recent quarter. The semiconductor industry is coming off of a strong 2023 , and the VanEck Semiconductor ETF , which tracks 26 chipmakers, jumped more than 3% to an all-time high on Thursday. Other stocks that also made the list include electric and natural gas utility Xcel Energy and home construction company D.R. Horton .