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Momentum investors look to ride bullish trends where buyers are in control.
And pairing the strategy with the Zacks Rank makes the approach even more potent. Three stocks – EMCOR EME, Progressive PGR, and Sprouts Farmers Market SFM – fit the strategy.
All three have seen positive price action recently, displaying relative strength compared to major indices. In addition, all three sport a favorable Zacks Rank, reflecting upward-trending earnings estimate revisions.
Below is a chart illustrating the performance of each over the last month, with the S&P 500 blended in as a benchmark.
Let’s take a closer look at each.
EMCOR Posts Record Results
EMCOR, a Zacks Rank #1 (Strong Buy), is a leading provider of mechanical and electrical construction, industrial and energy infrastructure, and building services for a diverse range of businesses.
Sales expectations for the company melted higher after a recent guidance upgrade that followed its latest record-breaking quarterly release. The company posted both record sales and diluted EPS, owing to the red-hot demand it’s been witnessing.
Below is a chart illustrating the company’s sales on a quarterly basis.
PGR Shares Keep Climbing
Progressive is a leading independent agency writer of private passenger auto coverage and the market share leader for motorcycle products since 1998. Analysts have raised their earnings expectations across the board, landing the stock into a Zacks Rank #1 (Strong Buy).
The stock remains a prime consideration for growth-focused investors, with consensus expectations for its current fiscal year (FY24) suggesting 110% earnings growth. Peeking ahead to FY25, expectations currently allude to an additional 4.5% growth in earnings on nearly 15% higher sales.
SFM Sees Bullish Outlook
Sprouts Farmers Market operates a unique grocery model that features fresh produce, a foods section, and a vitamin department focused on overall wellness. The stock holds the highly-coveted Zacks Rank #1 (Strong Buy), with its outlook moving higher across the board following robust quarterly results.
As highlighted below, the outlook for its current and next fiscal year have become notably bullish over recent months, likely to continue powering shares higher.
Bottom Line
Momentum investing is all about riding bullish trends where buyers are in control.
And buyers have certainly been in control of all three stocks above – EMCOR EME, Progressive PGR, and Sprouts Farmers Market SFM – with shares of each soaring over the last month.
In addition to considerable momentum, all three sport a favorable Zacks Rank, reflecting upward trending estimate revisions among analysts.
Zacks Investment Research
The latest trading session saw Sprouts Farmers (SFM) ending at $104.91, denoting a -1.8% adjustment from its last day's close. This change lagged the S&P 500's 0.29% loss on the day. Elsewhere, the Dow lost 0.25%, while the tech-heavy Nasdaq lost 0.31%.
Heading into today, shares of the natural and organic food retailer had gained 8.83% over the past month, outpacing the Retail-Wholesale sector's gain of 4.15% and the S&P 500's gain of 1.57% in that time.
Market participants will be closely following the financial results of Sprouts Farmers in its upcoming release. The company's earnings per share (EPS) are projected to be $0.75, reflecting a 15.38% increase from the same quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $1.87 billion, reflecting an 8.9% rise from the equivalent quarter last year.
For the full year, the Zacks Consensus Estimates project earnings of $3.37 per share and a revenue of $7.5 billion, demonstrating changes of +18.66% and +9.63%, respectively, from the preceding year.
It is also important to note the recent changes to analyst estimates for Sprouts Farmers. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Sprouts Farmers currently has a Zacks Rank of #1 (Strong Buy).
In terms of valuation, Sprouts Farmers is currently trading at a Forward P/E ratio of 31.69. This represents a premium compared to its industry's average Forward P/E of 15.58.
Investors should also note that SFM has a PEG ratio of 3.04 right now. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Food - Natural Foods Products industry had an average PEG ratio of 1.94 as trading concluded yesterday.
The Food - Natural Foods Products industry is part of the Retail-Wholesale sector. With its current Zacks Industry Rank of 52, this industry ranks in the top 21% of all industries, numbering over 250.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
Zacks Investment Research
U.S. retail sales defied expectations in August, posting a modest 0.1% rise from July. While declines in auto sales and gasoline receipts weighed on overall performance, a rise in spending on online shopping, sporting goods, health and personal care, and garden stores provided a much-needed boost, highlighting consumer resilience.
This modest growth in retail sales signals that the economy is holding steady despite the underlying inflationary pressures. On a year-over-year basis, retail sales in August saw a commendable 2.1% increase. Retailers such as Boot Barn Holdings, Inc. BOOT, Abercrombie & Fitch Co. ANF, Sprouts Farmers Market, Inc. SFM and Burlington Stores, Inc. BURL are well-positioned to benefit from this uptick in consumer activity.
Steady wage gains have played a pivotal role in sustaining consumer spending momentum. With inflation showing signs of easing, purchasing power is gradually improving, fueling further spending in the coming months. Meanwhile, economists are anticipating a measured response to the rate cut from the Federal Reserve, which could lower borrowing costs, supporting both consumer spending and business investment.
Breaking Down Retail Sales Numbers
Building material, garden equipment & supplies dealers, along with health & personal care stores, saw month-on-month increases of 0.1% and 0.7%, respectively. Sales at sporting goods, hobbies, musical instruments & bookstores rose by 0.3%, while miscellaneous stores experienced a 1.7% increase. Non-store retailers, primarily online, reported a 1.4% rise.
Conversely, clothing & accessories stores saw a 0.7% decline in sales, and general merchandise stores experienced a 0.3% drop. Sales at food services & drinking places remained unchanged.
Motor vehicle & parts dealers recorded a 0.1% decrease in sales. Furniture & home furnishing stores saw a 0.7% drop, while electronics & appliance stores experienced a 1.1% decline. Sales at food and beverage stores fell by 0.7%, and receipts at gasoline stations decreased by 1.2%.
Past-Year Stock Price Performance of BOOT, ANF, SFM & BURL
4 Top Retail Stocks:
Boot Barn Holdings: Store Expansion & Customer Engagement
Boot Barn Holdings, a leading retailer specializing in western and work-related footwear, apparel and accessories for all ages, presents a compelling investment opportunity. The company is well-positioned for sustained growth, thanks to its expanding store network, growing and loyal customer base, and focus on high-margin exclusive brands. Strategic investments in new store openings are set to enhance market presence and drive incremental revenues. Boot Barn Holdings’ commitment to bolstering e-commerce and omnichannel capabilities is likely to boost online sales and improve customer engagement.
The Zacks Consensus Estimate for Boot Barn Holdings’ current financial-year sales and earnings per share (EPS) suggests growth of 11.6% and 10.7%, respectively, from the year-ago period. BOOT, which sports a Zacks Rank #1 (Strong Buy), has a trailing four-quarter earnings surprise of 7.1%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
Abercrombie & Fitch: Brand Visibility & Global Expansion
Abercrombie & Fitch is an appealing investment opportunity, distinguished by its effective integration of digital and physical retail channels. This seamless approach enhances the shopping experience, leading to increased customer satisfaction and loyalty. The company’s strategic marketing efforts, including targeted campaigns in key markets, have elevated brand visibility and attracted new customers. By introducing innovative product lines that cater to specific customer needs, Abercrombie & Fitch has expanded its brand appeal. Its regional focus on the Americas, EMEA (Europe, the Middle East, and Africa) and APAC (Asia-Pacific) provides a strong foundation for continued global growth.
This leading, global, omnichannel specialty retailer of apparel and accessories for men, women and kids has a trailing four-quarter earnings surprise of 28%, on average. The Zacks Consensus Estimate for Abercrombie & Fitch’s current financial-year sales and EPS suggests growth of 13.1% and 63.4% from the year-ago period. ANF sports a Zacks Rank #1.
Sprouts Farmers: Organic Products & Competitive Pricing
Sprouts Farmers, navigating a fragmented grocery sector, presents a compelling investment opportunity. The company employs a multifaceted strategy to broaden its customer base and meet shifting consumer preferences. By focusing on product innovation, targeted marketing and competitive pricing, Sprouts Farmers effectively aligns its offerings with diverse customer needs. The company’s commitment to offering fresh, natural and organic products aligns with the growing consumer demand for healthier food options.
The Zacks Consensus Estimate for Sprouts Farmers’ current financial-year sales and EPS suggests growth of 9.6% and 18.7%, respectively, from the year-ago reported figure. SFM, which sports a Zacks Rank #1, has a trailing four-quarter earnings surprise of 12%, on average.
Burlington: Merchandising Enhancements & Store Productivity
Burlington Stores is a nationally recognized off-price retailer. The company has demonstrated a strong ability to adapt to consumer trends, which gives it a competitive edge in the retail landscape. By staying in tune with customer preferences and adjusting its product offerings, Burlington Stores is well-positioned to capture additional market share. The company has balanced promotions with regular price sales, appealing to budget-conscious shoppers while protecting margins. Its strategic initiatives, including enhancing merchandising capabilities and optimizing store operations, have supported revenue growth. With targeted store openings, relocations and real-time inventory management, Burlington has seized opportunities and improved store productivity.
The Zacks Consensus Estimate for Burlington Stores’ current financial-year sales and EPS suggests growth of 10.1% and 30.5%, respectively, from the year-ago reported figures. This Zacks Rank #2 (Buy) company has a trailing four-quarter earnings surprise of 18.4%, on average.
Zacks Investment Research
Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our analyst ratings page.
Considering buying SBUX stock? Here’s what analysts think:
Read Next:
Latest Ratings for SBUX
Date | Firm | Action | From | To |
---|---|---|---|---|
Feb 2022 | Deutsche Bank | Maintains | Buy | |
Feb 2022 | MKM Partners | Maintains | Buy | |
Feb 2022 | Credit Suisse | Maintains | Outperform |
View More Analyst Ratings for SBUX
View the Latest Analyst Ratings
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Cooling inflation and rising expectations of a potential interest rate cut have lifted U.S. consumer sentiment to its highest level in four months this September. The University of Michigan's preliminary report showed the sentiment index climbing to 69, up from 67.9 in August. This improvement even surpassed the market's estimate of 68.5, indicating a growing sense of optimism about the economy.
This boost in sentiment marks the second consecutive month of growth. Although inflation remains a concern, its recent moderation, along with lower gasoline prices, has increased consumers' purchasing power. This positive shift bodes well for the retail sector, suggesting that companies like Abercrombie & Fitch Co. ANF, Sprouts Farmers Market, Inc. SFM, Chewy, Inc. CHWY and Deckers Outdoor Corporation DECK could experience higher sales as consumers feel more confident about spending.
In August, inflation reached its lowest level since February 2021, with the Consumer Price Index showing only a modest increase of 0.2% month over month. On a year-over-year basis, inflation rose by 2.5%, down from July's 2.9% growth, reflecting a steady cooling in price pressures. The sustained decrease in inflation has brought it closer to the Fed’s desirable target of 2%.
The Federal Reserve has been closely watching these trends. In response, market pundits anticipate a quarter-percentage-point cut in interest rates. This move could ease borrowing costs, supporting both consumer spending and business investment.
While some caution remains due to the upcoming November presidential election, the overall outlook is optimistic. As consumers enter the final quarter of the year, their increased confidence about financial situations is setting a positive tone for the retail sector heading into the holiday season.
Past-Year Stock Price Performance of ANF, SFM, CHWY & DECK
4 Prominent Retail Stocks
Abercrombie & Fitch: Brand Visibility & Global Expansion
Abercrombie & Fitch stands out as a strong investment choice. The company excels in integrating digital and physical retail channels, offering a seamless shopping experience and driving higher customer satisfaction and loyalty. Strategic marketing initiatives, particularly targeted campaigns in key markets, have been effective in boosting brand visibility and customer acquisition. The introduction of innovative product lines meets specific customer needs and broadens the brand's appeal. Abercrombie & Fitch’s regional operating model, with a focus on the Americas, the EMEA (Europe, the Middle East and Africa) and the APAC (Asia-Pacific), provides a solid foundation for global expansion.
This leading, global, omnichannel specialty retailer of apparel and accessories for men, women and kids has a trailing four-quarter earnings surprise of 28%, on average. The Zacks Consensus Estimate for Abercrombie & Fitch’s current financial-year sales and earnings per share (EPS) suggests growth of 13.1% and 63.4% from the year-ago period. The company sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Sprouts Farmers: Product Innovation & Competitive Pricing
Sprouts Farmers, operating in a highly fragmented grocery industry, is a compelling option. The company has adopted a multifaceted approach to expand its customer base and cater to evolving consumer preferences. Through product innovation, targeted marketing and competitive pricing, Sprouts Farmers ensures that its offerings resonate with its diverse customer base. The company’s commitment to offering fresh, natural and organic products aligns with the growing consumer demand for healthier food options.
The Zacks Consensus Estimate for Sprouts Farmers’ current financial-year sales and EPS suggests growth of 9.6% and 18.7%, respectively, from the year-ago reported figure. SFM, which sports a Zacks Rank #1, has a trailing four-quarter earnings surprise of 12%, on average.
Chewy: Autoship Growth & Veterinary Expansion
Chewy is a notable player in the online pet retail market. The company’s Autoship program, central to its revenue strategy, drives significant sales through its subscription-based model, focusing on essential consumables and healthcare products. Chewy’s premium product offerings and growth in Net Sales Per Active Customer reflect strong customer loyalty and repeat purchases. The expansion into veterinary services through new clinics enhances customer acquisition and retention. The growing Sponsored Ads business is on track to become a significant revenue stream.
The Zacks Consensus Estimate for Chewy’s current fiscal sales and EPS suggests growth of 5.7% and 65.2%, respectively, from the year-ago reported figure. This Zacks Rank #2 (Buy) company has a trailing four-quarter earnings surprise of 50.9%, on average.
Deckers: Direct-to-Consumer & International Growth
Deckers also presents a solid investment opportunity. The company has shown robust growth through its strategic focus on expanding its brand presence and strengthening direct-to-consumer channels. This approach, along with a commitment to innovation in product development and a keen focus on international market expansion, has positioned the company for continued success. Deckers' commitment to elevating renowned brands like UGG and HOKA into global lifestyle icons enhances brand equity and market reach.
The Zacks Consensus Estimate for Deckers’ current financial-year sales and earnings suggests growth of 11.5% and 8.4%, respectively, from the year-ago reported numbers. This Zacks Rank #2 company has a trailing four-quarter earnings surprise of 47.2%, on average.
Zacks Investment Research
Beacon Roofing Supply, Inc. BECN has expanded its market reach by launching its no-cost digital tool, Beacon PRO+, in Canada.
Many U.S. roofing contractors use Beacon PRO+ to manage their business and sales process anywhere and anytime. This convenient tool allows customers to find optimized product descriptions and specifications for their area and order templates, thus enabling a complete and accurate order.
Contractors in Canada can avail of the Beacon PRO+ in English and French, thereby enabling them to stand out from competitors with responsiveness and efficient planning. The revolutionary digital platform is on the job 24/7, making business transactions faster for Canadian contractors.
BECN stock gained 1.3% during the trading hours and 0.5% in the after-hours on Monday, post the announcement.
BECN’s Focus on Ambition 2025 Plan
Beacon has been intently focusing on several strategic initiatives to drive its long-term ambition of growing and enhancing customer experience, expanding its top line and margin and boosting value for customers, suppliers, employees and shareholders. To add value to the aforementioned expectations, the company is currently focusing on delivering the expected targets through the Ambition 2025 plan.
Expanding its digital platforms and market penetration is one of the key elements of Beacon’s Ambition 2025 plan. It continues to drive growth and enhance margins through its digital initiatives. In the second quarter of 2024, the company’s digital sales rose nearly 22% year over year and reached approximately 26% of residential sales, underscoring contractors’ growing demand for digital tools. Furthermore, during the said time, sales through the digital platform boosted customer loyalty, increased basket sizes and enhanced margins by approximately 150 basis points compared with offline channels.
Shares of this publicly traded distributor of residential and non-residential roofing materials gained 10.1% in the past year compared with the Zacks Building Products - Retail industry’s 21.1% growth. Various external factors like weather and weaker storm demand along with ongoing macroeconomic uncertainties might have been impacting the stock’s performance. Nonetheless, the focus on fulfilling the Ambition 2025 plan through the necessary strategic efforts positions BECN well for growth in the near term.
BECN’s Zacks Rank & Key Picks
Beacon currently carries a Zacks Rank #3 (Hold).
Here are some better-ranked stocks from the Zacks Retail-Wholesale sector.
Abercrombie & Fitch Co. ANF currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
ANF has a trailing four-quarter earnings surprise of 28%, on average. The stock has surged 164.5% in the past year. The Zacks Consensus Estimate for ANF’s fiscal 2024 sales and earnings per share (EPS) indicates growth of 13.1% and 63.4%, respectively, from the year-ago period’s levels.
Boot Barn Holdings, Inc. BOOT currently sports a Zacks Rank of 1. BOOT has a trailing four-quarter earnings surprise of 7.1%, on average. The stock has gained 80.6% in the past year.
The consensus estimate for BOOT’s fiscal 2025 sales and EPS indicates growth of 11.6% and 10.7%, respectively, from the year-ago period’s levels.
Sprouts Farmers Market, Inc. SFM currently sports a Zacks Rank of 1. SFM has a trailing four-quarter earnings surprise of 12%, on average. The stock has risen 161.7% in the past year.
The Zacks Consensus Estimate for SFM’s 2024 sales and EPS indicates a rise of 9.6% and 18.7%, respectively, from the year-ago period’s levels.
Zacks Investment Research
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