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It’s hard to believe that this newest bull market is nearly two years old. It seems like just yesterday we were talking about the 2022 bearish downturn amid a 40-year high in inflation. And as much heat as the Fed took for failing to act quickly enough to combat high prices, inflationary measures have gradually trended back toward their long-term target.
The Fed is about to cut its benchmark policy rate for the first time in more than four years. Markets have been pricing in an anticipated series of cuts for some time. As this bull evolves and takes the next step in its progression, we’ve started to see large-cap tech lag and rate-sensitive areas assume the driver’s seat as the rally broadens out.
This is a healthy and necessary rotation in terms of the sustainability of this new bull market. It makes sense when we think about it; as inflation softens, markets gain confidence in upcoming interest rate cuts.
Lower yields tend to help small-cap stocks gain traction, which are generally more interest-rate sensitive. Since these companies typically have a higher cost of borrowing, declining yields serve as a tailwind moving forward.
Small-Caps Gearing Up Ahead of Fed Announcement
The central bank has made it clear that it intends to cut rates slowly, remaining data dependent amid a resilient economy. This should be music to our ears, with forward returns for stocks quite appealing from a historical perspective.
There’s no doubt that small-caps have lagged throughout this latest bull market. The Russell 2000 – a group of stocks with $2 billion and under in market value – is a good gauge to use for these companies.
The group began to perk up heading into this week’s rate announcement, with the iShares Russell 2000 ETF IWM climbing about 12% from the August low (on an intraday basis). It’s almost as if these stocks were trying to tell us something.
And they were. As we can see below, on a forward 3-month, 6-month, and 12-month basis, small-caps have outperformed both their mid- and large-cap counterparts following the first rate cut of a new cycle (with data going back to 1950):
Of course, every rate-cut cycle is slightly different. This time around, the Fed initiated the first cut with the major US indices near all-time highs, not to mention substantial gains from the bottom of the 2022 bear market along with a looming presidential election.
But let’s keep in mind, what is the market’s primary concern? Earnings. And earnings-per-share growth expectations for small-cap companies are rising, with analysts anticipating that Russell 2000 constituents will grow at a persuasively faster rate than the S&P 500 in the coming quarters:
In addition, small-cap valuations remain fairly attractive relative to large-caps. Adding small-cap exposure to portfolios provides another opportunity for diversification as well.
Remember that these charts don’t predict anything about this cycle. They’re meant to demonstrate a wide range of potential outcomes so that readers aren’t led astray, particularly with all the noise out there from the financial media.
Leading Small-Cap Stock Surges
CommScope COMM is a global provider of infrastructure solutions for communications, data center, and entertainment networks. The company recently collaborated with Nokia NOK to develop a cutting-edge, AI-driven solution for deploying seamless in-building and campus-wide connectivity. CommScope has created a niche market for itself, helping customers scale network capacity, deliver better network response time, and simplify technology migration.
COMM stock was rated a Zacks Rank #1 (Strong Buy) and #2 (Buy) for much of this year before recently being placed with a Hold rating. The stock trades at just 5.8 times forward earnings and has surged more than 500% in just the past 5 months:
Image Source: StockCharts
Analysts covering the premier infrastructure provider have been raising earnings estimates across the board. Looking at the full year, EPS estimates have soared 1,733% in just the past 60 days. The Zacks Consensus Estimate now stands at $0.98 per share, reflecting a 53% growth rate relative to last year.
All Eyes on the Fed
An interest rate cut is all but assured from the Fed later today. There’s been plenty of attention from the financial media regarding whether or not we’ll see a 25-basis point or 50-basis point cut.
And while I think the FOMC will err on the side of caution with the former, the decision doesn’t matter as much as the path of cuts from here. Markets are pricing in around 200-basis points of cuts over the next 12 months.
Investors will be keeping a close eye on small-caps amid the first cut in more than four years. Make sure to take advantage of all that Zacks has to offer to uncover leading stocks like COMM.
Zacks Investment Research
Dubai, UAE – CommScope , a global leader in network connectivity, announced a new RUCKUS® Pro AV portfolio—a dedicated suite of wired and wireless networking solutions compliant with leading AV standards, tailored to the unique demands of professional AV installations, to provide the end user with a delightful experience.
This RUCKUS Networks portfolio includes out-of-the-box, one-click support for leading AV standards, protocols and ecosystems such as NDI, DANTE, QSYS, AES65, Crestron, and SONOS. This is accomplished via three product categories: AV-enhanced enterprise-class Wi-Fi 6 and 7 access points (APs), AV-enhanced enterprise-class ICX® switches with ready to go smart AV Profiles, and cloud-based remote management services for AV MSPs.
“The CommScope RUCKUS Pro AV purpose-driven portfolio represents our commitment to our installer and service provider partners in the high-end residential and commercial AV market,” noted Bart Giordano, SVP and president, Networking Intelligent Cellular and Security Solutions, CommScope. “We’re leveraging our expertise in enterprise-grade wired and wireless connectivity to address the professional AV industry’s shift to IP-based technologies, with a focus on compatibility with the latest Pro AV industry protocols. By offering new high-performance, AV-specific networking solutions, we’re giving our partners more opportunities to improve efficiency and revenue as they deliver the next generation of professional AV systems.”
APs for RUCKUS Pro AV
RUCKUS Unleashed™ Wi-Fi 6 and 7 APs, including RUCKUS R770, are field-proven and optimized for RUCKUS Pro AV installations to meet the demands of tomorrow’s AV over IP applications.
Switches for RUCKUS Pro AV
New ICX switches are rapidly deployable out of the box with native support for leading AV standards, protocols, and innovations. Each switch unit features ethernet ports on the back for tidy cable management and a compact, rack-mountable form factor that fits today’s popular AV equipment.
ICX8200-C08PFV – 8-port switch
ICX8200-24PV – 24-port switch
Remote Monitoring & Management for RUCKUS Pro AV
Built-in support for the most popular AV protocols with remote security and monitoring services are seamlessly integrated via hosted cloud-based software for managing geographically dispersed networks. Together with RUCKUS hardware solutions, remote monitoring offers AV installers and MSPs unrivaled enterprise-grade security and monitoring with minimal system management resource requirements.
"RUCKUS Pro AV solutions represent a significant leap forward in our industry, delivering Wi-Fi and wired performance that is not just exceptional, but purpose-built for the unique needs of the AV market," stated Bjørn Jensen, CEO, WhyReboot. "These solutions are the result of years of collaboration, the introduction of AV profiles that streamline the configuration process along with the long-requested and highly anticipated form factor containing rear ports, are a testament to our shared vision. We are proud to have teamed with RUCKUS Networks to bring this transformative technology to our customers, enhancing their experiences with seamless and reliable connectivity."
“RUCKUS Pro AV solutions deliver the performance and robustness required by our installer base that work out-of-the box for AV,” stated Kevin Luther, CEO, Blackwire Designs. “We are super excited to bring these enterprise-class solutions to our customers.”
The RUCKUS Pro AV portfolio APs and remote monitoring and management service are available immediately, while the ICX switches are anticipated to be available in Q4, 2024. For more information, please visit the RUCKUS website.
About CommScope:
CommScope is pushing the boundaries of technology to create the world’s most advanced wired and wireless networks. Our global team of employees, innovators and technologists empower customers to anticipate what’s next and invent what’s possible. Discover more at www.commscope.com.
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Nokia Corporation NOK recently announced that it has been selected by CoreWeave to deploy its state-of-the-art IP routing and optical transport solutions in the latter’s data centers in the United States and Europe to support high-performance AI infrastructure.
Known for handling compute-intensive workloads and AI-centered applications, CoreWeave requires a networking backbone that ensures rapid and dependable customer access to its services. Additionally, as the demand for generative AI, ML, graphics and rendering VFX is rapidly growing, critical network connectivity is also becoming essential for the company’s cloud infrastructure.
NOK’s Focus on Providing Networking Backbone
Nokia’s advanced solution promises to support CoreWeave’s backbone and edge platforms by delivering super-fast, reliable performance at scale while also managing more than 30% of traffic within the same energy envelope.
Post-deployment, the backbone will feature Nokia’s IP routing and optical transport portfolio, including the FP5-based Nokia 7750 Service Router. The router is known for its extensive routing capabilities, speeds of up to 800Gb/s and strong Ethernet VPN support. For optical transport and data center interconnection across the WAN, Nokia’s 1830 Photonic Service Interconnect solution will be employed. Additionally, to automate network functions and optimize resource management, Nokia’s Network Services Platform will be used.
Increasing Client Base to Drive Performance for NOK
With the emergence of the smartphone market and subsequent usage of mobile broadband, user demand for coverage speed and quality has increased in recent times. Further, to maintain superior performance as traffic increases, there is also a continuous need for network tuning and optimization.
Nokia is driving the transition of global enterprises into smart virtual networks by creating a single network for all services, converging mobile and fixed broadband, IP routing and optical networks with the software and services to manage them. Leveraging state-of-the-art technology, the company is transforming the way people and things communicate and connect. These include a seamless transition to 5G technology, ultra-broadband access, IP and Software Defined Networking, cloud applications and Internet of Things.
With a strong presence in more than 100 countries, the Finnish multinational telecommunication company is expected to benefit from the increasing customer base. This will likely enable the company to generate higher revenues in the upcoming quarters. Improving financial performance is likely to propel the stock upward.
NOK’s Stock Price Performance
Shares of Nokia have gained 6.5% over the past year compared with the industry’s growth of 45.9%.
NOK’s Zacks Rank and Key Picks
Nokia currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader industry have been discussed below.
Ubiquiti Inc. UI carries a Zacks Rank #2 (Buy) at present. The company offers a comprehensive suite of networking products and solutions for service providers and enterprises. Its highly flexible global business model remains apt to adapt to the changing market dynamics to overcome challenges while maximizing growth. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Its excellent global business model, which is flexible and adaptable to evolving changes in markets, helps it to beat challenges and maximize growth. The company’s effective management of its strong global network of more than 100 distributors and master resellers improved its UI’s visibility for future demand and inventory management techniques. In the last reported quarter, Ubiquiti delivered an earnings surprise of 4.19%.
Workday Inc. WDAY carries a Zacks Rank #2 at present. In the last reported quarter, it delivered an earnings surprise of 7.36%. WDAY is a leading provider of enterprise-level software solutions for financial management and human resource domains.
Airgain, Inc. AIRG currently carries a Zacks Rank #2. It has a long-term earnings growth expectation of 35%.
Based in San Diego, CA, Airgain provides antenna products as integrated wireless solutions. These devices are designed to address vital connectivity requirements during product development and throughout the entire lifecycle of other industries, such as automotive and consumer, in addition to various sectors within an enterprise.
Zacks Investment Research
Tech stocks gained Thursday afternoon trading with the Technology Select Sector SPDR Fund (XLK) rising 1.1% and the SPDR S&P Semiconductor ETF (XSD) climbing 0.4%, erasing earlier losses.
The Philadelphia Semiconductor index rose 0.5%.
In corporate news, Microsoft named Carolina Dybeck Happe as chief operating officer. Separately, the company is cutting 650 jobs at its Xbox division following the Activision Blizzard acquisition, Bloomberg reported. Microsoft shares rose 0.4%.
Unity Software shares jumped 10% after the company said it will cancel the runtime fee for games, effective immediately, and revert to a seat-based subscription model for gaming customers.
Nokia approached potential candidates about replacing Pekka Lundmark as chief executive officer, the Financial Times reported. Nokia shares rose 0.1%.
Nokia Corporation NOK recently inked an agreement with Team Telecom Armenia to deploy its 25G passive optical network (PON) fiber solution across the Asian country. With this, the telecom operator became one of the first carriers in the Caucasus and Central Asia regions to provide some of the fastest Internet speeds commercially available.
How NOK Powers the PON Fiber Solution
A PON is designed to provide a single fiber with the ability to maintain an efficient broadband connection for multiple end users. These end users are typically individual clients using PONs in a commercial environment. The PON architecture is becoming increasingly popular for its efficiency and cost-effectiveness over copper networks.
Leveraging Quillion chipset, Nokia’s 25G PON fiber broadband solution supports a full range of PON technologies, from GPON to 25G PON and beyond. This, in turn, will facilitate Team Telecom Armenia to utilize its existing fiber infrastructure to ramp up its capacity for faster connectivity to consumers. It also offers the flexibility to optimize services such as enterprise solutions, 5G mobile transport and network wholesaling.
NOK Offering O-RAN With Commercial 5G Cloud-RAN Networks
Nokia is poised to benefit from copper and fiber deployments of passive optical networking. It is reportedly the only global supplier offering Open Radio Access Network (O-RAN) with commercial 5G Cloud-RAN networks. The company intends to accelerate strategy execution, sharpen customer focus and reduce long-term costs. At the same time, it is focused on building a strong scalable software business and expand it to structurally attractive enterprise adjacencies. Nokia’s C-Band portfolio supports 5G standalone and non-standalone networks, cloud-based implementations and O-RAN products.
Will NOK Stock Benefit From the Collaboration?
Nokia has emerged as one of the leading players in the development of advanced 5G technology and is at the forefront of extending 5G use cases in various industries. It has laid a strong foundation of innovation through substantial infrastructure investments. This has led to the establishment of an impressive portfolio comprising approximately 20,000 patent families, including more than 6,000 patent families that are deemed crucial to 5G technology.
The collaboration with Team Telecom Armenia is likely to propel the stock on incremental revenue generation and inducement of similar deals from other carriers in the future. The deal is also expected to strengthen Nokia’s position as a leading telecommunications equipment provider in the region.
The stock has gained 17.3% over the past six months compared with the industry’s growth of 5.2%.
NOK Zacks Rank & Stock to Consider
Nokia currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Arista Networks, Inc. ANET, sporting a Zacks Rank #1 at present, is likely to benefit from strong momentum and diversification across its top verticals and product lines. The company has a software-driven, data-centric approach to help customers build their cloud architecture and enhance their cloud experiences. Arista has a long-term earnings growth expectation of 17.2% and delivered an earnings surprise of 15%, on average, in the trailing four quarters.
It holds a leadership position in 100-gigabit Ethernet switching share in port for the high-speed data center segment. Arista is increasingly gaining market traction in 200 and 400-gig high-performance switching products. It is well-positioned for healthy growth in data-driven cloud networking business with proactive platforms and predictive operations.
AudioCodes Ltd. AUDC currently carries a Zacks Rank #2 (Buy). It delivered an earnings surprise of 10.1%, on average, in the trailing four quarters.
Headquartered in Lod, Israel, AudioCodes offers advanced communications software, products and productivity solutions for the digital workplace. It provides a broad range of innovative products, solutions and services that are used by large multi-national enterprises and leading tier-1 operators around the world.
Airgain, Inc. AIRG currently carries a Zacks Rank #2. It has a long-term earnings growth expectation of 35%.
Headquartered in San Diego, CA, Airgain offers integrated wireless solutions in the form of antenna products. These products are equipped to solve critical connectivity needs in both the design process and the operating environment across the enterprise, automotive and consumer markets. Ideal for original equipment and design manufacturers, vertical markets, chipset vendors, service providers, value-added resellers and software developers worldwide, the customizable antennas from Airgain serve both indoor and outdoor connectivity issues.
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