Dj Accenture Plc Cl A Stock Outperforms Competitors On Strong Trading Day

Wix.com WIX shares rallied 6.5% in the last trading session to close at $183.64. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 2.9% gain over the past four weeks.

The increase in share price can be attributed to strong topline performance. Higher adoption of the product portfolio, especially various artificial intelligence (AI) products and WIX Studio, has been driving the company’s performance. WIX is focusing on generative AI as this represents a significant business growth driver.

The addition of new features and enhancements to WIX Studio is driving its uptake. Management highlighted that the number of Studio accounts and rate of new Partners joining the Wix platform through Studio continue to better expectations.

As a result of a strong second quarter, management raised the 2024 outlook for bookings, revenues and free cash flow. Revenues are now expected to be $1,747-$1,761 million, up from the $1,738-$1,761 million band guided earlier. Total bookings are expected to be between $1,802 million and $1,822 million compared with a previous range of $1,796-$1,826 million.

This cloud-based web development company is expected to post quarterly earnings of $1.44 per share in its upcoming report, which represents a year-over-year change of +30.9%. Revenues are expected to be $443.27 million, up 12.6% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For Wix.com, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on WIX 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).

Wix.com is part of the Zacks Computers - IT Services industry. Accenture ACN, another stock in the same industry, closed the last trading session 0.5% higher at $357.30. ACN has returned -1.4% in the past month.

For Accenture, the consensus EPS estimate for the upcoming report has changed -0.3% over the past month to $3.39. This represents a change of +3.7% from what the company reported a year ago. Accenture currently has a Zacks Rank of #2 (Buy).

Zacks Investment Research

With a market cap of $222.3 billion, Accenture plc is a global leader in professional services within the IT consulting and outsourcing sector. Based in Dublin, Ireland, the company provides a wide range of digital, cloud, and security solutions, supporting finance, healthcare, technology, and energy.

The consulting company's shares have underperformed the broader market over the past 52 weeks. ACN has risen 11.9% over this time frame, while the broader S&P 500 Index ($SPX) has increased 36.8%. In 2024, shares of ACN are up 1.3%, compared to SPX’s 25.7% return on a YTD basis.

Looking further, ACN has lagged behind the Technology Select Sector SPDR Fund's 34.9% returns over the past 52 weeks and a 23.2% YTD gain.

Cryptocurrencies are on a rally, with Bitcoin (BTC) hitting an all-time high on Wednesday morning, amid reports of Donald Trump making major gains in the U.S. Presidential election. Bitcoin crossed the $75,000 mark hours after the nation went to polls to elect the 47th president.

The Bitcoin rally has been gaining pace over the past month after the Federal Reserve announced its first interest rate cut in four years. Investors are optimistic about another rate cut at the end of the Federal Reserve’s November policy meeting on Thursday, which is likely to give the crypto market a further boost.

Given this situation, investing in Bitcoin related stocks like NVIDIA Corporation NVDA, Interactive Brokers Group, Inc. IBKR, BlackRock, Inc. BLK, Accenture plc ACN and CME Group Inc. CME, which have strong growth potential for the near term, would be a prudent choice.

Bitcoin Hits All-Time High

Bitcoin hit an all-time high of $75,011.06 on Wednesday, surpassing its previous high of $73,770 recorded in March. The cryptocurrency was last trading at 74,802, up 8.2% in the past 24 hours. The high came as millions of Americans came out to cast their votes to elect the nation’s next president.

Other major cryptocurrencies like Ethereum (ETH), Cardano (ADA) and Dogecoin (DOGE) also surged on Tuesday. Ethereum, Cardano and Dogecoin jumped 6.6%, 8.8% and 18.8%, respectively. The cryptocurrency market cap surged to nearly $1.5 trillion hours after polling opened.

Bitcoin Rally to Continue

Bitcoin has performed well lately, driven by institutional investments and increasing mainstream acceptance. Bitcoin ETFs have attracted more than $50 billion in inflows, which has helped create a solid base for Bitcoin's recent price changes.

Bitcoin is often linked to Trump's campaign because of his strong advocacy for digital assets. He has even pledged to turn the United States into the global hub for cryptocurrency.

The Federal Reserve cut interest rates by 50 basis points in September, giving a major boost to cryptocurrencies. Since then, Bitcoin has been on a strong rally. Market participants are now confident that the Federal Reserve will announce another 25 basis-point interest rate cut at the end of its November policy meeting this week, which could further fuel the ongoing rally.

Also, market analysts predict that Bitcoin could exceed $80,000 by the end of November, regardless of the election results.

Bitcoin Related Stocks With Upside

NVIDIA Corporation

NVIDIA Corporation is a major player in the semiconductor industry and has been one of the standout success stories of 2023. As a leading designer of graphic processing units (GPUs), the value of the NVDA stock tends to surge in a thriving crypto market. This is primarily due to the crucial role that GPUs play in data centers, artificial intelligence, and the mining or production of cryptocurrencies.

NVIDIA’s expected earnings growth rate for the current year is more than 100%. The Zacks Consensus Estimate for current-year earnings has improved 0.7% over the last 60 days. Currently, NVIDIA has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.