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HK Real Estate Industry
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Dolby Laboratories, Inc. DLB has launched a new suite of cloud video products and solutions designed for real-time interactive streaming. Available as standalone tools or integrated solutions, they offer superior live sports and entertainment experiences.
This launch follows Dolby’s recent acquisition of THEO Technologies, a leading provider of premium video streaming tools used by prominent sports, media and entertainment companies globally.
THEOads is an advanced ad insertion tool that enhances advertising quality, flexibility and targeting within THEOplayer. Using server-guided ad insertion (SGAI) functionality, THEOads can optimally leverage THEOplayer’s capabilities to deliver more personalized and less intrusive ads, boosting viewer engagement and ad revenues without disrupting the viewing experience.
Apart from THEOads, Dolby and THEO’s combined solutions include Dolby Millicast for ultra-low latency streaming, Dolby Hybrik for transcoding and THEO’s cross-platform playback and live streaming tools like THEOplayer and THEOlive. These cutting-edge solutions are trusted by major sports, streaming and iGaming brands, such as FanDuel, ITV, Las Vegas Sands, NASCAR and the NFL, to enhance their live streaming services.
The combined offerings from Dolby and THEO elevate live experiences to be more interactive, personalized and delivered with minimal latency. With the introduction of THEOads at IBC 2024, these experiences now include advertisements tailored to the dynamic nature of live content, Dolby highlighted.
Synergies From Acquisitions to Aid DLB’s Top-Line Expansion
Dolby acquired THEO Technologies in July 2024, worth $55 million, to expand its Dolby.io offerings. With THEO, the company plans to address the growing demand for designing customized experiences in sports and entertainment.
Also, DLB announced the buyout of GE Licensing from GE Aerospace for $429 million in an all-cash transaction in June 2024. GE Licensing, a leading innovator in patent licensing and management, is a subsidiary of GE Aerospace that designs, develops and produces jet engines, components and integrated systems for military, commercial and business aircraft.
With this acquisition, Dolby expects to bolster its intellectual property portfolio through the strategic integration between its existing licensing businesses and GE Licensing's portfolio of video codec technologies (HEVC and VVC). The deal, likely to close by the end of fiscal 2024, is anticipated to be accretive on a non-GAAP basis to operating margins and earnings per share in fiscal 2025.
Synergies from the deal are likely to drive top-line expansion. Apart from inorganic growth, Dolby’s performance is gaining from the increasing adoption of Dolby Atmos and Dolby Vision.
Dolby Laboratories Price and Consensus
Dolby Laboratories price-consensus-chart | Dolby Laboratories Quote
In the fiscal third quarter, the company made significant strides in expanding the availability of its Dolby Vision and Dolby Atmos technologies across major verticals of autos, TVs and mobile. In May 2024, Dolby joined forces with VIZIO to make Dolby Atmos reachable to an expanded customer base. It is offering multi-dimensional sound experiences to consumers at a minimal price of $99. In April 2024, it announced that it was making Dolby Vision and Dolby Atmos available to all premium theater exhibitors.
Lower unit shipments of audio devices and cinema products due to weak demand trends at the box office are negatively impacting the top-line growth. Owing to these factors and the dynamic market conditions, management expects full-year revenues to be down 1-2%.
DLB’s Zacks Rank & Stock Price Performance
DLB currently carries a Zacks Rank #3 (Hold). Shares of the company have lost 11.8% in the past year against the sub-industry's growth of 5%.
Stocks to Consider
Some better-ranked stocks from the broader technology space are Manhattan Associates, Inc. MANH, ANSYS, Inc. ANSS and Adobe Inc. ADBE. MANH presently sports a Zacks Rank #1 (Strong Buy), whereas ANSS & ADBE carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Manhattan Associates delivered an earnings surprise of 26.6%, on average, in the trailing four quarters. In the last reported quarter, MANH pulled off an earnings surprise of 22.9%. The Zacks Consensus Estimate for MANH has increased 9.2% in the past 60 days to $4.26.
ANSYS delivered an earnings surprise of 4.8%, on average, in three of the trailing four quarters. In the last reported quarter, ANSS pulled off an earnings surprise of 28.9%. It has a long-term earnings growth expectation of 6.4%.
Adobe delivered an earnings surprise of 2.6%, on average, in the trailing four quarters. In the last reported quarter, ADBE pulled off an earnings surprise of 2.7%. It has a long-term earnings growth expectation of 13%.
Zacks Investment Research
Looking for broad exposure to the Mid Cap Blend segment of the US equity market? You should consider the Invesco S&P MidCap Quality ETF (XMHQ), a passively managed exchange traded fund launched on 12/01/2006.
The fund is sponsored by Invesco. It has amassed assets over $5.26 billion, making it one of the larger ETFs attempting to match the Mid Cap Blend segment of the US equity market.
Why Mid Cap Blend
Mid cap companies have market capitalization between $2 billion and $10 billion. They usually have higher growth prospects than large cap companies and are less volatile than small cap companies. These types of companies, then, have a good balance of stability and growth potential.
Blend ETFs are aptly named, since they tend to hold a mix of growth and value stocks, as well as show characteristics of both kinds of equities.
Costs
Expense ratios are an important factor in the return of an ETF and in the long term, cheaper funds can significantly outperform their more expensive counterparts, other things remaining the same.
Annual operating expenses for this ETF are 0.25%, putting it on par with most peer products in the space.
It has a 12-month trailing dividend yield of 5.13%.
Sector Exposure and Top Holdings
Even though ETFs offer diversified exposure that minimizes single stock risk, investors should also look at the actual holdings inside the fund. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation to the Industrials sector--about 35% of the portfolio. Consumer Discretionary and Financials round out the top three.
Looking at individual holdings, Williams-Sonoma Inc (WSM) accounts for about 3.72% of total assets, followed by Manhattan Associates Inc (MANH) and Carlisle Cos Inc (CSL).
The top 10 holdings account for about 26.5% of total assets under management.
Performance and Risk
XMHQ seeks to match the performance of the S&P MIDCAP 400 QUALITY INDEX before fees and expenses. The S&P MidCap 400 Quality Index is designed to provide equal-weighted exposure to approximately 800 securities of medium-sized companies in the larger US equity market.
The ETF return is roughly 17.07% so far this year and was up about 27.37% in the last one year (as of 09/16/2024). In the past 52-week period, it has traded between $75.71 and $110.05.
The ETF has a beta of 1.04 and standard deviation of 21.69% for the trailing three-year period. With about 82 holdings, it effectively diversifies company-specific risk.
Alternatives
Invesco S&P MidCap Quality ETF carries a Zacks ETF Rank of 3 (Hold), which is based on expected asset class return, expense ratio, and momentum, among other factors. Thus, XMHQ is a reasonable option for those seeking exposure to the Style Box - Mid Cap Blend area of the market. Investors might also want to consider some other ETF options in the space.
The Vanguard Mid-Cap ETF (VO) and the iShares Core S&P Mid-Cap ETF (IJH) track a similar index. While Vanguard Mid-Cap ETF has $67.95 billion in assets, iShares Core S&P Mid-Cap ETF has $88.17 billion. VO has an expense ratio of 0.04% and IJH charges 0.05%.
Bottom-Line
While an excellent vehicle for long term investors, passively managed ETFs are a popular choice among institutional and retail investors due to their low costs, transparency, flexibility, and tax efficiency.
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
Zacks Investment Research
U.S. stock markets closed sharply higher on Friday ahead of the Fed’s crucial FOMC meeting next week. Earnings results were mixed along with mixed economic data. All three major indexes ended in positive territory. For the week, these indexes also finished in positive zone.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) was up 0.7% or 297.01 points to close at 41,393.78. Notably, 24 components of the 30-stock index ended in positive territory while 6 in negative zone. The blue-chip index posted a three-day winning run.
The tech-heavy Nasdaq Composite finished at 17,683.98, rising 0.7% or 114.30 points due to strong performance by technology giants, especially AI-based stocks. The tech-laden index recorded a five-day winning-streak.
The S&P 500 appreciated 0.5% to finish at 5,626.02. All 11 broad sectors of the broad-market index ended in Positive territory. Wall Street’s benchmark index also registered a five-day winning-streak.
The Communication Services Select Sector SPDR (XLC), the Industrials Select Sector SPDR (XLI) and the Utilities Select Sector SPDR (XLU) advanced 1%, 1% and 1.4%, respectively.
The fear-gauge CBOE Volatility Index (VIX) was down 3% to 16.56. A total of 10.15 billion shares were traded on Friday, lower than the last 20-session average of 10.78 billion. advancers outnumbered decliners on the NYSE by a 5.54-to-1 ratio. On Nasdaq, a 3.19-to-1 ratio favored advancing issues.
Markets Wait for Crucial Fed Meeting
The Fed will conduct its next FOMC meeting on Sept. 17-18. Market participants are currently riding on high expectations of the beginning of the interest rate cut regime by the Fed in the September FOMC meeting scheduled next week. The existing range of 5.25-5.5% marks a 23-year high level. If the Fed initiates a rate cut, it will be the first one since March 2020, at the onset of COVID-19.
Mixed Earnings Results
Adobe Inc. ADBE reported third-quarter fiscal 2024 non-GAAP earnings of $4.65 per share, beating the Zacks Consensus Estimate by 2.65%. Total revenues were $5.41 billion, which beat the Zacks Consensus Estimate of $5.37 billion. However, for fourth-quarter fiscal 2024, Adobe projects total revenues between $5.50 billion and $5.55 billion. The Zacks Consensus Estimate for the same is pegged at $5.60 billion.
RH RH reported second-quarter 2024 adjusted earnings per share of $1.69, which beat the Zacks consensus mark of $1.53 by 10.5%. Net revenues of $829.7 million also came ahead of the consensus mark of $826.9 million.
Consequently, stock price of Adobe plummeted 8.5% while stock price of RH soared 25.5%. Adobe currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Economic Data
The University of Michigan reported that the preliminary index for consumer sentiment came in at 69%, higher than the consensus estimate of 68.4% and the final reading of 67.9% in August. Current condition index reported at 62.9% in September compared with 61.3% in August.
Consumer expectations index reported at 73% in September compared with 72.1% in August. The one-year inflation outlook dipped to 2.7%, its lowest since December 2020. However, the five-year view rose to 3.1%, its highest since November 2023.
Weekly Roundup
Last week was very impressive for Wall Street. The Dow, the S&P 500 and the Nasdaq Composite rallied 2.6%, 4% and 5.9%, respectively. The S&P 500 and the Nasdaq Composite posted their best week in 2024. Expectations of a Fed rate cut boosted investors’ confidence on risky assets like equities.
Zacks Investment Research
For Immediate Release
Chicago, IL – September 16, 2024 – Zacks.com releases the list of companies likely to issue earnings surprises. This week’s list includes Oracle ORCL, Adobe ADBE, Lennar LEN and FedEx FDX.
Q3 Earnings: What Can Investors Expect?
The Q3 earnings season will take the spotlight when the big banks start reporting their quarterly results from October 11th onwards. However, we count the ‘official’ start of the Q3 reporting cycle much earlier, when companies with fiscal quarters ending in August come out with quarterly results.
The results in recent days from Oracle and Adobe fall in this category and, therefore, get counted as part of the overall 2024 Q3 earnings season tally. Of these two, the Oracle report was really impressive, with the company legitimately staking its claim as a notable player in the emerging artificial intelligence (AI) struggle.
The Adobe results were also fairly strong, with earnings increasing by +25.8% from the same period last year on +6.9% higher revenues, but the stock lost ground on the report due to underwhelming guidance.
Adobe shares were up big following the last quarterly release in June but were down in response to each of the three quarterly reports before that. Adobe shares are down -10.5% this year, lagging the Zacks Tech sector’s +18.9% gain and the S&P 500 index’s +17.1% gain.
Oracle shares’ favorable reaction to the September 9th report builds on the stock’s impressive momentum this year. The stock is now up +55.4% this year, handily outperforming the Tech sector and the broader market, with many in the market seeing the stock’s ongoing momentum as very much sustainable.
We have another 5 S&P 500 members on deck to report such August-quarter results this week, including Lennar and FedEx after the market’s close on Thursday, September 19th.
We discuss expectations for Lennar and the broader homebuilder space later in this note, but we first want to look at evolving earnings expectations for 2024 Q3 as a whole.
The Earnings Big Picture
Total Q3 earnings for the S&P 500 index are expected to be up +3.8% from the same period last year on +4.6% higher revenues. This would follow the +10% earnings growth for the index in the preceding period on +5.5% higher revenues.
Regular readers of our earnings commentary are familiar with our sanguine view on corporate profitability – the earnings picture isn’t great, but it isn’t bad either.
The one recent negative development on this front is the reversal of the earlier favorable revisions trend that we have regularly flagged in our commentary. This negative revisions trend is particularly notable concerning expectations for 2024 Q3, with earnings estimates for the period getting revised down much more than we had seen in other recent periods.
Not only is the magnitude of cuts to Q3 estimates bigger than what we saw in the comparable periods for the last three quarters, but it is also widespread and not concentrated in one or a few sectors.
Of the 16 Zacks sectors, estimates have been revised down for 14 sectors, with the Transportation, Energy, Business Services, and Aerospace sectors suffering the biggest declines. The Tech and Finance sectors are the only sectors whose estimates have modestly risen since the period got underway.
Notwithstanding the aforementioned negative revisions trend, the expectation is for an accelerating growth trend over the coming periods. Also, the aggregate earnings total for the period is expected to be a new all-time quarterly record.
Please note that this year’s +8% earnings growth improves to +9.7% on an ex-Energy basis.
Expectations for LEN and the Construction Sector
Lennar is expected to bring in $3.62 per share in earnings on $9.29 billion in revenues, representing year-over-year changes of -7.4% and +6.4%, respectively. Estimates have been under pressure lately, with the current $3.62 EPS estimate down -4% over the last three months.
Elevated interest rates have been a significant headwind for this interest-rate-sensitive business. As a result, the earnings outlook for Lennar and the broader homebuilder space has been under pressure ever since mortgage rates rose in response to Fed tightening. But with the central bank on the cusp of starting to ease policy, the outlook for the group has been steadily improving.
These hopes of a favorable interest rate backdrop in the days ahead have been helping Lennar and the stocks of other homebuilders gain ground lately.
For 2024 Q3, total earnings for the Zacks Construction sector are expected to be down -3% on +3.7% higher revenues. This would follow the sector’s +5.6% earnings growth on +4.4% higher revenues.
For full-year 2024, total earnings for the Zacks Construction sector are expected to be up +1.1% from the 2023 level on +4.6% revenue growth. Earnings for the sector were down -6.5% in 2023, which followed +21.5% earnings growth in 2022 and +45% in 2021.
The space’s profitability has bottomed already, with growth resuming from next year onwards.
For a detailed look at the overall earnings picture, including expectations for the coming periods, please check out our weekly Earnings Trends report >>>> What Will the Q3 Earnings Season Show?
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.This material is being provided for informational purposes only and nothing herein constitutes 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 a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
Zacks Investment Research
These ten large-cap stocks were the worst performers in the last week. Are they in your portfolio?
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The Q3 earnings season will take the spotlight when the big banks start reporting their quarterly results from October 11th onwards. However, we count the ‘official’ start of the Q3 reporting cycle much earlier, when companies with fiscal quarters ending in August come out with quarterly results.
The results in recent days from Oracle ORCL and Adobe ADBE fall in this category and, therefore, get counted as part of the overall 2024 Q3 earnings season tally. Of these two, the Oracle report was really impressive, with the company legitimately staking its claim as a notable player in the emerging artificial intelligence (AI) struggle.
The Adobe results were also fairly strong, with earnings increasing by +25.8% from the same period last year on +6.9% higher revenues, but the stock lost ground on the report due to underwhelming guidance.
Adobe shares were up big following the last quarterly release in June but were down in response to each of the three quarterly reports before that. Adobe shares are down -10.5% this year, lagging the Zacks Tech sector’s +18.9% gain and the S&P 500 index’s +17.1% gain.
Oracle shares’ favorable reaction to the September 9th report builds on the stock’s impressive momentum this year. The stock is now up +55.4% this year, handily outperforming the Tech sector and the broader market, with many in the market seeing the stock’s ongoing momentum as very much sustainable.
We have another 5 S&P 500 members on deck to report such August-quarter results this week, including Lennar LEN and FedEx FDX after the market’s close on Thursday, September 19th.
We discuss expectations for Lennar and the broader homebuilder space later in this note, but we first want to look at evolving earnings expectations for 2024 Q3 as a whole.
The Earnings Big Picture
Total Q3 earnings for the S&P 500 index are expected to be up +3.8% from the same period last year on +4.6% higher revenues. This would follow the +10% earnings growth for the index in the preceding period on +5.5% higher revenues.
Regular readers of our earnings commentary are familiar with our sanguine view on corporate profitability – the earnings picture isn’t great, but it isn’t bad either.
The one recent negative development on this front is the reversal of the earlier favorable revisions trend that we have regularly flagged in our commentary. This negative revisions trend is particularly notable concerning expectations for 2024 Q3, with earnings estimates for the period getting revised down much more than we had seen in other recent periods. You can see this in the chart below that tracks the evolution of Q3 earnings growth expectations over the last couple of months.
Not only is the magnitude of cuts to Q3 estimates bigger than what we saw in the comparable periods for the last three quarters, but it is also widespread and not concentrated in one or a few sectors.
Of the 16 Zacks sectors, estimates have been revised down for 14 sectors, with the Transportation, Energy, Business Services, and Aerospace sectors suffering the biggest declines. The Tech and Finance sectors are the only sectors whose estimates have modestly risen since the period got underway.
The chart below shows the Q3 earnings and revenue growth expectations in the context of what we saw in actual results over the preceding four quarters and what is expected over the following three quarters.
Notwithstanding the aforementioned negative revisions trend, the expectation is for an accelerating growth trend over the coming periods. Also, the aggregate earnings total for the period is expected to be a new all-time quarterly record, as the chart below shows.
The chart below shows the overall earnings picture on a calendar-year basis, with the +8% earnings growth this year followed by double-digit gains in 2025 and 2026.
Please note that this year’s +8% earnings growth improves to +9.7% on an ex-Energy basis.
Expectations for LEN and the Construction Sector
Lennar is expected to bring in $3.62 per share in earnings on $9.29 billion in revenues, representing year-over-year changes of -7.4% and +6.4%, respectively. Estimates have been under pressure lately, with the current $3.62 EPS estimate down -4% over the last three months.
Elevated interest rates have been a significant headwind for this interest-rate-sensitive business. As a result, the earnings outlook for Lennar and the broader homebuilder space has been under pressure ever since mortgage rates rose in response to Fed tightening. But with the central bank on the cusp of starting to ease policy, the outlook for the group has been steadily improving.
These hopes of a favorable interest rate backdrop in the days ahead have been helping Lennar and the stocks of other homebuilders gain ground lately. The chart below shows the performance of Lennar, the Zacks Construction sector, and the S&P 500 index over the last year.
For 2024 Q3, total earnings for the Zacks Construction sector are expected to be down -3% on +3.7% higher revenues. This would follow the sector’s +5.6% earnings growth on +4.4% higher revenues.
For full-year 2024, total earnings for the Zacks Construction sector are expected to be up +1.1% from the 2023 level on +4.6% revenue growth. Earnings for the sector were down -6.5% in 2023, which followed +21.5% earnings growth in 2022 and +45% in 2021.
The chart below shows the sector’s aggregate earnings on an annual basis.
As you can see above, the space’s profitability has bottomed already, with growth resuming from next year onwards.
For a detailed look at the overall earnings picture, including expectations for the coming periods, please check out our weekly Earnings Trends report >>>> What Will the Q3 Earnings Season Show?
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