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Globe Life Inc. GL shares have lost 16.7% in the year-to-date period against the industry’s 3.8% growth. It has also underperformed the Finance sector’s 12% return and the Zacks S&P 500 composite’s 15% growth in the said time frame.
Year-to-Date Price Performance
GL has been grappling with higher expenses over the past few years. Higher total policyholder benefits, amortization of deferred acquisition costs, commissions, premium taxes and non-deferred acquisition costs, other operating expenses and interest expenses resulted in escalating expenses.
Globe Life has been incurring high administrative expenses over the years. For 2024, GL expects administrative expenses to be approximately 7% of premiums, higher than the 2023 level.
Closing at $101.34 in the last trading session, the stock stands 23% below its 52-week high of $132.
Globe Life’s long-term debt has been increasing over the last few years with debt-to-capital ratio deteriorating. As of June 30, 2024, total debt increased 11% year over year. A high debt level has been inducing higher interest expenses, which also increased in the second quarter of 2024. The company must service its debt uninterruptedly, or else creditworthiness could be dented.
GL Trading Above 50-Day Moving Average
GL closed at $101.34 on Wednesday, above the 50-day simple moving average (SMA) of $93.43, representing an uptrend. SMA is a widely used technical analysis tool to predict future price trends by analyzing historical price data.
GL’s Growth Projection
The Zacks Consensus Estimate for Globe Life’s 2024 earnings per share indicates a year-over-year increase of 12%. The consensus estimate for revenues is pegged at $5.82 billion, implying a year-over-year improvement of 5.5%.
The consensus estimate for 2025 earnings per share and revenues indicates an increase of 10.6% and 4.7%, respectively, from the corresponding 2024 estimates.
Earnings of GL grew 12.4% in the last five years, better than the industry average of 5.5%.
Positive Analyst Sentiment Instills Confidence in GL
One of the six analysts covering the stock has raised estimates for 2024 while two analysts have raised estimates for 2025 over the past 30 days. The consensus estimate for 2024 and 2025 earnings indicates an improvement of 0.08% and 0.8%, respectively.
GL’s Return on Capital
GL’s trailing 12-month return on equity is 21.9%, ahead of the industry average of 20.9%. Return on equity, a profitability measure, reflects how effectively a company is utilizing its shareholders.
Also, the return on invested capital (ROIC) in the trailing 12 months was 13.3%, better than the industry average of 4.6%. Its ROIC has been increasing over the last few quarters amid capital investment made over the same time frame. This reflects the company’s efficiency in utilizing funds to generate income.
Key Drivers of Globe Life
Globe Life has been witnessing a positive trend in revenues, driven by premium growth in its Life Insurance and Health Insurance segments and net investment income.
The strong performance of the American Income and Liberty National divisions should drive the top line in the future. Liberty National is likely to continue to benefit from improved productivity and agent count. GL’s expansion initiatives to capture heavily populated and less penetrated areas should drive growth in the future. Net life sales, as well as net health sales, are expected to grow in the mid-teens for Liberty National.
Moreover, net investment income continues to be another important driver of the company’s top-line growth and has been exhibiting improvement over the last few years. The metric is likely to keep growing, riding on improved invested assets and higher interest rates on new investments.
The company has maintained a strong liquidity position with sufficient cash-generation capabilities. Its operations comprise writing basic protection life and supplemental health insurance policies, which generate strong and stable cash flows. For 2024, Globe Life has targeted a consolidated Company Action Level RBC ratio of 300-320%.
A strong capital position enables Globe Life to enhance its shareholder value via share buybacks and dividend payouts. The insurer has continuously been increasing its dividend over the past eight years (2016-2023) at a CAGR of 6.79%.
GL Shares Are Affordable
Globe Life is trading at a discount compared with the industry average. It presents a compelling investment opportunity with its attractive forward 12-month price-to-book ratio of 7.91X, lower than the industry average of 13.54X. Also, it has a Value Score of A.
Shares of other players from the same space, such as Guild Holdings Company GHLD, Marex Group PLC MRX and PRA Group, Inc. PRAA, are also trading at a discount to the industry average.
Conclusion
While Globe Life witnesses higher expenses, its higher life and health sales, improved invested assets, increased productivity and agent count, strong liquidity position and effective capital deployment could pave the way for recovery and sustained growth. GL should benefit from Higher return on capital, favorable growth estimates and the affordability of the stock. It is, therefore, wise to hold on to this Zacks Rank #3 (Hold) stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
Designed to provide broad exposure to the Financials - Broad segment of the equity market, the Invesco S&P 500 Equal Weight Financials ETF (RSPF) is a passively managed exchange traded fund launched on 11/01/2006.
Passively managed ETFs are becoming increasingly popular with institutional as well as retail investors due to their low cost, transparency, flexibility and tax efficiency. They are excellent vehicles for long term investors.
Sector ETFs are also funds of convenience, offering many ways to gain low risk and diversified exposure to a broad group of companies in particular sectors. Financials - Broad is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 2, placing it in top 13%.
Index Details
The fund is sponsored by Invesco. It has amassed assets over $271.83 million, making it one of the average sized ETFs attempting to match the performance of the Financials - Broad segment of the equity market. RSPF seeks to match the performance of the S&P 500 EQUAL WEIGHT FINANCIALS INDEX before fees and expenses.
The S&P 500 Equal Weight Financials Index equally weights stocks in the financial sector of the S&P 500 Index.
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 0.40%, making it on par with most peer products in the space.
It has a 12-month trailing dividend yield of 1.41%.
Sector Exposure and Top Holdings
ETFs offer a diversified exposure and thus minimize single stock risk but it is still important to delve into a fund's holdings before investing. Most ETFs are very transparent products and many disclose their holdings on a daily basis.
This ETF has heaviest allocation in the Financials sector--about 100% of the portfolio.
Looking at individual holdings, Cboe Global Markets Inc (CBOE) accounts for about 1.60% of total assets, followed by Truist Financial Corp (TFC) and Globe Life Inc (GL).
The top 10 holdings account for about 15.42% of total assets under management.
Performance and Risk
So far this year, RSPF has gained about 14.40%, and is up about 29.31% in the last one year (as of 09/12/2024). During this past 52-week period, the fund has traded between $48.10 and $68.77.
The ETF has a beta of 1.05 and standard deviation of 13.82% for the trailing three-year period. With about 72 holdings, it effectively diversifies company-specific risk.
Alternatives
Invesco S&P 500 Equal Weight Financials ETF holds a Zacks ETF Rank of 2 (Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, RSPF is a great option for investors seeking exposure to the Financials ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.
Vanguard Financials ETF (VFH) tracks MSCI US Investable Market Financials 25/50 Index and the Financial Select Sector SPDR ETF (XLF) tracks Financial Select Sector Index. Vanguard Financials ETF has $9.80 billion in assets, Financial Select Sector SPDR ETF has $43.50 billion. VFH has an expense ratio of 0.10% and XLF charges 0.09%.
Bottom Line
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
The U.S. Labor Department’s latest report revealed 142,000 new jobs were created last month, falling short of expectations and signaling a cooling labor market. Now, the attention turns to today’s Consumer Price Index (CPI) inflation report. Markets are hoping for further progress on inflation. The CPI report could heavily influence the Federal Reserve’s next move on interest rates. Most economists are expecting a 25-basis point (bps) rate cut on Sept.18.
Having said that, given recent global economic volatility and September’s historical weakness, focusing on value stocks could help mitigate risk in uncertain times. Stocks like Wolverine World Wide, Inc. WWW, PRA Group, Inc. PRAA, Great Lakes Dredge & Dock GLDD and Kronos Worldwide, Inc. KRO are a few value stocks with high earnings yield that you should invest in right away.
Unlock Portfolio Value Via Earnings Yield Metric
Value investing seeks to profit from investing in stocks that appear to be trading at a discount to their intrinsic values and eventually make handsome returns when the stock price rises toward that value, reflecting the actual fundamentals.
One interesting ratio that you can consider for ferreting out attractively valued stocks is earnings yield. This metric, expressed in percentage, is calculated as annual earnings per share (EPS) divided by market price. While comparing stocks, if other factors are similar, the ones with higher earnings yield are considered undervalued, while those with lower earnings yield are seen as overpriced.
Earnings yield also facilitates the comparison of stocks with fixed-income securities. Investors often compare the earnings yield of a stock to the prevailing interest rates, such as the current 10-year Treasury yield, to get a sense of the return on investment it offers compared to virtually risk-free returns. If the yield on a stock is lower than the 10-year Treasury yield, it would be considered overvalued relative to bonds. Conversely, if the yield on the stock is higher, it would be considered undervalued. In this situation, investing in the stock market would be a better option for a value investor.
The Winning Strategy
We have set an Earnings Yield greater than 10% as our primary screening criterion but it alone cannot be used for picking stocks that have the potential to generate solid returns. So, we have added the following parameters to the screen:
Estimated EPS growth for the next 12 months greater than or equal to the S&P 500: This metric compares the 12-month forward EPS estimate with the 12-month actual EPS.
Average Daily Volume (20 Day) greater than or equal to 100,000: High trading volume implies that a stock has adequate liquidity.
Current Price greater than or equal to $5.
Buy-Rated Stocks: Stocks with a Zacks Rank #1 (Strong Buy) or 2 (Buy) have been known to outperform peers in any type of market environment. You can see the complete list of today’s Zacks #1 Rank stocks here.
Our Picks
Here we discuss four of the 26 stocks that qualified the screening:
Wolverine designs, manufactures and distributes a range of casual and active footwear and apparel. Its strategy of delivering innovative, trend-right products, along with strong brand management, is resonating with consumers. WWW’s gross margins are improving thanks to supply-chain optimization, inventory reduction and effective pricing. Additionally, Wolverine is making significant progress in reducing its net debt.
The Zacks Consensus Estimate for Wolverine’s 2024 and 2025 earnings implies year-over-year growth of 1,600% and 51%, respectively. Estimates for 2024 and 2025 earnings per share have moved up by 3 cents and 1 cent, respectively, over the past 60 days. WWW currently sports a Zacks Rank #1 and has a Value Score of B.
PRA Group is a global financial and business services firm operating in the Americas, Australia, and Europe. The company's cash collections are increasing, driven by higher purchase volumes in the United States and Europe, with double-digit growth expected in 2024. PRAA's expansion beyond core debt collection into government collections and audit services is paying off, while strategic acquisitions are fueling its inorganic growth strategy.
The Zacks Consensus Estimate for PRA Group’s 2024 and 2025 earnings implies year-over-year growth of 162% and 51%, respectively. Estimates for 2024 and 2025 earnings per share have moved up by 63 cents and 29 cents, respectively, over the past 60 days. PRAA currently sports a Zacks Rank #1 and has a Value Score of B.
Great Lakes Dredge is the largest provider of dredging services in the United States. GLDD is poised for growth through strong domestic operations, high equipment utilization and solid project execution. Its strategic expansion into the offshore wind market aligns with America's decarbonization goals. With a robust backlog, enhanced fleet and focused initiatives, GLDD is well-positioned to capitalize on the growing dredging bid market.
The Zacks Consensus Estimate for GLDD’s 2024 and 2025 earnings implies year-over-year growth of 471% and 6%, respectively. Estimates for 2024 and 2025 earnings per share have moved up by 8 cents and 2 cents, respectively, over the past 60 days. Great Lakes Dredge currently carries a Zacks Rank #2 and has a Value Score of A.
Kronos is a leading producer and marketer of TiO2, a pigment for providing whiteness and opacity in various products. The company is set to benefit from higher demand for TiO2 in major markets. KRO’s efforts to cut costs and align production with demand are expected to support its margins. For full-year 2024, Kronos expects higher operating results driven by improved demand, higher selling prices and reduced production costs.
The Zacks Consensus Estimate for KRO’s 2024 and 2025 earnings implies year-over-year growth of 305% and 59%, respectively. Estimates for 2024 and 2025 earnings per share have moved up by 3 cents and 28 cents, respectively, over the past 60 days. Kronos currently carries a Zacks Rank #2 and has a Value Score of B.
You can get the rest of the stocks on this list by signing up now for a 2-week free trial to the Research Wizard stock picking and backtesting software. You can also create your own strategies and test them first before making investments.
The Research Wizard is a great place to begin. It's easy to use. Everything is in plain language. And it's very intuitive. Start your Research Wizard trial today. And the next time you read an economic report, open up the Research Wizard, plug your finds in, and see what gems come out.
Click here to sign up for a free trial to the Research Wizard today.
Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material.
Disclosure: Performance information for Zacks’ portfolios and strategies are available at: https://www.zacks.com/performance.
Zacks Investment Research
Issuer & Securities
Issuer/ Manager TORCHMARK CORPORATION Securities
Name ISIN Stock Code TORCHMARKCUS$125M5.275%N571117 US891027AR59 85GB Stapled Security No
Announcement Details
Announcement Sub Title Globe Life Inc-8-K 2024 Senior Notes Offering Announcement Reference SG240827OTHR3V1G Submitted By (Co./ Ind. Name) Chris Moore Designation Corporate Senior Vice President, Associate Counsel and Corporate Secretary Effective Date and Time of the event 26/08/2024 17:00:00 Description (Please provide a detailed description of the event in the box below) GL-Globe Life Inc 8-K as filed with the U. S. Security Exchange Commission on Aug 26, 2024.- 8-K 2024 Senior Notes Offering.
Attachments For Public Dissemination
Globe Life Inc- 8-K -2024 Senior Notes Offering- 8-26-24.pdf
Monday, August 26, 2024
The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including Eli Lilly and Company , Chevron Corporation and Abbott Laboratories , as well as a micro-cap stocks Bridger Aerospace Group Holdings, Inc. . The Zacks microcap research is unique as our research content on these small and under-the-radar companies is the only research of its type in the country.
These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.
You can see all of today’s research reports here >>>
Eli Lilly shares were hit hard during the recent market turmoil, but they have recouped all of their losses by now. On a year-to-date basis, Eli Lilly shares are up +63.9% vs. +29.3% for the large-cap pharma industry. Driving Eli Lilly's momentum is the company’s weight loss drug and a track record of strong quarterly results.
Eli Lilly has seen unparalleled success with its GLP-1 drugs, Mounjaro and Zepbound. Despite a short time on the market, they have become key top-line drivers, with demand rising rapidly. In the past couple of years, it has received approvals for several new drugs like Kisunla, Omvoh and Jaypirca and witnessed pipeline and regulatory success. Its new drugs have been contributing significantly to its top-line growth in 2024. Lilly is also making rapid pipeline progress in areas like obesity, diabetes and Alzheimer’s.
However, declining sales of Trulicity, rising pricing pressure on some drugs and potential competition in the GLP-1 diabetes/obesity market are some top-line headwinds.
(You can read the full research report on Eli Lilly here >>>)
Shares of Chevron have gained +0.2% over the past six months against the Zacks Oil and Gas - Integrated - International industry’s gain of +7.2%. The company is grappling with high sensitivity to oil price fluctuations and relatively expensive valuation. Another concern is the sub-100% reserve replacement ratio, indicating challenges in replenishing produced energy. Considering all these factors, investors are advised to wait for a better entry point.
Nevertheless, Chevron is positioned as one of the top global integrated oil firms, set for sustainable production growth, particularly due to its dominant position in the lucrative Permian Basin. Further, the planned acquisition of Hess Corporation is expected to significantly strengthen Chevron's presence in oil-rich Guyana.
(You can read the full research report on Chevron here >>>)
Abbott shares have gained +11.6% over the past year against the Zacks Medical - Products industry’s gain of +15.6%. The company’s pipeline is generating several new growth prospects, which will help sustain the positive momentum and contribute to the strong growth projection in 2024.
Alinity, the company’s next-generation suite of systems, is a key driver in the core lab diagnostics business. EPD's impressive performance stems from the company’s unique business model. The company is optimistic about its latest progress with biosimilars and expects this to significantly boost EPD sales, beginning 2025.
Freestyle Libre CGM device is also on a great trajectory. Within Nutrition, after a period of hiccups, Abbott has finally reestablished itself as the market leader in the infant formula business. Yet, the significant runoff of COVID-19 testing-related sales is hurting Abbott’s Diagnostics growth. Tough macro conditions also pose a concern.
(You can read the full research report on Abbott here >>>)
Shares of Bridger Aerospace have underperformed the Zacks Aerospace - Defense industry over the past year (-54.9% vs. +0.3%). This microcap company with market capitalization of $165.88 million is witnessing high leverage and debt servicing pressures, seasonal revenue dependence, ongoing losses and execution risks in international expansion pose significant challenges.
Its success hinges on maximizing fleet utilization, managing debt and maintaining government contracts amid an unpredictable wildfire environment. Nevertheless, Bridger Aerospace is positioned to capitalize on the rising demand for aerial firefighting services, driven by climate change and population shifts to wildfire-prone areas.
Bridger Aerospace's fleet, including CL-415EAF "Super Scoopers" and advanced surveillance aircraft, secures its strong market position and ensures a stable income. The acquisition of FMS Aerospace diversifies revenue streams, adding year-round income and reducing reliance on seasonal fire activity. The expansion into international markets offers growth potential.
(You can read the full research report on Bridger Aerospace here >>>)
Other noteworthy reports we are featuring today include Phillips 66 , Occidental Petroleum Corporation and BCE Inc. .
Director of Research
Sheraz Mian
Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>
Today's Must Read
Lilly's Mounjaro, Zepbound Key to 2024 Sales Growth
Chevron to Gain Guyana Foothold with Hess Buy
Core Lab Diagnostics, Solid EPD Prospect Aids Abbott
Featured Reports
Planned Investments, Permian Basin Focus Aid Occidental
Per the Zacks analyst Occidental's investments to strengthen infrastructure and expansion of Permian Basin operation through acquisition will drive its performance over the long run.
Strength in Bell Media Aids BCE, High Interest Costs Ails
Per the Zacks analyst, BCE's performance is cushioned by robust sales in the Bell Media segment. Higher depreciation and interest expenses are likely to dent its bottom line in 2024.
Focus on Cost Savings to Bolster McCormick's Margins
Per the Zacks analyst, McCormick's focus on cost-saving plans will continue to enhance its margins. The company expects its fiscal 2024 gross margin to increase by 50 to 100 basis points.
MAP 2025 Plan Aids RPM International , High Costs Hurt
Per the Zacks analyst, RPM International is benefiting from the execution of its MAP 2025 initiatives and solid demand trends across two of its reportable segments. Yet, high costs and expenses hurt.
Solid Budget Aids Curtiss-Wright Amid Fuel Price Hike
Per the Zacks analyst, increasing U.S. defense budget should boost demand for Curtiss-Wright's nuclear propulsion equipment. Yet rising fuel price might hurt airline industry and in turn the stock
Rising Loan Balance Aid First Horizon Amid High Costs
Per the Zacks analyst, First Horizon's strategic buyouts, as well as a strong presence across high-growth markets, are likely to drive its loan growth. Yet, the rising expense base is a concern.
Strong SMB clientele Aids BILL Holdings' Prospects
Per the Zacks analyst, BILL is benefiting from an expanding small and medium business clientele, as well as a diversified business model.
New Upgrades
Phillips 66's Diversified Business Model Aids Growth
Per the Zacks analyst, Phillips 66's focus on midstream, renewables and chemicals sectors should aid its cash flow. However, increasing regulatory costs might limit the company's profitability.
Patient-Centric Care Model, Overseas Growth Aid DaVita
The Zacks analyst is upbeat about DaVita's patient-centric business model that leverages its kidney care services platform. Steady expansion in the international markets is an added plus.
Globe Life Continues to Gain From Solid American Income
Per the Zacks analyst, Globe Life is set to grow on solid American Income distribution channel, which remains the largest contributor of premium and underwriting margin, that aided revenue growth.
New Downgrades
American Airlines' Prospects Hurt by Elevated Costs
High fuel and labor expenses at American Airlines bother the Zacks analyst. Weakness pertaining to liquidity represents another headwind.
Lower Production in Europe & Rising Debt Ail Magna
Per the Zacks analyst, lower vehicle production in Europe and no further production of the Fisker Ocean are likely to hit Magna's top line. Rising debt levels are also concerning.
Avnet Hurt by Declining Demand, High Inventory Levels
Per the Zacks analyst, softened demand in a tight IT spending environment, along with high inventory levels at customers, is likely to hurt Avnet's financial performance in the near term.
Zacks Investment Research
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