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These ten large-cap stocks were the worst performers in the last week. Are they in your portfolio?
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Copa Holdings, S.A. CPA reported traffic numbers for August 2024 on the back of upbeat air-travel demand. Driven by high passenger volumes, revenue passenger miles (a measure of traffic) improved on a year-over-year basis in August.
To match the demand swell, CPA is increasing its capacity. In August, available seat miles (a measure of capacity) increased 8.2% year over year. Revenue passenger miles increased 5.8% year over year. Although traffic improved on a year-over-year basis, it failed to outpace capacity expansion. As a result, the load factor (percentage of seats filled by passengers) fell to 85.1% from 87% in August 2023.
Apart from Copa Holdings, we find another airline company -- Ryanair Holdings RYAAY, a European carrier -- who has also reported traffic numbers for August 2024.
The number of passengers transported on Ryanair flights was 20.5 million in August 2024, reflecting an 8% year-over-year increase. RYAAY’s traffic in August was much more than the July reading of 20.2 million, June reading of 19.3 million, May reading of 18.9 million, April reading of 17.3 million and March reading of 13.6 million.
The August load factor (percentage of seats filled by passengers) of 96% remained flat sequentially, as well as on a year-over-year basis. The figure was higher than the load factor of 95% reported in June and May, 92% reported in April 2024 and 93% reported in March 2024.
RYAAY operated more than 111,800 flights in August 2024. This marks an improvement from 110,500 flights in July 2024, 106,000 flights operated in June 2024, 105,000 flights in May 2024, 98,400 flights in April 2024 and 77,000 flights in March 2024.
Notably, RYAAY’s impressive August 2024 traffic numbers reflect improvement at a six-month stretch from March 2024.
To meet the upbeat demand, Ryanair expects its traffic view to grow 8% on a year-over-year basis for fiscal 2025, subject to Boeingdeliveries returning to contracted levels before the year-end.
CPA’s Zacks Rank & Price Performance
CPA currently carries a Zacks Rank #3 (Hold).
Shares of CPA have plunged 17.3% so far this year against 13.7% growth of the Zacks Airline industry.
Copa Holdings is currently mired in multiple headwinds, which, we believe, have led to its unimpressive price performance. Escalating operating expenses are hurting Copa Holdings’ bottom line. In the first half of 2024, total operating expenses increased 3.8% year over year, owing to higher capacity.
Expenses on wages, salaries and benefits rose 10% year over year in first-half 2024 due to an increase in operational staff to support current capacity and cost of living salary adjustments. High fuel costs (up 2.4% in first-half 2024) are pushing up operating costs as well.
The decline in cargo revenues due to lower cargo yields represents another woe. Given the headwinds surrounding the stock, earnings estimates have been southbound, as shown below.
Stocks to Consider
Some better-ranked stocks from the Zacks Transportation sector are C.H. Robinson Worldwide (CHRW) and Wabtec Corporation WAB. Each stock presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
CHRW has an impressive earnings surprise history. The company's earnings outpaced the Zacks Consensus Estimate in three of the trailing four quarters (missed the mark in the remaining quarter), delivering an average surprise of 7.33%.
CHRW has an expected earnings growth rate of 22.42% for 2024. The Zacks Consensus Estimate for CHRW 2024 earnings has been revised 11.3% upward over the past 90 days. Shares of CHRW have gained 14.3% so far this year.
WAB has an impressive earnings surprise history. The company's earnings outpaced the Zacks Consensus Estimate in three of the trailing four quarters (missed the mark in the remaining quarter), delivering an average surprise of 11.83%.
The Zacks Consensus Estimate for WAB’s 2024 earnings has been revised 3.3% upward over the past 90 days. WAB has an expected earnings growth rate of 25.34% for 2024. Shares of WAB have gained 23.5% so far this year.
Zacks Investment Research
The broad market exchange-traded fund SPDR S&P 500 ETF Trust was up 0.3% and the actively traded Invesco QQQ Trust was 0.2% higher in Thursday's premarket activity, as investors awaited new inflation and labor data to solidify expectations for a quarter-point rate cut next week.
US stock futures were also higher, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average futures advancing 0.2%, and Nasdaq futures gaining 0.1% before the start of regular trading.
The August producer price index and the weekly jobless claims report will be released at 8:30 am ET. The weekly EIA domestic natural gas supplies bulletin is slated for a 10:30 am ET release.
In premarket activity, bitcoin was up by 0.7% and the cryptocurrency fund ProShares Bitcoin Strategy ETF was 0.6% higher.
Power Play:
Consumer
The Consumer Staples Select Sector SPDR Fund was up 0.2%, while the Vanguard Consumer Staples Fund was inactive. The iShares US Consumer Staples ETF was inactive, and the Consumer Discretionary Select Sector SPDR Fund lost 0.1%. The VanEck Retail ETF and the SPDR S&P Retail ETF were inactive.
Caleres shares were down more than 19% premarket Thursday after the company reported lower fiscal Q2 results and cut its fiscal 2024 guidance.
Winners and Losers:
Health Care
The Health Care Select Sector SPDR Fund advanced 0.2%. The Vanguard Health Care Index Fund was down 1.8% while the iShares US Healthcare ETF and the iShares Biotechnology ETF were inactive.
Moderna shares were down nearly 10% premarket after the company said it is reducing its annual R&D expense by about $1.1 billion starting in 2027 in light of "recent commercial challenges."
Energy
The iShares US Energy ETF was inactive, while the Energy Select Sector SPDR Fund was up by 0.6%.
Viper Energy stock was down 4.7% before Thursday's opening bell after the company said late Wednesday it had priced an underwritten public offering of 10 million of its Class A common shares at $42.50 apiece, upsizing it from its initial 8.5 million stock offering.
Technology
Technology Select Sector SPDR Fund advanced 0.1%, and the iShares US Technology ETF was 0.1% higher, while the iShares Expanded Tech Sector ETF was inactive. Among semiconductor ETFs, SPDR S&P Semiconductor ETF was down 0.4%, while the iShares Semiconductor ETF declined by 0.1%.
Micron Technology shares were down 3.5% in recent Thursday premarket activity after BNP Paribas Exane downgraded the company's rating to underperform and Raymond James cut its price target to $125 from $160.
Industrial
Industrial Select Sector SPDR Fund advanced 0.3% while the Vanguard Industrials Index Fund and the iShares US Industrials ETF were inactive.
Ryanair Holdings shares were down 2% before the opening bell after Bloomberg reported, citing Chief Executive Officer Michael O'Leary, that the company now expects a potential 10% drop in ticket prices, compared with its earlier expectation of a 5% fall.
Financial
Financial Select Sector SPDR Fund advanced 0.3%. Direxion Daily Financial Bull 3X Shares was up 0.7%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares was 0.8% lower.
U.S. Bancorp stock was up 1.8% pre-bell Thursday after the company said the board authorized a stock buyback plan of up to $5 billion of its outstanding common shares, starting Friday, and raised its quarterly dividend by 2%.
Commodities
Front-month US West Texas Intermediate crude oil rose 1.7% to $68.44 per barrel on the New York Mercantile Exchange. Natural gas was up nearly 0.1% at $2.27 per 1 million British Thermal Units. United States Oil Fund was nearly 2% higher, while the United States Natural Gas Fund declined by 0.1%.
Gold futures for December were up by 0.1% at $2,544.20 an ounce on the Comex, while silver futures were up 0.5% at $29.08 an ounce. SPDR Gold Shares advanced 0.2%, and iShares Silver Trust was 0.5% higher.
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