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Designed to provide broad exposure to the Large Cap Blend segment of the US equity market, the Invesco Russell 1000 Equal Weight ETF (EQAL) is a passively managed exchange traded fund launched on 12/23/2014.
The fund is sponsored by Invesco. It has amassed assets over $609.44 million, making it one of the average sized ETFs attempting to match the Large Cap Blend segment of the US equity market.
Why Large Cap Blend
Large cap companies usually have a market capitalization above $10 billion. Overall, they are usually a stable option, with less risk and more sure-fire cash flows than mid and small cap companies.
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
When considering an ETF's total return, expense ratios are an important factor, and cheaper funds can significantly outperform their more expensive counterparts in the long term if all other factors remain equal.
Annual operating expenses for this ETF are 0.20%, putting it on par with most peer products in the space.
It has a 12-month trailing dividend yield of 1.67%.
Sector Exposure and Top Holdings
Even though ETFs offer diversified exposure which minimizes single stock risk, it is still important to look into a fund's holdings before investing. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation to the Information Technology sector--about 12.20% of the portfolio. Financials and Real Estate round out the top three.
Looking at individual holdings, Charter Communications Inc (CHTR) accounts for about 0.69% of total assets, followed by Liberty Broadband Corp (LBRDK) and Ubiquiti Inc (UI).
The top 10 holdings account for about 6.03% of total assets under management.
Performance and Risk
EQAL seeks to match the performance of the Russell 1000 Equal Weight Index before fees and expenses. The Russell 1000 Equal Weight Index is composed of securities in the Russell 1000 Index and is equally weighted across nine sector groups with each security within the sector receiving equal weight.
The ETF has added about 9.20% so far this year and it's up approximately 16.71% in the last one year (as of 09/17/2024). In the past 52-week period, it has traded between $37.43 and $47.80.
The ETF has a beta of 1.10 and standard deviation of 18.24% for the trailing three-year period, making it a medium risk choice in the space. With about 997 holdings, it effectively diversifies company-specific risk.
Alternatives
Invesco Russell 1000 Equal Weight 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, EQAL is a reasonable option for those seeking exposure to the Style Box - Large Cap Blend area of the market. Investors might also want to consider some other ETF options in the space.
The iShares Core S&P 500 ETF (IVV) and the SPDR S&P 500 ETF (SPY) track a similar index. While iShares Core S&P 500 ETF has $521.05 billion in assets, SPDR S&P 500 ETF has $555.26 billion. IVV has an expense ratio of 0.03% and SPY charges 0.09%.
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
Verizon Communication, Inc. VZ recently introduced new cell sites and expanded network capacity in the Savannah, GA, region to empower its residents, businesses and visitors with high-performing 4G LTE and 5G Ultra Wideband coverage. The expansion covers Pooler, Port Wentworth, Savannah’s Historic District and enhanced in-building network coverage at Savannah/Hilton Head International Airport.
The network upgrades are part of Verizon’s multi-year initiative to improve its nationwide infrastructure, enabling customers in Savannah and nearby areas to enjoy enhanced connectivity for personal, professional and enterprise use. This transformation is a realization of the earlier $112 million investment the company committed to Georgia in 2023, with a significant portion allocated to the coastal region.
The expanded coverage in Savannah will potentially boost Verizon customers' network performance. Whether users are connecting through Verizon Home Internet or utilizing mobile service for personal or business needs, these improvements are expected to support growing data traffic and the increasing demand for high-speed services. The expansion also allows Verizon to roll out new products and services, offering greater flexibility and choices for customers.
A breakthrough of Verizon’s expansion is the activation of a new in-building network at Savannah/Hilton Head International Airport. The 4G LTE and 5G Ultra Wideband service will offer travelers a reliable and fast connection, ensuring that they remain connected while moving throughout the airport terminal.
VZ’s Innovative Offerings Propel Top-Line Expansion
Verizon’s continued commitment to innovation and excellence in network service expands its presence across various verticals and drives top-line growth. In August 2024, it unveiled a satellite-based direct-to-device messaging service in partnership with Skylo Technologies to provide superior connectivity to its users. Through this partnership, VZ expands satellite IoT coverage across various industries, including transportation, agriculture, maritime sector, environmental monitoring and asset tracking in remote areas.
The company is gaining from a healthy uptake of 5G services and fixed wireless broadband connections. The telecom giant plans to accelerate the availability of its 5G Ultra Wideband network across the country. It is continuously investing in network infrastructure and ecosystem to provide cutting-edge 5G technology and communications services across the United States. Its 5G network hinges on three fundamental drivers to deliver the full potential of next-generation wireless technology - massive spectrum holdings, particularly in the millimeter-wave bands for faster data transfer, end-to-end deep fiber resources and the ability to deploy a large number of small cells.
In the last reported quarter, VZ revenues inched up 0.6% year over year to $32,796 million, driven by pricing policy, offset by lower wireless equipment revenues owing to the challenging macroeconomic environment and lower postpaid phone upgrades. The top line missed the consensus mark by 2.7%. For 2024, Verizon reiterated its earlier guidance and expects wireless service revenue growth in the range of 2-3.5%.
Competition in Wireless Market Weighs on VZ
Verizon faces tough competition from other telecom giants like AT&T, Cogent Communications and TMobile US in the wireless space. To stay on top of the game, VZ is investing heavily in promotion and is offering lucrative discounts, which is eventually draining its margins. It recorded high capital expenditures to support the launch and continued build-out of its 5G Ultra Wideband network, deployment of significant fiber assets across the country and upgrade to Intelligent Edge Network architecture.
VZ’s Zacks Rank & Stock Price Performance
Verizon currently carries a Zacks Rank #3 (Hold). The stock has gained 32.5% in the past year compared with the industry’s growth of 38.8%.
Stocks to Consider
Some better-ranked stocks from the broader technology space are Arista Networks, Inc. ANET, Harmonic Inc. HLIT and Ubiquiti Inc. UI. UI and HLIT presently sport a Zacks Rank #1 (Strong Buy), whereas ANET carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Arista Networks supplies products to a prestigious set of customers, including Fortune 500 global companies in markets like cloud titans, enterprises, financials and specialty cloud service providers. It delivered a trailing four-quarter average earnings surprise of 15.02%. In the last reported quarter, Arista delivered an earnings surprise of 8.25%.
Harmonic enables media companies and service providers to deliver ultra-high-quality broadcast and OTT video services to consumers globally. HLIT delivered a trailing four-quarter average earnings surprise of 32.5%.
Ubiquiti company offers a comprehensive portfolio of networking products and solutions for service providers and enterprises. The company’s effective management of its strong global network of more than 100 distributors and master resellers improved its visibility for future demand and inventory management techniques.
Zacks Investment Research
For Immediate Releases
Chicago, IL – September 16, 2024 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Ubiquiti Inc. UI, Spotify Technology S.A. SPOT, DocuSign Inc. DOCU, Vertiv Holdings Co. VRT and Universal Health Services Inc. UHS.
Here are highlights from Monday’s Analyst Blog:
Buy 5 Large-Cap Growth Stocks on Rate-Cut Expectations
Wall Street is 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.
The CME FedWatch tool currently shows a 100% probability of a 25-basis point interest rate cut in September. For November, market participants estimate a 100% probability that the total (year-to-date) rate cut will be 50 basis points and a 94.4% probability that the total rate cut will be 75 basis points. Likewise for December, market participants estimate a 100% probability that the total rate cut will be 75 basis points and a 79.7% probability that the total rate cut will be 1% in 2024.
At this stage, investment in growth stocks should be fruitful. Five such stocks are — Ubiquiti Inc. Spotify Technology S.A., DocuSign Inc., Vertiv Holdings Co. and Universal Health Services Inc.
These stocks have strong growth potential for the rest of 2024. These stocks have seen positive earnings estimate revisions in the past 60 days. Each of our picks sports a Zacks Rank #1 (Strong Buy) and has a Growth Score of A or B. You can see the complete list of today’s Zacks #1 Rank stocks here.
Growth investors are primarily focused on stocks with aggressive earnings or revenue growth, which should propel their stock prices higher in the future. A rate cut will be beneficial for corporates as it will reduce the cost of production. Moreover, businesses will get access to cheap credits.
5 Large-Cap Growth Stocks to Buy
Ubiquiti Inc.
Ubiquiti’s excellent global business model, which is flexible and adaptable to evolving changes in markets, helps it to beat challenges and maximize growth. UI’s operating model is backed by a rapidly growing and highly engaged community of service providers, distributors, value-added resellers, systems integrators and corporate IT professionals (referred to as the Ubiquiti Community).
Ubiquiti boasts a proprietary network communication platform that is well-equipped to meet end-market customer needs. In addition, UI is committed to reducing its operational costs by using a self-sustaining mechanism for rapid product support and dissemination of information by leveraging the strength of the Ubiquiti Community.
Earnings Estimate Revisions for UI Stock on the Rise
Ubiquiti has an expected revenue and earnings growth rate of 11.9% and 22.2%, respectively, for the current year (ending June 2025). The Zacks Consensus Estimate for current-quarter, current-year and next-year earnings has improved over the past seven days.
Spotify Technology S.A.
Spotify Technology provides audio streaming services worldwide. SPOT operates through two segments - Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.
The Ad-Supported segment provides on-demand online access to its catalog of music and unlimited online access to the catalog of podcasts to its subscribers on their computers, tablets, and compatible mobile devices. SPOT also offers sales, distribution and marketing, contract research and development, and customer support services.
Impressive Earnings Estimate Revisions for SPOT Shares
Spotify Technology has an expected revenue and earnings growth rate of 19.4% and more than 100%, respectively, for the current year. The Zacks Consensus Estimate for current-quarter, next-quarter, current-year and next-year earnings has improved over the past 60 days.
DocuSign Inc.
DocuSign’s top line has been significantly benefiting from continued customer demand for eSignature, its anchor product. Despite this rising demand, the market for eSignature remains largely untapped. This keeps DOCU in a position to expand eSignature around the world. DOCU remains focused on continuously acquiring customers, improving its offerings and expanding internationally.
Robust Earnings Estimate Revisions of DOCU Stock
DocuSign has an expected revenue and earnings growth rate of 6.6% and 15.1%, respectively, for the current year (ending January 2025). The Zacks Consensus Estimate for current-quarter, next-quarter, current-year and next-year earnings has improved over the past seven days.
Vertiv Holdings Co.
Veritiv designs, manufactures, and services critical digital infrastructure technologies and life cycle services for data centers, communication networks, and commercial and industrial environments in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. VRT offers hardware, software, analytics and ongoing services.
VRT Shares See Strong Earnings Estimate Revisions
VRT has an expected revenue and earnings growth rate of 12.8% and 45.8%, respectively, for the current year. The Zacks Consensus Estimate for current-quarter, current-year and next-year earnings has improved over the past 60 days.
Universal Health Services Inc.
Universal Health’s Acute Care and Behavioral Health segments have been pivotal in driving top-line growth, fueled by expansions in licensed bed capacity. UHS anticipates positive impacts on its Acute Care unit from Medicaid supplemental programs.
Strategic buyouts have played a significant role in augmenting its growth trajectory by broadening its portfolio of facilities. UHS maintains a robust liquidity position, enabling it to pursue growth initiatives and distribute capital through buybacks and dividends.
UHS Shares Witness Solid Earnings Estimate Revisions
Universal Health Services has an expected revenue and earnings growth rate of 9.8% and 51%, respectively, for the current year. The Zacks Consensus Estimate for current-quarter, next-quarter, current-year and next-year earnings has improved over the past 60 days.
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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
Adding details from media report, background and response from DirecTV in paragraphs 2-6
Sept 13 (Reuters) - AT&T Inc T.N and joint-venture partner TPG Inc TPG.O are in talks to combine their DirecTV service with Dish DISH.MX, Bloomberg News reported on Friday, citing people familiar with the matter.
The discussions between DirecTV and Dish parent EchoStar Corp SATS.O are in early stages, people told Bloomberg News, cautioning that an agreement has not yet been reached.
"Rumors about a potential transaction involving DirecTV and Dish are nothing new, but we don't comment on rumors and speculation," a spokesperson for DirecTV said in an emailed statement to Reuters.
Dish and AT&T did not immediately respond to Reuters requests for comments outside of business hours. TPG declined to comment.
DirecTV is facing a public battle with Disney DIS.N that has led to 11 million DirecTV customers losing access to ESPN in the middle of the U.S. Open tennis tournament.
The dispute is taking place against the backdrop of a competing plan by Disney, Fox FOXA.O and Warner Bros Discovery WBD.O to launch a streaming video joint venture devoted to sports, called Venu Sports.
The launch was temporarily blocked by a court injunction as part of a lawsuit filed by sports streaming rival FuboTV accusing the media companies of anticompetitive behavior.
(Reporting by Harshita Meenaktshi and Dawn Chmielewski; Editing by Sandra Maler and Rosalba O'Brien)
(( HarshitaMeenaktshi.R@thomsonreuters.com ;))
Keywords: DISH-DIRECTV/JV (UPDATE 1)
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