From Nasdaq: 2024-04-15 08:19:00

The first-quarter 2024 earnings season has begun, crucial for assessing the U.S. economy. 30 S&P 500 companies reported financial results, with earnings up 21% and revenues up 5.8% from last year. Expectations are for a 2.9% earnings growth for the index this quarter.

Several large-cap stocks are projected to beat earnings this week, carrying a favorable Zacks Rank. A Zacks Rank #3 (Hold) with a positive Earnings ESP can lead to a 70% chance of an earnings beat and potential stock price appreciation after the release.

Bank of America Corp. anticipates improving capital market activities but challenges in the macroeconomic environment. NII growth expected from higher rates and loan demand, while expenses could weigh on earnings in 2024 but rise in 2025.

Johnson & Johnson expects innovative medicine and MedTech units to drive growth with several product successes. A positive Earnings ESP of +1.95% and an expected 7.5% earnings growth for the current year highlight its potential.

United Airlines Holdings Inc. faces increased costs that may lead to a loss in the first quarter of 2024. However, efforts to modernize its fleet and rising air travel demand post-COVID are positive factors. Earnings ESP is +8.20%.

The PNC Financial Services Group Inc. foresees solid loan and deposit balances, sustainable capital distributions, and high rates supporting NII. Earnings ESP of +0.45% indicates potential earnings beat probability.

The Bank of New York Mellon Corp. may face higher expenses from technology upgrades and concentration risk, but it expects to capitalize on global expansion efforts for revenue growth. Earnings ESP is +0.44%.

Zacks experts recommend staying informed with their Earnings Calendar, where potential stocks set to double in value are highlighted. Stay updated on market recommendations and upcoming announcements for investment opportunities.



Read more at Nasdaq:: 5 U.S. Bigwigs Likely to Gain on Q1 Earnings Beat This Week