From Nasdaq: 2024-05-03 08:33:00

April ended on a disappointing note for Wall Street investors due to sticky inflation, a resilient labor market, and a decline in U.S. GDP growth. However, May saw a rebound as Fed Chairman Powell dismissed interest rate hikes and positive earnings reports came in. Currently, the FedWatch shows a 61% probability of a rate cut in September.

Alphabet Inc (GOOGL) reported solid first quarter results driven by cloud business momentum and strong performance in Search and YouTube. The company’s expansion into data centers, focus on AI capabilities, wearables, and autonomous driving, positions it for continued growth. Analysts forecast a revenue growth rate of 15.1% and earnings growth rate of 30.5% for the current year.

Coinbase Global Inc (COIN) provides financial infrastructure and technology for the crypto economy. The company offers various services to consumers and institutions, facilitating transactions in crypto assets. Analysts expect a revenue growth rate of 48.4% and earnings growth rate of over 100% for the current year.

Westinghouse Air Brake Technologies Corp (WAB) is benefitting from growth in its Freight and Transit segments. The company expects strong sales and earnings for 2024, along with robust cash flow generation. WAB’s investor-friendly initiatives, including dividend hikes and share buybacks, bode well for future growth. Analysts predict a revenue growth rate of 6.5% and earnings growth rate of 19.8% for the current year.

Spotify Technology S.A (SPOT) offers audio streaming services through its Premium and Ad-Supported segments worldwide. The company provides access to music and podcasts to subscribers across multiple devices. Analysts forecast a revenue growth rate of 16.5% and earnings growth rate of over 100% for the current year.

Agnico Eagle Mines Ltd (AEM) is focusing on exploration and asset investments to boost production and cash flow. The merger with Kirkland Gold enhances AEM’s position as a premier gold producer. The company’s diversification strategy aims to mitigate risks and maintain financial resilience. Analysts anticipate a revenue growth rate of 8.8% and earnings growth rate of 44.8% for the current year.



Read more at Nasdaq: Top 5 Momentum Stocks for May After a Disappointing April