From Nasdaq: 2024-07-10 10:12:00

The second-quarter 2024 earnings season is set to begin, highlighting the banking sector. Expectations are positive, with a focus on stocks likely to shine in upcoming releases. Key stocks to watch include Apple, HCA Healthcare, Expro International, Churchill Downs, and JPMorgan Chase & Co. Overall, the S&P 500’s earnings are forecasted to increase 8.6% on 4.7% higher revenues. Nine out of 16 sectors are expected to show earnings growth, with Technology leading at 15.8%. The “Magnificent 7” companies anticipate a 25.5% earnings increase. Apple, with an Earnings ESP of +3.23% and Zacks Rank #2, is currently in the spotlight. The company recently introduced AI-powered features at its Worldwide Developers Conference, sparking hopes for a strong upgrade cycle. IDC reports a 21% growth in Apple’s PC shipments in Q2. HCA Healthcare, the largest non-governmental hospital operator in the US, boasts an Earnings ESP of +7.10% with a Zacks Rank #2. A positive uptrend in elective surgeries indicates strong revenue growth. Expro International, an oil and gas service company, has an Earnings ESP of +2.04% and Zacks Rank #2. The company remains profitable in drilling and completions levered businesses. Churchill Downs, a racing and gaming entertainment company, has an Earnings ESP of +0.19% and Zacks Rank #2. The company benefits from a growing internet connectivity demand and popularity of online betting. JPMorgan, a global banking giant with assets worth $4.09 trillion, shows an Earnings ESP of +0.57% with Zacks Rank #3. The Fed’s potential interest rate cut could further enhance the bank’s performance.



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