After the market sell-off last week, the S&P 500 is now down
3% from its rally-highs a month ago. A Goldilocks jobs report,
which is not now expected to sway the Fed into any new drastic
policy changes, was a bit of good news Friday, even though the
S&P was hit by a mid-day swoon it wouldn't quite recover
Solid Q2 earnings across most sectors this season justified the
long run-up in the stock market, and we had been expecting stronger
quarterly data. Now that earnings strength is being realized, it's
time to harvest some of that growth - thus the market was down last
week. Add in plenty of instability in various regions around the
globe - Argentina, Ukraine, Gaza - and it's become a good time to
take a breather.
Every good investor knows no gravy train lasts forever. And the
key to the next big leg up, when it happens, will be what's
establishing itself now; guidance for Q3 and beyond is and will
continue to be key.
If a stock is currently a Zacks Rank #1, chances are it
outperformed in its most recent quarter and guided higher for the
next quarter and fiscal year. Here are three Zacks Rank #1 stocks
with upwardly revised analyst estimates, and whether they are up or
down over the past month:
- upwardly revised for Q3, Q4, FY14 and FY15; down 2.6%
- upwardly revised for Q3, Q4, FY14 and FY15; down 6.4%
- upwardly revised for FY14; down 10.75%
Elsewhere this morning, Amgen (
) reported positive late-stage data on Kyprolis, a treatment for
relapsed multiple myeloma. Shares of this Zacks Rank #3 company are
up 3.5% in today's pre-market.
Want the latest recommendations from Zacks Investment Research?
Today, you can download 7 Best Stocks for the Next 30 Days.
Click to get this free report
To read this article on Zacks.com click here.