The Zacks Analyst Blog Highlights PACCAR, Coinbase Global, Robinhood Markets, Wingstop and The Carlyle Group

For Immediate Release

Chicago, IL – April 26, 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: PACCAR Inc. PCAR, Coinbase Global Inc. COIN, Robinhood Markets Inc. HOOD, Wingstop Inc. WING and The Carlyle Group Inc. CG.

Here are highlights from Thursday’s Analyst Blog:

5 Non-Tech Nasdaq Stocks Set to Beat Q1 Earnings

Wall Street witnessed an impressive bull run for the past 15 months. The rally was led by growth stocks, especially technology stocks. Consequently, the tech-heavy Nasdaq Composite Index took the lead role in enabling U.S. stock markets to resume their northward journey after a highly disappointing 2022.

Moreover, the ongoing tech rally was led by a massive thrust toward artificial intelligence (AI), especially generative AI. The rapid penetration of digital technologies and the Internet worldwide during the lockdown ushered in significant adoption of AI. As a result, the Nasdaq Composite advanced 9.1% in first-quarter 2024 after jumping 43.4% in 2023.

Aside from technology stocks, several stocks from non-technology sectors have also flourished year to date. Despite being a tech-laden index, the Nasdaq Composite also carries a diversified structure. Several stocks from non-technology sectors are included on the index.

A few Nasdaq Composite-listed stocks, with a favorable Zacks Rank, from these non-technology sectors are set to beat on first-quarter earnings results. Investment in these stocks is likely to be fruitful.

Our Top Picks

We have narrowed our search to five Nasdaq Composite-listed non-tech stocks that are poised to beat on first-quarter earnings results. Each of these stocks carries a Zacks Rank #1 (Strong Buy) or 2 (Buy) and has a positive Earnings ESP. You can see the complete list of today's Zacks #1 Rank stocks here.

Our research shows that for stocks with the combination of a Zacks Rank #3 (Hold) or better and a positive Earnings ESP, the chance of an earnings beat is as high as 70%. These stocks are anticipated to appreciate after their earnings release. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.

PACCAR Inc. is one of the leading names in the trucking business, with reputed brands like Kenworth, Peterbilt and DAF. PCAR achieved record revenues and net income in 2023. PCAR expects solid order intake in North America this year. Continued growth in aftermarket parts is another positive.

An expanding network of parts distribution centers, dealer locations and independent TRP stores, along with managed dealer inventory and innovative e-commerce systems, are aiding Parts' unit. Accelerated efforts toward electrification, connected vehicle services and advanced driver-assistance system options are set to bolster PCAR's prospects.

Zacks Rank #1 PACCAR has an Earnings ESP of +1.25%. The Zacks Consensus Estimate for current-year earnings has improved 1% over the last 60 days. PACCAR recorded earnings surprises in the last four reported quarters, with an average beat of 17.1%. The company is set to release earnings results on Apr 30, before the opening bell.

Coinbase Global Inc. provides financial infrastructure and technology for the crypto economy in the United States and internationally. COIN offers the primary financial account in the crypto space for consumers, a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable developers to build crypto-based applications and securely accept crypto assets as payment.

Zacks Rank #1 Coinbase Global has an Earnings ESP of +36.53%. It has an expected earnings growth rate of more than 100% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 54.1% over the last 30 days.

Coinbase Global recorded earnings surprises in the last four reported quarters, with an average beat of 377.6%. The company is set to release earnings results on May 2, after the closing bell.

Robinhood Markets Inc. operates a financial services platform in the United States. Its platform allows users to invest in stocks, exchange-traded funds, options, gold, and cryptocurrencies. HOOD buys and sells Bitcoin, Ethereum, Dogecoin, and other cryptocurrencies using its Robinhood Crypto platform.

Zacks Rank #2 Robinhood Markets has an Earnings ESP of +25.93%. It has an expected earnings growth rate of more than 100% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 26.1% over the last 30 days.

Robinhood Markets recorded earnings surprises in the last four reported quarters, with an average beat of 166.6%. The company is set to release earnings results on May 8, after the closing bell.

Wingstop Inc. franchises and operates restaurants. WING's operating segment consists of the Franchise and Company segments. WING offers classic wings, boneless wings, and tenders that are cooked-to-order, and hand-sauced-and-tossed in various flavors.

Zacks Rank #2 Wingstop has an Earnings ESP of +4.60%. It has an expected earnings growth rate of 21.8% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.7% over the last seven days.

Wingstop recorded earnings surprises in the last four reported quarters, with an average beat of 21.3%. The company is set to release earnings results on May 1, before the opening bell.

The Carlyle Group Inc. has been benefiting from a decent assets-under-management (AUM) balance and efforts to diversify into new avenues. We expect fee-earning AUM and total AUM to increase 17.3% and 19.1%, respectively, in 2024. Revenue growth is also aided by CG's efforts to expand its investment platforms. Given CG's earnings strength, it is expected to continue with its capital distributions.

Zacks Rank #2 The Carlyle Group has an Earnings ESP of +0.66%. It has an expected earnings growth rate of 21.9% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.5% over the last seven days.

The Carlyle Group recorded earnings surprises in three out of the last four reported quarters, with an average beat of 17%. The company is set to release earnings results on May 1, before the opening bell.

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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.

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PACCAR Inc. (PCAR) : Free Stock Analysis Report

Carlyle Group Inc. (CG) : Free Stock Analysis Report

Wingstop Inc. (WING) : Free Stock Analysis Report

Coinbase Global, Inc. (COIN) : Free Stock Analysis Report

Robinhood Markets, Inc. (HOOD) : Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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