The Zacks Analyst Blog Highlights Tesla, Paramount Global, NXP and Yum China
For Immediate Release
Chicago, IL – April 30, 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: Tesla TSLA, Paramount Global PARA, NXP Semiconductor NXPI and Yum China YUMC.
Here are highlights from Monday’s Analyst Blog:
Markets Up on Tesla, Q1 Earnings; Q1 Beats After the Bell
Market indices finished in the green across the board Monday. It’s the third straight day higher going back to Thursday of last week, and recovered from a quick drop into the red (mostly) roughly a half-hour prior to the close. The Dow gained +146 points, +0.38%, with the S&P 500 +0.32% on the day. The Nasdaq grew a near-identical +0.35%, while the small-cap Russell 2000 won the day, +0.67%. Currently, all indices (except the Dow) are positive over the past month of trading.
Tesla saw its strongest single-day of trading in three years: +15%. This came on the news that CEO Elon Musk was in China, looking successful in his attempt to expand its autonomous drive technology, Full Self Driving (FSD), software. Many drivers in the U.S. subscribe to this feature, but the Chinese driving public putting the smart technology to work on a wide scale will help the technology inform itself multi-fold. And a newly-purposed Musk is always a welcome sight for Tesla investors.
Paramount Global earnings were out the same day as a change in top brass. Long-time CEO Bob Bakish will be stepping down, pending the company’s merger with Skydance Media, and replaced by a triumvirate in the CEO office of three current corporate executives. Meanwhile, earnings of 62 cents per share rallied well ahead of the anticipated 37 cents (and another orbit from the 9 cents per share reported a year ago), while revenues of $7.69 billion was a hair ahead of the $7.68 billion in the Zacks consensus. Shares were up +1.3% in the after-market.
NXP Semiconductor also beat earnings estimates after yesterday’s close. A headline of $3.24 per share outpaced expectations by a solid nickel, while revenues came in dead even with estimates, $3.13 billion. Cautious optimism guides the higher earnings guidance for next quarter, helping send shares up +5% in late trading. Its mobile units outperformed expectations, offset somewhat by downtrends in autos and industrials. The Dutch chipmaker only has one miss on earnings in the past five years.
Chinese economy barometer Yum China also reported Q1 results after the closing bell Monday. Earnings of 71 cents per share surpassed the Zacks consensus by 5 cents (and swung to a positive year over year) on revenues of $2.96 billion, ahead of the $2.94 billion expected. Same-store sales grew +97% year over year, as the company has surpassed 15K stores for the first time in history (10,603 KFC and 3425 Pizza Hut) and returned a record $745 million to shareholders in the quarter.
Tuesday brings us a busier day yet for Q1 earnings season. Also a Q1 Employment Cost Index, April Consumer Confidence and Case-Shiller home prices for February bring us a wide swath of data. Will the markets keep their buoyant tone amid so much new information?
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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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NXP Semiconductors N.V. (NXPI) : Free Stock Analysis Report
Tesla, Inc. (TSLA) : Free Stock Analysis Report
Yum China (YUMC) : Free Stock Analysis Report
Paramount Global (PARA) : Free Stock Analysis Report
