Apple & Other Tech Giants Set To Beat Earnings This Season
Zacks Investment Research | Jul 30, 2019 08:12AM ET
The tech sector has been going through a topsy-turvy ride of late with the ongoing trade war between the United States and China taking a toll on hardware manufacturers, while social media giants are bearing the brunt of intense scrutiny over privacy scandals. Thus, it was widely anticipated that tech earnings in the second quarter isn’t going to be encouraging. However, tech stocks have painted a comforting picture so far, proving the detractors wrong thankfully. We now have 59 tech companies of the S&P 500 that have reported earnings so far. Out of these companies, earnings are up 5.3% from the same period last year on 7.8% higher revenues, with 77.3% beating EPS estimates and 59.1% beating revenue estimates (read more: Earnings ESP of +2.29%, which increases the possibility of a positive surprise. This is Zacks’ proprietary methodology for determining stocks that have the best chance to surprise with their next earnings announcement. It provides the percentage difference between the Most Accurate Estimate and the Zacks Consensus Estimate.
At the same time, the Zacks Consensus Estimate for current-year earnings has trended upward over the past 90 days as estimates moved up from $11.38/share to $11.47/share.
And upbeat earnings performance, no doubt, will lead to a rally in the share price. In fact, the company has already outperformed the broader the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here .
Let us, have a look at them –
CACI International Inc (NYSE:CACI) provides information solutions and services in North America and internationally. The company is expected to report earnings results for the quarter ending June 2019 on Aug 14. CACI International has an Earnings ESP of +4.02%.
Ciena Corporation (NYSE:CIEN) provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks. The company is expected to report earnings results for the quarter ending July 2019 on Aug 29. Ciena has an Earnings ESP of +5.26%.
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Cisco Systems, Inc. (NASDAQ:CSCO) designs, manufactures, and sells Internet Protocol based networking and other products. The company is expected to report earnings results for the quarter ending July 2019 on Aug 14. Cisco Systems has an Earnings ESP of +1.53%.
CGI Inc. (NYSE:GIB) provides information technology (IT) and business process services. The company is expected to report earnings results for the quarter ending June 2019 on Jul 31. CGI has an Earnings ESP of +1.27%.
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