Earnings season is far from over, but the winners and losers from after the first week of July are showing a clear pattern. The companies that are winning have so far kept winning.
The stock market is not always successful in discounting news and earnings events. It’s actually far from successful. There was a clear trend in the top 10 performing stocks in the S&P 500 over the last month — all but one (AMD) performed quite strongly over the last month and the last week.
Oggonomics has identified these leaders, ranked by performance in the last month and also included how much each one (except AMD) have performed in the last week.
The reason for this exercise is because many investors and traders alike believe that stocks performing well will keep performing well, just like companies who perform well ahead of after earnings are expected to also keep delivering good news. After all, it is the forward guidance in earnings reports that usually sets the stage for how well they are expected to be received ahead.
Before blindly chasing top-performers based on no other reasoning and rationale, please keep in mind that the S&P 500 was up just 2% over the last month and up 0.5% in the last week. And also keep in mind that the price of gold as “the uncertainty trade” is up 2% in the last month and up 2.7% in the last week. The bond market as a whole or the “safety trade,” measured by the Vanguard Total Bond Market ETF was last seen up 0.8% in the last month and up 0.6% in the last week.
Please never forget that the top performers of yesterday have no guarantees they will be the top performers of tomorrow. Without further bantering, here are the S&P 500’s top winners over the last month.
Arista Networks Inc. (NYSE: ANET) — up 31.1% in last month and up 13% in last week.
Generac Holdings Inc. (NYSE: GNRC) — up 30.9% in last month and up 1.47% in last week.
Palantir Technologies Inc. (NASDAQ: PLTR) — up 25.9% in last month and up 13.8% in last week.
Invesco Ltd. (NYSE: IVZ) — up 25% in last month and up 0.9% in last week.
Corning Inc. (NYSE: GLW) — up 24.42% in last month and up 3.4% in last week.
GE Vernova Inc. (NYSE: GEV) — up 24.4% in last month and up 0.93% in last week.
Advanced Micro Devices Inc. (NASDAQ: AMD) — up 22.9% in last month, but down by 3.5% in last week after its earnings reaction.
eBay Inc. (NASDAQ: EBAY) — up 21.7% in last month and up 1.2% in last week.
Globe Life Inc. (NYSE: GL) — up 20.3% in last month and up 0.75% in last week.
C.H. Robinson Worldwide, Inc. (NASDAQ: CHRW) — up 19.37% in last month and up 2.6% in last week.
