In my second post last Monday I wrote, Apple Upgraded as Adobe, Oracle Prepare Earnings Reports and profiled three stocks in the computer and technology sector, one in the industrial products sector and one in the business services sector.
Overall, five companies beat their earnings estimates, two matched and three missed. Six stocks had buy ratings and four had hold ratings. Seven were trading above their 200-day simple moving averages and three were below, but one of those popped above its 200-day SMA after a positive reaction to earnings.
We are entering this week with 77.8% of all stocks overvalued with 45.2% overvalued by 20% or more. All 16 sectors are now overvalued, 13 by double-digit percentages and with 10 overvalued by more than 20%.
Here's today's earnings scorecard:
Adobe ($52.31) matched EPS estimates on Sept. 17 earning 21 cents a share. The company offered a positive outlook and the stock popped from the Sept. 17 close at $48.14 to a new multi-year high at $52.96 on Friday. The hold rated stock and moved above my semiannual and monthly levels at $48.73 and $49.65 making these levels pivots. The ValuEngine one-year price target was tested at $52.64.
Conagra Foods ($31.00) missed EPS estimates by 4 cents on Thursday earning 37 cents a share. The stock broke below its 200-day SMA at $33.85 on Sept. 9 anticipating a disappointing report. The stock traded as low as $30.27 on Thursday. The stock has a buy rating with my annual value level is $21.18 with a weekly pivot at $31.03 and quarterly risky level at $33.21.
Cracker Barrel ($102.44) beat EPS estimates by 8 cents earning $1.43 on Wednesday. The stock traded to a multi-year high at $107.97 the day before this report and the stock slipped to $101.29 on Wednesday. The stock has a buy rating but is 40% overvalued. My semiannual value level is $95.53 with a weekly pivot at $104.67 and monthly risky level $109.64.
Cintas ($51.26) missed EPS estimates by a penny earning 63 cents a share in afterhours on Thursday. The stock popped to a new multi-year high at $52.21. The stock has a hold rating with a semiannual value level is $47.48 and monthly and weekly pivots at $50.07 and $51.19.
Darden Restaurants ($45.78) missed EPS estimates by 16 cents earning 53 cents a share premarket on Friday. The stock closed Thursday at $49.30 and gapped lower on Friday to a low of $45.75. The stock has a buy rating but is 16.8% overvalued. I do not show a value level with a wall of pivots and risky levels. My weekly and quarterly pivots are $46.17 and $48.81 with annual pivots at $50.52 and $53.36 and semiannual risky levels at $58.66 and $59.57.
FedEx ($116.83) beat EPS estimates by 4 cents earning $1.53 a share premarket on Wednesday. The stock gapped higher from its Tuesday close at $110.68 to a high of $118.31 on Friday. The stock has a hold rating and is 27.2% overvalued. My semiannual value level is $105.29 with monthly and annual pivots at $111.55 and $113.72, a weekly pivot at $166.12 and semiannual risky level at $123.36.
General Mills ($48.66) matched EPS estimates earning 70 cents a share premarket on Wednesday. The stock opened higher that day trading up to $50.36 then fell to $48.42 on Aug. 19. The stock has a buy rating but is 13.6% overvalued. My quarterly value level is $48.01 with a weekly pivot at $48.28 and an annual risky level at $50.81.
Herman Miller ($28.35) beat EPS estimates by 5 cents earning 43 cents on Wednesday. The stock opened lower on Thursday trading down to $26.51 then rebounded to $28.68 on Friday. The stock has a hold rating and is 30.5% overvalued. Weekly and annual value levels are $26.74 and $24.37 with semiannual risky levels at $28.80 and $29.09.
Oracle ($34.05) beat EPS estimates by 3 cents earning 56 cents a share in afterhours trading on Wedneday. The stock traded up from an opening at $33.25 on Thursday to a high of $34.13. The hold rated stock has an annual value level is $30.81 with monthly and weekly pivots at $32.33 and $32.86, and annual risky level at $34.68.
TIBCO Software ($25.92) beat EPS estimates by 9 cents earning 24 cents a share in afterhours trading on Thursday. The stock opened higher on Friday trading up to $27.15. The hold rated stock is 32.5% overvalued with weekly and monthly value levels at $24.15 and $21.86 and semiannual risky level at $33.66.
At the time of publication the author held no positions in any of the stocks mentioned.
This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.