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The Zacks Analyst Blog Highlights Avis Budget, NXP Semi, Clorox, MGM Resorts and Expedia

·5 min read

For Immediate Release

Chicago, IL – May 3, 2022 – 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: Avis Budget CAR, NXP Semi NXPI, Clorox CLX, MGM Resorts MGM and Expedia EXPE.

Here are highlights from Monday’s Analyst Blog:

Market Flip High Late Monday; Q1 Beats for CAR, NXPI, CLX & More

Market indices rallied into the close to start a fresh week of trading yesterday, continuing with the historic volatility along the way. Reaching session lows as the final hour approached — the Dow was -527 points at its low, while Nasdaq touched a low not seen since November 2020 — but once it did, the turnaround was swift and decisive. The Dow finished +0.26%, the S&P 500 was +0.57%, the Nasdaq +1.63% (+201 points) and the small-cap Russell 2000 reached +0.93%.

We're not seeing cycle peaks in volatility — those came in early March, ahead of the most recent Fed meeting on monetary policy — but it sure feels like it. After nestling down to sub-20 levels early last month, the VIX shot back north of 30 again, for the fourth time in the past five sessions. During Friday afternoon's big sell-off, the VIX climbed back to the mid-30s and has stayed there. Plenty of uncertainty ahead of another Fed meeting.

Also, the 10-year bond yield crossed 3% for the first time since December 2018 today. It closed the session off this peak, but it's clear bonds are already pricing in Fed hikes in real time. Although remaining within 25 basis points of inverting a second time in the past few weeks, we're seeing the 10-year — which had been sub-1.2% as recently as last summer — really taking off ahead of this week's Fed meeting.

In Q1 earnings, Zacks Rank #2 (Buy)-rated Avis Budget crushed estimates after Monday's closing bell: earnings of $9.99 per share more than doubled the $3.54 expected and is in another stratosphere from the -46 cents per share reported in the year-ago quarter. Revenues of $2.43 billion also easily surpassed the $2.18 billion expected in the Zacks consensus. Shares rose +12% on the news initially, and have remained above +8% in late-day trading.

Netherlands-based semiconductor maker NXP Semi also beat and raised on its Q1 earnings report Monday afternoon. This has set off a volatile after-market session where results have mostly been favorable; the semi company, like most semi companies, have been taking a bath year to date, -23%. But the company asserted demand from end-markets remains very strong.

Clorox and MGM Resorts also beat earnings expectations yesterday afternoon, with one company selling the news and the other climbing in the late session. Expedia is also up in after-market trading following a Gross Bookings number up +58% year over year.

It's a heavy week for Q1 earnings, the most voluminous of the entire season, in fact. Between this tonnage of reporting and the Fed's next move — to say nothing of the new jobs reports coming out — by the end of this week we should have a clear picture of Q1 and the near-term road ahead.

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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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Avis Budget Group, Inc. (CAR) : Free Stock Analysis Report
Expedia Group, Inc. (EXPE) : Free Stock Analysis Report
MGM Resorts International (MGM) : Free Stock Analysis Report
The Clorox Company (CLX) : Free Stock Analysis Report
NXP Semiconductors N.V. (NXPI) : Free Stock Analysis Report
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