It has been a reasonably strong earnings season. Despite growing nervousness on Wall Street, companies are putting forward good revenue numbers reflecting the robust recovery and positive forward guidance.
All but one of the Dow 30 companies beat analysts' estimates this summer earnings season.
The Boeing Company (BA) was one of this season's biggest surprises for the Dow 30. Analysts forecasted -$0.65/share. However, the company reported $0.40/share, 161% over the analysts' forecasts. Management pointed to higher commercial airplane deliveries and lower period costs.
Nike (NKE) also beat the analysts' target of $0.51/share. The company reported $0.92/share despite a drop in year-over-year revenue and continued shipping issues.
However, despite the many great announcements this season, not all stock prices moved in tandem with their earnings surprise. Some stock prices slipped. For example, Walgreen Boots Alliance (WBA) surprised analysts, presenting an EPS over 30% higher than estimates. However, over the next week, the stock's price dropped more than 10%.
It is nearly impossible to watch the quarterly reports for all publicly traded companies - after all, there are 2,300 companies expected to announce earnings in August alone.
It is even more challenging to know which stocks will swing positively after earnings announcements and which will not.
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Drift Trader is looking at companies that beat analysts' estimates AND have the technical momentum to potentially make double or even triple-digit gains in the coming weeks and months.
Stocks Drifting Right Now
Currently, these three stocks are still drifting after already moving double-digits.
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