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MARKETS LIVE BLOG:

STOCKS RISE, LED BY STELLAR ALPHABET, MICROSOFT EARNINGS

Latest stubborn U.S. inflation reading will bring about more 'wait and see' from the Fed

Icahn Enterprises (IEP) Surges 26.7%: Is This an Indication of Further Gains?

Zacks Equity Research
·2 min read

Icahn Enterprises (IEP) shares soared 26.7% in the last trading session to close at $38.13. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 42.5% loss over the past four weeks.

The stock gained primarily on optimism surrounding the improvement in supply chains, and a reduction in raw material costs, thanks to deceleration in inflation.

This diversified holding company is expected to post quarterly earnings of $0.19 per share in its upcoming report, which represents a year-over-year change of -82.1%. Revenues are expected to be $2.86 billion, down 3.7% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

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For Icahn Enterprises, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on IEP going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Icahn Enterprises is a member of the Zacks Diversified Operations industry. One other stock in the same industry, Live Ventures Incorporated (LIVE), finished the last trading session 1% higher at $30.85. LIVE has returned -5.9% over the past month.

Live Ventures Incorporated's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $2.21. Compared to the company's year-ago EPS, this represents a change of -54.3%. Live Ventures Incorporated currently boasts a Zacks Rank of #3 (Hold).

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Zacks Investment Research