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These are the most overbought stocks after Trump's win this week
  + stars: | 2024-11-08 | by ( Pia Singh | In | ) www.cnbc.com   time to read: +4 min
Several software companies could be due for a pullback after the stock market's roaring rally this week, fueled by president-elect Donald Trump's election victory as well as robust quarterly earnings reports. Shares of video game makers Take-Two Interactive Software and Electronic Arts are two of the stocks that are technically overbought right now, according to the analysis. The most overbought stock this week was human capital management software company Dayforce, with an RSI of 92.4. But higher prices and expectations of normalizing pricing, which helped Coke guide its organic revenue growth this year to the high end of a prior forecast, could lead the stocks higher. Other oversold stocks include power generation company AES , as well as radio frequency equipment maker Qorvo and Regeneron Pharmaceuticals — the latter two of which were also oversold the previous week.
Persons: Donald Trump's, Trump, Morgan Stanley, Mills, Dr Pepper Organizations: Major, Dow Jones, Nasdaq, CNBC Pro, Companies, Electronic Arts, Software, Gilead Sciences, AES, Regeneron Pharmaceuticals Locations: Major U.S, Gilead
Oracle shares plummeted 12% on Tuesday, their steepest drop in over two decades, after the software maker reported disappointing revenue and issued weaker-than-expected guidance. For the current quarter, Oracle said revenue will increase 5% to 7%, falling short of the 8% average analyst estimate. Revenue in Oracle's cloud services and license support segment rose 13% from a year earlier, topping StreetAccount's consensus of $9.44 billion. But sales in the cloud license and on-premises license segment fell 10% to $809 million, missing estimates. Even with Tuesday's stock drop, Oracle shares are up 34% year to date, beating the S&P 500, which is up 16%.
Persons: Larry Ellison, Ellison, Jeff Bezos, Warren Buffett, Stifel, Safra Catz, Catz, — CNBC's Jordan Novet Organizations: Oracle, Forbes, Amazon, Human Capital Management Software, Revenue
Larry Ellison, Oracle's chairman and technology chief, speaks at the Oracle OpenWorld conference in San Francisco on September 16, 2019. Here's how the company did:Earnings: $1.19 per share, adjusted, vs. $1.15 per share as expected by analysts, according to LSEG. Oracle's revenue grew 9% year over year in the fiscal first quarter that ended Aug. 31, according to a statement. "As of today, AI development companies have signed contracts to purchase more than $4 billion of capacity in Oracle's Gen2 Cloud. During the quarter, Oracle announced new database hardware, Micros point-of-sale workstations and artificial intelligence features in its Fusion Cloud Human Capital Management software.
Persons: Larry Ellison, LSEG, Safra, StreetAccount, Ellison, Elon Musk's, Jefferies, Brent Thill Organizations: Oracle, Cerner, Google, Microsoft, Human Capital Management Locations: San Francisco, LSEG
As earnings season continues, Wall Street analysts are raising their outlook for certain names set to report earnings next week. Against this backdrop, CNBC Pro used FactSet data to screen for companies reporting next week that analysts have been getting more bullish on. Overall, analyst earnings estimates for Incyte are up 48% over the past three months and nearly 13% over the past six months. On average, analysts have hiked their earnings per share estimates on the company by 46% over the past six months and 27% in the past three months. The cloud software company's earnings estimates have gone up 32% over the past six months.
A recent Goldman Sachs report found 300 million jobs around the world stand to be impacted by AI and automation. Just like similar trends in history, creative jobs will be in demand after the widespread inclusion of generative AI and other AI tech in the workplace. But even though these jobs will still exist, their tasks and responsibilities could likely be diminished by GPT and generative AI. But other forms of generative AI can go further, reconstructing different outcomes based on patterns and learnings, and almost mirroring a human brain, he said. In this broader set of tasks, generative AI can mimic what an engineer would do through the development cycle.
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