EarningsBeats.com Digest for January 31, 2022
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Wall Street Prepping For A Big Winner In Health Care This Week
AmerisourceBergen Corp (ABC) hit a high of 107.85 in April 2015, then took 5 1/2 years to clear that level in November 2020. It's been in a very steady uptrend ever since and, given the extreme volatility in the overall market in January, closing at an all-time high on Friday of 136.80 is no small feat. Wall Street places bets on their favorite
companies heading into earnings and clearly they've made a bet on ABC. Of the 334 companies on our Upcoming Earnings - Relative Strength ChartList this week, ABC ranks 9th, so it's showing excellent relative strength. Here's the current chart:
ABC will reports its results on Wednesday morning. Not only is ABC showing excellent relative strength, but its AD line has been steadily increasing over the past two months, indicative of institutional accumulation as well. Note that the medical supplies industry ($DJUSMS) has not been strong at all. The entire group has been beaten up badly in January, which makes ABC's strength all the more impressive. While gauging the market's
response is always difficult, I'd be very surprised if ABC doesn't report both revenues and EPS that beat consensus estimates.
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Tom Bowley
Chief Market Strategist
EarningsBeats.com
Better Timing. Better Trades.
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