This week’s best stock markets performers include earnings winners such as Netflix
rtsuggests
October 21, 2022
Business
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Stocks are capping off a strong week Friday, despite some choppy trading, as rising yields failed to dampen market enthusiasm over stronger-than-expected corporate earnings results. The S & P 500 is 3.6% higher week-to-date, on pace for its best week since the one ending Sept. 9, with every sector in the broader market index in the green. Energy saw the strongest advance, up 7.6% this week, followed by materials and industrials. The best-performing stocks this week surged on the back of strong earnings beats. Robust corporate results from Netflix and AT & T reassured investors who were expecting a worse showing this earnings season. Here are the top 10 S & P 500 stocks this week. Netflix claimed the top spot after stronger-than-expected third-quarter results prompted investors to pile back into the stock. The streaming company said it added more than 2.4 million subscribers during the latest reporting period, more than double what it forecast the prior quarter. It also disclosed new details on its plan to crack down on password sharing. Shares of Netflix are up more than 18% this week, but only about 36% of analysts rate the stock a buy, according to FactSet. Netflix has less than 2% upside to its average price target. AT & T was the second-best performing stock this week after beating profit and revenue expectations in its most recent quarter, prompting Truist analyst Greg Miller to upgrade the stock to buy from hold . The analyst expressed optimism that the “trends of the past few quarters are increasingly likely to continue.” The telecommunications stock jumped about 15% this week. However, just 30% of analysts have a buy rating on the stock, according to FactSet. Shares of AT & T have roughly 17% upside from here to the average price target, according to FactSet data. Shares of Lam Research outperformed this week, up 14%, after the semiconductor equipment maker reported an earnings beat. Lam Research could surge 18% from here, according to consensus estimates on FactSet. Roughly 54% of analysts consider the chip stock a buying opportunity. Other stocks included in this list include Lockheed Martin, Intuitive Surgical and Schlumberger.
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