Conagra Earnings, Lamb Weston Due With Outperforming Stocks … – Investor's Business Daily

BREAKING: Market Mixed As It Tries To Shake Off Two Down Weeks
Conagra Brands (CAG) and Lamb Weston (LW) prepare to report earnings for their fiscal second quarter early Thursday. CAG stock and LW stock traded tightly Wednesday, with both packaged food stocks near buy points after big rallies.
Conagra and Lamb Weston have benefited from strong pricing and product mix. But higher costs and supply-chain problems will be watched. Conagra flagged lingering issues last October.
As recession worries grow, packaged food stocks could offer some shelter from an economic downturn. Consumers generally continue buying food staples even while cutting back on more discretionary items.
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Estimates: Analysts polled by FactSet expect Conagra earnings to rebound 3.5%, year over year, to 66 cents per share. Revenue is seen growing 7.1% to $3.277 billion. That would mark the second straight quarter of slowing earnings growth.
Results: Check back Thursday before the market open.
Outlook: Analysts project Q3 EPS of 60 cents, up 2.7%. They forecast full-year Conagra earnings of $2.47, up 4.5%.
Shares of Conagra lost 0.5% to 38.65 on the stock market today. CAG stock has climbed above the 37.07 buy point of an irregular pattern, as well as a 36.94 alternative entry, MarketSmith chart analysis shows. Shares remain well above a rising 50-day moving average and also above the 200-day average, after a strong rally since November.
Bear in mind that the market is in a correction, making new stock buys a highly risky prospect.
The relative strength line for CAG stock is near highs.
A 91 Relative Strength Rating means that Conagra stock has outperformed 91% of all stocks in IBD’s database over the past year.
The Chicago-based company owns well-loved frozen-food brands, such as Birds Eye, Marie Callender’s and Healthy Choice.
Estimates: Analysts polled by Zacks project Lamb Weston earnings of 74 cents per share, up 48% year over year. Revenue is seen growing 15.2% to $1.16 billion.
Results: Check back Thursday before the market open.
Outlook: Analysts project Q2 EPS of 74 cents, up 1.4%. They forecast full-year EPS of $3.03, up 45.7%.
Shares of Lamb Weston edged up 0.3% to 87.48 Wednesday, just above the 50-day line. LW stock has undercut an 88.14 flat-base buy point, without triggering any sell signal.
A 95 Relative Strength Rating means that Lamb Weston stock has outperformed 95% of all stocks in IBD’s database over the past year.
The Eagle, Idaho-based company is a leading supplier of frozen potato, appetizer and vegetable products to restaurants and retailers.
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Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the stocks they discuss. The information and content are subject to change without notice.
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