Outside of Nvidia NVDA, all of the Magnificant-7-themed big tech stocks have already released their results for the Q3 period but this week’s earnings lineup features several intriguing large-cap stocks from a variety of sectors.
As leaders in their respective industries, here are three of these top large-cap stocks to buy with their quarterly results approaching on Wednesday, November 6.
MercadoLibre – MELI
Starting in the retail sector, South American e-commerce leader MercadoLibre MELI is expected to have posted stellar growth during Q3.
Sporting a Zacks Rank #2 (Buy), MercadoLibre’s Q3 sales are anticipated at $5.25 billion, a 40% increase from $3.76 billion in the comparative quarter. More impressive, Q3 earnings are projected to soar 57% to $11.27 per share versus EPS of $7.16 a year ago.
MercardoLibre’s robust growth has kept investors engaged with high double-digit top and bottom line expansion in the forecast for fiscal 2024 and FY25. As one of the stock market’s top performers, MELI is sitting on +30% gains this year.
Image Source: Zacks Investment Research
Toyota Motor – TM
In terms of value, Toyota Motor’s TM stock is hard to overlook and boasts a Zacks Rank #1 (Strong Buy). As one of the leading automakers in the world, Toyota Motor’s stock trades at less than 1X sales with its top line thought to have increased 1% during Q3 to $79.78 billion.
Following a tougher-to-compete-against period, Toyota’s Q3 EPS is expected to decrease to $4.39 versus $6.54 a share in the prior-year quarter. However, TM trades at just 7.9X forward earnings with it noteworthy that Toyota has exceeded the Zacks EPS Consensus for seven consecutive quarters posting a very impressive average earnings surprise of 77.93% in its last four quarterly reports.
Image Source: Zacks Investment Research
Qualcomm – QCOM
Semiconductor-giant Qualcomm QCOM will be a stock to watch from the tech sector on Wednesday and sports a Zacks Rank #2 (Buy).
Integrating generative AI into all of its product lines, Qualcomm with be reporting results for its fiscal fourth quarter with Q4 sales projected to be up 14% to $9.9 billion. Plus, Q4 EPS is expected to spike 27% to $2.56. Standing out in terms of growth and value, QCOM trades at a very reasonable 15.1X forward earnings multiple especially when considering the premiums many chipmakers can command in comparison to the broader market.
Image Source: Zacks Investment Research
Bottom Line
MercardoLibre, Toyota Motor, and Qualcomm are three large-cap stocks that could pop if they can reach or exceed earning expectations while offering favorable guidance. Furthermore, they should remain viable long-term investments which could make them even more attractive if there is a post-earnings selloff.
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Free: See Our Top Stock And 4 Runners Up
QUALCOMM Incorporated (QCOM) : Free Stock Analysis Report
Toyota Motor Corporation (TM) : Free Stock Analysis Report
MercadoLibre, Inc. (MELI) : Free Stock Analysis Report
NVIDIA Corporation (NVDA) : Free Stock Analysis Report
