Yahoo Finance Why the Market Dipped But Air Canada (ACDVF) Gained Today
In the latest trading session, Air Canada (ACDVF) closed at $14.59, marking a +0.27% move from the previous day. This move outpaced the S&P 500's daily loss of 0.46%. Elsewhere, the Dow saw a downswing of 0.98%, while the tech-heavy Nasdaq depreciated by 0.64%.
Shares of the company have appreciated by 0.48% over the course of the past month, outperforming the Transportation sector's loss of 8.93% and the S&P 500's loss of 3.04%.
Investors will be eagerly watching for the performance of Air Canada in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on May 2, 2024.
It is also important to note the recent changes to analyst estimates for Air Canada. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Right now, Air Canada possesses a Zacks Rank of #3 (Hold).
Digging into valuation, Air Canada currently has a Forward P/E ratio of 4.37. This valuation marks a discount compared to its industry's average Forward P/E of 8.98.
The Transportation - Airline industry is part of the Transportation sector. At present, this industry carries a Zacks Industry Rank of 93, placing it within the top 37% of over 250 industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Air Canada (ACDVF) : Free Stock Analysis Report
