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3 Zacks Rank #1s Making New Highs

2 13 26

Stocks may have pulled back a bit after the disappointing jobs report for August, but the interesting thing is that the major indices are still within 2% of their all-time highs. And there are plenty of individual names that are already making history or on the verge of doing so. The Zacks #1 Rank New Highs screen will help you find them. Remember, you shouldn’t be afraid of stocks reaching new heights, because a really smart guy once said that objects in motion tend to stay in motion. The same is true for stocks. Despite the delta variant, rising inflation and the possibility of the Fed tapering; stocks still have the potential for a strong back half of 2021 as we inch closer to normal. This screen can help you get ready by finding stocks most likely to leap higher moving forward. Below are three names that recently made the list. onsemi ON Not only is the semiconductor space going through several structural changes at the moment, but it’s also experiencing a chip shortage that’s sending demand through the roof. One of the companies operating well in this environment is onsemi (ON), which has beaten the Zacks Consensus Estimate for five straight quarters and is up approximately 37% in 2021. The former ON Semiconductor is an original equipment manufacturer of a broad range of discrete and embedded semiconductor components. Therefore, it’s part of the semi – analog & mixed space, which is in the top 12% of the Zacks Industry Rank. In its second-quarter report from early August, the company enjoyed broad-based strength across its industrial, computing, consumer and automotive end markets. Revenue jumped to $1.67 billion, which was over 37% better than the previous year while also beating our expectations by nearly 3%. Earnings per share of 63 cents topped the Zacks Consensus Estimate by more than 28%, which brought the four-quarter average surprise to just under 25%. The Automotive end market has perhaps the biggest potential moving forward with revenue........

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