Strength Seen in Foot Locker (FL): Can Its 85.7% Jump Turn into More Strength?

Foot Locker FL shares rallied 85.7% in the last trading session to close at $23.90. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 15.7% gain over the past four weeks.Foot Locker shares soared after DICK'S Sporting Goods announced plans to acquire the company.This shoe store is expected to post quarterly earnings of $0.01 per share in its upcoming report, which represents a year-over-year change of -95.5%. Revenues are expected to be $1.85 billion, down 1.3% from the year-ago quarter.While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.For Foot Locker, the consensus EPS estimate for the quarter has been revised 2.3% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on FL going forward to see if this recent jump can turn into more strength down the road.The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Foot Locker belongs to the Zacks Retail - Apparel and Shoes industry. Another stock from the same industry, Nordstrom JWN, closed the last trading session 0.2% lower at $24.54. Over the past month, JWN has returned 3%.Nordstrom's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.11. Compared to the company's year-ago EPS, this represents a change of +54.2%. Nordstrom currently boasts a Zacks Rank of #2 (Buy).Zacks Names #1 Semiconductor StockIt's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.See This Stock Now for Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Foot Locker, Inc. (FL): Free Stock Analysis Report Nordstrom, Inc. (JWN): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks