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If you’re on the hunt for top-performing shares to scoop up, look no further than the remarkable rally unfolding in the stock market. Fears over inflation and looming interest rate adjustments have been squandered, paving the way for the innovation-packed tech sector to shine. The result? A stock market boom that seems to have sprouted wings and refuses to plant its feet firmly back on the ground.
A Sky-High Success: SkyWest (SKYW)
Behold SkyWest (NASDAQ:SKYW), a player in passenger and cargo air transport with over 500 aircraft, sweeping competition off its feet by outshining earnings estimates consistently. The stock has taken investors on a wild ride, tripling its value in the past year – a feat that competitors like JetBlue Airways (NASDAQ:JBLU) and Frontier Group (NASDAQ:ULCC) can only envy.
On February 2, SkyWest disclosed its fourth-quarter results for 2023, showing a robust 10% revenue climb compared to the previous year. From a $47 million hit in Q4 2022, the company moved to a positive $18 million net income in Q4 2023. Besides, delivery timelines for E175 aircraft to industry biggies like Delta Air Lines (NYSE:DAL), United Airlines (NASDAQ:UAL), and Alaska Air (NYSE:ALK) were outlined.
With a surge in travel demand post-holiday season, it’s no wonder investors are still scratching their heads at SkyWest’s seemingly modest valuation. This underdog, now among the elite performers in the passenger airline arena, continues to bask in the spotlight.
Meta Platforms: A Meteoric Rise (META)
Meta Platforms (NASDAQ:META) is the mastermind behind social media stalwarts like Instagram, Facebook, and Messenger. In the latest earnings update for the fourth quarter of 2023, a stellar 25% revenue spike year-on-year was celebrated. Earnings per share jumped from $1.76 in Q4 2022 to $5.33 in Q4 2023, accompanied by a minor lift in daily and monthly active users.
Investors couldn’t contain their excitement as Meta Platforms’ stock catapulted by 60% in just six months, culminating in a jaw-dropping 20% surge post the last disclosed earnings. The rise of its popular Facebook Reels due to potential TikTok restrictions has added fuel to the fire, with an impressive 24% year-over-year ad revenue boost indicating brighter days ahead.
Uber, Uber, and Away! (UBER)
Uber Technologies (NYSE:UBER) is the force behind the popular on-demand transportation app that has been turning heads. With its share price doubling in the past year and net income soaring by 140% as of the fourth quarter of 2023, Uber is taking investors on an exhilarating ride.
The first quarter of 2024 foresees gross booking between $37 billion and $38.5 billion and an adjusted EBITDA range of $1.26 billion to $1.34 billion, enticing investors further. Moreover, Uber’s initiation of a $7 billion share repurchase program has set hearts aflutter, hinting at a robust financial future.
As Uber sets the stage with its share buyback plan, solid financial standing, and promising industry outlook, investors keen on industry exposure are witnessing a phoenix in the making, marking it as a stock to keep a close eye on.
As of this writing, Noah Bolton has shown his dedication by maintaining a LONG position in UBER. The expressed views in this article adhere to the InvestorPlace.com Publishing Guidelines. A rising star in the field, Noah has garnered nearly a year of freelance writing experience, particularly focusing on stock market and financial news topics.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
