Coinbase Signals Buy Opportunity, Tops List of 5 Stocks to Monitor

The market saw some weakening towards the end of the week, but several stocks are currently trading in or near buy zones. Coinbase experienced a surge above a buy point on Friday following a rebound in bitcoin prices, while Intuitive Surgical cleared buy points driven by strong earnings. Progressive is also situated in a buy zone, whereas Urban Outfitters and Garmin have slightly dipped below traditional buy points.

Intuitive Surgical made a significant breakthrough on Friday after the robotics giant exceeded Q2 expectations late Thursday. Despite anticipated challenges due to product supply constraints, Intuitive Surgical reported a more than 25% increase in earnings and a 14% surge in revenue. The company witnessed a 17% rise in procedures utilizing its robotic surgery system, da Vinci, surpassing estimates. Additionally, procedure growth for its lung biopsy machine, Ion, soared by 82%.

Urban Outfitters has shown a 30% rally in 2024, reaching six-year highs. The clothing retailer has returned to positive earnings growth over the past five quarters, with a notable 23% earnings increase reported for its most recent Q1 results. Revenue also saw a 7.8% rise to a Q1 record of $1.2 billion, outperforming sales growth expectations.

Progressive is currently in a buy zone after surpassing estimates for the month of June and full Q2 in a report released on July 16. The insurance provider reported a nearly 335% increase in earnings to $2.48 per share, marking five consecutive quarters of triple-digit earnings growth. Net premiums written surged by 22% to $17.9 billion, with double-digit increases in personal auto and property business policies in force for the quarter.

Garmin, known for its GPS and watch products, has seen a 32% increase this year and is nearing record highs. The company reported accelerating earnings growth in the last four quarters, culminating in a 39% jump for its Q1 results on May 1. However, analysts anticipate a slight downturn in earnings for its Q2 report on July 31, with estimates of a 1% decrease to $1.43 per share and a 10% growth in sales.

Coinbase, a prominent crypto exchange and a member of the IBD Big Cap 20, witnessed a surge in its stock alongside the crypto markets last week. The spike in digital assets was attributed to various factors, including political events and market dynamics. The company is scheduled to report its Q2 results on August 1, with expected improvements in earnings and revenue. COIN stock surged by 9.8% on Friday and rebounded from its 50-day moving average.

In conclusion, these stocks have shown notable movements and developments in their respective sectors, reflecting the dynamic nature of the market and investor sentiment.