If you're trying to build your earnings season watch list by looking for stocks setting up in a base ahead of their next earnings report, here's one that fits the bill: AbbVie stock. It's expected to report on Jul. 29 and is trading approximately 16% shy of a 176.01 buy point. The entry is based on a second-stage consolidation.
Understand that buying a stock just ahead of earnings can be risky since you typically don't have enough time to establish a profit cushion before the latest quarterly numbers come out. Be sure to follow sound buy and sell rules to minimize your exposure.
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The drug maker showed 9% EPS growth last quarter. Revenue increased 4%.
Analysts expect earnings-per-share growth of 7% for the quarter, and a 10% gain for the full year.
AbbVie stock has a 93 Composite Rating and earns the No. 6 rank among its peers in the Medical-Ethical Drugs industry group. Merck & Co, Pfizer and Novo Nordisk are among the top 5 highly rated stocks within the group.
Note: Dates for earnings reports are subject to change. Check the company's website for any updates.
