As the stock market displays further weakness, screening for stocks that are outperforming can help identify new leaders in shifting leadership. These are some of the top stocks on the Global Leaders list of the IBD Stock Screener.
Danish drugmaker Novo Nordisk is in a buy range after breaking out of a cup base and passing its 117.45 buy point. An earlier entry could be seen at 111.57 in a handle area, although shares are extended from there. Shares are outperforming, with the relative strength line at all-time highs.
The company produces drugs to combat diabetes, hormone disorders and obesity. Recent drug trials have been positive. The FDA approved Novo Nordisk's drug Ozempic for treatment of type 2 diabetes on March 28.
Novo Nordisk will report first-quarter earnings on May 4. Analysts expect EPS of 85 cents on revenue of $5.8 billion. The company has beaten both earnings and revenue estimates for the past five quarters.
Global Stock Arch Capital Nears Breakout
Specialty insurance broker Arch Capital Group is trading close to its 49.25 buy point as it trades in a flat base.
The broker — headquartered in Bermuda — provides specialty risk solutions to clients in North America, Europe and Australia. Growth has been outstanding, with EPS increasing from $1.36 in 2020 to $3.58 last year. Strong results continued last quarter, with net premiums increasing 23.7% from a year prior.
Analysts expect Arch Capital to continue to grow profits, with full-year EPS projected at $4.50 and $5.15 for 2022 and 2023, respectively.
Arch Capital will report first-quarter results on April 27. The consensus EPS estimate is $1.07 and revenue should come in at $2.39 billion.
Shell Shows Strength on Higher Energy Prices
Energy giant Shell has been showing strength amid higher oil and gas prices. Shares have been forming a flat base and, while trading lower today, remain near a 56.23 entry point identified by MarketSmith.
As energy prices soar, so has the company's growth. In 2020, earnings were reported at only $1.24 per share. Fast forward to this year, and full-year EPS are projected at an impressive $8.62. Strong growth has helped Shell to lift its IBD Composite Rating to 98.
Shell released a note last Thursday updating investors on company financials. The company stressed that higher volatility in the energy sector will lead to a significantly greater range in the company's guidance and results.
The Netherlands-based company will report first-quarter earnings on May 5, with EPS estimated at $1.84 with revenue of $80.4 billion, according to FactSet.
