The post-Brexit melt up in U.S. equities continues on Thursday.
Over the last few weeks, concerns over the future of the European Union, U.K. property fund gating and fears over the ongoing corporate earnings recession have been replaced by a giddy excitement over possible Japanese “helicopter money” stimulus and a sense that nothing will stop this bull market.
The dump-and-pump reversal has been one of the greatest rebounds in market history. The Dow Jones Industrial Average has rallied in 10 of the last 12 sessions. And despite headwinds — such as negative seasonality, expensive valuations, and narrow breadth — the move looks set to continue.
Keep an eye on the following five blue-chip titans that are leading the market in the push to new highs.
Dow Jones Titans Taking Charge: General Electric (GE)
Industrial giant General Electric Company (NYSE:GE) has jumped up and over its late March/early April high to increase its monthly performance to a gain of 9.3% and its annual gain to a whopping 25.3%.
Not bad for a conservative blue-chip stock that pays a dividend yield of nearly 3%.
The company will next report results on July 22 before the bell. Analysts are looking for earnings of 46 cents per share on revenues of $31.6 billion.
Dow Jones Titans Taking Charge: Johnson & Johnson (JNJ)
Johnson & Johnson (NYSE:JNJ) was a momentum sweetheart during the market’s 2013-2014 meltup phase. And it looks ready to reassume that mantle now as shares have relentlessly climbed out of their January low.
Not even the Brexit selloff in late June really did anything to the healthcare icon.
The company will next report results on July 19 before the bell. Analysts are looking for earnings of $1.68 per share on revenues of $18 billion.
Dow Jones Titans Taking Charge: Intel Corp. (INTC)
A powerful surge in Intel Corporation (NASDAQ:INTC) shares over the last few weeks has taken the stock back to its 2014/2015 highs near $35/$36.
The catalyst was word the company will supply chips for the upcoming Apple iPhone 7, with Cowen estimating more than a 50% share of total units shipped.
The company will next report results on July 20 after the close. Analysts are looking for earnings of 53 cents on revenues of $13.5 billion.
Dow Jones Titans Taking Charge: 3M Co (MMM)
3M Co. (NYSE:MMM) has broken up and out of a multi-month consolidation range near $170, pushing to new highs and ending a year-and-a-half sideways slide.
The stock is now up 7.2% over the last month and is up 29% over the last six months.
The company will report results on July 26 before the bell. Analysts are looking for earnings of $2.07 per share on revenues of $7.7 billion.
Dow Jones Titans Taking Charge: Pfizer Inc. (PFE)
The post-Brexit surge has helped Pfizer Inc. (NYSE:PFE) push up and over its 2015 highs near $35.50 into the clear sky above. The stock is now up 4.5% for the month, 12.6% for the quarter, and 19.4% over the past six months.
The company will next report results on Aug. 2 before the bell. Analysts are looking for earnings of 62 cents per share on revenues of $12.9 billion.