CACI International (CACI) Surges 7.1%: Is This an Indication of Further Gains?

CACI International CACI shares ended the last trading session 7.1% higher at $353.02. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 14.4% loss over the past four weeks.The upswing was driven by optimism over the possibility of increased military spending in Europe as the European Union is about to commission a “rearm Europe plan”. The U.K. has already stated that it is going to increase defense spending as a percentage of GDP over the next few years.This defense contractor is expected to post quarterly earnings of $5.63 per share in its upcoming report, which represents a year-over-year change of -1.9%. Revenues are expected to be $2.15 billion, up 11.1% from the year-ago quarter.While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.For CACI International, the consensus EPS estimate for the quarter has been revised 0.9% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on CACI going forward to see if this recent jump can turn into more strength down the road.The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>CACI International is a member of the Zacks Computer - Services industry. One other stock in the same industry, Forian Inc. FORA, finished the last trading session 2.9% lower at $2.02. FORA has returned -9.2% over the past month.Forian's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.02. Compared to the company's year-ago EPS, this represents a change of -50%. Forian currently boasts a Zacks Rank of #3 (Hold).Zacks Names #1 Semiconductor StockIt's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.See This Stock Now for Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CACI International, Inc. (CACI): Free Stock Analysis Report Forian Inc. (FORA): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks