Uber and more: Bank of America names over 10 top stocks with ‘triple momentum’
Analysts at Bank of America screened for "triple momentum" stocks based on their momentum in three areas: earnings, price and positive news. Earnings momentum refers to the change in consensus earnings per share estimates for each stock over three months, according to BofA. Price momentum concerns market sentiment, while news momentum refers to media coverage and corporate news releases. Uber — which BofA included as an industrials sector stock — makes its list of "Top Global stocks with Triple Momentum," performing well on all three fronts, BofA said in an Aug. 14 research note. Construction firm Vinci and aircraft engine firm Safran also did well within industrials, the bank said. In health care, the top-performing "triple momentum" stocks are drug company Novo Nordisk , medical equipment firm Boston Scientific and robotics manufacturer Intuitive Surgical . As for the media sector, the bank included Netflix and Chinese internet giants NetEase and Tencent . Semiconductor stocks on BofA's triple momentum list include U.S. firms ON Semiconductor , AMD and Lam Research . For software, it picked Workday and Oracle as among the names with the "most positive" momentum across the three measures. In the financial sector, BofA chose Berkshire Hathaway and fintech company Fiserv . "We screen for Triple Momentum stocks with above-average Earnings Momentum, above-average Price Momentum, top quintile by News Momentum, and above-average one-month change in News Momentum," BofA's analysts said. Triple momentum is "most positive" for industrials, banks and consumer discretionary sectors, the bank said. — CNBC's Michael Bloom contributed to this report.