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Apple, Cirrus Logic and Harley-Davidson the Big Earnings Winners

Stocks in this article: AAPL CRUS HOG

NEW YORK (TheStreet) -- So far the first-quarter earnings season has not been easy for investors as negative reactions among the companies we profiled outnumbered positive reactions when looking at double-digit gains vs. double-digit loses since mid-April. (On Friday we will look at the losers.)

When preparing the "crunching the numbers" tables we observed the number of downward revisions to analysts' earnings per share estimates seemed to outnumber upward revisions by approximately two to one.

Many stocks had double-digit gains or losses before reporting their quarterly results while the major equity averages had slight gains or losses.

The Dow Jones Industrial Average set an all-time intraday high at 16631.63 on April 4 and ended April fractionally higher for the year to date.

The S&P 500 set an all-time intraday high at 1897.28 on April 4 and ended April up just 1.9% YTD.

The Nasdaq set a multiyear intraday high at 4371.71 on March 7 and ended April down just 1.5% YTD.

The Dow Transportation Average set an all-time intraday high at 7774.58 on April 23 and ended April up 3.7% YTD.

The Russell 2000 set an all-time intraday high at 1212.82 on March 4 and ended April down 3.2% YTD.

The Dow Utility Average set an all-time high at 558.29 on April 30 and ended April up 12.8%, which is the biggest surprise for Wall Street strategists as many told investors to avoid utilities. What's interesting to note is the utility average set its 2013 high on April 30 and at that time was the best performing index year-to-date.

While some stocks we profiled pre-earnings reached new all-time intraday highs post-earnings the biggest percent gainers are those in today's headline.

Apple (AAPL) ($590.09, up 11% since April 22): Beat analysts' earnings per share estimates by $1.41 earning $11.62 per share. The stock gapped higher on April 24 and traded as high as $599.43 on April 30, a 52-week high. Apple traded as low as $493.55 on Jan. 31 following the negative reaction to 4Q 2013 earnings. With the stock trading back and forth around my annual pivot, now a value level at $517.05 investors had several opportunities to get long before the company reported 1Q 2014 earnings.

The weekly chart is positive with its five-week modified moving average at $548.24. The $517.05 level had an 85% chance of being tested and now is a annual value level with our annual pivot at $586.06, a monthly pivot at $592.85 and semiannual risky level at $657.40.

Cirrus Logic (CRUS) ($22.30, up 16% since April 23): Beat analysts' EPS estimates by 8 cents earning 28 cents per share. The stock gapped above its 200-day SMA at $20.55 on April 25 and traded as high as $23.90 on April 29 setting a new 2014 high. The weekly chart is positive with its five-week MMA at $20.23 and its 200-week SMA at $21.66. Annual and monthly value levels are $20.72 and $19.04 with a quarterly risky level at $25.12.

Harley Davidson (HOG) ($73.94, up 11% since April 17): Beat analysts' EPS estimates by 13 cents earning $1.21 per share. The stock traded to a multiyear intraday high at $74.13 Thursday morning. The weekly chart is positive with its five-week MMA at $68.72. Semiannual value levels are $69.16 and $68.36 with a monthly risky level at $74.86.

At the time of publication the author held no positions in any of the stocks mentioned.

Follow @Suttmeier

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff

Richard Suttmeier is the chief market strategist at ValuEngine.com.

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