3 Stocks Ready to Skyrocket With a Potential 100%+ Earnings Surge in 2024

investing.com:

History shows that significant drops in Treasury bond yields are favorable for the stock market. Since 1980, there have been 33 instances where the yields on 10-Year Treasury bonds fell by 50 basis points or more in a month.

The average three-month return for the S&P 500 following such occurrences was nearly +8%, and for the Russell 2000, it was +8.2%. This suggests that the stock market is likely to continue its upward trend as we enter 2024.

Meanwhile, over 60% of stocks listed on the S&P 500 hit a new 20-day high last week. Since 1972, this has happened 15 other times, and the index surged one year later on 100% of those occasions, generating an average return of +18%.

In light of these noteworthy facts, FactSet has identified some stocks that are set to ride this potential bull market and experience a 100% surge in earnings next year.

Understanding that these are projections and may not materialize, let's take a look at three top companies set to see their earnings skyrocket.

Merck & Company Inc (NYSE:MRK) is the oldest pharmaceutical and chemical company in the world, having been founded in 1668.

With more than 57,000 employees in more than 60 countries worldwide, Merck is considered one of the largest pharmaceutical companies in the world.

It pays a dividend of $0.77 on January 8, and to receive it, shares must be held before December 14. The dividend yield is +2.95%.

On February 1, it presents its quarterly results. By 2024 it expects revenue growth of 5.3% and earnings per share (EPS) of 513%, i.e., to earn $8.44 per share in 2024.

Its shares are up +1.85% in the last month. The market consensus sees potential at $123.30 in 12 months.

Stanley Black & Decker (NYSE:SWK) is a manufacturer and distributor of products