Shares of CoStar Group (CSGP) surged 5.01% intraday on Tuesday, extending a sharp rally from the prior session as investors continued to rotate into beaten-down software and real estate technology names ahead of the company’s quarterly earnings report.
The stock’s advance came amid a broader shift out of semiconductor and hardware stocks into enterprise software, with the iShares Expanded Tech-Software Sector ETF rising sharply on Monday. CoStar, which entered the week as the worst-performing stock in the S&P 500 this year, also benefited from falling Treasury yields, which helped lift housing-related services companies.
Analysts expect CoStar to report non-GAAP earnings of 29 cents per share on revenue of roughly $929 million for the second quarter, a significant improvement from 17 cents per share and $781 million in revenue a year ago. The results are due after the closing bell on Tuesday.
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