Luminar Technologies, Inc. (LAZR) shares ended the last trading session 27.3% higher at $8.48. 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 14.7% loss over the past four weeks.

Luminar’s yesterday surge was likely fueled by growing optimism around the semiconductor sector. Investors are also pushing the share price higher on speculation that NVIDIA might unveil updates about its collaboration with Luminar during the CES conference

This company is expected to post quarterly loss of $2.20 per share in its upcoming report, which represents a year-over-year change of +26.7%. Revenues are expected to be $16.76 million, down 24.2% 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 Luminar Technologies, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on LAZR 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 >>>>

Luminar Technologies is part of the Zacks Automotive - Original Equipment industry. Visteon (VC), another stock in the same industry, closed the last trading session 0.7% higher at $87.82. VC has returned -6.4% in the past month.

Visteon's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.79. Compared to the company's year-ago EPS, this represents a change of -86.2%. Visteon currently boasts a Zacks Rank of #4 (Sell).

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