2 Stocks to Buy and 3 to Avoid

And, Solana jumps again amid optimism.

Today is Monday, October 30, 2023.

The Early Bird Index today is 50.53.

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2 Stocks to Buy and 3 to Avoid

With the stock market appearing bearish in the fourth quarter of 2023, StockCharts.com Chief Market Strategist Dave Keller discusses the top stocks to pick and avoid during a new episode of the Early Bird Podcast.

Playing Defense: Keller is looking at buying opportunities with stocks that are outperforming benchmarks. The list includes insurance companies such as Assurant (NYSE: AIZ) and Progressive (NYSE: PGR), which have held up even as the rest of the market went lower.

Also: Keller is also looking at buying opportunities in sectors such as utilities and consumer staples.

Yes, But: Now is a time to avoid the homebuilding stocks due to rising rates, according to Keller. This includes Lennar (NYSE: LEN) and Toll Brothers (NYSE: TOL).

Going Further: This is also the time to avoid airline stocks due to higher fuel prices and concerns about discretionary spending from consumers. In particular, Keller said that Southwest Airlines (NYSE; LUV) is underperforming the broader market.

Final Thoughts: What advice does Keller have for newer investors right now? Find out by listening to a new episode of the Early Bird podcast.

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Notable Earnings Today: McDonald's (NYSE: MCD), SoFi Technologies (Nasdaq: SOFI), Arista Networks (NYSE: ANET), Pinterest (NYSE: PINS), ON Semiconductor (Nasdaq: ON), Transocean (NYSE: RIG), Western Digital (Nasdaq: WDC), AGNC Investment (Nasdaq: AGNC), HSBC (NYSE: HSBC), V.F. Corp (NYSE: VFC), JinkoSolar (NYSE: JKS), Wolfspeed (NYSE: WOLF), XPO (NYSE: XPO), Lattice Semiconductor (Nasdaq: LSCC), Air Canada (OTCMKTS: ACDVF), Monolithic Power (Nasdaq: MPWR), Check Point Software (Nasdaq: CHKP), Arch Capital (Nasdaq: ACGL), Daqo New Energy (NYSE: DQ), Public Storage (NYSE: PSA), Amkor (Nasdaq: AMKR), Chegg (NYSE: CHGG), Comstock (NYSE: CRK), Cushman & Wakefield (NYSE: CWK), Denny's (Nasdaq: DENN), Douglas Dynamics (NYSE: PLOW), FMC Corp (NYSE: FMC), Forward Air (Nasdaq: FWRD), Harmonic (Nasdaq: HTLF), Independence Realty Trust (NYSE: IRT), Kemper (NYSE: KMPR), Kforce (Nasdaq: KFRC), Leggett & Platt (NYSE: LEG), ONE Gas (NYSE: OGS), Otter Tail Power (Nasdaq: OTTR), Piedmont Office Realty Trust (NYSE: PDM), PotlatchDeltic (Nasdaq: PCH), PriceSmart (Nasdaq: PSMT), Rambus (Nasdaq: RMBS), Simon Properties (NYSE: SPG), Tenet Healthcare (NYSE: THC), Varonis Systems (Nasdaq: VRNS), Vornado Realty Trust (NYSE: VNO), Welltower (NYSE: WELL), Wolfspeed (NYSE: WOLF), ZoomInfo Technologies (Nasdaq: ZI).

Notable IPOs Today: N/A.

Notable Equity Crowdfunding Campaigns Ending Today: AI TV @ MyStreme (Wefunder), Splash Wines (StartEngine), Hard Training Club (SMBX), Tres Jardines (Honeycomb), Cann-Ade (StartEngine), GenesisAI (Netcapital).

Notable Economic Events Today: N/A.

Solana Jumps Again Amid Optimism

The cryptocurrency Solana jumped by 3.8% on Sunday, higher than most digital coins yesterday. Solana is now up over 60% in the last 30 days. 

Final Thoughts: This price jump comes as an asset management firm recently predicted that the price of Solana could grow by 10,000% in 2030.

ArcelorMittal Faces Fallout After Fire Deaths

Keep an eye on the price of ArcelorMittal (NYSE: MT) today. Over the weekend, a coal mine in Kazakhstan owned by the steel giant caught fire, resulting in 42 deaths.

Final Thoughts: ArcelorMittal is down 16% this year. Kazakhstan already confirmed that it is nationalizing the local unit owned by the company.

Trends to Watch

Driving Production Higher: Toyota September production jumps on stronger Japan output (Reuters)

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