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.
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
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
Improved Sentiment: Bitcoin price hovers near $35K as ETH, APT, QNT and RUNE turn bullish (Cointelegraph)
Driving Production Higher: Toyota September production jumps on stronger Japan output (Reuters)
Activist Investor: Peltz’s Push for Disney Board Seats Boosted by Perlmutter’s Shares (Wall Street Journal)
More Labor Pains: Stellantis Workers in Canada Strike as Contract Talks Fail (Bloomberg)
Unexpected Drop: Oil prices slip even as Middle East tensions spike, as investors eye Fed meeting (CNBC)
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