Industrial Sector Stock Picks

And, Solana surges as October starts.

Today is Monday, October 2, 2023.

The Early Bird Index today is 52.95.

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Industrial Sector Stock Picks

A good sector for stock investors to consider in the fourth quarter of 2023 is the industrial sector, says Nancy Tengler, CEO and CIO of Laffer Tengler Investments, in a new episode of the Early Bird podcast.

Details: Tengler is bullish on industrials because more companies are reshoring, which refers to companies moving manufacturing back to the U.S., and more legacy industrial companies are embracing the digital revolution.

Powering the Story: This is a time to step in and look at companies when they underperform and have good management teams, Tengler said.

Deeper Look: One of Tengler’s favorite stocks in the industrial sector is Honeywell (Nasdaq: HON) because the business focuses on solving problems digitally for companies, such as helping with digital thermostats in factories.

Yes, But: Honeywell has endured layoffs in 2023. Despite the layoffs, Honeywell has new leaders and digital transformation continues at the company, according to Tengler.

Also: One stock in the industrial sector that Tengler doesn’t like is United Parcel Service (NYSE: UPS) because of cost challenges from the new contract with the Teamsters.

Final Thoughts: What other stocks in the industrial sector does Tengler like? Also, what advice does Tengler have for investors getting started with this sector? To find out those stock picks and to get that advice, listen to a new episode of the Early Bird podcast.

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Notable Earnings Today: N/A.

Notable IPOs Today: Vestis Corporation (NYSE: VSTS), WK Kellogg Co (NYSE: KLG), Veralto Corporation (NYSE: VLTO), NKGen Biotech, Inc. Common Stock (Nasdaq: NKGN), Nvni Group Limited Ordinary Shares (Nasdaq: NVNI).

Notable Equity Crowdfunding Campaigns Ending Today: Recovering Bro (Netcapital), Voise (Netcapital), New Sapience (StartEngine), Death Comes Lifting (Honeycomb), OnePerfect (StartEngine), Cafe Flore (Honeycomb).

Notable Economic Events Today: S&P Global US Manufacturing PMI (9:45 a.m. ET), ISM Manufacturing PMI / Prices (10:00 a.m. ET).

Solana Surges as October Starts

As most cryptocurrencies presented modest gains on Sunday, the price of Solana jumped over 12%.

Price: Solana is up 23% in the last 30 days and the price has more than doubled since the start of the year. It hasn't reached its current level of about $24 since the summer.

Also: With this recent price surge, Solana has unseated Dogecoin for the eighth spot in the top ten crypto list, according to CoinGape.

Final Thoughts: Could the price surge continue? It’s been a rollercoaster for Solana this year with ups and downs. That volatility could continue in October.

There Could Still Be a Recession Coming

Despite a better-than-expected year in the stock market, investors should know that a recession could still come, according to Bloomberg.

Final Thoughts: Consider that after a three-year hiatus, student loan repayments resume in October. That could derail consumer spending.

Trends to Watch

Healthy Spending: Americans Are Still Spending Like There’s No Tomorrow (The Wall Street Journal)

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