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📅 Hidden Gems: Q4 Awaits!
Plus, pets first? A mega retailer's bold move sparks curiosity and conversation.
Happy Tuesday afternoon to everyone on The Street. Here's a snapshot of where markets ended the trading session, plus tomorrow's trade idea delivered to you today.
🟩 | US stocks rose on Tuesday, with tech shares leading the way. The S&P 500 rebounded 1%, the Nasdaq gained 1.5%, and the Dow added 0.3%.
📈 | One Notable Gainer: DocuSign shares jumped 6.6% after news broke that it will replace MDU Resources in the S&P MidCap 400 index on Friday.
📉 | One Notable Decliner: U.S.-listed Chinese stocks dropped after Beijing's economic agency announced no new stimulus plans, with online video company Bilibili shares falling 13%.
📅 | Tomorrow's Trade: Q4 Is All About Value. Scroll down for more
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S&P 500 Heatmap. Credit: Finviz
All Stock Heatmap. Credit: Finviz
Global ADR snapshot. Credit: Finviz
MARKET MOVERS
NVDA (+4.1%) Nvidia stock heads for fifth day of gains as Wall Street stays bullish on AI (YF)
HUM (+2.9%) Humana gets a rare stock upgrade at Wall Street amid recent woes (Investing.com)
RBLX (-2.1%) Roblox shares react to Hindenburg Research's latest report (YF)
AFRM (+6.6%) BNPL provider Affirm's shares rise in pre-open trade after analyst upgrade (Investing.com)
SMCI (-5%) Super Micro Stock Is Dropping. Why Monday’s Rally Made No Sense. (Barron’s)
OVERHEARD ON THE STREET
CNBC: Walmart is opening five new pet care centers, expanding its services after shutting down health clinics due to financial issues.
Reuters: Adobe to launch a free app in 2024 to help creators get credit for their work in AI systems using "Content Credentials.”
CNBC: Uber updates its platform with an option for riders to hail only electric cars, adds farmers' market produce to Uber Eats, and introduces an AI chatbot.
Amazon: Amazon shifts focus to selling its cashierless tech to retailers after removing it from most U.S. stores.
TOMORROW’S TRADE IDEA, TODAY
Q4 Is All About Value
Not the Usual Suspects
It’s been a big year for the markets. September marked the S&P 500’s fifth straight month of positive returns, which brought the index to a 20% gain YTD.
But the rising tide hasn’t necessarily lifted all boats. Gains in the first half of the year were consolidated among a small percentage of companies, and only started to expand in Q3.
This disparity may lead to opportunities in Q4, according to HSBC. The bank says the name of the game this quarter is finding stocks trading at reasonable valuations compared to their intrinsic value.
The Right Environment
According to HSBC analyst Nicole Inui, a lower-rate environment coupled with resilient growth gives investors the opportunity to profit off of cheaper stocks. (And Inui expects a 25 basis point cut at each of the next six Fed meetings to boot.) With that in mind, the analyst identified several stocks that she believes will finish the year strong.
General Motors (GM) made the list. The automaker hasn’t been exempt from the rally — its shares have gained more than 25% YTD. But the company recently zoomed past Q3 earnings expectations with a 60% jump in EV sales year-over-year. Additionally, GM says it commands a 9.5% EV market share domestically, up 3% from Q1.
Buy the Rip or Buy the Dip?
Pharma giant Pfizer (PFE) is on Inui’s radar as well. Unlike many other mega-cap names, the stock is down about 1% YTD. But with an average analyst price target of $33.34, the stock may have plenty of upside, especially considering its relatively cheap price tag.
Recent developments like its acquisition of cancer treatment developer Seagen and investments in its weight-loss injections and pills create a promising product pipeline and the potential for long-term growth, per a Seeking Alpha analysis.
The company saw a “Golden Cross” bullish indicator triggered in July. According to some analysts, it might not be much longer before a potential bull run comes to pass.
Which stock do you think will outperform over the next 12 months? |
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ON OUR RADAR
WSJ: U.S. antitrust officials are considering breaking up Google and other companies to address alleged monopolistic abuses after 40 years.
BI: Adtech is experiencing executive shake-ups as private equity investors drive leadership changes and seek operational efficiency amid intense competition.
BI: Surging dog ownership is reshaping urban design and businesses, as Americans increasingly integrate pets into public spaces and spending on pet care rises.
QZ: Luxury car sales over $100,000 plummeted 46% this year as consumers opt for cheaper vehicles amid economic uncertainty.
YESTERDAY’S POLL RESULTS
🟩🟩🟩🟩🟩🟩 Home Depot
🟨🟨🟨⬜️⬜️⬜️ Lowe's
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