For immediate release
Chicago, IL – October 31, 2023 – Zacks.com announces the stock list featured in the analyst blog. Each day, Zacks Equity Research analysts discuss the latest news and events affecting stocks and financial markets. Stocks recently featured on the blog include: Spotify Technology SPOT, PlayAGS AGS, Potbelly PBPB, Matson MATX and AMC Entertainment AMC.
Wall Street trick or treat? 5 Halloween stock picks
In the first half of 2023, Wall Street showed an upbeat performance, with the S&P 500, Nasdaq, and Dow Jones gaining about 14%, 29.5%, and 2.4%, respectively. Better-than-expected corporate earnings and the AI boom were the key trends in the first half.
However, the winning streak slowed down in the second half. In July, the S&P 500 and Nasdaq notched their fifth consecutive positive month, only to register solid performances in August. Energy on Wall Street was dampened by a series of bank downgrades and expectations of higher interest rates for longer.
September was not healthy either. As a result, the third quarter was an average to weak period for investors, mainly due to rising interest rates. But the weak trend continued even into the fourth quarter of 2023, with the stock registering a significant decline in October.
It is therefore evident that investors are scratching their heads to understand what lies ahead in the last two months of the year, which form the all-important holiday season. Over the past decade, the fourth quarter of the year has actually been the best for the stock market, with the Dow, S&P 500 and Nasdaq rising by at least 4% on average, according to a CNBC article.
Although the S&P 500 entered correction territory, top-ranked stocks such as Spotify technology, PlayAGS, Tripe, Mattson and AMC Entertainment should surpass during the holiday season.
S&P 500 Enters Correction Zone: Will It Gain/Lose Ahead?
The S&P 500 is down 10% since the start of July. The fall stock market pullback sent the S&P 500 into correction territory and sent the index to its worst two-week decline of the year on rising interest rates, according to the Wall Street Journal.
Bank of America believes the S&P 500 could drop another 5% and test a critical support level that previously marked the bottom. I agree, the Fed will likely implement a rate hike in November. There are inflationary pressures, worries about rising interest rates and a geopolitical crisis. But these threats are currently assessed in the assessment. In addition, inflation is falling and interest rates are peaking.
Therefore, according to Oppenheimer chief investment strategist John Stoltzfus, the S&P 500 is expected to rise significantly by the end of the year as the Federal Reserve seeks to reduce the momentum of raising interest rates, as cited by Business Insider. In an interview with CNBC on Thursday, Stoltzfus reiterated his price target for the S&P 500 of 4,900 by the end of the year, marking a roughly 19% rally in the last two months of the year.
Markets expect interest rate cuts through the middle of next year, with investors estimating an 80 percent chance that rates will be lower than their current level by July 2024, according to the CME FedWatch tool. That may be bullish for stocks, given that rising interest rates caused the S&P 500 to fall sharply in 2022.
Against this backdrop, we highlight several stocks that have a Zacks Rank #1 (Strong Buy) or #2 (Buy) and have seen the Zacks Consensus Estimate for their earnings for the upcoming quarter jump more than 10% in the past month. You can see the full list of today’s Zacks #1 Rank stocks here.
The Zacks Rank #2 company provides music streaming services. The company offers commercial free music and ad-supported services to subscribers. The Zacks Consensus Estimate for the December quarter skyrocketed 2,465%.
The Zacks Rank #2 company is a designer and supplier of electronic gaming machines and other products and services to the gaming industry. The Zacks Consensus Estimate for the December quarter jumped 344%.
The Zacks Rank #2 company is a neighborhood sandwich concept. The company operates on-site food service locations to offer sandwiches, salads, soups, chili, chips, cookies, ice cream and smoothies. The Zacks Consensus Estimate for the December quarter jumped 100%.
The Zacks Rank #1 company operates as an ocean transportation and logistics company. It offers shipping services to the islands of Hawaii, Guam and Micronesia and expedited service from China to Southern California. The Zacks Consensus Estimate for the December quarter rose about 42%.
The Zacks Rank #1 company operates as a theatrical exhibition company primarily in the United States and internationally. Has interests in theaters and screens. The Zacks Consensus Estimate for the December quarter rose about 24.3%.
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Past results are no guarantee of future results. Inherent in any investment is the possibility of loss. This material is provided for informational purposes only and nothing in it constitutes investment, legal, accounting or tax advice or a recommendation to buy, sell or hold any security. No recommendation or advice is given as to whether any investment is suitable for a particular investor. It should not be assumed that all investments in securities, companies, sectors or markets identified and described have been or will be profitable. All information is current as of the date hereof and is subject to change without notice. Any views or opinions expressed may not reflect those of the company as a whole. Zacks Investment Research does not engage in investment banking, market making or securities asset management activities. These returns are from hypothetical portfolios consisting of stocks with a Zacks Rank = 1 that have been rebalanced monthly with zero transaction costs. These are not the returns of actual stock portfolios. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information on the performance metrics shown in this press release.
5 shares are doubled
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2023. Previous recommendations jumped +143.0%, +175.9%, +498.3% and +673.0 %.
Most of the stocks in this report fly under the radar on Wall Street, providing a great opportunity to get in on the ground floor.
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Matson, Inc. (MATX) : Free Stock Analysis Report
Potbelly Corporation (PBPB) : Free Stock Analysis Report
AMC Entertainment Holdings, Inc. (AMC) : Free Stock Analysis Report
PlayAGS, Inc. (AGS) : Free Stock Analysis Report
Spotify Technology (SPOT) : Free Stock Analysis Report
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