🛒 Don’t Miss These Stocks

Plus, Biden's plans for reconstructing the Baltimore Key Bridge

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 moved lower on Tuesday. The S&P 500 slid less than 1%, marking its third consecutive day of losses. The Nasdaq Composite and the Dow also saw marginal losses. This slowdown comes after all three major indexes closed at record highs on Thursday.

  • 📈 | One Notable Gainer: Tesla’s stock popped 3% after news that the company is negotiating with the Italian government to secure a production site to build electric trucks and vans.

  • 📉 | One Notable Decliner: Shares of UPS tumbled 8% after the company’s annual investor day failed to impress. During the event, UPS warned the current quarter will be the “toughest” of 2024.

  • 🛒 | Tomorrow's Trade: Don’t Miss These Stocks. Scroll down for more.

Plus, today’s partner outlined 5 fun ways to make money by doing (almost) nothing.

S&P 500 Heatmap. Credit: Finviz

All stocks on US exchanges. Credit: Finviz

Global ADR snapshot. Credit: Finviz

MARKET MOVERS

DNUT (+39%) Shares of Krispy Kreme surged on news that McDonald’s will sell its doughnuts nationwide as the two companies expand their partnership (CNBC)

STX (+7%) Seagate Technology saw its shares jump after Morgan Stanley upgraded the stock to overweight on optimism about AI (IBD)

RDDT (+8%) Reddit shares surged after its options launch. The stock is currently on track to double its IPO price of $34 (Reuters)

DJT (+16%) Shares of Trump Media & Technology Group surged nearly 50% during its Nasdaq debut, lifted by the former president’s supporters (Reuters)

MKC (+11%) McCormick saw its stock jump after the spice maker topped earnings and revenue expectations for its fiscal first quarter (Investopedia)

TOGETHER WITH FINANCE BUZZ

Feeling lazy but still want to earn some extra cash? We've done our research and found some unusual (but legit) ways that people can stack their bank accounts without having to leave their house. Some will help you save. Others will help you pad your wallet right away.

If your bank account could use a boost but you don't want to start a second job, then these could be right for you.

OVERHEARD ON THE STREET

CNN: President Biden says he intends to have the federal government pay for the entire reconstruction of the Key Bridge.

Bloomberg: Dell Technologies cut 13,000 employees over the last fiscal year, a steeper reduction in headcount than initially announced.

CoinDesk: U.S. federal prosecutors charged crypto exchange KuCoin and two of its founders with violating anti-money laundering laws.

QZ: Tesla has rejoined Facebook after removing its page 6 years ago and is officially doing paid advertisements on the platform for the first time ever.

Bloomberg: Bloomberg’s latest survey of economists shows US growth is projected at 2.2% this year— more than twice as fast as anticipated in September.

TOMORROW’S TRADE IDEA, TODAY

Banana GIF by Kroger

Outperformers

There are a lot of hot stocks right now. All 3 major indexes hit all-time highs last week. 

According to Bank of America (BAC), 5 stocks in particular offer investors value in the current market climate: 

They include:

  • Super Micro Computer (SMCI) 

  • Kroger (KR)

  • Burlington (BURL) 

  • JPMorgan Chase (JPM) 

  • TJX Companies (TJX)

Kroger & Burlington

According to BofA analyst Robert Ohmes, Kroger has both short and long-term value as the grocery store continues to open new locations. Shares are up over 20% this year, and Ohmes gives the stock a $70 price target. That’s over a 23% increase from Monday’s open.  

Burlington shares have risen over 16% year-to-date, and analyst Lorraine Hutchinson thinks they can go even higher. She points to the store’s expansion efforts, sales numbers, and profit margins as reasons to be bullish.

JPM, SMCI & TJX

Analyst Ebrahim Poonawala likes JPMorgan Chase. Shares are up over 51% over the past 12 months. Poonawala believes this is due to JPM’s growth, strong balance sheet, and “strategic optionality.” The analyst went as far as to say that JPM is the best-positioned bank BofA covers in terms of balance sheet and execution.

Super Micro Computer shares are up over 265% this year, and BofA believes they will continue to climb as demand for AI servers grows. 

TJX Companies is up around 5% year-to-date, but BofA analysts believe it will continue to increase as its importance to vendors grows. 

Many stocks are soaring right now but according to Bank of America, these stocks in particular are well-positioned for sustained growth.

Which stock do you think will outperform in 2024?

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TOGETHER WITH FINANCE BUZZ

Feeling lazy but still want to earn some extra cash? We've done our research and found some unusual (but legit) ways that people can stack their bank accounts without having to leave their house. Some will help you save. Others will help you pad your wallet right away.

If your bank account could use a boost but you don't want to start a second job, then these could be right for you.

ON OUR RADAR

Axios: According to the latest Redfin data, Austin saw the biggest decline nationally in the sales price of luxury homes.

Tech Times: Nvidia’s CEO predicts that fully AI-generated games are a real possibility 5 to 10 years from now.

Axios: New data shows workers in Asia are embracing generative AI tools for productivity to far greater degrees than Western workers.

Bloomberg: Cocoa extended its surge, surpassing $9,000 for the first time ever and making it more expensive than copper.

BI: Apple says the DOJ lawsuit sets a dangerous precedent and opens the door to more government involvement in how consumer technology is designed.

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