🕵️‍♂️ Tactical Stock Picks for Q3

Plus, Boeing takes another hit

Pencils down, it’s time for lunch. Here’s what you missed this morning:

  • 🟩 | Market Snapshot: The S&P 500 and Nasdaq Composite rose slightly as investors await new inflation data coming this week.

  • 🛢️ | In focus: US crude oil futures fell roughly 1% this morning as investors evaluate the impact of Hurricane Beryl on Gulf Coast production and export infrastructure.

  • ✈️ | Noteworthy: Boeing plead guilty to criminal fraud charges for violating a 2021 settlement that protected the company from prosecution related to fatal 737 Max crashes. Following the guilty plea, Boeing will pay a $243.6 million fine and have an independent compliance monitor for 3 years.

  • 🕵️‍♂️ | The Midday Trade: Tactical Stock Picks for Q3. Scroll down for more.

Plus, ever wish you could turn back time and invest in Amazon's early days? Well, buckle up because our partner’s report will have you covered.

TOGETHER WITH THE MOTLEY FOOL

Ever wish you could turn back time and invest in Amazon's early days? Well, buckle up because the AI revolution is offering a second chance. Ever wish you could turn back time and invest in Amazon's early days? Well, buckle up because the AI revolution is offering a second chance.

In The Motley Fool's latest report, dive into the world of AI-powered innovation. Discover why experts are calling it "the rocket fuel of AI" and predicting a market cap nine times larger than Amazon's.

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Whether it's AI or Amazon, fortune favors the bold.

STREET STATS

MORNING MOVERS

PARA: Shares of Paramount Global lost ground after the Hollywood movie maker agreed to be bought by Skydance Media (Barron’s)

MORF: Morphic’s stock shot higher on news that Eli Lilly is acquiring the company for $3.2 billion to expand its IBD drug portfolio (Reuters)

SEDG: SolarEdge saw its stock surge following an upgrade from Bank of America to Neutral from Underperform, citing cash-flow recovery (CNBC)

NOW: Shares of ServiceNow tumbled due to a downgrade from Guggenheim, which sees risks to the company in its subscription expectations (Investing.com)

DPZ: Domino’s Pizza’s stock rose after Baird upgraded it to Outperform from Neutral and increased its price target from $530 to $580 (YF)

TOP CALLS

Cadence Bank: Truist Securities Maintains Buy on Cadence Bank, Lowers Price Target to $31 (Trade It)

Adicet Bio: HC Wainwright & Co. Reiterates Buy on Adicet Bio, Maintains $10 Price Target (Trade It)

Dentsply Sirona: Barrington Research Maintains Outperform on Dentsply Sirona, Maintains $38 Price Target (Trade It)

Ubiquiti: BWS Financial Maintains Buy on Ubiquiti, Maintains $160 Price Target (Trade It)

Meta: Wells Fargo Maintains Overweight on Meta Platforms, Raises Price Target to $625 (Trade It)

Entergy: BMO Capital Maintains Outperform on Entergy, Lowers Price Target to $117 (Trade It)

THE MIDDAY TRADE

Q3 Catalysts

As we move into the second half of 2024, Wells Fargo’s (WFC) equity analysts have unveiled some tactical stock picks that could benefit investors. The bank believes it has identified 8 stocks poised for short-term share price growth. 

It did so by searching for stocks that its analysts view as both overweight and have positive catalysts in Q3.

Capital One

Credit card giant Capital One (COF) made the list as its proposed merger with Discover (DFS) continues to play out. Should the merger go through, Capital One could experience major growth this quarter. 

Additionally, data is showing that low-income credit card holders are shaping up to be more financially resilient than previously believed. That previous concern has caused the stock to underperform the S&P YTD, but that could change quickly. 

Algonquin Power & Utilities

According to the bank, the stock’s current price reflects that renewables will not be very valuable, but Wells Fargo disagrees, thinking it could bring in $2.4 billion. The funds could be used for a share buyback program, boosting the stock price. 

2024 has been a strong year for the market thus far, and these stocks could help investors continue that trend.

TOGETHER WITH THE MOTLEY FOOL

Ever wish you could turn back time and invest in Amazon's early days? Well, buckle up because the AI revolution is offering a second chance. Ever wish you could turn back time and invest in Amazon's early days? Well, buckle up because the AI revolution is offering a second chance.

In The Motley Fool's latest report, dive into the world of AI-powered innovation. Discover why experts are calling it "the rocket fuel of AI" and predicting a market cap nine times larger than Amazon's.

Don't let past regrets hold you back. Take charge of your future and capitalize on the AI wave with The Motley Fool's exclusive report.

Whether it's AI or Amazon, fortune favors the bold.

SURVEY THE STREET

Data released last week showed cracks in the US labor market:

  • Unemployment climbed to 4.1% (the highest level since Oct. 2021).

  • Wage growth slowed to 3.9% for the last 12 months ending in June (the smallest gain since Aug. 2021).

This revealed weakness in the job market, which could force the Fed’s hand to cut rates sooner than expected…

Will the Fed Cut Rates by September?

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Plus, Yesterday’s Poll + Results:

🟩🟩🟩🟩🟩🟩 Yes ✅ 

🟨🟨⬜️⬜️⬜️⬜️ No ❌ 

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