Welcome to Extreme Investor Network, where we provide you with unique insights and analysis to help you navigate the world of investing. Today, we are focusing on a handful of stocks that could be breakout candidates as investors eagerly anticipate discussions at the Federal Reserve’s annual retreat in Jackson Hole, Wyoming.
Federal Reserve Chair Jerome Powell is expected to provide insight into the likelihood and depth of an interest rate cut at the central bank’s September meeting. While investors widely expect a cut, there is still much debate over the magnitude of the move. This uncertainty has led to fluctuations in the market, with stocks hovering near record levels ahead of Powell’s remarks.
At Extreme Investor Network, we remain cautious on the broader market and indexes, with our chief market technician, Jonathan Krinsky, expressing his view that further consolidation may be necessary before the SPX can break through its prior highs.
Despite the volatility, there are several stocks that stand out as potential winners in the current market environment. Gaming and creation platform Roblox, for example, has seen its shares fall approximately 4% year to date. However, our buy rating and $47 per share price target suggest more than 8% upside potential from its current price.
Another stock to watch is online reseller eBay, which has experienced a significant 35% increase in its shares in 2024. With second-quarter results beating analysts’ estimates and a strong outlook for full-year earnings, eBay could be well-positioned for further gains.
Payroll and human resources management company ADP is also on our radar, with its stock gaining more than 15% this year. After topping fourth-quarter estimates and showing solid revenue growth, ADP could be a sleeper pick for investors looking for stability and growth.
Stay tuned to Extreme Investor Network for more exclusive insights and analysis on the market’s top performers and emerging opportunities. Remember, when it comes to investing, knowledge is power, and we’re here to help you make the most informed decisions for your portfolio.