Last Week’s Picks*:
Unfortunately I did not trade $GORO, the best performing pick, but I did make money with $NOAH instead, which advanced 5% on the week. I now plan to top-slice this position and let the remainder run by trailing stop.
Stock markets will be closed on Good Friday this week but despite that it looks like it will be a busy one for traders with a lot of economic data releases and news.
The first quarter will come to a close on Tuesday with the resulting portfolio adjustments likely to have a bearing on the main indexes. There will be inflation numbers and manufacturing figures mid-week but the main event will be non-farm payrolls on Friday.
Economists are expecting to see 242,000 non-farm payrolls, with an unemployment rate of 5.5 percent, according to Thomson Reuters.
Here are this week’s picks: (vote for your favourite at the end)
Accenture plc $ACN
Accenture plc is at the intersection of business, outsourcing, consultancy and technology. The company reported strong Q2 earnings last week of $1.08 per share and has since moved to a new 52-week high on heavy volume. The stock has a lot of positive momentum and finished near it’s highs on Friday. Should do well this week.
Seagate Technology $STX
The extreme discount strategy is designed to find medium-long term investments that exhibit strong cash-flows, good value, and balance sheet strength. In addition, stocks that meet the extreme discount criteria must not be too far away from their 52-week highs (in order to avoid bad performers).
After falling 20% year-to-date, $STX is right on the cusp but this also gives us a low risk entry. The stock trades with a PE of less than 10 and looks cheap.
Abiomed Inc. $ABMD
Abiomed Inc. saw it’s stock gap higher on heavy volume last week and the stock is already up over 80% this quarter alone. Abiomed Inc. develops heart recovery equipment and has a market cap of just over $2 billion. FDA Approval of the company’s new heart pump technology has the stock moving forward from here.
Rite Aid Corp $RAD
Rite Aid Corp owns Rite Aid Pharmacy, one of the leading drug store chains in the US with around 4,600 stores across 31 states. $RAD has had a good year so far and is up 14% year-to-date.
Despite that performance the stock is not expensive and trades with a PEG of 0.65. The stock also has a lot of bullish sentiment behind it with a StockTwits bullish sentiment rating of 98%.
*Hypothetical results. Commissions and slippage not applied.
Disclosure: I am long STX I may initiate positions in any stocks mentioned within the next 72 hours.
Additional disclaimer: Please be aware of the usual risks to trading in financial instruments. Please remember the importance of doing your own research and understand the cost to trade including trading commissions and the bid:ask spread.
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