As of March 15, 2024, five stocks in the industrials sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the RSI is above 70, according to Benzinga Pro.
Here’s the latest list of major overbought players in this sector.
On Feb. 28, Grindrod Shipping posted a narrower-than-expected quarterly loss. The company’s stock gained around 11% over the past five days and has a 52-week high of $14.90 .
RSI Value: 72.96
GRIN Price Action: Shares of Grindrod Shipping gained 6.7% to close at $9.73 on Thursday.
On March 14, NuScale Power posted downbeat quarterly sales. “Over the course of 2023, we made significant progress towards commercializing our SMR technology, including continued activities to ensure readiness for manufacturing of our first NuScale Power Modules, building traction amongst data centers and further developing industrial applications for SMRs, such as process heat, hydrogen, and ammonia production,” said John Hopkins, President and Chief Executive Officer of NuScale Power. The company’s stock gained around 55% over the past five days and has a 52-week high of $9.27.
RSI Value: 84.89
SMR Price Action: Shares of NuScale Power gained 2.3% to close at $7.24 on Thursday.
On March 11, Copart named Jeff Liaw as CEO and Director, and Jay Adair as Executive Chairman. The company’s stock gained around 13% over the past month has a 52-week high of $56.96.
RSI Value: 75.07
CPRT Price Action: Shares of Copart gained 0.3% to close at $56.42 on Thursday.
On March 7, General Electric said that GE Aerospace reaffirmed its guidance, presenting a longer-term financial outlook, including achieving operating profit worth $10 billion in 2028. The company’s stock jumped around 12% over the past month and has a 52-week high is $175.81.
RSI Value: 72.30
GE Price Action: Shares of General Electric fell 2% to close at $166.75 on Wednesday.
On March 1, Tennant announced that it has acquired M&F Management and Financing, the parent company of TCS EMEA, as Tennant seeks to accelerate growth in the EMEA region. The company’s stock jumped around 10% over the past month and has a 52-week high of $117.00.
RSI Value: 70.55
TNC Price Action: Shares of Tennant fell 0.6% to close at $112.07 on Thursday.
The most oversold stocks in the consumer staples sector presents an opportunity to buy into undervalued companies.
The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the RSI is below 30, according to Benzinga Pro.
Here’s the latest list of major oversold players in this sector, having an RSI near or below 30.
On March 14, HF Foods Group posted a profit for the fourth quarter. “We are excited by the progress we have made on our operational transformation plan that we expect to help us drive long-term growth and profitability,” said Peter Zhang, Chief Executive Officer of HF Foods. The company’s stock fell around 10% over the past five days and has a 52-week low of $3.33.
RSI Value: 22.82
HFFG Price Action: Shares of HF Foods fell 1.2% to close at $3.36 on Thursday.
On Feb. 27, Boston Beer reported worse-than-expected fourth-quarter financial results. Boston Beer disclosed the retirement of Dave Burwick from the post of President and Chief Executive Officer and member of the Board of Directors, effective April 1, 2024. The company’s stock fell around 17% over the past month. It has a 52-week low of $293.36.
RSI Value: 26.44
SAM Price Action: Shares of Boston Beer fell 1.4% to close at $294.27 on Thursday.
On Feb. 27, Inter Parfums posted better-than-expected quarterly sales. Jean Madar, Chairman & Chief Executive Officer of Inter Parfums said, “Ongoing demand for our brands, strong holiday season sell-through, and a dynamic fragrance market resulted in a strong 2023 fourth quarter and record full year net sales and earnings results.” The company’s stock fell around 11% over the past month and has a 52-week low of $120.71.
RSI Value: 29.00
IPAR Price Action: Shares of Inter Parfums fell 1.6% to close at $134.02 on Thursday.
On March 13, Dollar Tree reported worse-than-expected fourth-quarter financial results and issued first-quarter EPS guidance below estimates. “Our core operating performance was strong in the fourth quarter, despite some unanticipated developments related to general liability claims,” said CFO Jeff Davis. The company’s shares lost around 16% over the past five days. The company’s 52-week low is $102.77.
RSI Value: 25.45
DLTR Price Action: Shares of Dollar Tree fell 2.5% to close at $125.23 on Wednesday.
On March 6, United Natural reported second-quarter adjusted earnings per share of 7 cents, beating the analyst consensus of a loss of 1 cent. “We are making steady progress on the multiple work-streams underlying both our near-term and longer-term transformation into a more efficient and effective partner to our customers, while we also enhance profitability and long-term shareholder value creation,” said Sandy Douglas, UNFI’s Chief Executive Officer. The company’s shares fell around 29% over the past month. The company has a 52-week low of $11.38.
RSI Value: 23.36
UNFI Price Action: Shares of United Natural Foods fell 4.2% to close at $11.62 on Thursday.
The market mood appears to have improved after Thursday’s inflation-induced sell-off, with stock futures rising modestly early Friday. Earnings news has been largely negative, potentially acting as a pushback. Bond yields are slipping as traders continue to harbor hopes that the Federal Reserve, led by Jerome Powell, would lean toward a dovish stance and signal rate cuts at the upcoming meetings.
Traders may also sift through a few key economic reports due for the day with an eye on the upcoming week’s Fed meeting.
Cues From Previous Session:
The much hotter-than-expected February producer price inflation report spooked traders on Thursday, with small-caps bearing the brunt of the selling. The weakness in the small-cap space could be explained by the fact that they are very sensitive to interest rates, given that the bulk of their financing would be in the form of bank loans.
The major averages opened higher but returned their gains immediately after and spent the rest of the session below the unchanged line. On a positive note, the key indices snapped back some of their losses in late trading before closing off the session’s lows.
The tech-Nasdaq Composite and the broader S&P 500 Index ended lower for a second straight session, pulling further away from their all-time highs.
Nine of the 11 S&P 500 sectors closed lower, with only energy and communication services stocks bucking the downtrend. Real-estate, financial, and utility stocks were among the worst decliners.
Index
Performance (+/-)
Value
Nasdaq Composite
-0.30%
16,128.53
S&P 500 Index
-0.29%
5,150.48
Dow Industrials
-0.35%
38,905.66
Russell 2000
-1.96%
2,031.18
Analyst Color:
Following Thursday’s “disastrous” PPI report, fund manager Louis Navellier said the Fed will unlikely cut interest rates until June or later. According to the fund manager, retail sales were underwhelming, pointing to lackluster GDP growth.
Despite the muted outlook, Navelier said the new market leadership remains intact. “AI hardware and weight loss drugs remain the strongest investment themes,” he said.
Futures Today
Futures Performance OnFriday ( as of 6: 45 a.m. EDT)
Futures
Performance (+/-)
Nasdaq 100
+0.29%
S&P 500
+0.25%
Dow
+0.13%
R2K
+0.25%
In premarket trading on Friday, the SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.21% to $514.44, and the Invesco QQQ ETF (NASDAQ:QQQ) climbed 0.25% to $440.23, according to Benzinga Pro data.
Upcoming Economic Data:
The New York Fed is due to release the results of its Empire State manufacturing survey for March at 8:30 a.m. EDT. On average, economists expect the business conditions index to come in at -7, suggesting contracting activity. However, the index is likely to improve from the February reading of -2.4.
The Bureau of Labor Statistics will release its February import and export prices report at 8:30 a.m. EDT. Import and export prices may have increased 0.3% and 0.2% month-over-month, respectively, slower than the 0.8% increases each in the previous month.
The Fed is scheduled to release its industrial production report for February at 9:15 a.m. ET. The consensus estimate calls for industrial output to remain unchanged from the previous month despite a 0.3% increase in manufacturing production. These metrics fell 0.1% and 0.5%, respectively, in January.
The University of Michigan’s preliminary consumer sentiment index is due at 10 a.m. ET and is expected to come in at 77.1 for March, up slightly from 76.9 in February. Traders may also focus on the survey’s inflation expectations readings.
Adobe Inc. (NASDAQ:ADBE) fell over 11.5% in premarket trading following the company’s earnings announcement.
Other stocks reacting to earnings released after the market close Thursday are Blink Charging Co. (NASDAQ:BLNK) (down about 8.50%), Smartsheet Inc. (NYSE:SMAR) (down about 12%), PagerDuty, Inc. (NYSE:PD) (down over 7.50%), Cardlytics, Inc. (NASDAQ:CDLX) (up over 38.50%), Ulta Beauty, Inc. (NASDAQ:ULTA) (down about 6.50%) and Zumiez Inc. (NASDAQ:ZUMZ) (down over 6%).
Coinbase Global, Inc. (NASDAQ:COIN) fell over 5% following the crypto sell-off.
Rivian Automotive, Inc. (NASDAQ:RIVN) climbed about 4% after Piper Sandler upgraded the stock to Overweight.
Commodities, Bonds, Other Global Equity Markets:
Crude oil futures fell 0.63% to $80.75 in premarket trading, reversing some of the 1.93% gain they made on Thursday. Gold futures edged up, although they still trade off the record highs.
The yield on the 10-year Treasury bond, which spiked on Thursday in the aftermath of the inflation data, edged down 0.019 points to 4.279%. Bitcoin (CRYPTO: BTC) fell nearly 8% and traded below the $67,500 level.
Most Asian markets retreated on Friday, tackling Wall Street’s overnight negative lead, although the Chinese market advanced moderately after weak house prices and money stock and loan growth data released from the country raised hopes of more government stimulus.
European stocks rose modestly in late-morning deals, with the Euro STOXX 50 Index up about 0.40%.
As of March 14, 2024, three stocks in the health care sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the RSI is above 70, according to Benzinga Pro.
Here’s the latest list of major overbought players in this sector.
On March 6, Barclays analyst Andrew Mok initiated coverage on Molina Healthcare with an Equal-Weight rating and announced a price target of $437. The company’s stock gained around 3% over the past five days and has a 52-week high of $410.00 .
RSI Value: 88.79
MOH Price Action: Shares of Molina Healthcare gained 0.6% to close at $404.89 on Wednesday.
On March 7, Apogee Therapeutics priced upsized $420 million underwritten public offering of 6,774,193 common shares at $62 per share. The company’s stock gained around 99% over the past month and has a 52-week high of $72.29.
RSI Value: 86.76
APGE Price Action: Shares of Apogee Therapeutics gained 0.7% to close at $69.80 on Wednesday.
On Feb. 28, CymaBay Therapeutics posted a wider-than-expected quarterly loss. The company’s stock gained around 1% over the past five days has a 52-week high of $32.47.
RSI Value: 80.88
CBAY Price Action: Shares of CymaBay Therapeutics closed at $32.44 on Wednesday.
Shares of Robinhood Markets, Inc. (NASDAQ:HOOD) rose sharply in today’s pre-market trading after the company reported February trading metrics.
After the market close on Wednesday, Robinhood said total funded customers grew to 23.6 million at the end of February, up approximately 130,000 from January.
Robinhood Markets shares jumped 11.6% to $19.15in pre-market trading
Here are some other stocks moving in pre-market trading.
Gainers
ShiftPixy, Inc. (NASDAQ:PIXY) gained 50.4% to $4.89 in pre-market trading after gaining over 3% on Wednesday.
Presto Automation Inc. (NASDAQ:PRST) shares rose 39.6% to $0.3140 in pre-market trading after jumping 15% on Wednesday.
CCSC Technology International Holdings Limited (NASDAQ:CCTG) rose 29.9% to $4.35 in pre-market trading after gaining 14% on Wednesday.
Turtle Beach Corporation (NASDAQ:HEAR) gained 23.5% to $13.64 in pre-market trading after the company announced the acquisition of PDP and its intention to launch a modified “Dutch Auction” Tender Offer. The company also reported fourth-quarter financial results.
Spero Therapeutics, Inc. (NASDAQ:SPRO) climbed 18.1% to $1.96 in pre-market trading following better-than-expected fourth-quarter financial results.
New Horizon Aircraft Ltd. (NASDAQ:HOVR) shares gained 18.1% to $3.12 in pre-market trading after adding around 10% on Wednesday.
BigBear.ai Holdings, Inc. (NASDAQ:BBAI) gained 13.3% to $2.79 in pre-market trading after gaining over 5% on Wednesday. BigBear.Ai recently reported worse-than-expected fourth-quarter financial results.
Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) rose 13.2% to $9.73 in pre-market trading after gaining 9% on Wednesday.
Auddia Inc. (NASDAQ:AUUD) shares gained 13.1% to $3.11 in pre-market trading after falling 6% on Wednesday.
Losers
Spruce Biosciences, Inc. (NASDAQ:SPRB) fell 74.2% to $1.34 pre-market trading after reporting FY23 results. The company also announced resource prioritization and cost reductions including reduction in force of 21%.
Solidion Technology Inc. (NASDAQ:STI) dipped 33.5% to $0.83 in pre-market trading. Solidion Technology priced its $3.85 million private placement.
Fisker Inc. (NYSE:FSR) fell 32.4% to $0.2178 in pre-market trading. Fisker is preparing for a possible bankruptcy filing, The Wall Street Journal reported, citing sources.
Hello Group Inc. (NASDAQ:MOMO) fell 19.1% to $6.21 pre-market trading after the company reported fourth-quarter financial results and issued first-quarter revenue guidance.
Erayak Power Solution Group Inc. (NASDAQ:RAYA) fell 19.1% to $0.76 in pre-market trading after surging 31% on Wednesday.
Pagaya Technologies Ltd. (NASDAQ:PGY) declined 14.1% to $13.32 in pre-market trading after the company commenced an underwritten offering of 6.5 million shares.
Futu Holdings Limited (NASDAQ:FUTU) shares fell 11.5% to $57.90 in pre-market trading following fourth-quarter results.
Global Gas Corporation (NASDAQ:HGAS) shares fell 10.3% to $2.27 in pre-market trading after surging 16% on Wednesday.
Vroom, Inc. (NASDAQ:VRM) shares tumbled 9.4% to $15.85 as the company reported a loss of $80.51 per share for the fourth quarter. The company’s quarterly sales came in at $235.92 million which beat the analyst consensus estimate of $232 million.
Qilian International Holding Group Limited (NASDAQ:QLI) shares tumbled 9.2% to $0.5905 in pre-market trading after surging 18% on Wednesday.
The most oversold stocks in the consumer discretionary sector presents an opportunity to buy into undervalued companies.
The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the RSI is below 30, according to Benzinga Pro.
Here’s the latest list of major oversold players in this sector, having an RSI near or below 30.
On Feb. 22, Standard Motor Products reported worse-than-expected fourth-quarter financial results and issued guidance. Mr. Eric Sills, Standard Motor Products’ Chairman and Chief Executive Officer stated, “Overall we were disappointed in our results. Sales were down 1% in 2023, with the fourth quarter finishing softer than expected, down 5.7% from last year. As we look at our two end markets, we were very pleased with the continued solid performance in our Engineered Solutions business as we experienced strong growth with both new and existing customers.” The company’s stock fell around 22% over the past month and has a 52-week low of $30.09 .
RSI Value: 29.40
SMP Price Action: Shares of Standard Motor Products gained 0.4% to close at $31.14 on Wednesday.
On March 6, Foot Locker reported fourth-quarter FY23 sales growth of 2% year-on-year to $2.38 billion, beating the analyst consensus estimate of $2.28 billion. The company’s stock fell around 23% over the past month. It has a 52-week low of $14.84.
RSI Value: 28.57
FL Price Action: Shares of Foot Locker fell 4.8% to close at $23.18 on Wednesday.
On March 4, Stitch Fix reported quarterly losses of 30 cents per share which missed the analyst consensus estimate of losses of 20 cents per share. “The original Stitch Fix vision, to create an easier and more enjoyable way for people to shop for clothing and accessories, remains both relevant and compelling,” said Matt Baer, CEO of Stitch Fix. The company’s stock fell around 38% over the past month and has a 52-week low of $2.30.
RSI Value: 28.03
SFIX Price Action: Shares of Stitch Fix fell 0.9% to close at $2.32 on Wednesday.
DICK’S Sporting Goods Inc (NYSE:DKS) is expected to release earnings results for its fourth quarter, before the opening bell on March 14, 2024.
Analysts expect the Coraopolis, Pennsylvania-based company to report quarterly earnings at $3.35 per share, up from $2.93 per share in the year-ago period. Dick’s Sporting is projected to report quarterly revenue of $3.8 billion, compared to $3.6 billion in the year-earlier quarter, according to data from Benzinga Pro.
On Nov. 21, Dick’s Sporting Goods reported third-quarter FY23 sales growth of 2.8% year-on-year to $3.042 billion, beating the analyst consensus estimate of $2.940 billion.
DICK’S Sporting shares gained 3% to close at $187.76 on Wednesday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Baird analyst Justin Kleber maintained a Neutral rating and raised the price target from $145 to $185 on March 12, 2024. This analyst has an accuracy rate of 68%.
Barclays analyst Adrienne Yih maintained an Overweight rating and boosted the price target from $179 to $194 on March 11, 2024. This analyst has an accuracy rate of 73%.
B of A Securities analyst Robert Ohmes maintained a Neutral rating and raised the price target from $165 to $190 on March 11, 2024. This analyst has an accuracy rate of 76%.
Telsey Advisory Group analyst Joseph Feldman maintained an Outperform rating and raised the price target from $160 to $195 on March 11, 2024. This analyst has an accuracy rate of 74%.
Truist Securities analyst Scot Ciccarelli maintained a Buy rating and boosted the price target from $174 to $201 on March 5, 2024. This analyst has an accuracy rate of 80%.
Dollar General Corp (NYSE:DG) will be reporting its fourth-quarter earnings on March 14. Wall Street expects $1.75 in EPS and $9.78 billion in revenues as the company reports before market hours.
After plummeting for the first three quarters in 2023, Dollar General stock recovered and is up 55% since Oct. 2, 2023. In 2024 so far, the stock had returned about 19% to investors. The stock is now on the heels of triggering a Golden Cross.
As the Goodlettsville, Tennessee-based company prepares to report Q4 earnings, let’s take a look at what the technical setup looks like, and how the stock currently maps against Wall Street estimates.
Dollar General stock is just about to trigger a Golden Cross ahead of Q4 earnings due on March 14.
As can be seen on the chart above, its 50-day simple moving average (SMA) (yellow line) is just about to cross above the 200-day SMA (blue line), validating the bullish trend reversal the stock has witnessed over the past six months.
A Golden Cross forming just ahead of the company’s eagerly anticipated Q4 earnings, is likely to pique the interest of investors. The technical signal typically indicates a shift in market sentiment towards optimism regarding the stock’s future performance.
With the impending earnings release poised to provide further insights into Dollar General’s financial health and prospects, the timing of a Golden Cross could amplify investor anticipation and influence trading activity surrounding the stock.
Dollar General Analysts Consensus Ratings
Ratings & Consensus Estimates:The consensus analyst rating on the company’s stock stands at a Neutral currently with a price target of $134.07. Reviews received by the stock in March have a price target of $155-$158 on the stock.
DG Price Action: Dollar General stock was at $161.22 at the close of trading day on March 12.
As of March 13, 2024, four stocks in the financial sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the RSI is above 70, according to Benzinga Pro.
Here’s the latest list of major overbought players in this sector.
On March 4, Paymentus reported quarterly earnings of 11 cents per share which beat the analyst consensus estimate of 7 cents per share. “Paymentus again reported quarterly results that exceeded our original expectations as revenue rose 24.7%, contribution profit grew 22.7% and adjusted EBITDA was up 95.4% year-over-year. We also ended the year on solid footing with a strong backlog, which we believe leaves us well positioned for continued growth in 2024,” said Dushyant Sharma, CEO of Paymentus Holdings. The company’s stock gained around 19% over the past five days and has a 52-week high of $24.00 .
RSI Value: 82.24
PAY Price Action: Shares of Paymentus gained 14.9% to close at $23.93 on Tuesday.
On Feb. 15, Toast reported quarterly losses of 7 cents per share, which beat the analyst consensus estimate of losses of 11 cents per share by 36.36%. The company’s board of directors also authorized a share repurchase program of up to $250 million of its Class A common stock. The company’s stock gained around 29% over the past month and has a 52-week high of $27.00.
RSI Value: 72.43
TOST Price Action: Shares of Toast gained 1.4% to close at $25.00 on Tuesday.
On March 12, Coinbase Global announced a proposed private offering of $1 billion of convertible senior notes due 2030. The company’s stock gained around 82% over the past month has a 52-week high of $271.65.
RSI Value: 77.65
COIN Price Action: Shares of Coinbase Global gained 0.8% to close at $256.14 on Tuesday.
On Feb. 22, Lloyds Banking Group reported a year-over-year increase in fourth-quarter adjusted EPS results. The company’s stock jumped around 24% over the past month and has a 52-week high is $2.53.
RSI Value: 79.27
LYG Price Action: Shares of Lloyds Banking rose 0.4% to close at $2.51 on Tuesday.
Although U.S. stocks closed higher on Tuesday, there were a few notable insider trades.
When insiders purchase shares, it indicates their confidence in the company’s prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.
The Trade: United Natural Foods, Inc. (NYSE:UNFI) CFO John W Howard acquired a total of 6,275 shares an average price of $11.99. To acquire these shares, it cost around $75,237.
What’s Happening: On March 6, United Natural reported second-quarter adjusted earnings per share of 7 cents, beating the analyst consensus of 1 cent loss.
What United Natural Foods Does: United Natural Foods Inc is a wholesale distributor of natural, organic and specialty foods and nonfood products across North America.
EchoStar
The Trade: EchoStar Corporation (NASDAQ:SATS) Director James Defranco acquired a total of 110,000 shares at an average price of $13.48. To acquire these shares, it cost around $1.48 million.
What’s Happening: On March 11, JP Morgan analyst Philip Cusick maintained EchoStar with a Neutral and lowered the price target from $18 to $12.
What EchoStar Does: Following the Dish Network merger, satellite television provides the bulk of EchoStar’s revenue.
The Trade: Medalist Diversified REIT, Inc. (NASDAQ:MDRR) CEO and President Frank Kavanaugh bought a total of 36,801 shares at an average price of $5.61. To acquire these shares, it cost around $206,476.
What’s Happening: The company’s stock gained around 7% over the past month.
What Medalist Diversified REIT Does: Medalist Diversified REIT Inc is engaged in the acquisition, reposition, renovation, leasing, and managing of income-producing properties with a focus on commercial properties, including flex-industrial and retail properties, multi-family residential properties, and hotel properties.
