After dropping 30% in a matter of weeks, the Nasdaq 100 has regained 43%, hitting an all-time high
The Nasdaq 100 NDAQ officially hit new all-time highs today and has officially erased all coronavirus-related losses, starting a new bull market by some metrics. The fact this has happened mere months after the collapse is incredible. From February 19 to March 23, the Nasdaq 100 lost 30% – since then, it has gained 43%. This was after this morning’s weekly jobless claims came in worse than expected, at 1.877 million versus 1.775 million, bringing the last 11-week total to 42.6 million. Unemployment is expected to be 20%. Bullish! As the momentum builds, our deep learning algorithms paired with our Artificial Intelligence (“AI”) systems have identified several top buys for today.
First on the list is HNI Corp HNI , a provider of office furniture and hearth products. With the pandemic reshaping how people work, and how offices can be set up, expect the company to be busy for the next few years re-outfitting offices and home offices. The stock can be bought at a discount here, after losing 25.34% year-to-date. Our AI technology has assigned factor scores of C in Technical, A in Growth, C in Momentum Volatility and A in Quality Value to the company.
HNI Corp price compared to its 50 and 200-day Simple Moving Average
New to the buy list this morning is Citrix Systems Inc CTXS , the virtualization software company. This is one of the better companies to take advantage of the work from home trend going forward. Our AI technology has assigned factor scores of F in Technical, A in Growth, A in Momentum Volatility and A in Quality Value to the company. It has certainly been a volatile year for the stock, as seen in the chart below, but the recent pullback should be used as an opportunity to get long. The stock has gained 25.85% for the year and will look to add to that total throughout 2020.
Citrix Systems Inc price compared to its Simple Moving Average
United States Cellular Corp USM is a US-based wireless telecommunications service provider, servicing postpaid and prepaid customers from a variety of demographic segments. It also sells smartphones, tablets, and other devices backed by the high-speed networks the company owns. Our deep learning algorithms have identified the stock as a top buy this morning, with factor scores of B in Technical, A in Growth, A in Momentum Volatility and C in Quality Value. While the stock is down 9.41% for the year, it has shown life recently, gaining 15% since May 13.
United States Cellular Corp price compared to its 50 and 2000-day Simple Moving Average
In the specialty chemicals industry, our AI system has identified a top buy in Stepan Co, the Illinois based company. They operate in three segments, but the surfactants segment generates most of its revenue which sells cleaning agents used in detergents, shampoos, body wash, fabric softeners, toothpastes, and other personal care products. This has seen increased demand as more consumers look to be as clean as possible, an effective way to prevent the coronavirus. The stock has been given factor scores of B in Technical, C in Growth, A in Momentum Volatility and B in Quality Value, and is down only 2.22% for the year.
Stepan Co price compared to its 50 and 200-day Simple Moving Average
Our final top buy will get you energized, as Monster Beverage Corp MNST joins the list of purchases for today. The deep learning algorithms have given factor scores of A in Technical, C in Growth, A in Momentum Volatility and A in Quality Value to the leader in the energy drink subsegment of the beverage industry. Coca-Cola KO is actually the company’s largest shareholder and owns roughly 19%, a great partner to have in the sector, and the stock has rallied impressively off the lows, gaining 14.1% for the year overall.
Monster Beverage Corp price compared to its 50 and 200-day Simple Moving Average