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MarketBeat: Week in Review 10/31-11/4

MarketBeat - Sat Nov 5, 2022

A “hot” jobs report is sending stocks into rally mode in early trading on Friday. Non-farm payrolls came in at 261K, much hotter than expectations. Recently “good news” like more jobs would have sent the markets tumbling. But in early trading that hasn’t been the case. It’s possible that investors believe the sell-off after the Fed announcement was overdone. However, the jobs report is not what the Federal Reserve wants to see and could be the first signal that it’s not done with 75 basis point hikes after all. The markets may also be moving higher in expectation of gridlock returning to Washington after the mid-term elections next Tuesday. One thing remains clear. The markets will continue to be volatile in the last two months of the year. You can count on the MarketBeat team to point you towards stocks that may present themselves as good opportunities. Here are some of the most popular articles from this week.

Articles by Jea Yu

Meta Platforms (NASDAQ: META) is down 24% since it missed its third-quarter earnings report. This is the next leg down for a stock that is down 72% in the last 12 months. As Jea Yu writes, the company – and particularly its founder and CEO Mark Zuckerberg, remain committed to the growth of the metaverse. That is going to cost money at a time when the company is losing advertising revenue. But Yu points out that the company still has intrinsic value and it continues to have high engagement across its platforms. Yu was also looking at the recent news that Krispy Kreme (NASDAQ: DNUT) is piloting a partnership with McDonald’s. This is another potential avenue for growth with a company that has been evolving its business model in recent years. Yu was also writing about Intuitive Surgical (NASDAQ: ISRG). Stock for the maker of the da Vinci Surgical System has not been spared from the market sell-off. But after a strong earnings report in October, shares are up 17% in the last month suggesting the headwinds for the medical device sector may be shifting.

Articles by Thomas Hughes

Is it too late to invest in the energy sector? Thomas Hughes gave readers both fundamental and technical reasons why energy stocks are still likely to move higher.  Hughes was also writing about McDonald’s (NYSE:MCD). In this case, Hughes was writing about the company’s strong earnings report which is pushing the stock close to its all-time high. As Hughes points out, the stock is facing heavy resistance at that level, but if it manages to push past it, there may still be upside ahead. From a stock that is near its all-time high to a stock that is likely forming a bottom, Hughes was analyzing the price movement in Saia (NASDAQ: SAIA) stock. The less-than-truckload (LTL) carrier just posted earnings that show its long-term strategy is starting to pay off, which makes this a good time for investors to consider taking a position.  

Articles by Chris Markoch

Chris Markoch was looking at Chevron (NYSE:CVX) after the company gushed profits at a record level. That may be drawing the ire of the Biden administration, but investors are being rewarded and Chevron is still one of the best long-term plays in the sector.  Sticking in the energy sector, Markoch was writing about Chesapeake Energy (NASDAQ:CHK). Not only did the company deliver a strong earnings report, but it has a focus on natural gas that should keep fueling gains in CHK stock. Markoch was also looking at another solid long-term play. AbbVie (NYSE: ABBV) delivered a mixed earnings report, but Markoch pointed out that this may be a case of investors being ready to sell the news. AbbVie is still a long-term buy as it proves that its broad portfolio can make up for the company losing patent protection of Humira.  

Articles by Kate Stalter            

Copper prices have been in a steep decline from their highs of early this year. But Kate Stalter wrote that copper demand is on the rise, largely fueled by the growing electric vehicle market. And that makes Freeport-McMoRan (NYSE: FCX) an attractive stock after its recent earnings report. Another stock that is moving sharply higher after earnings is SoFi Technologies (NASDAQ: SOFI). The company is growing members and deposits. And that combination gives investors reason to believe that profitability may come sooner than expected. On the other hand, despite being a key player in the red-hot liquefied natural gas (LNG) market, shares of Energy Transfer (NYSE: ET) are slightly lower after the company met earnings expectations but missed on revenue. Nevertheless, Stalter points out that analysts still believe this may be a good time to buy ET stock.

Articles by MarketBeat Staff

Here are some other stocks that the MarketBeat staff is following. Nomad Foods Limited (NYSE: NOMD) has seen its stock fall due to less demand for its frozen foods brands including Birds Eye vegetables. The U.K.-based company has been particularly susceptible to supply chain issues stemming from Russia’s war on Ukraine. But the stock jumped nearly 20% after the company delivered an earnings report that told investors the company may be turning the corner. The team was also pointing investors to an under-the-radar mid-cap tech stock, Impinj (NASDAQ: PI), that proves the adage that you can find good stocks in weak sectors. The maker of RFID chips continues to post revenue and earnings gains as demand for Internet of Things (IoT) devices grows. And as the recent troubles at Meta Platforms and Twitter show, the shine has come off social media stocks. Snap Inc. (NYSE: SNAP) has been no exception. But the team gives you three reasons why you might not want to give up on the stock just yet.

 

The article "MarketBeat: Week in Review 10/31-11/4" first appeared on MarketBeat.

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