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Chris La - Tuesday, March 12, 2024
Hot Stocks Today: Adobe, Ulta Beauty, and More
Investors may get ahead of Wall Street by starting positions in companies posting strong quarterly results this week. In the tech sector, Adobe Systems (ADBE) will report results on Thursday.
Morgan Stanley (MS) conducted a CIO survey and found that executives increased AI-related spending in the fourth quarter of last year. They seek to increase efficiency and productivity by purchasing software. This should benefit firms like Adobe.
Amazon (AMZN), PayPal (PYPL), and Microsoft (MSFT) are the other software firms that would benefit from the increased spending.
In the luxury retail segment, watch Ulta Beauty (ULTA). Shares already topped over $550 ahead of its upcoming report. The stock is among the overbought large capitalization stocks, as measured by RSI readings. Other overbought stocks include General Electric (GE), Vista Corp. (VST), and Emcor Group (EME).
Bitcoin (BTC-USD) will likely shine again today. Prices easily broke above $70,000 to close at around $72,310 to start the week, up by 8% in the last five days and rising an astounding 45% in the last month. Cryptocurrency investors should continue holding Bitcoin and Ethereum. Stocks like Cleanspark (CLSK), Marathon Digital (MARA), and Riot (RIOT) are riskier. They have fixed costs in crypto mining-related activities. Any sharp drop in crypto prices would send their share price even lower.
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