Stocks On Sale: Qualcomm, MPWR, And Elf Beauty
Date
11/23/2024 6:41:50 AM
(MENAFN- Baystreet)
Qualcomm (QCOM) lost 6.4% yesterday to close at $154.27. Investors did not respond well to the company's updates provided at its Investor Day.
Qualcomm is performing well in the IoT and Automotive markets. It could pivot its business out of smartphones by the end of this decade. In the near term, Apple (AAPL) modems could limit its earnings and revenue growth.
Investors may take advantage of QCOM stock selling off after the Investor Day event.
Monolithic Power Systems (MPWR) continued its selloff that began in late October. Analysts at Loop upgraded MPWR stock on November 18, dismissing concerns of lost sales to Nvidia (NVDA). KeyBanc Capital is bearish. It is concerned that overheating issues would limit its market share as Nvidia sells more Blackwell AI servers.
In the cosmetics sector, watch Elf Beauty (ELF). Shares met resistance at around $132.50 and pulled back, closing at $119.00. At a charity conference, famed short-seller Muddy Waters said that it held a short position on ELF stock. The firm believes that Elf materially overstated its revenue for the last three quarters. If this is true, then Elf deceived its auditors about the way it reported its increasing inventory levels.
Among the stocks mentioned, MPWR and QCOM stocks have the strongest potential to rebound.
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