Best Stocks To Buy Today As Fed Speech Drives Markets Higher
All major indices are in the green as the investors digested the Federal Reserve Chair Jerome Powell’s speech, taken as positive for equities. There would be a more flexible approach in tackling inflation, keeping economic developments into consideration, taken as lower interest rates for longer. Unemployment benefits continued to be at an elevated level with more than a million Americans filing for jobless claims. On a brighter side, housing data continued to point to a reviving economy. The sale of previously owned homes continued registered growth in July, marking the third consecutive month of gains. Tech stocks have been driving the markets higher, propelling the Nasdaq, S&P 500, and now the Dow to their all-time highs. Q.ai’s deep learning algorithms have used Artificial Intelligence (“AI”) technology to identify several Top Buys today.
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Dominion Energy Inc (D)
The first name on our Top Buy list is Dominion Energy Inc D , a company that is involved in the production, transmission, and distribution of energy. The company caters to the demands of residential, commercial, industrial, and governmental customers in Virginia and North Carolina. Our deep learning algorithms have given factor scores of B in Technical, B in Growth, B in Momentum Volatility, and B in Quality Value to the stock that is down 4.73% for the year. Revenue grew by 1.53% in the last fiscal year to $16572.0M, growing by 33.68% over the last three fiscal years from $12586.0M. Operating Income grew by 33.45% in the last fiscal year to $4416.0M and grew by 45.79% from $4042.0M three years ago. EPS was $1.62 in the last fiscal year, significantly lower compared to $4.72 that was the EPS three years ago. ROE was 4.91% in the last year compared to 17.23% three years ago, and the stock trades with a forward 12M P/E of 21.9.
Next on the Top Buy list, we have Glatfelter GLT that manufactures and sells engineered materials worldwide. It operated through two segments, Composite Fibers and Airlaid Materials. Our deep learning algorithms have given factor scores of C in Technical, B in Growth, C in Momentum Volatility, A in Quality Value to the stock that is down 14.09% for the year. Revenue grew by 13.85% in the last three years to $927.67M in the last fiscal year compared to $800.36M three years ago. Operating income grew by 14.94% to $57.94M in the last fiscal year, growing by 156.77% from $25.94M three years ago. EPS reduced to $(0.49) in the last fiscal year compared to $0.17 three years ago. ROE continues to be under pressure as it reduced to (4.61%) in the last year from (0.82%) three years ago. Revenue is projected to grow by 2.66% over the next 12 months. The stock trades with a forward 12M P/E of 18.19.
Innoviva Inc (INVA)
Next we have Innoviva Inc, a company that engages in the development and commercialization of pharmaceuticals. The stock is down 16.94% for the year. According to our AI tool, factor scores of B in Technical, C in Growth, A in Momentum Volatility, and A in Quality Value have been assigned. Revenue grew by 14.69% in the last fiscal year to $261.02M and grew by 37.81% over the last three fiscal years from $217.22M. Operating Income grew by 16.23% to $246.36M in the last fiscal year, growing by 55.95% from $183.6 three years ago. EPS grew by 44.92% in the last fiscal year to $1.38, growing by 79.59% over the last three fiscal years from $1.12. ROE was at an impressive 76.22% in the last year. The stock is trading with an attractive Forward 12M P/E of 7.79, at a low level given the financial performance of the firm.
Vulcan Materials Co (VMC)
Our final Top Buy today is Vulcan Materials Co VMC . Vulcan Materials Co produces and supplies construction materials primarily in the United States. The company operates through four segments: Aggregates, Asphalt, Concrete, and Calcium. Our AI has given factor scores of A in Technical, B in Growth, B in Momentum Volatility, and C in Quality Value to the stock that is down 13.89% for the year. Looking at the financials, Revenue increased by 0.97% to $4929.1M in the last fiscal year compared to a growth of 27.93% from $3890.3M three years ago. Operating Income grew by 4.75% in the last fiscal year to $872.46M, and grew by 41.96% over the last three fiscal years from $643.8M. EPS grew by 1.33% to $4.63 in the last fiscal year, which is a growth rate of 5.33% when compared to $4.46 three years ago. ROE was 11.5% in the last year compared to 12.44% three years ago. Revenue is projected to grow by 1.08% over the next 12 months. The stock is trading with a forward 12M P/E of 26.23.
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