Top Stocks To Buy Today As Stimulus Hopes Outweigh Disappointing Jobless Claims

Optimism on the progress of stimulus talks outweighed increasingly grim coronavirus numbers and disappointing jobless numbers. As COVID continues surging to record highs, causing increasingly strict economic shutdowns, jobless claims disappointed for a second consecutive week and totaled 885,000-their highest levels since early September. This was also significantly worse than consensus estimates of 808,000. However, markets rose amid increasing signs that point to a stimulus deal coming soon. After Senate Majority Leader Mitch McConnell said, “I’m optimistic that we’re gonna be able to complete an understanding sometime soon,” the reality on the ground seemed to reflect this. Congress is inching closer towards a $900 billion stimulus package that would include a new round of direct payments to Americans. However, that package would exclude liability protections for businesses and state and local aid- two contentious areas of partisan divide. On this stimulus news, the Dow Jones climbed 135 points, or 0.5%, while the S&P 500 and Nasdaq NDAQ also both gained 0.5% and hit intraday record highs. The Nasdaq also closed at another record high yesterday. Utilities and materials were the best-performing sectors in the S&P 500, rising more than 1% each, while Apple AAPL rose nearly 1% to lead the Dow higher. For investors looking to make the most of this market, the deep learning algorithms at Q.ai have crunched the data to give you a set of Top Buys. Our Artificial Intelligence (“AI”) systems assessed each firm on parameters of Technicals, Growth, Low Volatility Momentum, and Quality Value to find the best long plays.

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Corning Inc (GLW)

Corning Inc is our first Top Buy today. Corning is a multinational technology company that specializes in specialty glass, ceramics, and related materials and technologies including advanced optics- primarily for industrial and scientific applications. Our AI systems rated the company C in Technicals, B in Growth, B in Low Volatility Momentum, and C in Quality Value. The stock closed down 2.11% to $36.24 on volume of 4,581,829 vs its 10-day price average of $37.11 and its 22-day price average of $37.02, and is up 23.94% for the year. Revenue grew by 6.47% over the last three fiscal years, while EPS grew by -138.35% over the last three fiscal years. Revenue was $11503.0M in the last fiscal year compared to $10116.0M three years ago, Operating Income was $1306.0M in the last fiscal year compared to $1608.0M three years ago, EPS was $1.07 in the last fiscal year compared to $(0.66) three years ago, and ROE was 7.14% in the last year compared to (2.95%) three years ago. Forward 12M Revenue is expected to grow by 9.67% over the next 12 months, and the stock is trading with a Forward 12M P/E of 20.2.

MORE FROM FORBESCorning (GLW)

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Lithia Motors Inc -Cl A (LAD)

Lithia Motors LAD is our next Top Buy for the day. Lithia Motors is the third largest automotive retailer in the United States, and is one of only three Oregon-based companies in the Fortune 500. Our AI systems rated the company A in Technicals, A in Growth, B in Low Volatility Momentum, and C in Quality Value. The stock closed up 2.33% to $287.74 on volume of 307,536 vs its 10-day price average of $283.41 and its 22-day price average of $286.01, and is up 96.68% for the year. Revenue grew by 23.45% over the last three fiscal years, Operating Income grew by 19.38% in the last fiscal year and grew by 43.86% over the last three fiscal years, and EPS grew by 29.67% in the last fiscal year and grew by 54.27% over the last three fiscal years. Revenue was $12672.7M in the last fiscal year compared to $10086.5M three years ago, Operating Income was $500.1M in the last fiscal year compared to $415.0M three years ago, EPS was $11.6 in the last fiscal year compared to $9.75 three years ago, and ROE was 20.38% in the last year compared to 24.59% three years ago. Forward 12M Revenue is expected to grow by 22.95% over the next 12 months, and the stock is trading with a Forward 12M P/E of 14.96.

MORE FROM FORBESLithia Motors (LAD)

Ingevity Corp (NGVT)

Chemical manufacturing company Ingevity Corp is our third Top Buy today. Ingevity manufactures specialty chemicals and high performance carbon materials, and also manufactures activated carbon used in gasoline vapor emission control systems in cars, trucks, motorcycles and boats. Our AI systems rated the company B in Technicals, C in Growth, C in Low Volatility Momentum, and B in Quality Value. The stock closed down 1.61% to $72.12 on volume of 251,480 vs its 10-day price average of $71.31 and its 22-day price average of $69.68, and is down 16.42% for the year. Revenue grew by 22.78% over the last three fiscal years, Operating Income grew by 37.49% over the last three fiscal years, and EPS grew by 45.1% over the last three fiscal years. Revenue was $1292.9M in the last fiscal year compared to $972.4M three years ago, Operating Income was $307.3M in the last fiscal year compared to $202.7M three years ago, EPS was $4.35 in the last fiscal year compared to $2.97 three years ago, and ROE was 42.25% in the last year compared to 70.4% three years ago. Forward 12M Revenue is expected to grow by 6.46% over the next 12 months, and the stock is trading with a Forward 12M P/E of 15.76.

MORE FROM FORBESIngevity (NGVT)

Advanced Drainage Systems (WMS)

Our final Top Buy today is Advanced Drainage Systems. Advanced Drainage Systems is an Ohio-based manufacturer of high-quality, durable products that aim to help with stormwater management solutions. The company manufactures everything from pipes to fittings to chambers and basins. Our AI systems rated the company rated C in Technicals, C in Growth, A in Low Volatility Momentum, and B in Quality Value. The stock closed up 0.56% to $76.05 on volume of 412,937 vs its 10-day price average of $76.09 and its 22-day price average of $71.91, and is up 94.9% for the year. Revenue grew by 8.56% in the last fiscal year and grew by 36.58% over the last three fiscal years, Operating Income grew by 49.36% in the last fiscal year and grew by 178.34% over the last three fiscal years, and EPS grew by -165.59% in the last fiscal year and grew by 112.66% over the last three fiscal years. Revenue was $1673.8M in the last fiscal year compared to $1330.35M three years ago, Operating Income was $198.95M in the last fiscal year compared to $106.76M three years ago, EPS was $(3.21) in the last fiscal year compared to $0.99 three years ago, and ROE was (25.78%) in the last year compared to 11.05% three years ago. Forward 12M Revenue is expected to grow by 2.57% over the next 12 months, and the stock is trading with a Forward 12M P/E of 24.64.

MORE FROM FORBESAdvanced Drainage Systems (WMS)

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