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MarketBeat: Week in Review 10/19 – 10/23

Saturday, October 24, 2020 | MarketBeat Staff
MarketBeat: Week in Review 10/19 – 10/23

Earnings season is in full swing and so far the results are good. Unfortunately for investors the election season is also reaching its fever peak. The market doesn’t particularly care who wins the election. However, the sooner we have a result, the better. In the meantime, the market continues to hope for more stimulus and is keeping a nervous eye on rising positive Covid-19 tests that is creating concerns about renewed efforts for mitigation. As the countdown to a decision draws to a close, the MarketBeat team of writers continues to give you their votes for the stocks and sectors that are worth your attention. Here’s a look at some of the articles our staff picked to help make you a better investor.

Articles by Sean Sechler

They say things come in sets of three. Sean Sechler took that saying quite literally. Sechler started the week by pointing investors towards three of the biggest companies that reported earnings this week including Tesla (NASDAQ:TSLA) and Amazon (NASDAQ:AMZN). Sechler also was looking towards China and encouraging investors not to write off the country based on the current geo-political rhetoric. Sechler gave investors three China stocks that look like good buys. And in the year of the IPO, Sechler looked at three hot IPO stocks that have been seeing their stock prices soar after going public. 

Articles by Jea Yu

Jea Yu was looking at two companies that have seen their stocks climb back to near pre-pandemic levels. The audio products maker Sonos (NASDAQ:SONO) suffered a recent setback when Apple (NASDAQ:AAPL) pulled its products from their store. However, analysts still project demand for the company’s high-end speakers will remain strong, creating a bullish outlook for the stock. Yu was also looking at Nokia (NYSE:NOK). The Finnish company is a pure play on 5G and has benefited from the United States ban on China’s Huawei products. The company is also being aided by Apple’s release of its new iPhone 12.

Articles by Thomas Hughes

Electric vehicle stocks have been one of the hottest sectors this year. Thomas Hughes was writing about Workhorse (NASDAQ:WKHS). The manufacturer of electric delivery vehicles is delighting investors because it has a product already in production with more on the way. The company will benefit greatly if it lands a contract from the United States Postal Service. However as Hughes notes, the company is already perceived as a winner just by being considered. Biotech stocks have also been hot this year. And Sorrento (NASDAQ:SRNE) has been nudging its way into the conversation with multiple Covid-19 vaccine and therapeutic candidates. But as Hughes points out, the company has other products in its pipeline that may make the case for the stock even stronger. Hughes also took a look at the WD-40 Company (NASDAQ:WDFC). The stock has been largely neglected, but Hughes points investors to a company that has benefited from the home improvement surge and pays out a nice dividend for good measure.

Articles by Sam Quirke

Sam Quirke was focused on the fintech sector, specifically the stock of PayPal (NASDAQ:PYPL). The company is best known for being an online payment provider. However, the company has become much more than that. The company is now a significant part of the e-commerce sector and is taking on some of the functions that used to be exclusively the domain of traditional banks. And PayPal made noise this week as it continues to make a move into the cryptocurrency market. Not surprisingly, PayPal has been surging higher since the onset of the pandemic.          

Articles by Nick Vasco

Nick Vasco was looking at two companies that are moving in different directions. Neftlix (NASDAQ:NFLX) was an early pandemic winner. However, the streaming content giant disappointed investors with its latest earnings report (some of that had to be expected). The question now is whether concerns about the company’s valuation will exceed its opportunity to grow its addressable market. On the other end, Vasco wrote that investors continue to bite into shares of Chipotle Mexican Grill (NYSE:CMG). A key driver for Chipotle is its strong digital presence that allowed the company to earn revenue during the harshest mitigation efforts of the pandemic. Chipotle continues to be a great turnaround story that is exciting investors.

Articles by Steve Anderson

Steve Anderson was eyeing several stocks that have growth stories that investors may be overlooking. In the case of AutoNation (NYSE:AN), the stock is rising on basic demand. Simply put, the pandemic is stirring in people a desire to own their own car as opposed to public transportation.AN stock looks like a buy as analysts are just now warming up to the stock. Another company that has been much maligned is AT&T (NYSE:T). One of the problems that investors have had with AT&T is that it was too diverse. But as Anderson writes, that diversification may actually work to the company’s advantage. Anderson was also looking at IBM (NYSE:IBM). The company is making a pivot away from its legacy mainframe business into the cloud. The results aren’t crystal clear, but things are trending in the right direction for Big Blue.

Other Editor’s Picks

Here are some other stocks that may deserve your attention. As dentist’s offices begin to reopen, more people are deciding to get their teeth fixed. That’s a catalyst for Align Technology (NASDAQ:ALGN) which provides a clear, plastic alternative to traditional metal braces.  Of course, the pandemic may continue to wear on the company, but the long-term outlook looks bullish. In the last six months, investors have been rewarding any stock that can help with providing relief from Covid-19. Quest Diagnostics (NYSE:DGX) looks to remain strong well into 2021 as the demand for testing will remain in place regardless of progress on a vaccine. Finally, we took a look at iRobot (NASDAQ:IRBT)a leader in the global robotic vacuum cleaner (RVC) market. As it turns out, as consumers have been spending more time at home, they realize that robotic vacuums are a convenient, and hands-free, way to keep their floors clean.

12 Marijuana Stocks to Buy Now

There are now more than 50 publicly-traded companies operating in the cannabis industry. Most of these companies aren't directly growing and selling marijuana themselves, but they do stand to benefit greatly as more states legalize the sale and possession of marijuana. Some of these marijuana stocks are media companies. Others are privately studying the medical uses of marijuana. Yet others are providing tools and software for marijuana growers. As more cannabis companies file IPOs and enter the stock market, it will become increasingly difficult for investors to identify which marijuana stocks will truly benefit from the cannabis boom.

Our subscribers have begun digging through these companies, checking out their financials, business models and long-term growth prospects. They know that some "marijuana stocks" are just empty shell companies that deserve to be penny stocks, but they also recognize there are some legitimate and growing companies that truly stand to benefit from the green rush. As a group, they have added 10 different cannabis stocks to their watchlists and are actively investing in them. More than 1,400 MarketBeat subscribers are now following our top-trending cannabis company.

This slide show lists the 12 pot stocks that MarketBeat subscribers are have added to their watchlists and are actively monitoring.

View the "12 Marijuana Stocks to Buy Now".

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