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Buy 5 Growth Stocks for a Strong July: STX, ANF, BV, GPS, MU
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After finishing the first half positively, Wall Street is well-poised to rally in the summer months. July, in particular, has traditionally been one of the best months for the stock market, with all the major indexes ending in the green.
However, with the Nasdaq and the Dow moving in opposite directions and creating a stock market divergence during the latter half of June, Wall Street may face a correction soon. Stretched valuations are already creating apprehensions among market participants. But interest rate-cut optimism, and the artificial intelligence (AI) boom are sooner or later expected to lift Wall Street higher.
This calls for investing in growth stocks such as Seagate Technology Holdings plc (STX - Free Report) , Abercrombie & Fitch Co. (ANF - Free Report) , BrightView Holdings, Inc. (BV - Free Report) , The Gap, Inc. and Micron Technology, Inc. (MU - Free Report) that can make the most of the broader stock market’s upward journey.
July is Typically a Great Month for Wall Street
Encouraging times are expected to continue for U.S. stocks in July. After all, Dow Jones Market Data shows that the broader S&P 500 has registered an average gain of 1.7% during the month since 1928.
Going back to 1897, the 30-stock Dow has also notched an average gain of 1.4% in July, which also is the best month for the blue-chip index, according to Dow Jones Market Data.
Small-cap stocks did perform well in July, while the Nasdaq somehow finished in the positive territory. However, this time around, a less aggressive Federal Reserve and the AI frenzy will surely help the tech-laden index to gain handsomely.
With the personal consumption expenditure index remaining unaltered in May, inflationary pressures are easing. Thus, the Fed is likely to trim rates as early as the fall which would decrease borrowing costs, increase consumer outlays and strengthen economic growth.
Meanwhile, the voracious demand for AI models is expected to be one of the major driving forces behind Wall Street’s gains, while election years also tend to be a blessing in disguise for stocks. The S&P 500 has posted an imposing average annual return of 9.9% during election years (read more: 5 Growth Stocks to Buy for an Imposing Election Year Rally).
5 Best Growth Stocks to Own: STX, ANF, BV, GPS, MU
Given the positive trend, it’s judicious for astute investors to place thier bets on growth-oriented stocks such as Seagate Technology, Abercrombie & Fitch, BrightView Holdings, The Gap and Micron Technology for astounding returns.
Seagate Technology provides data storage technology. Seagate Technology’s move to expand into the SSD storage market has been a boon for the company. Seagate Technology currently has a Zacks Rank #1 and a Growth Score of B.
The Zacks Consensus Estimate for its current-year earnings has moved up 15.3% over the past 60 days. STX’s expected earnings growth rate for the current year is 415.8%.
Abercrombie & Fitch
Specialty retailer Abercrombie & Fitch presently has a Zacks Rank #1 and a Growth Score of B. Higher demand for ANF’s brands is boosting the company’s quarterly sales numbers.
The Zacks Consensus Estimate for its current-year earnings has moved up 23.7% over the past 60 days. ANF’s expected earnings growth rate for the current year is 47.3%.
BrightView Holdings
BrightView Holdings’ initiatives to improve landscape development for commercial properties are expected to improve the company’s profit margins. BrightView currently has a Zacks Rank #2 and a Growth Score of A.
The Zacks Consensus Estimate for its current-year earnings has moved up 1.4% over the past 60 days. BV’s expected earnings growth rate for the current year is 78.6%.
The Gap
The Gap offers a variety of clothing and personal care products. Gap’s cost control measures are aiding profit margins. Gap, at present, has a Zacks Rank #1 and a Growth Score of B.
The Zacks Consensus Estimate for its current-year earnings has moved up 27.9% over the past 60 days. GPS’ expected earnings growth rate for the current year is 21.7%.
Micron Technology
Provider of semiconductor memory solutions, Micron Technology currently has a Zacks Rank #2 and a Growth Score of B. Micron is currently experiencing growth across multiple business units and is benefiting from an increase in demand for its DRAM and NAND products.
The Zacks Consensus Estimate for its current-year earnings has moved up 31.8% over the past 60 days. MU’s expected earnings growth rate for the current year is 126.1%.
Shares of Seagate Technology, Abercrombie & Fitch, BrightView Holdings, The Gap, and Micron Technology have gained 18.7%, 103.8%, 53.9%, 14.2% and 60.3%, respectively, so far this year.
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Buy 5 Growth Stocks for a Strong July: STX, ANF, BV, GPS, MU
After finishing the first half positively, Wall Street is well-poised to rally in the summer months. July, in particular, has traditionally been one of the best months for the stock market, with all the major indexes ending in the green.
However, with the Nasdaq and the Dow moving in opposite directions and creating a stock market divergence during the latter half of June, Wall Street may face a correction soon. Stretched valuations are already creating apprehensions among market participants. But interest rate-cut optimism, and the artificial intelligence (AI) boom are sooner or later expected to lift Wall Street higher.
This calls for investing in growth stocks such as Seagate Technology Holdings plc (STX - Free Report) , Abercrombie & Fitch Co. (ANF - Free Report) , BrightView Holdings, Inc. (BV - Free Report) , The Gap, Inc. and Micron Technology, Inc. (MU - Free Report) that can make the most of the broader stock market’s upward journey.
July is Typically a Great Month for Wall Street
Encouraging times are expected to continue for U.S. stocks in July. After all, Dow Jones Market Data shows that the broader S&P 500 has registered an average gain of 1.7% during the month since 1928.
Going back to 1897, the 30-stock Dow has also notched an average gain of 1.4% in July, which also is the best month for the blue-chip index, according to Dow Jones Market Data.
Small-cap stocks did perform well in July, while the Nasdaq somehow finished in the positive territory. However, this time around, a less aggressive Federal Reserve and the AI frenzy will surely help the tech-laden index to gain handsomely.
With the personal consumption expenditure index remaining unaltered in May, inflationary pressures are easing. Thus, the Fed is likely to trim rates as early as the fall which would decrease borrowing costs, increase consumer outlays and strengthen economic growth.
Meanwhile, the voracious demand for AI models is expected to be one of the major driving forces behind Wall Street’s gains, while election years also tend to be a blessing in disguise for stocks. The S&P 500 has posted an imposing average annual return of 9.9% during election years (read more: 5 Growth Stocks to Buy for an Imposing Election Year Rally).
5 Best Growth Stocks to Own: STX, ANF, BV, GPS, MU
Given the positive trend, it’s judicious for astute investors to place thier bets on growth-oriented stocks such as Seagate Technology, Abercrombie & Fitch, BrightView Holdings, The Gap and Micron Technology for astounding returns.
These stocks carry a Zacks Rank #1 (Strong Buy) or 2 (Buy) and a Growth Score of A or B, a combination that offers the best opportunities in the growth investing space. You can see the complete list of today’s Zacks Rank #1 stocks here.
Seagate Technology
Seagate Technology provides data storage technology. Seagate Technology’s move to expand into the SSD storage market has been a boon for the company. Seagate Technology currently has a Zacks Rank #1 and a Growth Score of B.
The Zacks Consensus Estimate for its current-year earnings has moved up 15.3% over the past 60 days. STX’s expected earnings growth rate for the current year is 415.8%.
Abercrombie & Fitch
Specialty retailer Abercrombie & Fitch presently has a Zacks Rank #1 and a Growth Score of B. Higher demand for ANF’s brands is boosting the company’s quarterly sales numbers.
The Zacks Consensus Estimate for its current-year earnings has moved up 23.7% over the past 60 days. ANF’s expected earnings growth rate for the current year is 47.3%.
BrightView Holdings
BrightView Holdings’ initiatives to improve landscape development for commercial properties are expected to improve the company’s profit margins. BrightView currently has a Zacks Rank #2 and a Growth Score of A.
The Zacks Consensus Estimate for its current-year earnings has moved up 1.4% over the past 60 days. BV’s expected earnings growth rate for the current year is 78.6%.
The Gap
The Gap offers a variety of clothing and personal care products. Gap’s cost control measures are aiding profit margins. Gap, at present, has a Zacks Rank #1 and a Growth Score of B.
The Zacks Consensus Estimate for its current-year earnings has moved up 27.9% over the past 60 days. GPS’ expected earnings growth rate for the current year is 21.7%.
Micron Technology
Provider of semiconductor memory solutions, Micron Technology currently has a Zacks Rank #2 and a Growth Score of B. Micron is currently experiencing growth across multiple business units and is benefiting from an increase in demand for its DRAM and NAND products.
The Zacks Consensus Estimate for its current-year earnings has moved up 31.8% over the past 60 days. MU’s expected earnings growth rate for the current year is 126.1%.
Shares of Seagate Technology, Abercrombie & Fitch, BrightView Holdings, The Gap, and Micron Technology have gained 18.7%, 103.8%, 53.9%, 14.2% and 60.3%, respectively, so far this year.
Image Source: Zacks Investment Research