Advertisement
Canada markets closed
  • S&P/TSX

    22,468.16
    +2.79 (+0.01%)
     
  • S&P 500

    5,321.41
    +13.28 (+0.25%)
     
  • DOW

    39,872.99
    +66.22 (+0.17%)
     
  • CAD/USD

    0.7333
    -0.0003 (-0.04%)
     
  • CRUDE OIL

    79.06
    -0.20 (-0.25%)
     
  • Bitcoin CAD

    95,757.31
    +512.24 (+0.54%)
     
  • CMC Crypto 200

    1,526.37
    +37.82 (+2.54%)
     
  • GOLD FUTURES

    2,425.60
    -0.30 (-0.01%)
     
  • RUSSELL 2000

    2,098.36
    -4.14 (-0.20%)
     
  • 10-Yr Bond

    4.4140
    -0.0230 (-0.52%)
     
  • NASDAQ futures

    18,810.75
    +11.50 (+0.06%)
     
  • VOLATILITY

    11.86
    -0.29 (-2.39%)
     
  • FTSE

    8,416.45
    -7.75 (-0.09%)
     
  • NIKKEI 225

    38,946.93
    -122.75 (-0.31%)
     
  • CAD/EUR

    0.6750
    -0.0004 (-0.06%)
     

What Stocks Should You Buy Right Now?

  • (1:45) - Is the Job Situation As Good As It Seems?

  • (9:10) - Can Housing and Manufacturing Help Push The Market Higher In The 2nd Half?

  • (12:00) - Where Should You Be Looking To Add To Your Portfolio?

  • (32:00) - Episode Roundup: OC, URI, ETN, NVDA, AAPL, META, SQ

  • Podcast@Zacks.com

 

Welcome to Episode #397 of the Zacks Market Edge Podcast.

Every week, host and Zacks stock strategist, Tracey Ryniec, will be joined by guests to discuss the hottest investing topics in stocks, bonds, and ETFs and how it impacts your life.

This week, Tracey is joined by John Blank, Zacks Chief Equity Strategist, and editor of the Large-Cap Trader portfolio, to talk about the economy, the possibilities for a recession in 2024 and what stocks you should be buying right now.

ADVERTISEMENT

Several times a year, Tracey and John discuss the economy and ask, “will there be a recession this year?” but given the unemployment rate, which remains under 4%, and the weekly jobless claims, which are below 250,000, this week’s podcast shifted to other topics such as whether the Federal Reserve will cut, raise, or keep steady with rates.

They also looked at what industries, and stocks, are looking interesting.

After a big stock market rally over the past 5 months, especially in large cap stocks, where should investors be looking to buy right now?

5 Stocks to Put on Your Watch List in 2024

1.      Owens Corning (OC)

Owens Corning is in building materials. John likes the building and construction stocks. The stock has been on fire, gaining 12.3% this year. Shares of Owens Corning are up 73% the past year.

But it’s still cheap, with a forward P/E of just 12. It also has a PEG ratio of only 0.3. A PEG under 1.0 usually indicates a company has both value and growth.

Owens Corning pays a dividend, currently yielding 1.5%.

Should Owens Corning be added to your watch list?

2.      United Rentals, Inc. (URI)

United Rentals, the world’s largest equipment rental company, has been on a tear the last 5 years. Shares of United Rentals have soared 432.5% to all-time highs during that time.

In 2024, shares are up 17.7% as construction booms in the United States through the building of EV battery factories, data centers, auto plants and chip factories. United Rentals is expected to grow earnings 5.7% in 2024 and 7.4% in 2025. It’s still cheap, with a forward P/E of 15.9.

Should United Rentals be on your watch list?

3.      Eaton Corp (ETN)

Eaton is a power management company. Founded in 1911, Eaton would be considered “old economy” yet if you looked at its stock chart you might think otherwise.

Shares of Eaton have soared 294% over the last 5 years and are up 31.7% year-to-date. Earnings are expected to rise double digits both this year and next, rising 12.4% in 2024 and 10.9% in 2025.

Is it too late to consider Eaton in 2024?

4.      Apple Inc. (AAPL)

Even though Apple is part of the Magnificent 7, it has struggled in 2024. Shares of Apple are down 8.6% year-to-date while the NASDAQ is hitting new all-time highs.

Apple is still up 249% over the five-year stack, but it is now being outperformed in that period by United Rentals and Eaton. Apple is not cheap. It trades with a forward P/E of 26.7. Earnings are expected to rise 6.9% in fiscal 2024 and another 8.6% in fiscal 2025.

Is Apple a deal?

5.      Block, Inc. (SQ)

Block is a technology company with a focus on financial services. It owns several well-known financial brands including Square, Cash App, TIDAL and TBD.

Shares of Block got crushed in the 2022 technology sell-off. Over the last 5 years, the shares are still in the red by 43%. But year-to-date, Block is only down 1%.

Earnings are expected to soar 65% this year and another 32% next year. Block has a PEG ratio of just 0.8. A PEG ratio under 1.0 indicates a company has both growth and value.

Should Block be on your watch list?

What Else Should You Know About the Economy and Stocks in 2024?

Tune into this week’s video podcast to find out.

 

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Apple Inc. (AAPL) : Free Stock Analysis Report

Eaton Corporation, PLC (ETN) : Free Stock Analysis Report

United Rentals, Inc. (URI) : Free Stock Analysis Report

Owens Corning Inc (OC) : Free Stock Analysis Report

Block, Inc. (SQ) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research