These 5 New York Stock Exchange traded stocks hit higher highs this week.
That is, they broke upward out of previous trading ranges. Sellers who had been coming in gave up at these prices and allowed buyers to take over again. Price chart analysts like to see this kind of movement as it tends to establish a continuation of trend.
What’s especially interesting about this group of stocks is their diversity. One’s a financial equity, 2 are copper miners, one’s a uranium miner and one’s actually an ETF designed to hedge against rate volatility and inflation. This is taking place during a period when formerly hot, popular names like Tesla and Apple are failing to make the new highs list.
It used to be known as General Motors Acceptance Corporation or GMAC. With a price/earnings ratio of 9, trading at 1.3 times book and paying a 1.44% dividend, Ally may qualify as a value stock. That uptrend from 2020’s 4th quarter until now is as solid as it gets.
The company mines copper, mainly, in Indonesia and North and South America. When the price of copper moves up, Freeport McMoRan moves up. Since the metal is a central component of microchips and companies like Apple need microchips to make products, demand is great.
Quadratic Interest Rate Volatility & Inflation Hedge ETF
Manager Nancy Davis, a Goldman Sachs alum, runs the ETF whose name pretty much speaks for itself. She combines a TIPS (Treasury inflation protected securities) portfolio with options to battle inflation and the volatility of interest rates. To find out more, read my interview with her from last year.
They mine for copper as well as aluminum and other metals. Rio Tinto’s been around since 1873 and operates globally from headquarters in London. The price/earnings ratio is 15 and the company pays a 5.13% dividend. Up trending since last last year, that’s higher high this week.
The uranium miner operates in Canada with headquarters in Vancouver, British Columbia. Note that NexGen trades at below $5 per share, that’s lower than most NYSE-listed equities. A quarterly earnings report is due on May 14th. That may be a catalyst.
Also, Reuters today reported that the Biden administration may support subsidies to keep existing nuclear facilities open so that its climate goals can be met. Uranium mining outfits like NexGen would benefit if true. You can see on the chart how the price reacted.
While tech stocks are having trouble, generally, with making higher highs, you can definitely find many non-tech names pushing upward. These 5 may be worthy of more extensive analysis by investors looking for ideas.
Stats courtesy of FinViz.com.
I do not hold positions in these investments. No recommendations are made one way or the other. If you’re an investor, you’d want to look much deeper into each of these situations. You can lose money trading or investing in stocks and other instruments. Always do your own independent research, due diligence and seek professional advice from a licensed investment advisor.
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