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Work your cash; buy bonds Chaudhuri said it was time to rethink the role of bonds, as a higher-rate environment sees fixed income yields rise. BlackRock also said investors can earn income in the "comparative safety" of cash-like instruments through ultra-short duration securities. Reallocate away from growth stocks Growth stocks, such as Big Tech, were an investor favorite in an era of low rates. But this year, tech stocks have been among the worst-performing sectors . Live with inflation Inflation is set to stick around, given the continued strength coming from services and shelter, according to BlackRock.
I don't think people realize just how inverted the 2-10 year [Treasury yield] is at the moment, which is really historically a strong signal of an imminent recession," Glass told "Squawk Box Asia" on Monday. 'Cheap' stocks to buy In this environment, Glass selected nine stocks that he said, "look particularly cheap given their growth outlook." His favorites are major U.S. discount retailer Dollar General , investment company 3i whose largest asset is European discount retailer Action, and B & M Value Retail. On 3i, he noted that Action accounts for 50% of its investment portfolio, and the discount retailer is a "beneficiary of rich-poor divide" and consumers trading down. He also said that Action is "recession and inflation resistant," with an attractive valuation at a more-than 20% discount to its net asset value.
Global stocks inched higher over the past week, but one stock stood out. That stock is U.S.-based software firm Coupa Software , which jumped nearly 37% over the week. Coupa was among only six global stocks under the MSCI World index to rise more than 10% over the week. Retailer Burlington Stores surged around 24% after last week's release of its third-quarter earnings. Its performance comes off per-share earnings and revenue beats reported in third-quarter earnings Tuesday.
One Big Tech stock is at an "attractive" price point to buy right now, according to Foord Asset Management's Brian Arcese. That's Alphabet , which Arcese, a portfolio manager at the firm, expects to post growth in the "mid-teens" despite cyclical headwinds in the ad business. "At this point we're focused on companies with pricing power, sound management teams … and long-term structural competitive advantages," Arcese added. Arcese explained that Alphabet is in a "competitive position" given the continued shift from offline to online advertising. Josh Brown , co-founder and CEO of Ritholtz Wealth Management, told CNBC in early November that Alphabet is a "screaming buy."
There's one large-cap stock that investors should look into right now, according to Rob Luna, chief investment strategist at asset management firm Surevest. That's Disney , which just saw the surprising return of Bob Iger as CEO , ousting Bob Chapek. "Bob Iger is arguably probably the best CEO of the last two decades — what he's done with Disney. Still, Luna says, "with Iger back, I anticipate this stock will be back on track very soon." 'Best in breed' small-cap stocks Though Luna's Disney pick is a large-cap stock, his general advice for investors is to move from big names to smaller ones.
Electric vehicle batteries are gaining "critical importance" as part of the energy transition, according to Goldman Sachs, which named a number of stocks set to benefit as countries diversify their supply chains away from China. China currently accounts for around 60% of global EV battery demand, but this share is set to decline to 30% by 2030, Goldman said in a Nov. 14 report. Significant investment — to the tune of $160 billion for the U.S and EU — is required to develop a fully localized battery supply chain, without China's involvement, Goldman said. In Europe, Goldman likes Freyr Battery , which it says is a major beneficiary of the U.S. Inflation Reduction Act. "We view FREYR as well positioned to succeed in the future, due to their focus on [lithium iron phosphate] batteries that are designed for battery storage," Goldman said.
Morgan Stanley's Chief U.S. Equity Strategist Mike Wilson expects a "pretty steep decline in inflation" between now and the end of next year. But Wilson, who is also Morgan Stanley's chief investment officer, warned that "we're in a new era." "I don't think the Fed's ever going to zero again because … inflation now has arrived. It follow other calls that the era of cheap money is over , spelling tough times ahead for sectors such as tech. Inflation still 'stickier' for these 2 areas Wilson said there are still two areas where inflation could be "stickier:" energy and labor.
It's been a muted week for global stocks. The MSCI World index was down about 0.7% for the past week, tracking U.S. stocks, which also declined last week. Here are the 10 global stocks under MSCI World that rose more than 10% over the past week ending Nov. 18. One top performer was global tech company Sea , which surged 15% over last week. Ross Stores was another top performer for the week, with Credit Suisse naming the company its top pick in off-price retail .
Morgan Stanley's Chief U.S. Equity Strategist Mike Wilson says we're nearing the end of the bear market, but things could remain challenging for a while longer. And I think we're going to be in that two-way risk probably until the year end." He added: "The final move of the bear market probably comes next year in the first quarter, when the earnings finally catch up to where we think they're going to be next year." Markets have certainly had a volatile year, with a number of bear market rallies raising — and dashing — hopes. "If things slow down and inflation comes down, the pressure on margins is going to be extraordinary," he said.
Chip stocks, once a hot favorite among investors, are doing poorly this year . But BofA says that despite consumer demand remaining under pressure, the "bull case for semis is also compelling." Here are some themes that chip stocks could ride on, says the bank, which also picked names to buy. BofA picked these stocks that it said have "best-in-class" 30% free cash flow margins, with 1.8% dividend yield: Analog Devices – its top pick, and Broadcom . Compelling valuations The bank says semiconductor capital equipment stocks "provide an ideal mix of compelling valuations," with about 14 to 15 times forward price-to-earnings.
It's been a brutal year for tech, as markets flee growth stocks in the face of rising interest rates and other headwinds. With inflation figures rising less than expected , however, Big Tech stocks rallied last week on investor hopes that a peak is in sight. BlackRock BlackRock said that 2023 "could well be the year to upend almost three years of growth and tech stocks moving in virtual unison." Because of economic headwinds this year, BlackRock said, relative valuations may now appear more attractive than in recent years, with growth and tech stocks currently undervalued. Others Louis Navellier, chief investment officer at asset manager Navellier & Associates, told CNBC Pro in early November there will be "persistent selling pressure" in tech, since many Big Tech stocks are faltering.
U.S. biotech stocks have been on the up recently. To identify biotech stocks that look cheap and are expected to rally looking ahead, CNBC Pro screened the iShares Biotechnology ETF on FactSet. The ETF, which tracks U.S. biotech stocks, has jumped around 10% in the past month, and risen more than 4% in the past week. Two stocks stood out as having average potential upside of more than 100%, and a buy rating from all analysts who cover them. One stock — Chimerix — had an average price target upside of 266% from analysts, 83% of whom gave it a buy rating.
When it comes to major oil stocks, ExxonMobil and Chevron are two names that may come to mind. Three factors The following are the factors that set one stock above the other, according to Goldman. The winner Goldman says that Exxon warrants the premium, giving it a "buy" rating and price target of $121 — or over 6% upside. According to Factset, 54% of analysts covering the stock gave it a buy rating, with an average upside of 2.4%. Half of analysts covering the stock gave it a buy rating, with an average upside of 1.1%, according to FactSet.
Copper is having a good month, with both prices and mining stocks trading well in the green. Benchmark copper prices on the London Metal Exchange jumped over 7% last week on hopes that Covid restrictions in China would soon be lifted, although prices have since pared gains. Still, falling inventories and fresh disruptions at the world's second-largest copper producer in Peru continue to support prices. Against this backdrop, CNBC Pro screened the Global X Copper Miners ETF on FactSet for stocks that analysts expect to outperform, using the following criteria: Upside to average price target of at least 15%. Analysts covering the stock put its upside at nearly 19%, and 77% give it a buy rating, according to FactSet.
The market will rally into the year end, but it won't be led by mega-cap tech stocks, according to Morgan Stanley's Andrew Slimmon. He added that these Big Tech stocks "floated right through" the 2008 global financial crisis because they were still gaining market share. He noted that this time, the bounce has been led by value stocks, while growth stocks drove the summer rally. The outperformance in value stocks has been pretty broad, covering energy, financials and industrials, he said. "While early, we think it makes sense to begin to nibble on early-cycle stocks ... consumer discretionary names that have been crushed," Slimmon added.
U.S. biotech firm Horizon Therapeutics was among the top global performers last week, with its stock soaring nearly 21% for the week. It raised its full-year 2022 net sales guidance to a range of between $3.59 billion and $3.61 billion. Analysts covering the stock are positive on its future performance, with nearly 87% giving it a "buy" rating and price target upside of 36%, according to FactSet. The stock bucked the trend of a decline in global stocks last week, with the MSCI World Index dipping around 2% for the week. Still, seven global stocks, including Horizon, soared more than 20%.
But with the tech-heavy Nasdaq down more than 30% year-to-date, analysts say there are some bright spots that could offer opportunities to investors. Two stand-out Big Tech names All the major tech stocks declined sharply following the bad earnings reports last week – except for Apple , which saw its stock rise. "For me, the legacy tech companies is a melting ice cube in a lot of ways if you're in the wrong one. Buy the 'right type' of Big Tech stock There are two types of mega tech companies, according to Yoshikami. In comparing the two types of companies, Yoshikami said he likes companies that are not transitioning.
Tech stocks got clobbered this week, with the Nasdaq Composite tumbling more than 3% Wednesday after the U.S. Federal Reserve hikes rates by another 0.75 percentage point . Tech stocks have been underperforming all year, with the Nasdaq down more than 30% year-to-date. But Josh Brown , co-founder and CEO of Ritholtz Wealth Management, says one mega-cap tech stock is a "screaming buy." I don't think that's going to be the case," Brown told CNBC's "Street Signs Asia." "And so I think Alphabet right now is a screaming buy."
After October's stock market rally , investors are debating whether stocks have hit the bottom or if it's another short-lived bounce. We're having a little bit of a rally here — I think, again, short lived," he told CNBC's Street Signs Asia on Monday. "Investors should be adding money to the areas that will do OK in a global recession; short the areas that will not." What to avoid Landsberg said he would short tech, high-yield credit, and European assets. His firm has short positions in: ProShares Short QQQ, ProShares Short S & P 500, ProShares Short Russell 2000, ProShares Short MSCI EAFE, ProShares Short Hi Yield and ProShares Short Financials.
Moderna, on the other hand, has 40% upside on average, according to analysts covering the stock. Over 60% of analysts covering Centene give it a buy rating, and it has 18% average upside, according to FactSet data. It jumped 16% last week week. Japanese electronics firm Ibiden surged over 20% last week, and analysts give it 23% upside on average. Analysts covering it give it an average upside of nearly 30%.
Stocks around the world have sold off this year on recession fears and soaring inflation — and now are looking cheap. Still, there could be buying opportunities in some stocks which analysts expect to rally. Upside to consensus price target of 10% or more. EQT had among the highest price target upside in this list, at nearly 60%. Two pharmaceutical firms also made the list: U.S. firm Pfizer and German firm Bayer .
Both stocks and bonds have struggled this year, leaving investors with few alternatives. Stocks and bonds usually move in opposite directions, but that hasn't been the case this year. Trend-following strategy Adopting the so-called trend-following strategy this year would pay off for investors, according to Goldman and Wells Fargo in recent notes. Portfolio diversification can, and often should, include more than stocks and bonds," said Hazlitt Gill, retail investment research senior manager. Alternative investments UBS in an Oct. 21 note said investors can use structured investments to "tilt the odds favorably."
Investors will look to corporate earnings and forward guidance during this peak reporting season, with tech firms set to report this week. He said the three themes his firm is going for now are: income, energy and small-cap stocks. Energy Petrides highlighted one "interesting play" in the energy market — Master Limited Partnerships (MLPs), which trade like stocks but are really a partnership interest. Small caps Petrides said small-cap stocks have been "one of the best-performing" asset classes on average since the 1950s. Some small-cap stocks can be described as value stocks, which are shares that appear to trade at a lower price relative to their fundamentals.
Goldman Sachs has identified four "critical" sectors in the clean energy market, beyond the usual suspects. They are: copper or aluminum, electricity transmission, semiconductors and cybersecurity. The bank's picks include: Copper and aluminum: Major U.S. copper producer Freeport-McMoRan , aluminum manufacturer Constellium . Electricity transmission: U.S. energy infrastructure firm Sempra Energy , Public Service Enterprise Group . In electricity transmission, the permitting stage alone can take up to a decade or longer, said Goldman.
Whether oil prices rise or fall, energy stocks are still worth investing in, according to Foord Asset Management's Brian Arcese. Arcese, a portfolio manager at the firm, said he would be quite comfortable increasing the weight of energy stocks in his portfolio. "I think there are a lot of tailwinds for oil prices going forward," he told CNBC Pro Talks on Thursday. "Oil prices are likely to, at a minimum, stay where they are but they could go higher. Stock picks Arcese says he likes Occidental , a "great company [which] is highly geared to oil prices."
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