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He foresees the S&P 500 falling another 30% and bottoming within the next three to nine months. Abate shared 11 compelling stocks to buy to mitigate looming recessionary risks. But with the looming threat of a recession, Abate believes that the days of big contrarian trade ideas are now behind us. Especially "idiosyncratic stocks that have kind of already felt the pain of a downturn, so even if a recession happens, their backlogs can get them through recessionary conditions." Two biotechnology names Abate noted as standout idiosyncratic ideas are Biogen (BIIB) and Gilead (GILD).
Check out the companies making the biggest moves midday:Carvana — Carvana shares shed more than 15%, with trading briefly halted at one point due to volatility. Walgreens raised its fiscal year 2025 sales goal for its U.S. health-care business to $14.5 billion to $16.0 billion, from $11.0 billion to $12.0 billion to account for the deal. Viatris — The global health-care company rallied 16% after it announced it intends to create an ophthalmology franchise by acquiring Oyster Point Pharma and Famy Life Sciences. The toymaker's shares shed nearly 60% last Friday after it delivered disappointing quarterly results and issued a weak forward guidance that included a fourth-quarter loss. DoorDash — Shares of the food delivery company rallied 2.5% after being upgraded by Oppenheimer to outperform from perform.
Bank of America reiterates Synchrony as buy Bank of America said the financial services company is a "hidden" beneficiary of the PayPal-Apple partnership. Bank of America downgrades Funko to neutral from buy Bank of America said in its downgrade of Funko that it sees a "challenging" holiday for the toy company. Oppenheimer upgrading DoorDash to outperform from perform Oppenheimer said it sees improving margins for the food delivery company. Bank of America reiterates Northrop Grumman as a top pick Bank of America said the company has a "best in class" space business. Oppenheimer reiterates Walmart as buy Oppenheimer said investors should buy the dip heading into Walmart earnings next week.
This week, Samuel Adams maker Boston Beer debuted Loma Vista Tequila Soda, a ready-to-drink tequila cocktail in both lime and mango flavors. Last year was the 12th consecutive year spirits have taken away market share from beer in the total U.S. alcoholic beverage market, according to a report earlier this year from the Distilled Spirits Council, a national trade organization. The beer category, which includes hard seltzer, accounted for 42% of the U.S. beverage alcohol market in 2021, while spirits accounted for 41%, according to DISCUS. At this trajectory, spirits are pegged to overtake beer in market share in the next few years, even though beer sales have grown. The downward trend of beer market share has also been reflected on the online ordering and alcohol delivery platform Drizly.
Boston Beer has an average analyst rating of hold and 8% downside to the average price target, according to FactSet. "In a recession, beer tends to gain about one percentage point of share from spirits. How to play the space With that mindset, you shouldn't alter your long-term investments because of a potential recession, Sarwat said. Its average price target is buy. Duckhorn also has an average rating of buy, with 30% upside to the average price target.
Dude Wipes expanded into deodorant and body wash — something the brand now says was the wrong move. In 2019, the founders of Dude Wipes took what they thought was a major step forward: They extended their brand from solely toilet wipes into body wash and deodorant. So far, Dude Products has eschewed most investors. When COVID struck, demand for the brand's signature Dude Wipes took off. "When the toilet-paper rush happened, everybody's buying as many Dude Wipes as they can get from us," Riley said.
Read more:The cannabis-tech startup Fyllo used this pitch deck to land $26 million. Here's an exclusive look at the pitch deck it used to close the round. Once hailed as the "Uber of weed," Eaze vastly scaled back ambitions in 2020, as evidenced by its pitch deck. Here's an exclusive look at the pitch deck that helped Cann raise $5 million. Here's the pitch deck that made it happen.
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