Top 5 Tech And Telecom Stocks That Are Ticking Portfolio Bombs
Portfolio Pulse from Lisa Levin
The article lists the top 5 overbought stocks in the communication services sector, which are Pinterest, Advantage Solutions, Take-Two Interactive Software, The New York Times Company, and Snap Inc. Overbought stocks are identified using the Relative Strength Index (RSI), with an RSI above 70 indicating overbought status. The article suggests that these stocks present an opportunity to go short due to their overvalued status.
June 30, 2023 | 11:49 am
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NEGATIVE IMPACT
Advantage Solutions' stock is overbought with an RSI of 71.03. The company reported better-than-expected Q1 sales results.
Despite the positive sales results, the overbought status of the stock suggests a potential price correction in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The New York Times Company's stock is overbought with an RSI of 71.15. The company is considering forming a coalition to address the impact of AI.
Despite the company's plans to address the impact of AI, the overbought status of the stock suggests a potential price correction in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Pinterest's stock is overbought with an RSI of 70.15. Wells Fargo upgraded the stock to Overweight.
Overbought stocks are typically expected to experience a price correction in the short term. The upgrade by Wells Fargo could potentially slow down this correction.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Snap's stock is overbought with an RSI of 71.88. Wells Fargo initiated coverage on Snap with an Equal-Weight rating.
Overbought stocks are typically expected to experience a price correction in the short term. The Equal-Weight rating by Wells Fargo could potentially slow down this correction.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Take-Two Interactive's stock is overbought with an RSI of 74.89. The company posted downbeat quarterly earnings.
The overbought status of the stock, combined with the downbeat earnings, suggests a potential price correction in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100