Top 5 Consumer Stocks That May Implode This Quarter
Portfolio Pulse from Lisa Levin
The article lists five consumer stocks that are considered overbought and may implode this quarter. These include Vroom, Inc. (VRM), Li Auto Inc. (LI), XPeng Inc. (XPEV), Ford Motor Company (F), and Tesla, Inc. (TSLA). The overbought status is determined by the Relative Strength Index (RSI), which is above 70 for all these stocks.
July 03, 2023 | 1:14 pm
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NEGATIVE IMPACT
Ford has secured a major international investor for its Saarlouis plant in Germany. Its stock rose 1.2% to close at $15.13 on Friday, with an RSI value of 76.45.
Despite securing a major investor, the high RSI value suggests that the stock is overbought and may face a correction in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Li Auto reported a 150.1% YoY surge in June deliveries. Its stock rose 2.4% to close at $35.10 on Friday, with an RSI value of 74.05.
Despite the surge in deliveries, the high RSI value suggests that the stock is overbought and may face a correction in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Tesla reported record Q2 deliveries. Its stock rose 1.7% to settle at $261.77 on Friday, with an RSI value of 71.41.
Despite record Q2 deliveries, the high RSI value suggests that the stock is overbought and may face a correction in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Vroom, Inc. reported worse-than-expected Q1 sales results. Its stock fell 8.3% to close at $1.44 on Friday, with an RSI value of 70.35.
The worse-than-expected Q1 sales results and high RSI value indicate that the stock is overbought and may face downward pressure in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
XPeng Inc. reported a 15% MoM increase in June deliveries. Its stock rose 13.4% to close at $13.42 on Friday, with an RSI value of 79.40.
Despite the increase in deliveries, the high RSI value suggests that the stock is overbought and may face a correction in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100