Top 5 Materials Stocks That Should Keep You Up At Night
Portfolio Pulse from Lisa Levin
The article lists five overbought stocks in the materials sector, which may present an opportunity to go short. The companies mentioned are Alto Ingredients, Inc. (ALTO), Friedman Industries, Incorporated (FRD), Reliance Steel & Aluminum Co. (RS), Arconic Corporation (ARNC), and POSCO Holdings Inc. (PKX). Overbought status is determined by the Relative Strength Index (RSI), with a value above 70 indicating overbought conditions.
July 13, 2023 | 1:11 pm
News sentiment analysis
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NEGATIVE IMPACT
Alto Ingredients, Inc. is overbought with an RSI of 74.21. The company reported better-than-expected Q1 sales and is executing capital initiatives to drive EBITDA expansion.
The overbought status of ALTO, indicated by an RSI above 70, suggests that the stock may be overvalued and could face a price correction in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
Arconic Corporation is overbought with an RSI of 70.57. The company recently entered into an agreement to be acquired by funds managed by affiliates of Apollo Global Management.
The overbought status of ARNC, indicated by an RSI above 70, suggests that the stock may be overvalued and could face a price correction in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
Friedman Industries, Incorporated is overbought with an RSI of 73.32. The company reported a YoY increase in Q4 EPS and revenues.
The overbought status of FRD, indicated by an RSI above 70, suggests that the stock may be overvalued and could face a price correction in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
POSCO Holdings Inc. is overbought with an RSI of 70.69. The company's shares jumped 33% over the past six months.
The overbought status of PKX, indicated by an RSI above 70, suggests that the stock may be overvalued and could face a price correction in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
Reliance Steel & Aluminum Co. is overbought with an RSI of 75.81. The company recently acquired all outstanding equity interests of Southern Steel Supply, LLC.
The overbought status of RS, indicated by an RSI above 70, suggests that the stock may be overvalued and could face a price correction in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100