Top 4 Defensive Stocks That May Plunge In Q3
Portfolio Pulse from Lisa Levin
The article lists four overbought stocks in the consumer staples sector that may plunge in Q3. These include Casey's General Stores, Inc. (CASY), Hostess Brands, Inc. (TWNK), Albertsons Companies, Inc. (ACI), and Thorne HealthTech, Inc. (THRN). The companies are considered overbought due to their high Relative Strength Index (RSI) values, which are all above 70.
September 18, 2023 | 12:00 pm
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NEGATIVE IMPACT
Albertsons announced a divestiture agreement for 413 stores and other assets with C&S Wholesale Grocers. Its RSI value is 72.34, indicating it is overbought.
The divestiture news and high RSI value suggest that its stock is overvalued and may decline in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Casey's General Stores reported a Q1 FY24 sales decline of 13.2% YoY to $3.87 billion, missing the analyst consensus. Its RSI value is 77.00, indicating it is overbought.
The company's sales decline and high RSI value suggest that its stock is overvalued and may decline in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Thorne HealthTech entered into an agreement to be acquired by L Catterton at $10.20 per share. Its RSI value is 73.30, indicating it is overbought.
The acquisition news and high RSI value suggest that its stock is overvalued and may decline in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
J. M. Smucker announced plans to acquire Hostess Brands for $34.25 per share. Its RSI value is 84.90, indicating it is overbought.
The acquisition news and high RSI value suggest that its stock is overvalued and may decline in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100