Top 4 Tech Stocks That May Crash In October
Portfolio Pulse from Lisa Levin
The article lists four tech stocks that are considered overbought and may crash in October. These include Jabil Inc. (JBL), Palo Alto Networks, Inc. (PANW), Splunk Inc. (SPLK), and MMTec, Inc. (MTC). The Relative Strength Index (RSI) values for these stocks are above 70, indicating they are overbought. Cisco (CSCO) is also mentioned as it plans to acquire Splunk.
October 18, 2023 | 12:13 pm
News sentiment analysis
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NEGATIVE IMPACT
Jabil Inc. reported Q4 revenue of $8.46 billion, missing estimates. Its RSI value is 73.18, indicating it's overbought.
Jabil's missed revenue estimates and high RSI value suggest potential downward pressure on its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
MMTec, Inc. is scheduled to hold its 2023 annual meeting of shareholders on Nov. 10, 2023. Its RSI value is 81.53, indicating it's overbought.
Despite the upcoming annual meeting, MMTec's high RSI value suggests potential downward pressure on its stock price.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 100
NEGATIVE IMPACT
Keybanc maintained its Overweight rating of Palo Alto Networks and raised its price target. Its RSI value is 70.12, indicating it's overbought.
Despite the positive rating from Keybanc, Palo Alto's high RSI value suggests potential downward pressure on its stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
Cisco plans to acquire Splunk for $28 billion. Its RSI value is 80.65, indicating it's overbought.
Despite the acquisition news, Splunk's high RSI value suggests potential downward pressure on its stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100