Jack Daniels Parent Company, EA, Cognizant Among 6 Stocks That Shine When Nvidia Slips: Analysis
Portfolio Pulse from Benzinga Neuro
An analysis by CNBC found that six S&P 500 stocks, including Brown-Forman Corporation, Electronic Arts Inc., Henry Schein, Inc., Cognizant Technology Solutions Corp, Zoetis Inc., and Cboe Global Markets, Inc., often rise when Nvidia Corporation's shares fall. This inverse correlation was identified using the Pearson correlation coefficient over monthly and yearly periods, especially as Nvidia faces corrections and potential investor sell-off recommendations.
April 19, 2024 | 9:31 am
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POSITIVE IMPACT
Brown-Forman Corporation's stock may see a short-term rise as investors look for alternatives to Nvidia.
Investors seeking stability away from tech volatility might turn to Brown-Forman, especially during Nvidia's downturns.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Cboe Global Markets, Inc. might benefit from increased trading activity and investor interest during Nvidia's stock fluctuations.
Cboe could experience higher trading volumes and investor interest as market participants adjust positions in response to Nvidia's performance.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Cognizant Technology Solutions Corp could experience a short-term boost as investors seek tech alternatives to Nvidia.
As a tech company, Cognizant might attract investors reallocating from Nvidia, especially during its stock corrections.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Electronic Arts Inc. could benefit in the short term from Nvidia's stock corrections, attracting investors seeking sector diversity.
Electronic Arts offers an alternative in the tech sector, potentially attracting funds from Nvidia's downturn.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Henry Schein, Inc. stands to gain as a non-tech alternative when Nvidia's shares decline, possibly seeing a short-term uptick.
Investors might pivot to healthcare stocks like Henry Schein for stability, benefiting from Nvidia's volatility.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Zoetis Inc. could see a rise as a defensive play when Nvidia's stock is under pressure, offering a short-term investment opportunity.
Zoetis, being in the pet care industry, may attract investors looking for safe havens away from tech stock volatility.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70