5 Stocks to Avoid While Riding the Fed Pivot
As we near the conclusion of 2023, it's worth noting that December 21 has historically been a bullish day for the past 35 years, showcasing the highest daily gains across all major US indexes. The average rise on this day is as follows:
This suggests that the rally can resume today after the recent pullback.
However, let's shift our focus to 2024. While it's uncommon on Wall Street to dwell on underperforming stocks, tracking them can provide valuable insights.
In this spirit, let's explore some stocks that the market anticipates to perform poorly in 2024 and delve into the reasons behind these expectations.
Seagate Technology (NASDAQ:STX) offers data storage technology and solutions in Singapore, the United States and the Netherlands.
It sells its products primarily to equipment manufacturers, distributors, and retailers. It was founded in 1978 and is headquartered in Dublin, Ireland.
It paid a dividend of $0.70 on January 9 and its dividend yield is +3.32%.
Results for the quarter will be presented on January 24 and are expected to be poor with earnings per share (EPS) down -106.69% and revenue down -36.07%. For 2024 the forecast is for a fall in real revenues of -13.1%.
Its shares are up +55% in the last year and +25% in the last 3 months.
Source: InvestingPro
The market does not bode well for 2024, giving it a potential downside of -18% to $68.84. InvestingPro Fair Value sees the stock falling even further, with a 28.2% downside risk over the next 12 months.
Robert Half (NYSE:RHI) provides business consulting solutions and services in North America, South America, Europe, Asia and Australia.
The company's dividend yield is +2.2%.
On January 30 it will release its accounts for the quarter and earnings per share are
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