We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
What Downbeat 2018? These 5 Top Stocks Are Up More Than 100%
Read MoreHide Full Article
Wall Street apparently stuttered at the start of 2018 with key equity gauges still struggling to stay green in the year-to-date frame. The S&P 500 is down 1.2%, the Dow Jones Industrial Average has shed about 2.3% and the NASDAQ Composite is off 0.2% (as of May 4, 2018). This is in stark contrast to last year’s Trump bump, which brought about 6.9% gains to the S&P 500 in the year-ago period.
Even if markets kicked off January on a strong note, increased inflationary expectations, chances of faster Fed rate hikes and the resultant uptick in Treasury bond yields caught investors off guard in late January and early February. Trump-induced trade fear especially with China (thanks to the U.S. President’s announcement of import tariffs) and a tech rout in March was the final nail in the coffin.
The tech crash continued to enter Q2. Taiwan Semiconductor’s guidance cut triggered a selloff in the entire semiconductor space.“Softer demand for smartphones and uncertainty in cryptocurrency mining market” were the reasons behind to this.
The first reading of the U.S. GDP growth for the first quarter of 2018 came in at 2.3%, below the 2.9% growth logged in the fourth quarter but above market expectations of 2%. If this was not enough, the job addition data fell short of market expectations in March and April.
Meanwhile, benchmark U.S. Treasury bond yields tested 3% on a pickup in inflation. The Fed’s preferred inflation gauge touched the central bank’s 2% goal for the first time in a year.
So, the Fed appears bullish on medium-term inflation momentum and looks to hike rates steadily. The central bank already enacted a hike in March and is expected to enact two more in 2018. There is 94% chance of a rate hike in June.
Needless to say, a volley of confusing events on the global front, mixed economic data and chances of higher rates ahead pushed stocks down. But even in this a faltering backdrop, a few stocks sprinted higher and earned investors around 100% during such a short span.
Top Stocks Up 100% This Year
Below we highlight a few stocks that have gained at least 100% defying the market bearishness. These stocks are still top-rated and worth a look for further gains.
The Zacks Rank #2 is a biopharmaceutical company engaged in the development of therapies for the treatment of cancer and inflammatory diseases. The stock comes from a top-ranked (top 50%) Zacks sector.
Pfenex Inc. – Up 125.9%
It is a clinical-stage biotechnology company developing and commercializing proteins. The stock has a Zacks Rank #2 and comes from a top-ranked (top 41%) Zacks industry.
This Zacks Rank #1 (Strong Buy) company is a provider of online financial services. It offers loans to customers in the United States and in the United Kingdom, Australia and Canada. The stock comes from a top-ranked (top 40%) Zacks industry.
It is an independent oil and natural gas company focused primarily in the Gulf of Mexico area, including the deep water. It has a Zacks Rank #2 and belongs to a top-ranked (top 50%) Zacks sector.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
Image: Bigstock
What Downbeat 2018? These 5 Top Stocks Are Up More Than 100%
Wall Street apparently stuttered at the start of 2018 with key equity gauges still struggling to stay green in the year-to-date frame. The S&P 500 is down 1.2%, the Dow Jones Industrial Average has shed about 2.3% and the NASDAQ Composite is off 0.2% (as of May 4, 2018). This is in stark contrast to last year’s Trump bump, which brought about 6.9% gains to the S&P 500 in the year-ago period.
Even if markets kicked off January on a strong note, increased inflationary expectations, chances of faster Fed rate hikes and the resultant uptick in Treasury bond yields caught investors off guard in late January and early February. Trump-induced trade fear especially with China (thanks to the U.S. President’s announcement of import tariffs) and a tech rout in March was the final nail in the coffin.
The tech crash continued to enter Q2. Taiwan Semiconductor’s guidance cut triggered a selloff in the entire semiconductor space.“Softer demand for smartphones and uncertainty in cryptocurrency mining market” were the reasons behind to this.
The first reading of the U.S. GDP growth for the first quarter of 2018 came in at 2.3%, below the 2.9% growth logged in the fourth quarter but above market expectations of 2%. If this was not enough, the job addition data fell short of market expectations in March and April.
Meanwhile, benchmark U.S. Treasury bond yields tested 3% on a pickup in inflation. The Fed’s preferred inflation gauge touched the central bank’s 2% goal for the first time in a year.
So, the Fed appears bullish on medium-term inflation momentum and looks to hike rates steadily. The central bank already enacted a hike in March and is expected to enact two more in 2018. There is 94% chance of a rate hike in June.
Needless to say, a volley of confusing events on the global front, mixed economic data and chances of higher rates ahead pushed stocks down. But even in this a faltering backdrop, a few stocks sprinted higher and earned investors around 100% during such a short span.
Top Stocks Up 100% This Year
Below we highlight a few stocks that have gained at least 100% defying the market bearishness. These stocks are still top-rated and worth a look for further gains.
Turtle Beach Corporation (HEAR - Free Report) – Up 253.2%
The audio technology company comes from a top-ranked (top 43%) Zacks industry. The stock has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Endocyte Inc. – Up 154.4%
The Zacks Rank #2 is a biopharmaceutical company engaged in the development of therapies for the treatment of cancer and inflammatory diseases. The stock comes from a top-ranked (top 50%) Zacks sector.
Pfenex Inc. – Up 125.9%
It is a clinical-stage biotechnology company developing and commercializing proteins. The stock has a Zacks Rank #2 and comes from a top-ranked (top 41%) Zacks industry.
Enova International Inc. (ENVA - Free Report) – Up 101.97%
This Zacks Rank #1 (Strong Buy) company is a provider of online financial services. It offers loans to customers in the United States and in the United Kingdom, Australia and Canada. The stock comes from a top-ranked (top 40%) Zacks industry.
W&T Offshore Inc. (WTI - Free Report) – Up 100.6%
It is an independent oil and natural gas company focused primarily in the Gulf of Mexico area, including the deep water. It has a Zacks Rank #2 and belongs to a top-ranked (top 50%) Zacks sector.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>