Investors will look at the wreckage of last week’s selloff in various sectors for bargains. Sellers emerged in high volume in the cryptocurrency and electric vehicle segment.
Marathon Digital’s value as a bitcoin mining company is in question after the SEC approved a spot Bitcoin ETF. Down 15.27% last Friday, MARA stock will have the highest trading volume again today. Similarly, Riot Platforms (RIOT), -20.9% last week, will try to rebound, as will Cleanspark (CLSK).
When Hertz (HTZ) announced it would sell all 20,000 EVs, it hurt EV penny stocks the most. The stocks to avoid are Lucid Group (LCID), Nikola (NKLA), and Canoo (GOEV). Tesla (TSLA) remains the top EV player in the industry. It, too, will need to find buyers after the stock dropped 7.83% last week.
Top Stocks
In the IT services industry, Wipro (WIT) will need to retain its gains after rising by 16% last week. Wipro posted a six-cent EPS on revenue of $2.67 billion.
Uranium will be a strong performer in 2024. Through Global X Uranium ETF (URA), investors are up around 13.7% YTD.
Dismissed as an office REIT with weak prospects, Net Lease Office Properties (NLOP) may conceivably double its opening price from November 2023. The firm announced the sale of four U.S. office properties, raising $43 million.
