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Sunday Watchlist

Week of April 29th, 2019

The Dow Jones Industrial Average took a hit last week after IBM issued a disappointing earnings reports and outlook.

The good news — earnings from most major companies have managed to top expectations, raising the bar for the S&P 500. In fact, more than 78% of S&P 500 companies that posted earnings have soared passed analyst expectations.

Some of the top earnings reports to watch for the week of April 29, 2019 include Alphabet Inc., Loews Corporation, Phillips 66, Eli Lilly and Co., and Yum! Brands.

Here are some of the top stocks to watch.

Opportunity No. 1

Bristol Myers Squibb (BMY)

BMY just hit a 52-week low, which we believe is unsustainable. We strongly believe that investors are overreacting. In addition, if you look at a five-year chart, you’ll notice that each time it falls to this price, it catches strong support and pushes higher. BMY is simply seeing a temporary rough patch that shouldn’t last long.

Opportunity No. 2

Advisor Shares Pure Cannabis ETF (YOLO)

YOLO is a new cannabis ETF that’s just beginning to push higher. Analysts at Cowen say the U.S. cannabis market could rocket to $16 billion by 2025. Arcview Market Research and BDS Analytics say the worldwide market could explode to $57 billion by 2027. ETFs are one of the best ways to diversify at less cost in the sector.

Opportunity No. 3

Etsy Inc. (ETSY)

After a bout of temporary weakness, ETSY is just beginning to turn higher. We believe the stock could accelerate higher yet again to new highs. Plus, earnings continue to improve, as well over the last few quarters. We’ll get a better view of its outlook when it reports first quarter 2019 results on May 8, 2019 after closing bell. Technically, it’s now consolidating at $68 a share. We’d like to see it break higher to $80.