Mid-Week Update: Two New Stocks to Watch
Dear Trader,
We recently booked our latest gain for Money Magnet Express for a nice profit..
Last month, we issued an alert to sell and take profits from our trade-in with one of the world’s leading gold mining companies, Barrick Gold Corporation (GOLD).
Barrick Gold is a Toronto, Canada-based mining company with productive mining assets throughout the US, Canada, and South America, Africa, and Australia.
With the ongoing elevated price for gold, Barrick gained more trader interest, which sent the stock price up to our target for a significant gain amounting to 7.30%.
Our Next Trade
Now that we’ve booked a profit from Barrick Gold as it hit our target price, we’re now looking for our next trading opportunity.
When we’re ready with the right trade, we’ll be sure to send you another alert here at Money Magnet Express.
Today, we are looking at two potential stocks for our next trade.
The first is Costco Wholesale Corporation (COST). Costco is the paid membership retailer set up as a club with access to both its own branded products as well as others from leading brands.
Revenue gains continue to be strong through the stay at home and remote work environment that has led to consumers to stock up on grocery and other goods that Costco specializes in providing at discounted prices.
For the recent quarter alone, sales are up by over 16%. And while the company is not immune to cost pressures and labor conditions, it continues to maintain positive operating margins that is healthy for a retail-focused grocery company.
We see the potential price target for Costco at $545.28, which would represent a profit opportunity for us. But we are looking for a pullback in the price to find the right level for a potential entry.
The second stock is from Tyson Foods Inc. (TSN). This is one of the largest and leading meat producers in the US. It provides grocery stores, food distributors, food processors and other institutional food companies with its poultry, beef, pork and other protein-based foods.
Revenue is up strongly for the recent quarters due to product demand and inflated prices. The latest reported quarter shows a gain of over 23%.
Like for Costco, Tyson Foods also has had to deal with rising costs of doing business including for labor. But it continues to make it work for a positive operating margin that’s currently running at over 9%.
We see the potential price target for the stock at $97.95, which would represent a profit opportunity for us. But as for Costco, we are also looking for a pullback for the price of Tyson Foods for the potential right entry level.
If either of these two stocks move to set up an entry for a new trade, you will receive an alert from us.
Get The Full Rundown
To get the full rundown on this week’s markets and our latest discussions, be sure to check out today’s session recording on our website…
And for the latest on all of our stocks, click here.
Keep on trading,
Josh Martinez
Editor, Money Magnet Express