BTIG said some stocks could be candidates for a breakout as investors react to discussions at the Federal Reserve’s annual meeting in Jackson Hole, Wyoming. Fed Chair Jerome Powell could provide insight into the likelihood and depth of a rate cut at the central bank’s September meeting. Investors are generally expecting a cut, according to futures prices on CME Group’s FedWatch tool, but there is still much debate about how strong the move will be. Early Thursday, stocks had been hovering near record levels ahead of Powell’s remarks on Friday, but have since retreated. BTIG remains cautious on the broader market and indexes, with its chief market technician Jonathan Krinsky claiming, “We would be surprised if the SPX broke its previous highs without further consolidation.” “Given the volatility, a clear ‘sell the news’ on Friday is less likely in our view, as there is now room for (volatility) declines into the weekend,” he said. With caution at the index level, BTIG has selected several stocks that could make technical moves to trade the upcoming Jackson Hole meet. Shares of gaming and creative platform Roblox are down about 4% year-to-date. BTIG’s Buy rating and $47 per share price target imply more than 8% upside from Wednesday’s closing price of $43.35. RBLX YTD Mountain Roblox Stock. Second-quarter bookings recently beat Wall Street estimates, rising 21% year-over-year. Roblox also raised its full-year bookings forecast to a range of $4.18 billion to $4.23 billion, while analysts surveyed by FactSet were forecasting $4.08 billion. Online reseller eBay also made the list. Shares are up more than 35% in 2024. EBAY YTD Mountain eBay Stock. Ebay’s second-quarter results beat analyst estimates for revenue and earnings in early August, and executives gave a higher-than-expected outlook for annual earnings. Ebay expects earnings in the range of $1.15 to $1.20 per share, excluding special items, while analysts surveyed by FactSet expected $1.13 per share. ADP has seen its stock price rise more than 15% in 2024, but the company has also managed to. ADP YTD Mountain ADP stock. The payroll and human resource management company beat fourth-quarter estimates for revenue and earnings. ADP earned $2.09 per share, excluding special items, on revenue of $4.77 billion, while analysts surveyed by FactSet expected earnings of $2.06 on revenue of $4.74 billion.
:max_bytes(150000):strip_icc()/GettyImages-1477862768-758282f00e4c49ddab407d595fdc2e7b.jpg "This is how Starbucks shares have performed under their CEOs since their IPO")
