Home Depot (HD) – The company will report quarterly results on Tuesday of next week. Home Depot’s sole publicly-traded peer in the home improvement retail space, Lowe’s (LOW), will report on Tuesday, May 23. Investors should use results out of Home Depot and Lowe’s as a way to get an indication for how consumers are spending related to the housing and home markets.
Tapestry (TPR) – Perceived as a play on luxury fashion and apparel accessories. Tapestry is the parent company of Coach, Kate Spade, and Stuart Weitzman. The company will report quarterly earnings on Thursday before market open.
Upstart (UPST) – One of Wednesday morning’s biggest winners. Shares were up about 30% following better-than-expected quarterly results and strong guidance. The company describes itself as a credit services company, providing “a proprietary, cloud-based, artificial intelligence lending platform.”
Wag! Group (PET) – A play on the pet services space. Wag is a provider of a platform to allow pet owners to connect with pet caregivers for dog sitting, dog walking, and training. The stock was up 5% Wednesday morning following mixed quarterly results and 2023 guidance which was better than expected.
Shengfeng Development Limited (SFWL) – One of this week’s momentum plays. Shares rallied more than 100% on Tuesday despite no news catalyst. Investors and traders in the name took profit Wednesday morning; shares were down about 20%. This stock had several factors which contributed to the momentum this week: being a 1. low-float stock from a 2. China-based 3. overseas shipping company. These three categories have been known to create trading momentum.