Zacks.com featured highlights Arm Holdings, EMCOR Group, Golden Ocean Group, Interface and Acuity Brands

Zacks.com featured highlights Arm Holdings, EMCOR Group, Golden Ocean Group, Interface and Acuity Brands

Zacks Equity Research
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For Immediate Release

Chicago, IL – March 7, 2024 – Stocks in this week’s article are Arm Holdings plc ARM, EMCOR Group Inc. EME, Golden Ocean Group Ltd. GOGL, Interface Inc. TILE and Acuity Brands Inc. AYI.

5 Stocks with Recent Price Strength to Tap the Wall Street Rally

Wall Street ended an impressive February, marking the fourth consecutive positive month for all three major stock indexes. Last month, the Dow, the S&P 500 and the Nasdaq Composite – rallied 6.1%, 5.2% and 2.2%, respectively. In fact, the Dow posted its first four-month winning streak since May 2021.

U.S. stock markets have maintained their northward journey in 2024 after witnessing an astonishing 2023. Year to date, the Dow, the S&P 500 and the Nasdaq Composite – have advanced 2.3%, 7.1% and 8%, respectively.

Last week, all three major stock indexes saw the fourth consecutive month of positive ending. These three indexes posted several all-time highs on both an intraday and a closing basis in the first two months of this year.

The Wall Street rally is likely to continue. The Department of Commerce reported that the U.S. economy grew at a clip of 3.2% in fourth-quarter 2023, well above the initial consensus estimate of 2%.

U.S. GDP rose 2.5% in 2023 compared with a 1.9% rise in 2022. At the beginning of 2023, the consensus estimate for full-year GDP was 2%. On Mar 1, the Atlanta Fed GDPNow tracker forecast a 2.1% growth rate for first-quarter 2024, indicating no chance of a near-term recession.

As a result, a few stocks have shown price strength. We have selected five stocks likely to gain in the near term on the back of a favorable Zacks Rank. These companies are — Arm Holdings plc, EMCOR Group Inc., Golden Ocean Group Ltd., Interface Inc. and Acuity Brands Inc.

Here’s How We Arrived at the Picks

We have primarily targeted stocks that have freshly been on a bull run. Stocks seeing price strength recently have a high chance of carrying the momentum forward.

If a stock is continuously witnessing an uptrend, there must be a solid reason or it would have probably crashed. So, looking at stocks capable of beating the benchmark that they have set for themselves seems rational.

However, recent price strength alone cannot create magic. Therefore, other relevant parameters are needed to create a successful investment strategy.

Here’s how you should create the screen to shortlist the current as well as the potential winners.

Let’s discuss five out of these eight stocks:

Arm Holdings architects, develops, and licenses central processing unit products and related technologies for semiconductor companies and original equipment manufacturers. ARM offers microprocessors, systems intellectual property (IPs), graphics processing units, physical IP and associated systems IPs, software, tools, and other related services.

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