Stocks finished higher Wednesday as investors looked ahead to U.S. jobs data but held firm to concerns that inflation could hamper the economic recovery.
The Dow Jones Industrial Average rose 25 points, or 0.07%, to 34,600, and both the S&P 500 and the Nasdaq gained 0.14%.
Stocks had finished mixed on Tuesday as investors’ optimism turned to concern that the Federal Reserve could put the brakes on the rebounding U.S. economy sooner than anticipated.
Here are several stocks that fell this past week and could present an opportunity to buy the dip.
1. Okta | -11.63% Past Week | -20.00% 1 Month
Okta (OKTA) – Get Report was falling this past week after posting a wider first-quarter loss and announcing the departure of its chief financial officer, but analysts were generally sticking with the identity-verification company.
Shares of the San Francisco company at last check were down 11% to $218.88. In March, Okta said it was acquiring rival Auth0 for $6.5 billion of stock.
TheStreet Quant Ratings rates Okta as a Sell with a rating score of D+.
2. Abbott Laboratories | -9.71% Past Week | -10.98% 1 Month
Abbott Laboratories (ABT) – Get Report Tuesday. Even though this is a disappointment for investors, Jeff Marks, Senior Portfolio Analyst at Jim Cramer’s Action Alerts PLUS, says “it’s actually a confirmation that the reopening is going very well right after this memorial weekend.”
“I think this is all a product of some of the loosening indoor and crowd gathering and mass restrictions that we are seeing ever since CDC eased its testing guidance for fully vaccinated individuals,” said Marks while speaking with Chris Versace, the co-manager of Trifecta Stocks and Stocks Under $10.
“We own Abbot Laboratories, which is a great device company,” said Cramer. To read more about how you can profit from Cramer’s advice and the insights from other Real Money contributors, click here.
In May, the House Committee on Oversight and Reform said AbbVie (ABBV) – Get Report used market power and the patent system to drive up the U.S. price of Humira, the world’s top-selling drug, even as prices fell overseas. Humira, which debuted in 2003 under Abbott Labs, generated $20 billion of revenue in 2020. AbbVie was spun out of Abbott Labs in 2013. AbbVie also is a part of the Action Alerts PLUS portfolio.
TheStreet Quant Ratings rates Abbott Laboratories as a Buy with a rating score of A.
3. TAL Education Group | -9.09% Past Week | -32.73% 1 Month
Shares of TAL Education Group (TAL) – Get Report have been on a decline after the Chinese education company disclosed a case of apparent sales fraud by an employee.
The company said in a statement that it “discovered irregularities and violations of the company’s business conduct and internal control policies by an employee in the company’s newly introduced ‘Light Class’ business,” during a routine audit. The company “suspects that the employee of question conspired with external vendors to wrongly inflate ‘Light Class’ sales by forging contracts and other documentation,” according to the statement.
TAL said “Light Class” sales accounted for approximately 3% to 4% of the company’s total estimated revenues for the fiscal year ended Feb. 29.
TheStreet Quant Ratings rates Tal Education as a Hold with a rating score of C-.
4. Danaher Corp. | -5.15% Past Week | -4.70% 1 Month
Danaher Corp. (DHR) – Get Report recently announced that it has appointed A. Shane Sanders to its board of directors and to its audit committee. This addition expands the size of Danaher’s board from 12 to 13 members.
“I like Danaher better than Medtronic (MDT) – Get Report,” said Cramer.
TheStreet Quant Ratings rates Danaher Corp. as a Buy with a rating score of A+.
5. Procter & Gamble | -3.59% Past Week | +0.03% 1 Month
Procter & Gamble (PG) – Get Report has been on the decline but shows some promise. Cramer said investors should diversify their portfolios and buy stocks like Procter & Gamble.
P&G Ventures, the early-stage startup studio within Procter & Gamble, has closed submissions from entrepreneurs, inventors, and startups for its next Virtual Innovation Challenge. Three finalists will be selected to virtually pitch to a panel of expert judges on July 14, and the winner will receive $10,000 and a chance to partner with P&G Ventures to continue developing their product.
TheStreet Quant Ratings rates Proctor & Gamble as a Buy with a rating score of A.
6. Medtronic | -3.58% Past Week | -5.44% 1 Month
Medtronic (MDT) – Get Report stock has been fluctuating after the company reported fiscal 2021 fourth-quarter results ahead of estimates while also resuming forward-looking guidance.
The Dublin-based company reported fourth-quarter earnings of $1.50 per share on revenue of $8.2 billion, a 37% year-over-year increase. Analysts were expecting earnings of $1.42 per share on revenue of $8.14 billion.
“Our recovery improved throughout the quarter, with most of our markets returning to near normal, pre-COVID growth rates,” said CEO Geoff Martha.
TheStreet Quant Ratings rates Medtronic as a Buy with a rating score of B+.
7. Match Group | -3.35% Past Week | -10.41% 1 Month
Match Group (MTCH) – Get Report shares traded higher this past month after the parent of dating apps Tinder and Hinge forecasted better-than-expected revenue this quarter amid ongoing COVID vaccine rollouts and corresponding business reopenings.
For the first quarter, Match’s revenue jumped 23% to $668 million vs. the consensus analyst estimate of $650.7 million.
Cramer spoke highly of Match Group when discussing Bumble (BMBL) – Get Report, saying “Bumble’s not going to make any actual reasonable profit that you see Match Group making.”
TheStreet Quant Ratings has no rating for Match Group.
8. Boston Scientific | -3.30% Past Week | -4.56% 1 Month
The medical device company Boston Scientific (BSX) – Get Report beat estimates for its first-quarter earnings and offered upbeat guidance.
Boston Scientific reported earnings of $327 million, or 23 cents a share, in the quarter, up from $11 million, or 1 cent a share, in the year-earlier period. The company expects full-year sales to grow 16% to 19% and present quarter sales to grow 46% to 50%.
TheStreet Quant Ratings rates Boston Scientific Corp as a Hold with a rating of C.
9. Thermo Fisher Scientific | -3.19% Past Week | -4.47% 1 Month
Thermo Fisher Scientific (TMO) – Get Report reported first-quarter earnings in late April, and earnings growth printed at an astounding annual rate of 145%, a third consecutive quarter of 91% earnings growth or more. And they did this on revenue growth of 59%, a fourth consecutive quarter of rapid acceleration.
“Demand for what this firm provides should only increase in my opinion as large swaths of the public start seeking out medical care for issues put on hold during the pandemic,” wrote Real Money contributor Stephen Guilfoyle.
“I like Thermo Fisher Scientific better than Medtronic,” said Cramer.
TheStreet Quant Ratings rates Thermo Fisher Scientific as a Buy with a rating score of A-.
10. Bristol-Myers Squibb | -3.10% Past Week | +3.65% 1 Month
Bristol-Myers Squibb Co. (BMY) – Get Report this past month agreed to pay the pharmaceutical company Agenus (AGEN) – Get Report up to $1.56 billion for the rights to its immuno-cancer treatment.
“Under the agreement, Bristol Myers Squibb will become solely responsible for the development and any subsequent commercialization of AGEN1777 and its related products worldwide,” the companies said.
TheStreet Quant Ratings rates Bristol-Myers Squibb Company as a Buy with a rating score of B.
NOTE: Recently, Quantitative Analysis by TheStreet Quant Ratings objectively rated these stocks according to their risk-adjusted total return prospect over a 12-month investment horizon. Not based on the news on any given day, the rating may differ from Jim Cramer’s view or that of this articles’ author.
Bristol-Myers Squibb is a key holding in Jim Cramer’s Action Alerts PLUS charitable trust. Want to be alerted before Jim Cramer buys or sells any stock? Learn more from Cramer and his membership team now.