BABA - 3 Stocks to Avoid in 2024
2024-01-02 06:30:00 ET
Wall Street closed out 2023 on fire, moving higher for the final nine trading weeks of the year. But there are still stocks sinking in the rising tide. I thought my three stocks to avoid for last week -- Alibaba Group (NYSE: BABA) , Steelcase (NYSE: SCS) , and JD.com (NASDAQ: JD) -- were going to lose to the market. They rose 3%, slipped 3%, and ascended 5%, respectively, for an average gain of 1.7% for the week.
The S&P 500 moved 0.3% higher, so I fell short. I have still been right in 70 of the past 114 weeks, or 61% of the time.
Now is as good a time as any to end this weekly column. I don't mind letting my inner pessimist out -- and I will continue to call overpriced stocks out -- but making short-term weekly market calls has never been a part of my long-term investment strategy. I'm going to close by stretching my timeline. Forget about the week ahead. Let's look at stocks that can come undone over the course of the new year. I see Apple (NASDAQ: AAPL) , Cal-Maine Foods (NASDAQ: CALM) , and Tesla Motors (NASDAQ: TSLA) losing to the market in 2024. Let's go over my concerns with three very different investments.
For further details see:
3 Stocks to Avoid in 2024