VZ - Can You Still Buy the Dow Jones' Best-Performing June Stocks?
2023-07-06 07:15:00 ET
The Dow Jones Industrial Average is a composite of stocks, with some doing better than others over any given period. In June, Caterpillar (NYSE: CAT) , Intel (NASDAQ: INTC) , and Verizon (NYSE: VZ) were all standouts. But does that make them worth buying as July gets underway? Here's a look at each of the Dow's best-performing June stocks.
Caterpillar makes the massive machines that power construction sites. The company had a very good first quarter, with revenues up 17% and adjusted earnings per share up 70%. But that's actually just a single quarter. The long-term success here is best summed up in the company's 29-year streak of annual dividend increases. You don't create a record like that by accident.
The real story, however, is about the long-term opportunity as the United States, and other countries, focus on upgrading infrastructure. That requires the type of equipment that Caterpillar sells, with the company's backlog sitting at a robust $30.4 billion at the end of the first quarter. Although the company's business is cyclical , rising and falling along with economic activity, it looks like there's a material long-term tailwind.
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Can You Still Buy the Dow Jones' Best-Performing June Stocks?