These 2024 losing stocks are contenders for selling – and they can help cut taxes, Wolfe says

  • 📰 CNBC
  • ⏱ Reading Time:
  • 25 sec. here
  • 14 min. at publisher
  • 📊 Quality Score:
  • News: 55%
  • Publisher: 72%

Breaking News: Markets News

Investment Strategy,Breaking News: Investing,Tax Planning

There are a few stocks that are sitting out the rally, and they could see further declines as investors dump them for tax-loss harvesting season, the firm says.

A handful of stocks have been noticeably absent from the 2024 rally, and they might see further declines as investors jettison their losing positions to save on taxes, Wolfe Research found. Even as the major averages have stumbled to start September, they've already posted solid gains for the year. The S & P 500 is up 15% in 2024, benefiting from a surge in the information technology sector amid excitement around artificial intelligence.

The recent quarterly results spurred a wave of downgrades from Wall Street, including BMO Capital Markets. "We are downgrading DLTR shares to Market Perform and cutting our to $68 as we no longer have conviction in the company's outlook to justify an Outperform," wrote BMO analyst Kelly Bania in a Thursday report. Her new price target assumes about 7% upside from Wednesday's close. ZoomInfo Technologies , which provides data for companies, was also on Wolfe's list.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in BUSİNESS

Business Business Latest News, Business Business Headlines