Northrop Grumman is among the most overbought stocks on Wall Street. Here are others

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Jerome Powell أخبار

Edison International,Aflac Inc,Northrop Grumman Corp

Some stocks have climbed so high, so fast that they are now regarded as 'overbought.'

A collection of stocks on Wall Street may have recently gotten ahead of themselves. The broader market edged higher on Friday after Federal Reserve Chair Jerome Powell gave the most concrete signal yet that an interest rate cut is imminent. The benchmark S & P 500 is on pace for about a 1.2% gain this week, while the Dow Jones Industrial Average and Nasdaq Composite have advanced 1% and 1.3%, respectively.

The company's second-quarter results in July surpassed Wall Street estimates on the top and bottom line, while Northrup's full-year revenue outlook also beat analyst expectations. But the stock's 14-day RSI of 81.4 could indicate shares have gotten ahead of themselves. Analysts polled by FactSet maintain a consensus hold rating on the stock, with their average price targets implying roughly 4% downside over the next year.

 

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