News

• (0:30) - Finding The New Hot Stock As We Move Away From The Pandemic Winners
• (5:30) - Stocks To Keep On Your Watchlist Right Now
• (28:45) - Episode Roundup: SKX, CMG, BKNG, JPM, STRL, LULU, SBUX, SHOP, SQ, ZOOM

Welcome to Episode #401 of the Zacks Market Edge Podcast.

Every week, host and Zacks stock strategist, Tracey Ryniec, will be joined by guests to discuss the hottest investing topics in stocks, bonds, and ETFs and how it impacts your life.

This week she has gone solo to discuss the great rotation of 2024. While this bull rally began in October 2023, it picked up steam this year. But this bull is not being led by the same stocks that led the market to new highs in the pandemic.

A new group of stocks, led by the AI revolution, are providing the catalyst. Also, some old economy names and even some banks have joined the “all-time high” club.

What stocks are leading this new bull?

The Hottest Stocks to Buy in 2024

1. Skechers U.S.A., Inc. (SKX)

Skechers, the shoe and accessories global retailer, is expected to grow earnings by 15.2% in 2024. Shares of Skechers have hit new all-time highs in 2024, up 11.3%.

It’s still cheap. Skechers has a forward P/E of 16.9. It’s also a Zacks Rank #1 (Strong Buy) stock.

Should investors keep Skechers on their short list?

2. Chipotle Mexican Grill, Inc. (CMG)

Chipotle Mexican Grill is one of the top growth stories on Wall Street. It is expected to grow earnings by 23.2% in 2024.

Shares have hit new all-time highs, up 39% in 2024. Chipotle is not cheap. It is trading with a forward P/E of 57.8.

Is it too late to buy Chipotle or is there more gas in the tank?

Booking has recovered from the travel downturn during the pandemic. Earnings are expected to rise 17.3% this year.

Shares of Booking, while hitting new all-time highs, are up just 6.9% year-to-date. It’s attractively priced. Booking trades with a forward P/E of 21.

Should Booking be on your short list?

4. JPMorgan Chase & Co. (JPM)

A bank on a hot stock list? JPMorgan Chase is hitting new all-time highs in 2024 even though earnings are expected to fall 0.1%.

The stock is attractively priced with a forward P/E of 12.2. Investors should also look at a bank’s P/B ratio. The attractive range is between 1.0 and 2.0. JPMorgan Chase has a P/B ratio of 1.86.

Should you consider a bank like JPMorgan in 2024?

5. Sterling Infrastructure, Inc. (STRL)

Sterling Infrastructure engages in e-infrastructure, building solutions and transportation in the United States. That business includes data centers, which are red hot in 2024. Earnings are expected to be up 14.8% this year.

Shares of Sterling Infrastructure have busted out to new all-time highs this year, gaining 54% year-to-date. It’s still attractively priced with a forward P/E of 25.

Is Sterling Infrastructure the way to play the data center boom?

What Else Should You Know About the Hottest Stocks of 2024?

Tune into this week’s video podcast to find out.

[In full disclosure, Tracey owns shares of Booking in her own personal portfolio.]

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.