This story was originally published here.
It’s all about the news for many on Wall Street. But headlines are also prone to fading away or even revision, as we’ve seen this week. It literally can be “yesterday’s news” in a jiffy. And opportunistic investors can occasionally turn to the price chart and use others’ distress from the latest news report to find excellent stocks to buy cheap. Let me explain.
In Friday’s first half of trade, the headlines are insisting it’s all about escalating tensions between the world’s two largest super powers. But that’s not exactly new news, is it? We’ve seen this type of political theater before. And on each of those countless headline warnings, as others were fearfully selling, investors purchasing the panic were rewarded.
Still, the fact is, extracting profits from headlines or timing entries and exits based on the latest news is tricky business. This week’s bullish stimulus promises from Federal Reserve Chairman Jerome Powell following last week’s scary recession warning, or Moderna’s (NASDAQ:MRNA) countering novel coronavirus vaccine reports, are other news headlines that have drained more wallets than they’ve fattened.
To be clear, sometimes headlines suggesting a specific course of action are the real deal. But more often than not, Wall Street is buying those sold goods as others are dumping. As such, let’s explore three stocks to buy with bearish stories of their own this week … and much more durable price charts to buy into.
News Stocks to Buy: Take-Two Interactive (TTWO)
Source: Charts by TradingView
Big-time video game publisher Take-Two Interactive is the first of our stocks to buy. Shares fell nearly 6% Thursday as investors digested a stronger-than-forecast earnings release. The company behind wildly popular series like Grand Theft Auto, Red Dead Redemption and NBA2K also detailed a five-year plan which will deliver Take-Two’s “strongest pipeline in company history.” That’s good news, right?
The report does appear to have been a solid Q4 print. However, management did warn 2021 will be light on new releases and that the company will invest slightly more into R&D. And an in-tow modest revision to revenues just beneath analyst views appears to have been sufficient incentive for investors to take profits.
But the game for bullish investors is just getting started on Take-Two’s price chart.
Technically, yesterday’s profit-taking is today’s opportunity. Shares have pulled back to test their prior pattern and all-time-high after staging a sizable and very constructive breakout from a two-year long bullish inverse head and shoulders pattern. This news stock to buy is in position for purchase and I’m personally still confident our price target of $180-$200 for Take-Two stock will be captured.
Editor's Note: Click here for the other two stocks.
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