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ProPicks: January 2024 stock updates - What to buy, what to sell

Investing.com
·4-min read

December was another solid month for the US stock market, with the S&P 500 yielding 4.4% and the tech-heavy NASDAQ Composite an even better 5.5%.

The positive performance also pushed the Dow Jones Industrial Average to a record closing high of $37,710 on December 28th, cementing the best year for stocks since 2021.

But despite the solid year, analysts rightly argue that 2023 was a year for stock pickers, with a handful of stocks beating the market by a hefty margin, carrying a good chunk of the benchmark gains.

That’s why our flagship AI-powered stock-picking tool, ProPicks, kept on outperforming. In fact, for the second month available to the general public, all of our five strategies that are rebalanced monthly beat their benchmark indexes by a solid margin.

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Here’s the December performance of all the five strategies, followed by their full-year returns and their compounded 10-year performance:

Beat the S&P 500: December - 7.3%; FY23 - 47.8%; 10Y - 979.3% Dominate the Dow: December - 5.2%; FY23 - 28.1%; 10Y - 617.3% Tech Titans: December - 13.3%; FY23 - 28.9%; 10Y - 1,381% Top Value Stocks: December - 5.9%; FY23 - 54.7%; 10Y - 867.5% Mid-Cap Movers: December - 8.6%; FY23 - 40.3%; 10Y - 647.3%

As 2024 is set to continue being a great year for stock pickers, make sure to follow our strategies and outperform.

Below, find this month’s AI-powered stock picks that you should buy or sell to keep track of the ProPicks strategies that have a proven track record of beating the S&P 500. Remembering this feature is exclusive for InvestingPro users.

1. Beat the S&P 500

Here’s our AI-picked selection of the 20 top-performing stocks within the S&P 500 poised to outperform the market.

Strategy outperformance vs. S&P 500 (to 31.12.2023): +744.9%.

Stocks to buy:

Monolithic Power Systems (NASDAQ:MPWR) Charter Communications (NASDAQ:CHTR) The Goldman Sachs Group (NYSE:GS) Lennar Corporation (NYSE:LEN) ANSYS (NASDAQ:ANSS)

Stocks to sell:

The Cigna Group (NYSE:CI) GE HealthCare Technologies (NASDAQ:GEHC) Crown Castle (NYSE:CCI) Centene Corporation (NYSE:CNC) Autodesk (NASDAQ:ADSK)

See the full list of stocks in Beat the S&P 500 here.

2. Dominate the Dow

Rely on reliability with the best-of-the-best stocks trading on the Dow Jones.

Strategy outperformance vs. Dow Jones (to 31.12.2023): +429.7%

Stock to buy:

Amgen Inc (NASDAQ:AMGN)

Stock to sell:

The Boeing Company (NYSE:BA)

See the full list of stocks in Dominate the Dow here.

3. Tech Titans

Ride the tech wave with a selection of tomorrow’s potential tech kings.

Strategy outperformance vs. S&P 500 (to 31.12.2023): +1,146.6%

Stocks to buy:

DocuSign (NASDAQ:DOCU) Lattice Semiconductor Corporation (OTC:LTTC) Axcelis Technologies (NASDAQ:ACLS) InterDigital (NASDAQ:IDCC) Insight Enterprises (NASDAQ:NSIT) Allegro Microsystems (NASDAQ:ALGM) Manhattan Associates (NASDAQ:MANH) Perficient (NASDAQ:PRFT) Super Micro Computer (NASDAQ:SMCI)

Stocks to sell:

BlackLine (NASDAQ:BL) AppLovin Corporation (NASDAQ:APP) Nutanix (NASDAQ:NTNX) Trimble (NASDAQ:TRMB) Palo Alto Networks (NASDAQ:PANW), Inc. Zebra Technologies Corporation (NASDAQ:ZBRA) NetApp Napco Security Technologies (NASDAQ:NSSC) Belden (NYSE:BDC)

See the full list of stocks in Tech Titans here.

4. Top Value Stocks

Stocks with strong price-to-earnings ratios that are also potential bargains.

Strategy outperformance vs. S&P 500 (to 31.12.2023): +633.0%

Stocks to buy:

Caesars Entertainment (NASDAQ:CZR) Lennar Corporation Skyworks Solutions (NASDAQ:SWKS) FedEx Corporation (NYSE:FDX) DR Horton (NYSE:DHI) NVR (NYSE:NVR) Gen Digital (NASDAQ:GEN)

Stocks to sell:

Enphase Energy (NASDAQ:ENPH) PayPal Holdings (NASDAQ:PYPL) NetApp (NASDAQ:NTAP) Keysight Technologies (NYSE:KEYS) Airbnb (NASDAQ:ABNB) Humana (NYSE:HUM). Occidental Petroleum Corporation (NYSE:OXY)

See the full list of stocks in Top Value Stocks here.

5. Mid-Cap Movers

Boost your profit potential with mid-sized companies that have more room for growth than larger companies.

Strategy outperformance vs. S&P 500 (to 31.12.2023): +412.9%

Stocks to buy:

ODP Corp (NASDAQ:ODP) First Interstate BancSystem (NASDAQ:FIBK) Academy Sports Outdoors (NASDAQ:ASO) WaFd (NASDAQ:WAFD) Lattice Semiconductor Corporation Sterling Construction Company (NASDAQ:STRL) Grocery Outlet Holding (NASDAQ:GO) Abercrombie & Fitch (NYSE:ANF) M/I Homes (NYSE:MHO)

Stocks to sell:

Marriot Vacations Worldwide (NYSE:VAC) Caesars Entertainment Helen of Troy (NASDAQ:HELE) Quidel Corporation (NASDAQ:QDEL) Comerica Incorporated (NYSE:CMA) Blackline Inc (NASDAQ:BL) Jackson Financial Inc (NYSE:JXN). RH (NYSE:RH) Popular (NASDAQ:BPOP)

See the full list of stocks in Mid-Cap Movers here.

*The outperformance data is calculated from January 1st, 2013, until the specified date.

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