Not all stocks can rally to new heights in the current bull market. Markets have been on a tear this year, largely boosted by the artificial intelligence trade. AI darlings such as Nvidia have led the charge forward, with the graphics processing unit manufacturer up an eye-watering 176% so far this year. The current bull market rally has seen all three major averages notching record high closings. The S & P 500, Dow Jones Industrial Average and Nasdaq Composite have respectively added 15%, 3% and 19% in 2024. With a series of rate cuts slated for the future, most investors seem optimistic that the rally will at least be able to sustain its current levels. Some believe that equities could climb even higher from here. But even with the prospects for the overall stock market looking rosy, some tickers stand out in a negative way. Using data from LSEG, CNBC Pro screened for the stocks in the Nasdaq 100 that analysts expect to fall at least 5% or more going forward. Nvidia , which just completed a 10-for-1 stock split , found itself on the list of names that could be poised for a selloff. While average analyst consensus has the stock at a buy rating, the consensus price target also forecasts an 11% pullback from its current level. On Tuesday, a tweet from Bespoke Investing Group called Nvidia a megacap stock in “extreme overbought territory,” as the ticker is trading at a level that is two standard deviations higher than its 50-day moving average. Another name on the list was semiconductor equipment maker Lam Research . The stock has climbed 34% this year, jumping earlier this month after Lam Research unveiled a $10 billion share buyback plan and 10-for-1 stock split. Semiconductor stocks KLA , Qualcomm and Texas Instruments were the other names on the list that could soon see a pullback. The stocks have respectively added 43%, 48% and 13% this year. — CNBC’s Fred Imbert contributed to this report.
These Nasdaq stocks are expected to fall as the latter half of the year begins
Jun 23, 2024
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