Top 2 Consumer Stocks You May Want To Dump In Q3
Author: Avi Kapoor | August 08, 2024 08:08am
As of Aug 8, 2024, two stocks in the consumer discretionary sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the RSI is above 70, according to Benzinga Pro.
Here's the latest list of major overbought players in this sector.
VF Corp (NYSE:VFC)
- On Aug. 6, V.F. reported better-than-expected first-quarter financial results. Bracken Darrell, President and CEO said, “As I complete my first year at VF, I feel more energized than ever. While the business is still down, the rate of decline moderated quarter-over-quarter versus Q4 and across almost all our brands. We advanced further on the Reinvent transformation plan. We are on track to deliver our targeted cost savings and we have addressed one of our top financial priorities to strengthen the balance sheet with the announced sale of Supreme.” The company's stock gained around 31% over the past month and has a <a href=”https://www.benzinga.com/quote/VFC”><em>52-week high of $21.17 </em></a>.
- RSI Value: 70.21
- VFC Price Action: Shares of VF gained 7.1% to close at $17.60 on Wednesday.
Revolve Group Inc (NYSE:RVLV)
- On Aug. 6, Revolve Group reported better-than-expected second-quarter financial results. “I’m thrilled with our team’s performance that fueled a strong second quarter, highlighted by a return to top-line growth and a more than doubling of our net income year-over-year,” said co-founder and co-CEO Mike Karanikolas. “Key contributors to our strong results were significantly improved marketing efficiency and greater efficiency in our logistics costs, helped by the first year-over-year decrease in our return rate in more than three years.” The company's stock gained around 54% over the past month and has a 52-week high of $23.49.
- RSI Value: 73.15
- RVLV Price Action: Shares of Revolve jumped 32.7% to close at $23.31 on Wednesday.
Read Next:
Posted In: RVLV VFC
