The stock market can often feel like an exhilarating yet unpredictable rollercoaster ride. The second quarter of 2024 has been no different, marked by highs, lows, and a blend of optimism and uncertainty. In this dynamic landscape, the key to successful investing lies in data-driven insights. FINQ, a groundbreaking platform, leverages AI to transform complex market data into clear, actionable insights, empowering investors at every level to make informed decisions.
FINQ stands out not as an investment advisor but as a technological powerhouse that decodes market complexities. One of its flagship offerings, FINQFIRST, dynamically updates the rankings of top S&P stocks by analyzing expert opinions, public sentiment, and solid financial data. Let's delve into the top-ranked stocks of Q2 2024 and the impressive performance of FINQFIRST, along with a glance at the bottom-ranked stocks in FINQLAST for potential short-selling opportunities.
Market overview
The second quarter of 2024 kept investors on their toes. The S&P 500 gained 10% from the first quarter, but unexpected inflation spikes and global policy shifts caused fluctuations. The quarter saw both highs and lows, with major indices hitting record levels at times. Inflation cooled slightly in April and May, leading to a market rally, and by mid-June, the Nasdaq hit five consecutive record closes.
FINQFIRST: Top-ranked stocks
FINQFIRST’s innovative AI-driven approach leverages Professional Wisdom, Crowd Wisdom, and Financial Fundamentals to rank the top stocks daily. Here are the top five stocks of Q2 2024:
1. Amazon.com Inc. (AMZN)
- Financials: Net sales surged to $143.3 billion in Q1 2024.
- FINQ rankings: Consistently in the top two, with perfect scores in Professional Wisdom and Fundamentals, though its Crowd Wisdom score stands at 20/100.
2. ServiceNow (NOW)
- Financials: Subscription revenues jumped to $2,523 million, a 25% increase.
- FINQ rankings: Moved from 37th to 2nd, now boasting impressive scores of 91 in Professional Wisdom, a perfect 98 in Crowd Wisdom, and another perfect 100 in Fundamentals.
3. Salesforce Inc. (CRM)
- Financials: Q1 revenues climbed to $9.13 billion, with a significant increase in operating cash flow.
- FINQ rankings: Consistently in the top 10, with perfect scores in Crowd Wisdom and Fundamentals.
4. Uber Technologies Inc. (UBER)
- Financials: Gross Bookings surged by 20% in Q1 2024.
- FINQ rankings: Improved from 11th to 4th, with high scores in Professional Wisdom, Crowd Wisdom, and Fundamentals.
5. NVIDIA Corporation (NVDA)
- Financials: Posted a $26.0 billion quarterly revenue in Q1 2024, up 262% from last year.
- FINQ rankings: Scores of 88/100 in Professional Wisdom, 90/100 in Crowd Wisdom, and 33/100 in Fundamentals.
FINQFIRST vs. S&P 500
- Long-term growth: Since its start on August 24, 2022, FINQFIRST has gained 68.70%, while the S&P 500 has climbed 30.04%.
- Year-to-date performance (as of June 28, 2024): FINQFIRST is up 21.10%, surpassing the S&P 500’s 15.13%.
- Recent performance: FINQFIRST returned 5.97% in the last month, outperforming the S&P 500’s rise of 3.20%.
FINQLAST: Bottom-ranked stocks for short-selling
FINQLAST uses AI to identify stocks suitable for short-selling, based on Professional Wisdom, Crowd Wisdom, and Financial Fundamentals. Here are the top five candidates for short-selling in Q2 2024:
1. Loews Corp. (L)
- Financials: Net sales dipped to $21.364 billion in Q1 2024.
- FINQ rankings: Persistent low scores, making it a top short-selling candidate.
2. Davita Inc (DVA)
- Financials: Mixed results with a troubling negative operating cash flow.
- FINQ rankings: Scores indicate ongoing operational risks.
3. Viatris Inc (VTRS)
- Financials: Fourth consecutive quarter of revenue growth, but significant challenges remain.
- FINQ rankings: Indicates potential for downturn due to strategic and operational risks.
4. Fastenal Co (FAST)
- Financials: Slight sales increase but facing margin pressures.
- FINQ rankings: Vulnerabilities make it a viable short target.
5. Allegion PLC (ALLE)
- Financials: Revenues fell slightly in Q1 2024.
- FINQ rankings: Risks and declining fundamentals suggest short-selling potential.
FINQLAST vs. S&P 500 Short index
- Long-term growth: Since launching on August 24, 2022, FINQLAST has gained 16.68%, while the S&P 500 Short Index has dropped by -30.27%.
- Year-to-date performance (as of June 25, 2024): As of June 25, 2024, FINQLAST has a decrease of -0.27% this year, outshining the S&P 500 Short, which has declined by -15.32%.
- Recent performance: FINQLAST had a slight decline of -0.01%, while the S&P 500 experienced a modest gain of 0.07%.
FINQ: Empowering informed investing
FINQ's AI-powered insights along with its relative and continuous stock rankings offer a valuable resource in the changing market landscape. By providing accessible and actionable data, FINQ supports investors in staying informed about market trends and making informed investment decisions.
With FINQ, investors can identify top-performing stocks and potential short-selling opportunities, leveraging its innovative approach to gain insights. Explore the future of investing with FINQ and enhance your approach to the stock market.
FINQ AI LLC. is a rankings publisher and not an investment adviser, and, therefore, is not subject to the substantial restrictions an investment adviser must follow in displaying performance results. The performance results shown above do not comply with or purport to comply with those requirements. It is not a fiduciary. Any comparison of our performance with those of a registered investment adviser, investment company or other regulated entity should be done with the assistance of a professional, registered adviser or other fiduciary.
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