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How to Trade 5 Most-Searched Stocks
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Staff Reporter
In the interest of giving the people what they want, we decided to get Cort Gwon, director of trading strategies and research at FBN Securities, to weigh in with investment strategies for the most popular stocks (ranked by search volume on TheStreet).
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The list is a mixed bag of familiar names. Not surprisingly, the stocks themselves tend to be among the volume leaders for their respective exchanges as well.
The financial sector is represented by Citigroup [C
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] and Bank of America [BAC
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], which are regularly at the top of the New York Stock Exchange's volume chart.
Intense reader interest in Apple [AAPL
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] is no shocker either, given the company's passionate following, and the news surrounding the release of the iPad in the spring and later the iPhone 4 during the summer.
American icon Ford Motor [F
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], which last week said July sales were up 5% year-over-year, is also heavily followed by TheStreet's readers.
Rounding out the list is BP [BP
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], a constant presence in the headlines in the wake of the Deepwater Horizon oil spill in the Gulf of Mexico on April 20.
While many investors are long these stocks, Gwon was willing to offer some alternative approaches to investing in the equity of these companies. FBN Securities doesn't have ratings on any of these companies.
FBN customers come to me and frequently ask what they should do with a stock," Gwon says. "I review each request and tell them what the best approach would be in their situation."
5) Bank of America:
According to recent Thomson Reuters data, 20 of the 28 analysts covering Charlotte, N.C.-based Bank of America have either "strong buy" or "buy" ratings on the stock. The shares haven't cooperated for long-term investors this year, however, and were down more than 17% in 2010 through Friday's close.
"The stock has been in a steady downward channel as housing sales slowed and financial reform has become law," Gwon says.
From a technical standpoint, Gwon thinks the shares look like they are poised for another leg down, although the trading in recent sessions points toward the stock building a flat trading base and that could be an opportunity.
Data is a real-time snapshot *Data is delayed at least 15 minutes
