This week the markets await earnings reports. But we may already see signs of good news coming from the financial sector.
According to FierceFinance.com, Bank of America (BAC:NYSE) and Goldman Sachs (GS:NYSE) are among banks in hiring mode. Per the article, “Goldman Sachs announced recently in [sic] will hire 200 people in its asset management unit – ‘an area where advisers, account managers, project managers, risk managers and analysts are the most sought-after role,’ reports CNBC.”
Already banking stocks are helping to push stock markets higher. RTT News reports the banking sector strength is reflected by the 2.2% gain currently being shown by the Kbw Bank Index. Additionally, Wells Fargo (WFC:NYSE) climbed 5.7%. Capital One Financial Corporation (COF:NYSE) saw record gains of 6.6%.
Additionally, Goldman Sachs raised its view on large banks to "attractive" from "neutral." The Washington Examiner reports that in a recent research note, “Goldman analysts wrote that investors have failed to recognize the relative strength of large banks such as JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co., compared with regional banks.”
But beyond banks seeing some positive signs, other companies expected to report earnings this week include Alcoa, Costco and Monsanto. Later in the week, you can expect earnings reports from International Speedway, Marriott International and PepsiCo.
We’ll also hear from Family Dollar Stores (FDO:NYSE). As you might have heard, Family Dollar Stores was denied the hearing appeal of a $35.6 million verdict finding in favor of store managers who said they were denied overtime pay.
According to Reuters, “The suit alleged that Family Dollar violated the Fair Labor Standards Act by classifying the plaintiffs and other store managers as exempt employees who were not entitled to overtime compensation.”
Family Dollar shares are up 19 cents, or 0.7%, to $26.82. But let’s look at another discount store, 99 Cents Only Stores (NDN:NYSE).
Fox Business says, “With nifty promotions like the ‘Design-your-own backpack and win $10,000 dollars for the best design,’ it's no surprise NDN has made some inroads into a realm that wasn't traditionally theirs in the past.”
Editor Kent Lucas of Taipan’s Safe Haven Investor sees 99 Cents Only Stores as a safe bet for investors. The store sells name-brand general consumable goods such as household items and toys for 99 cents. There are 271 stores across the country.
The stock was originally recommended to Safe Haven Investor readers at around $7.90. Currently, it trades at around $13.06. In fact, the company’s stock price has doubled over the past year. That means investors following this recommendation would have seen a 65% gain on this stock.
If you’d like to know more about the safe stocks Kent has recommended to his readers, you can download this Special Report on Safe Haven Investor.
Other Articles Related To This Topic:
