One of Saxo’s leading market analysts, Jessica Amir, has highlighted five stocks to watch this week based on timely newsflow.
Rivian
“EV maker Rivian is recalling 13,000 vehicles it delivered to customers, that’s nearly all the vehicles it sold. It comes as the company found a minor structural defect. Even though Rivian says the issue was discovered in seven vehicles, it recalled all out of caution.”
JPMorgan
“JPMorgan is the 14th biggest US stock among the S&500. It’s due to report third-quarter financial quarter results in the second week of October along with Morgan Stanley and Citigroup. The two key things to watch with banks are their net interest margin and if that’s improving or weakening. Secondly, keep an eye on the quality of the banks’ loan books – and if they’ve deteriorated or improved.”
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Fortescue Future Industries
“Fortescue Future Industries, teamed up with fellow ASX-listed company Incitec Pivot (IPL) to convert IPL’s ammonia facility into a hydrogen electrolysis hub. A Final Investment Decision is not expected to be made until 2023. However, it is hoped the hub will produce green ammonia, which can be exported, used in fertilizer, or used as a low-carbon fuel source for heavy transport, airports, and ports.”
Marathon Oil
“Marathon Oil is also one of the best performers in the S&P500 so far this month, up 20%. Marathon Oil along with many oil and gas producers have been rallying this month following the Oil price (West Texas Intermediate) moving up 16% in 11 days. It comes as OPEC+ agreed to reduce oil output by 2 million barrels a day from November. So the market is once again dealing with supply fears in the oil market.”
Dexcom
“Dexcom is so far the best performing stock in the S&P500 this month up 24% after announcing its newest glucose wearable device, Dexcom G7 is available globally, to those with diabetes aged 2 years and over. The wearable device is now selling in the UK, Ireland, Germany, Austria, and Hong Kong, with launches to take place soon in New Zealand and South Africa.”
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