Each week I write a Rocket Stocks column in which I try to identify stocks that could move much higher in the coming week, no matter how the market does. The Rocket Stock picks are primarily for people who like to trade around catalysts.
In this week's
Rocket stocks column
I featured companies that were set to report earnings as well as a few potential snapback plays.
I first recommended
as an earnings play. While Cisco has yet to report, I believe we are going to see a typical "sell the news" reaction once the tech company's results are released after the close of trading today. With the stock now up about 4% since I wrote about it on Monday, I don't like the risk/reward as much now. I would book profits in Cisco and move on.
Next up is the refiner
, which I recommended as an arbitration play off of Kirk Kerkorian's $64-a-share tender offer for a 16% stake. The stock has risen 4% since I wrote about it on Monday, helped greatly by
earnings and upbeat outlook. Now that Kerkorian's Tracinda Corp. has launched its tender offer today, I would look to sell half my position into this news midday.
Also worth selling now is
, shares of which have risen roughly 3% since Monday. Historically, Nvidia sells off after earnings. It reports tomorrow.
Another Rocket Stock pick that's higher is
, up about 4% after reporting earnings today. I'd ring the register on that gain.
Estimates for these retailers are so low that no matter how horrible things are, these stocks should be trading higher. Here are my top
for the next year.
For an additional pick, I would be a buyer of the
UltraShort Oil and Gas ProShares
for a short-term trade. I think oil is overdone and could trade back to the mid-$80-a-barrel range. Trading at $39, UltraShort Oil and Gas ProShares seems to be offering a great entry point here.
To see rest of this weeks picks, check out the
At the time of publication, Altucher and/or his fund had no positions in stocks mentioned, although positions may change at any time.
James Altucher is president of Stockpickr LLC, a wholly owned subsidiary of TheStreet.com and part of its network of Web properties, and a managing partner at Formula Capital, an alternative asset management firm that runs a fund of hedge funds. He is also a weekly columnist for
The Financial Times
and the author of
Trade Like a Hedge Fund
Trade Like Warren Buffett
. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Altucher appreciates your feedback;
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