Each week I write a Rocket Stocks column and compile a Rocket Stocks portfolio in which I try to identify stocks that I believe are poised for a significant move higher in the coming week.
Despite the wicked
-induced selloff Tuesday, there are five more stocks that I want to quickly highlight; all of which I believe have the potential to move higher.
First up is
which was actually up as much 4.6% even though the market was down 300 points yesterday. Cisco saw its gains on the day due in part to news that
picked it to upgrade its new carrier-routing system. Additionally, Cisco has that massive $10 billion stock-buyback in place and is a favorite of main of the top hedge funds.
Another stock that has fallen to very low valuations is
, which was down 4.3% yesterday to less than $89 a share. Boeing is not levered to the U.S. economy; in fact it is actually a play on rising commodities and a worldwide rise in the number of middle-class people. With a backorder locked in for seven years, worth about $250 billion, Boeing at these levels seems a very interesting opportunity.
Another stock that seems interesting here is
. Yesterday the company's CEO, Richard Clark, hinted that Merck might have eight new drugs in its pipeline, which is substantially higher than what analysts are projecting. Merck has been on a great rally this year, raising earnings guidance each time quarter settings a massive earnings standard. Merck also offers investors some protection during an economic slowdown as people will still continue to buy Merck's products despite current or slower economic conditions.
Global growth is still intact, no matter what the Fed does. China and India's GDP growth numbers are near or above double-digits and internationally based stocks are the best ways to play this expansion. Last night we saw
raised its 2007 outlook and 2008 guidance. Manitowoc said sales at its crane division should grow by more than 20% next year, and that is after seeing 100% year-over-year growth in its backlog.
I also like select technology names such as
; both stocks were up nicely yesterday but finished slightly lower. Historically, lower interest rates have catered to high-growth technology companies such as these.
Finally, as volatility increases, a great place to talk over your trades and investing ideas is the
. Get feedback from other members of the Stockpickr community, including Jim Cramer and myself.
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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