Oppenheimer's technical analyst Ari Wald said Monday that he recommends owning technology and financials and selling safety bets such as consumer staples.
Wald said the June rebalance of the iShares MSCI USA Momentum ETF (MTUM) , which he sees as an favorite indicator for the next 10 to 20 years, is a sign that tech and financials are worth buying.
Within the momentum ETF, Wald said he likes Apple Inc (AAPL) , Broadcom Ltd (AVGO) , Bank of America (BAC) , JPMorgan Chase (JPM) , Microchip Technology Inc (MCHP) , Mercadolibre Inc (MELI) , Reinsurance Group of America (RGA) and Regions Financial Corp (RF) .
It's time to sell consumer staples such as food products, which are "exhibiting share distribution and should continue to underperform," Wald said. He cited Archer Daniels Midland Company (ADM) , Conagra Brands (CAG) , Kellogg Co (K) and J.M. Smucker Co (SJM) as stocks to sell.
What's Hot On TheStreet
In a series of Tweets, Musk said the Model 3 has passed all regulatory requirements two weeks ahead of schedule and it is "expecting to complete SN1 on Friday", a reference to what could be the first model off the production line. The offering up of a delivery date is only likely to fuel Wall Street's obsession with Tesla and Musk. TheStreet takes a look at what is driving the infatuation.
The second half of the year is now underway: Get ready to pick some stocks. As the sun sets on the first half of 2017, TheStreet decided to look ahead to how the market may perform on the other side of June 30. We rounded up three of of top minds to ask what sectors and stocks they like going into the year's second half. While Amazon (AMZN) and Walmart (WMT) were two notable large-caps on the list, there are several other names that may come as a surprise.
Food halls are booming: As retailers like Macy's (M) , Sears, (SHLD) and J.C. Penney (JCP) sink deeper into the pit of no return, a star in the sector has risen and is shining brightly for purveyors and customers alike, TheStreet's Michelle Lodge reports.
The sparkly object? Food halls.
U.S. food halls are sprouting up everywhere, according to a new Cushman & Wakefield report: in the first nine months of last year, the number of food halls increased 61%, and more are in the pipeline, especially in New York, which has a fourth of them. By 2020, according to the study, some 200 major food halls, up from 150 currently, are expected to be operating throughout the country.
Google and AI: Google may be an "AI first" company, but few people who work there actually use the term artificial intelligence, TheStreet's Annie Palmer reports.
That's because it doesn't actually describe the seismic shift currently happening across all of the Alphabet Inc. (GOOGL) unit's products. The better word for that process is machine learning, which is the technology that's making our computers think and act more like humans, said Peter Norvig, an AI scientist and a director of research at Google, in an interview with TheStreet.
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