The March of Santa Claus returned on Wednesday, albeit with little conviction and limited breadth.
Another day of broader taming has turned the spotlight on individual stocks, and interestingly enough, the price movements of two very different companies have been tied to the South Korean tech giant Samsung.
Biogen (BIIB, +9.5%) Shares surged after the Korea Economic Daily reported, citing investment banking sources, that Samsung is in talks to buy the biotech company for $42 billion – which would be its biggest ever deal.
Wed is also a computer memory maker micron (MU, +3.5%) enjoyed good stock after reports that the COVID outbreak at a Chinese factory forced Samsung – a major competitor – to scale back some production.
The broader market continues to be driven by cautious optimism that the impact of the omicron COVID variable on stocks will ultimately be modest.
“Viruses tend to become more contagious and less deadly as they evolve; we think this is happening to the COVID virus,” says Paul Zimsky, chief investment officer for multi-asset strategies and solutions at Voya Investment Management. “Markets have decided that Omicron will not have a long-term negative impact on the economy, and therefore will not cause a major sell-off.”
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the Standard & Poor’s 500 (+0.1% to 4,793) managed to break its new high of 70 straight for the year, while Dow Jones Industrial Average (+0.3% to 36,488) extended its winning streak to six sessions. However, the Nasdaq Composite It fell (-0.1% to 15,766) for the second day in a row.
Other news in the stock market today:
- beanie hat Contact 2000 It managed to gain 0.1% to 2,249.
- US crude oil futures contracts It rose after Energy Information Administration data showed a decline in US crude oil inventories, to finish up 0.8% to $76.56 a barrel.
- gold futures contracts It fell 0.3% to $1,805.80 an ounce.
- Bitcoin It was just under 1.0% at $47361.89. (Bitcoin is traded 24 hours a day; prices listed here are as of 4pm)
The Professionals’ Top Picks for 2022
2022 will be full of attractive investment opportunities, but figuratively speaking, you might do better with a spray gun than with a water balloon.
Morgan Stanley is among the bearish groups for 2022, saying that “with financial conditions tightening and earnings growth slowing, the 12-month risk/reward for broad indices looks unattractive at current prices.” But, they added, “strong nominal GDP growth should continue to provide plenty of good stock-level investment opportunities for active managers.”
We at Kiplinger have already weighed a lot over the past few months, presenting our best stock ideas for 2022, as well as a long list of value propositions for what many expect to be a value-friendly environment. So, today we’ll share with you what the Wall Street pros have to say.
The list of the 22 best professional stocks to invest in for 2022 is a diverse holding that covers most of the 11 sectors – which is understandable given that analysts aren’t entirely in agreement on the source of the market’s gains. Each of these picks has a strong consensus rating of buy among the covering analysts who have talked about these stocks over the past three months.
Check out the link above to discover what these high-conviction picks are, and what about them gets Wall Street so excited.