Do You Have These Consumer Stocks On Your Watchlist This Week?
When it comes to consumer stocks in the stock market, investors often have plenty of choices to pick from. Despite the ongoing pandemic and inflation fears, some of the top consumer stocks posted strong gains in 2021. Many even believe that travel and leisure are sectors ripe for investing in this year as rising case counts may not deter consumers from taking holidays. Apart from this section of the market, other parts of the consumer economy continue to press ahead.
For instance, Ford Motor Company (NYSE: F)announced that it is planning to nearly double the production of its highly anticipated electric F-150 Lightning. In fact, the all-electric pickup’s initial planned production was about 40,000 units. In September last year, it was increased to 80,000 units, and now, almost doubled to 150,000 units. Evidently, this shows strong consumer demand for the pickup.
Meanwhile, online sports betting is now officially legal in New York. Last Thursday, the state’s gaming commission gave the green light to four mobile betting operators to start taking wagers last Saturday. As such, the Gambling.com Group (NASDAQ: GAMB) has developed two New York specific websites for betters to find up-to-date info on sports betting. With all this news in the consumer market, here are 5 top consumer stocks to watch in the stock market today.
Consumer Stocks To Watch In The Stock Market Today
- Gamestop Corporation (NYSE: GME)
- DraftKings Inc. (NASDAQ: DKNG)
- Discovery Communications Inc. (NASDAQ: DISCA)
- Home Depot Inc. (NYSE: HD)
- eBay Inc. (NASDAQ: EBAY)
Gamestop
Starting off our list, we have GameStop, one of the largest video game retailers in the world. The company focuses on offering games, entertainment products, and tech through its e-commerce properties and stores. In the past year, the stock has received a ton of retail trader attention, pushing its valuation to new highs. In fact, GME stock has risen over 600% in the past year.
Just last week, GameStop announced that it will be launching a division to develop a marketplace for non-fungible tokens (NFTs). Accordingly, the NFT marketplace will focus on virtual video game products. This includes outfits and accessories for avatars, which users can deploy in various games. Currently, GameStop has hired 20 people to work on the NFT marketplace. It is also reportedly working with two crypto companies to develop games that use blockchain and NFT technology, according to a source familiar with the matter who spoke to the Wall Street Journal. With that being said, is GME stock one to watch?
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DraftKings
DraftKings is a company that operates as a digital sports entertainment and gaming company. The company aims to provide users with daily sports and sports betting opportunities. On top of that, it also develops and licenses sports betting and casino gaming platform software for online and retail sportsbooks. With DKNG stock falling more than 60% since its peak in March last year, could things finally be turning around?
As New York became the 18th state to legalize online sports betting, DraftKings launched its mobile and online sportsbook last week. The company was among the first few operators to launch in the Empire State. Subsequently, this launch comes ahead of the NFL Playoffs, arguably one of the busiest periods for betting activity in the year. The state gaming commission gave the green light to four of the nine operators who have met the necessary requirements to operate. Given this news, is DKNG stock worth considering right now?
Discovery
Discovery is a global media company. In detail, the company provides content across multiple distribution platforms, ranging from pay-television (pay-TV) to direct-to-consumer (DTC) subscription products. The company’s portfolio consists of brands that may be familiar to many. Namely, Discovery Channel, Food Network, Animal Planet, and Travel Channel.
Last Friday, DISCA stock was upgraded to buy from neutral at Bank of America (NYSE: BAC), or BofA for short. This upgrade was based on the optimism about the TV titan’s merger plan with WarnerMedia, now owned by AT&T (NYSE: T). With the combination of highly complementary assets, the merger will have the potential to “create a global media powerhouse driven by creative and content leadership”, BofA analyst Jessica Reif Ehrlich wrote in a commentary. In this case, the WarnerMedia-Discovery merger could become a true rival to Netflix and Disney+ in the streaming space. With this in mind, does DISCA stock deserve a spot on your watchlist?
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Home Depot
Home Depot is the largest home improvement retailer in the U.S. The company offers its customers an assortment of building materials, home improvement products, and construction tools. Additionally, it provides services such as home improvement installation and equipment rental. For the most part, it serves two primary customer groups; do-it-yourself (DIY) customers who purchase and install the products on their own, and professional customers who are primarily contractors and renovators.
Last week, PPG Industries (NYSE: PPG) announced an expanded relationship with The Home Depot and their subsidiary, HD Supply. Under the agreement, The Home Depot now offers an extensive lineup of professional PPF paint products and services designed exclusively for professional customers. By doing so, the two companies leverage upon each other’s strengths to deliver tremendous value to professional customers. With this partnership in motion, should you buy HD stock?
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eBay
Summing up our list today is eBay, a global e-commerce company. In brief, the company provides an online auction and shopping website. The likes of which help people and businesses buy and sell a wide variety of goods and services worldwide. Notably, the eBay platform is accessible in more than 190 markets worldwide, connecting millions of buyers and sellers. On top of that, the platform is easily accessible through a computer or smartphone.
In late November, eBay acquired Sneaker Con, a leading sneaker authentication business. Prior to this, Sneaker Con has been providing sneaker authentication solutions for eBay’s Authenticity Guarantee. This service offers vetting and verification services. The authentication service is intended for select sneakers bought on eBay to avoid counterfeit goods. Accordingly, this service aims to compete with GOAT and StockX, both of which are sneaker authentication platforms. With eBay looking to beef up its services, will you be keeping an eye on EBAY stock?
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