We are in a correction. Don’t believe me? You can read it on page one of Investors Business Daily
. Kidding aside, the old adage of the market doing whatever hurts the most people seemingly proved true again. 5 months of work to the upside wiped out in fewer than 5 days! I am in the camp that the pullback, if not already over, will be short and shallow. Therefore, I find it useful to look for new buy ideas here, specifically leaders that have pulled back seemingly due solely to profit-taking.
Using StockVal, I created a screen to identify stocks that have been working in all senses of the word. I wanted to identify positive longer-term price momentum and rising EPS estimates but sharp short-term underperformance. Some constraints that I included are: Market Capitalization between $500mm and $2 billion, PE ratio of less than 40 and long-term growth expectations in excess of 12%. Here are the 25 names that met the criteria:
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