We're Buying More of This Oversold Portfolio Holding
We are taking advantage of the continued selloff in this name. Here's what else is on our shopping list.
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| Symbol | Transaction Type | # Shares Traded | Recent Price $ | Shares Owned After Trade | % Portfolio |
|---|---|---|---|---|---|
ETN | Buy | 70 | 291 | 605 | 3.55 |
After you receive this Alert, we will buy 70 shares of Eaton Corp. ETN at or near $291. Following the trade, the portfolio will own 605 ETN shares, roughly 3.55% of the Portfolio’s assets.
We are taking advantage of the continued selloff in ETN, which have landed them in oversold territory, to pick up more shares for the portfolio. We are doing so given the comments we shared last week about rising five-year capital spending plans at electric utilities such as Duke Energy DUK, Dominion Energy D, and others. Those announcements and others like them confirm electric utilities need to address growing power demands as data center and other construction mega projects advance.
As we make the trade, we will also upgrade ETN shares to a One rating from Two.
Other existing positions on our shopping list include American Express AXP, ServiceNow NOW, United Rentals URI and the VanEck Uranium & Nuclear ETF NLR.
For folks whose positions sizes are smaller than those in the portfolio, shares of Marvell MRVL are hovering just above the $100 pick-up point level.
(Please note that we are looking to execute these trades at or near the share price mentioned above. Once the trade is completed, subscribers can see the trade's executed price here. Be sure to toggle the chart to sort by Purchase Date.)
At the time of publication, TheStreet Pro Portfolio was long ETN, AXP, NOW, URI, NLR and MRVL.
