The best stocks to invest in are skyrocketing right now, driven higher by catalysts and bullish sentiment. Certain stocks continue pushing upwards to new 52-week, record highs. While some investors might be worried about buying hot stocks at their peak only to ride them lower, that doesn’t appear to be the case with certain securities.
Strong long-term catalysts have kept the wind in the sails in the best stocks to invest in and they look likely to outperform as we enter the year’s second half. Investors who get in now are likely to enjoy continued gains moving forward. With the market rally continuing to be uneven, spotting these winners is important to building a strong portfolio and long-term wealth.
Here are the three best stocks to invest in for big gains in 2024: June edition.
Broadcom (AVGO)
Broadcom’s (NASDAQ:AVGO) stock is soaring after the chipmaker announced a 10-for-1 stock split and reported better-than-expected financial results. AVGO stock jumped 13% higher after the company said that its shares will begin trading on a split-adjusted basis July 15. Broadcom also reported first-quarter financial results that beat Wall Street estimates across the board and raised its forward guidance.
Broadcom posted EPS of $10.96 versus $10.84 that was expected amongst analysts. Revenue amounted to $12.49 billion compared to $12.03 billion that was forecast. The company is benefiting from the boom in artificial intelligence (AI), with its microchips and semiconductors in high demand. On the earnings call, management said that $3.1 billion in sales was directly attributed to its AI products.
In terms of guidance, Broadcom said that it expects $51 billion in sales this fiscal year, which is slightly above Wall Street consensus estimates of $50.42 billion. Broadcom stock is up 56% year-to-date and has doubled over the last 12 months.
Goldman Sachs (GS)
Goldman Sachs‘ (NYSE:GS) stock has performed strongly in 2024, and the shares just got a lift from news that the investment bank plans to double its lending to ultra-wealthy private bank clients. Specifically, Goldman Sachs aims to double its lending to the super rich within five years, helping them buy everything from luxury homes to professional sports teams. Goldman Sachs’ wealthy clients typically have a net worth of at least $30 million.
The push into private banking comes after Goldman’s expansion into retail banking failed and is now being shut down. Goldman Sachs’ lending in wealth management as a percentage of its assets stands at 3%, well below the industry average of 9%. Bank of America (NYSE:BAC), for example, has outstanding loans to wealthy clients of $220 billion. Analysts say there is lots of room for Goldman to grow in the area of wealth management. That will help it to diversify the investment bank’s revenue.
Goldman Sachs’s stock is up 15% in 2024 and has gained 30% in the last 12 months.
Netflix (NFLX)
Netflix (NASDAQ:NFLX) looks to have a catalyst as the streaming giant pushes into live sports and entertainment. Recently, Netflix live streamed a celebrity roast of former NFL quarterback Tom Brady that drew a big viewership. It has also announced a $5 billion deal to stream World Wrestling Entertainment’s weekly program Raw starting in 2025. This fall, Netflix plans to live stream a boxing match between Jake Paul and Mike Tyson. The company is also scheduled to broadcast an NFL football game on Christmas Day.
Now, Netflix has announced that it will live stream a popular hot dog eating contest on Labor Day this year. The competitive eating event will pit rival world champions Joey “Jaws” Chestnut and Takeru Kobayashi against each other in an event titled Chestnut vs. Kobayashi: Unfinished Beef. Chestnut is the current world record holder after eating 76 hot dogs in 10 minutes. Netflix said that it plans to heavily promote the hot dog eating contest in the lead-up to Labor Day.
Netflix expects the hot-dog eating to be a big draw and help boost its subscriber numbers. NFLX stock is up 50% in the last 12 months, including a 39% gain in 2024.
On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
