BTIG said a handful of stocks could emerge as breakout candidates as investors react to discussions at the Federal Reserve’s annual meeting in Jackson Hole, Wyoming. Federal Reserve Chairman Powell is likely to discuss the possibility and depth of interest rate cuts at the Federal Reserve’s September meeting. Investors generally expect a rate cut, but there is still much debate over how deep it will be, according to futures pricing on the CME Group’s FedWatch Tool. Stocks had been hovering near record levels earlier Thursday ahead of Powell’s speech on Friday, but have since retreated. BTIG remains cautious on the broader market and indexes, with its chief market technician Jonathan Krinsky asserting, “We would be surprised if the SPX broke above its previous highs without further consolidation.” He said: “We think an outright ‘sell news’ on Friday is less likely given that volatility is on the bid, as there is now room for (volatility) to take a hit over the weekend.” BTIG chooses out of caution on index levels Here are a few stocks that could see technical action at the upcoming Jackson Hole conference. Shares of gaming and creation platform Roblox are down about 4% year to date. BTIG’s Buy rating and price target of $47 per share imply upside of more than 8% from Wednesday’s closing price of $43.35. RBLX Mountain Roblox Stock Year-To-Date. Second-quarter bookings recently exceeded Wall Street expectations, rising 21% year over year. Roblox also raised its full-year bookings forecast to between $4.18 billion and $4.23 billion, while analysts polled by FactSet forecast $4.08 billion. Online reseller eBay is also on the list. In 2024, the stock price has risen by more than 35%. Ebay’s second-quarter results exceeded analysts’ expectations for revenue and profit in early August, and executives issued a higher-than-expected full-year profit outlook. Ebay expected profit in the range of $1.15 to $1.20 per share, excluding items, while analysts polled by FactSet expected a profit of $1.13 per share. ADP shares are up more than 15% in 2024, but have also experienced downside. ADP stock is in the mountainous territory so far this year. The payroll and HR management company beat fourth-quarter revenue and profit expectations. ADP earned $2.09 a share, excluding items, on revenue of $4.77 billion, while analysts polled by FactSet expected profits of $2.06 on revenue of $4.74 billion.
