U.S. equities are trading slightly higher on Wednesday after a bout of volatility to start the week, as traders react to the Federal Reserve’s decision to leave rates unchanged.
And, mercifully, there has been a strange lack of catalysts from President Donald Trump this morning, as Washington is preoccupied with covering his nominee to the Supreme Court.
Amid the quiet, a number of once-forlorn stocks are mounting impressive recoveries. Here are three worth a look:
“Left for Dead” Stocks: Coach (COH)
Luxury handbag maker Coach Inc (NYSE:COH) is enjoying a surge above its 200-day moving average — a nice 12% rise from its December low as it makes another attempt to move up and out of a trading range in place since September.
Shares are not putting pressure on the 200-week moving average — a level that was briefly retaken last summer, but has overall kept a lid on the stock price since early 2014.
Investors got interested after the company reported solid quarterly results Wednesday morning thanks to positive comp-store sales numbers (revenues up 3.8% from last year) and improved profitability. RBC Capital Markets analysts also note attractive valuations and M&A upside potential. The company will next report results on May 2 before the bell.
“Left for Dead” Stocks: GoPro (GPRO)
Action camera maker GoPro Inc (NASDAQ:GPRO) is enjoying a lift off of a three-month consolidation range — after bouncing off of the May low near $8.50 — thanks to news that the company’s first-ever drone is back on the market after an embarrassing recall during the holiday shopping season.
The Karma drone suffered an in-flight power failure and was pulled from shelves for obvious safety concerns.
The company will next report results on Feb. 2 after the bell. Analysts are looking for earnings of 22 cents per share on revenues of $576 million.
“Left for Dead” Stocks: Twitter (TWTR)
Twitter Inc (NYSE:TWTR) shares are threatening to break up and over the 200- and 50-day moving averages after bouncing on support near $16 — a level that’s held prices up since July.
The lift comes despite a downgrade from UBS analysts on Jan. 17 citing headwinds to its advertising revenue based on channel checks and overall industry competition.
Investors continue to have periodic hope of a buyout as shares have been flatlining since early 2016. The company will next report results on Feb. 9. Analysts expect the company to report earnings of 12 cents per share on revenues of $740.1 million.
Anthony Mirhaydari is founder of the Edge and Edge Pro investment advisory newsletters. A two-week and four-week free trial offer has been extended to InvestorPlace readers.
