Navellier Top 5 Stocks for June

High-Growth Investments

EMCOR Group, Inc.

EMCOR Group, Inc. (EME) is one of our AI infrastructure plays. The company provides electrical and mechanical construction, energy and industrial infrastructure and building services. With power demand increasing to support new technology, AI and data centers, demand for EMCOR Group’s solutions is also growing exponentially – and that’s adding to its top and bottom lines.

In the first quarter, earnings soared 76.8% year-over-year to $197.1 million, or $4.71 per share, and revenue rose 18.7% year-over-year to $3.43 billion. The analyst community expected earnings of $2.83 per share and revenue of $3.22 billion, so EMCOR Group posted a 47.3% earnings surprise and a slight revenue surprise.

Given the strong first-quarter results, EMCOR Group increased its outlook for fiscal year 2024. The company now expects full-year revenue between $14.0 billion and $14.5 billion and earnings per share between $15.50 and $16.50. In turn, analysts have upped earnings estimates for the next several quarters and fiscal year 2024. EME is a Moderately Aggressive buy below $444.

SOM Technicals:

10–07-23: Closed at 206.72. Trade pressures are down but rising. Volumes are now bullish. The next target up is 211.58.

10-14-23: Closed at 202.02. Trade pressures are down. Volumes are bearish. The next target down is 192.91.

10-27-23: Closed at 205.12. Trade pressures are up. Volumes are bullish. The next target up is 212.90.

11-2-23: Closed at 210.22. Trade pressures are up. Volumes are bullish. The next target up is 212.90.

11-10-23: Closed at 210.68. Trade pressures are rising in the neutral zone. Volumes are bullish. The next target up is 229.49.

3-29-24: Closed at 350.20. Trade pressure are up but turning down. Volumes are neutral. The next target up is 354.73. A close below 347.00 signals correction.

4-6-24: Closed at 365.02. Trade pressures are up. Volumes are bullish. The next target up is 369.53, the prior high.

4-14-24: Closed at 351.88. Trade pressures are down but rising. Volumes are neutral. the next target down is 349.26.

4-27-24: Closed at 354.02. Trade pressures are up. Volumes are bullish. The next target up is 367.44.

5-4-24: Closed at 363.77. Trade pressures are down but rising. Volumes are bullish. The next target up is 367.44.

5-10-24: Closed at 380.28. Trade pressures are up. Volumes are bullish. The next target up is 401.49.

5-18-24: Closed at 378.37. Trade pressures are in the neutral zone. Volumes are neural. The next target down is 367.90.

5-25-24: Closed at 398.69. Trade pressures are up. Volumes are bullish. The next target up is 407.49.

6-2-24: Closed at 388.66.. Trade pressures are down. Volumes are bearish. The next target down is 365.98.

6-8-24: Closed at 376.00. Trade pressures are up. Volumes are neutral. The next target up is resistance at 382.37.

6-15-24: Closed at 377.20. Trade pressures are down. Volumes are bullish. The next target down is 365.90.

6-23-24: Closed at 381.27. Trade pressures are  down. Volumes are bullish. The next target down is 365.90.

 

Nutanix, Inc.

Nutanix, Inc. (NTNX) is another AI play, given that its cloud platform provides security for cloud computing. Nutanix’s Cloud Platform accesses, manages and secures the cloud, data centers and edge locations from a single platform that helps secure and unify operations.

And its services and solutions are in top demand, as it has more than 25,000 top companies and organizations as customers. This includes The Home Depot, Vodafone, Hershey, JetBlue Airways and Micron Technology – just to name a few.

So, I’m looking forward to the company’s upcoming earnings announcement. Nutanix is scheduled to release results for its third quarter in fiscal year 2024 after the market closes on Wednesday, May 29.

Third-quarter earnings are forecast to surge 300% year-over-year to $0.16 per share, compared to $0.04 per share in the same quarter a year ago. Analysts have upped earnings estimates over the past three months, so a fifth-straight quarterly earnings surprise is likely. Third-quarter revenue is expected to come in at $516.18 million. NTNX is a Conservative buy below $79.

SOM Technicals:

5-25-23: Closed at 72.85. Trade pressures are up but declining. Volumes are bullish. The next target down is 68.20.

6-2-24: Closed at 55.32. Trade pressures are down hard. Volumes are bullish at the Friday close. The next target down is 49.82, the 200 day MA.

6-8-24: Closed at 64.74. Trade pressures are down hard. Volumes are bearish. The next target down ism the 200 day MA at 50.48.

6-15-24: Closed at 54.01. Trade pressures are up. Volumes are bearish. The next target up is 55.23.

6-23-24: Closed at 53.40. Trade pressures are in the neutral zone. Volumes are bearish. the next target up is 55.73.

 

The Progressive Corporation

The Progressive Corporation (PGR) is a well-known insurance provider. It offers everything from car, boat, and motorcycle insurance to homeowners, renters, and commercial insurance. The company also offers popular insurance bundles, in which folks can bundle their auto and property insurance for lower rates.

Progressive reported $6.18 billion in premiums written in April and $5.58 billion in premiums earned. The company also had 31.35 million policies in force at the end of April, which represented a 7% year-over-year increase. April earnings totaled $420.3 million, or $0.72 per share.

Given the strength of its business so far this year, the analyst community has continued to up second-quarter earnings forecasts. Second-quarter earnings are now expected to jump 547.5% year-over-year to $2.59 per share, compared to previous estimates for $1.96 per share just three months ago. So, Progressive is likely gearing up for its fourth-straight earnings surprise. PGR is a Conservative buy below $218.

SOM Technicals:

4/27/24: Closed at 205.03. Trade pressures are down. Volumes are bearish. The next target down is 199.79.

5-4-24: Closed at 208.72. Trade pressures are down. Volumes are bullish. The next target down is 206.06.

5-10-24: Closed at 210.17. Trade pressures are neutral. Volumes are bullish. The next target down is 211.49.

5-18-24: Closed at 209.22. Trade pressures are down but rising. Volumes are bearish. The next target down is 201.34.

5-25-24: Closed at 203.91. Trade pressures are down. Volumes are bearish. The next target down is 191.19.

6-2-24: Closed at 211.18. Trade pressures are up. Volumes are bullish. The next target up is 214.90.

6-8-24: Closed at 212.53. Trade pressures are up. Volumes are bullish. The next target up is 219.12.

6-15-24: Closed at 203.92. Trade pressures are down but rising. Volumes are bearish. The next target up is 218.20.  

6-23-24: Closed at 209.19. Trade pressures are down. Volumes are bullish. The next target down is 206.

 

Targa Resources Corporation

Targa Resources Corporation (TRGP) is primarily a midstream energy company with gathering and processing systems and logistics and transportation systems. The company operates more than 31,000 miles of natural gas pipelines and 53 processing plants, which service top natural gas and crude oil producing basins in the U.S. Targa Resources also utilizes the Grand Prix NGL Pipeline to transport mixed natural gas liquids (NGLs), as well as 34 storage wells and terminals.

During the first quarter, Targa Resources achieved record Permian and liquefied petroleum gas (LPG) export volumes. As a result, the company also reported total revenue of $4.56 billion and earnings of $275.2 million, representing 0.9% year-over-year revenue growth and 4,268.3% year-over-year earnings growth.

Looking ahead to the second quarter, analysts expect earnings to dip 13.2% year-over-year to $1.25 per share, compared to $1.44 per share in the same quarter a year ago. Revenue is forecast to grow 3.2% year-over-year to $4.5 billion.

Despite the negative forecasted earnings growth, Targa Resources is a Top Stock this month, as I expect it to benefit immensely from higher energy prices this summer. Plus, earnings momentum is set to reaccelerate in the third quarter, with estimates calling for 39.2% year-over-year earnings growth. TRGP is a Conservative buy below $123.

SOM Technicals:

5-25-24: Closed at 114.28. Trade pressures are down. Volumes are bearish. The next target down is 111.90.

6-2-24: Closed at 118.23. Trade pressures are up. Volumes are bullish. The next target up is 119.68.

6-8-24: Closed at 118.01. Trade pressures are up. Volumes are bullish. The next target up is 119.68.

6-15-24: Closed at 119.00. Trade pressures are down. Volumes are neutral. The next target down is 117.63.

6-23-24: Closed at 125.10. Trade pressures are up. Volumes are bearish. The next target down is 123.65.

 

Vertiv Holdings

Vertiv Holdings (VRT), another AI play, rounds out the High-Growth Investments Top Stocks this month. The company primarily provides digital infrastructure, with a portfolio of power, cooling and IT infrastructure solutions that are vital to commercial and industrial facilities, communication networks and data centers.

During the first quarter, the company’s orders increased 60% year over year, and its backlog jumped to a new record of $6.3 billion. Total first-quarter sales rose 8% year over year to $1.64 billion, while adjusted earnings grew 41.7% year over year to $248.6 million, or $0.43 per share. Analysts expected earnings of $0.36 per share and revenue of $1.62 billion.

With business momentum expected to accelerate throughout 2024, Vertiv increased its outlook for fiscal year 2024. The company now expects full-year sales between $7.54 billion and $7.69 billion and adjusted earnings per share between $2.29 and $2.35.

Given the positive outlook, analysts have increased earnings estimates for the second quarter over the past three months – and that bodes well for a fifth-straight quarterly earnings surprise. Second-quarter earnings are now expected to grow 23.9% year-over-year to $0.57 per share. VRT is a Moderately Aggressive buy below $121.

SOM Technicals:

3-29-24: Closed at 81.84. Trade pressures are up but turning down. Volumes are bullish. The next target down is 77.05. A close above 83.62 signals higher.

4-6-24: Closed at 85.34. Trade pressures are up. Volumes are bullish. The next target up is the prior high at 88.70.

4-14-24: Closed at 83.89. Trade pressures are rising into the neutral zone. Volumes are neutral. The next target down is 78.14.

4-27-24: Closed at 93.49. Trade pressures are up. Volumes are neutral. The next target up is 94.76.

5-4-24: Closed at 93.01. Trade pressures are rising into the neutral zone. Volumes are bullish. The next target up is 95.70.

5-10-24: Closed at 95.40. Trade pressures are up. Volumes are bullish. The next target up is 100.01.

5-18-24: Closed at 96.81. Trade pressures are down. Volumes are neutral. The next target down is 90.96.

5-25-24: Closed at 106.17. Trade pressures are up. Volumes are bullish. The next target up is 126.68.

6-2-24: Closed at 98.07. Trade pressures are down. Volumes are bullish. The next target up is 101.57.

6-8-24: Closed at 87.68. Trade pressures are down. Volumes are bearish. The next target up is 94.31.

6-15-24: Closed at 91.48. Trade pressures are up. Volumes are neutral. The next target down is 80.34.

6-23-24: Closed at 90.62. Trade pressures are down. Volumes are now neutral. The next target down is 78.22.

S&P 500 Futures

#emini #spfutures #SP500 #ES

Market Summary:

Copper breaks much higher above recent high.  Gold continues the prior week rally.  Silver has dramatic second leg up.

Crude remains in consolidation; volumes turning bullish..  Natural gas continues the rally, but approaching resistances.

The US 30yr Treasury Bond showing resistance. The 10yr yields still near support levels.

The US Dollar futures continue the move down down; but nearing support levels.

_________________

S&P 500 Futures   #ESM24

Monthly – May moving up to erase the April 2024 move down. Trade pressures remain up. Volumes closed the month of April as bearish.  The next target up is 5439.  A close below 5030 would confirm any weekly move lower.

Weekly – The weekly closes up for the fourth week.  Trade pressures remain up; and still declining.  Volumes remain bullish.  The move up has reached the prior high. The next target up is the upper median line at 5464.  A close below 5038 would confirm daily move lower.

Daily – Flat.  The rally started on 5/3 continues. Trade pressures are up.  Volumes remain bullish.  The close above 5271 started a second leg up in the uptrend.  The expected overbought level has risen to 5324.  The expected oversold level rises to 5133.  A close below 5284 would signal lower.

At resistance now. Watching the 10 yr yield. NVDA earnings are announced May 21st and could provide the catalyst for a market move either way.

___________________

Navellier Top 5 Stocks – This Top 5 model portfolio begins each year at $100,000. The Top 5 Growth stocks are tracked throughout each year. This portfolio is marked to the market and is restarted at $100,000 for the 2024 year.

The Navellier portfolio stocks closed down 35% for the 2022 Year.  The Navellier portfolio stocks closed up 17% for the 2023 Year.

Portfolio stock values for 2024.  The portfolio moved down for the week to approximately $134,000. The Year-to-Date portfolio performance is now up 34%.

US$$

#usdollarfutures #ustreasurybondfutures

USD_ DXM24

Weekly –  Remains in the April 2024 uptrend.  Trade pressures are down. Volumes are now bearish.

Daily – Short.  Still in the move down from 105.73 on on 5/1.  Trade pressures are down but rising.  Volumes remain bearish.

The next target down is 103.56.  The expected oversold levels decline to 104.20.

A close above 105.07 would signal higher. 105.81 is the lower expected overbought level.

 

US30YR T-BOND_ USM24

Weekly – In the April 2024 downtrend.  Trade pressures are now up.  Volumes are bullish.

Daily  – Flat . Meeting resistance at the Median line and the 200 day MA.  Trade pressures are up but have turned down. Volumes are neutral.

The next target down is 116-22.  Oversold levels are 116-02.

A close above 117-18 would signal higher. Overbought levels are 118-27.

Oil & Gas

#crudeoilfutures #naturalgasfutures

CRUDE_ CLM24

Weekly – In the March 2024 uptrend . Trade pressures are down. Volumes remain bearish.

Daily – Flat. Still consolidating at the 200 day MA and the 100% fib move down.  Trade pressures are up.  Volumes are now bullish.

The next target down is 74.06. The expected oversold level is higher to 78.07.

A close above 79.87 would signal higher. The expected overbought levels are now lower to 80.52.

[Look for the break out, but expect it to be limited.]

 

NAT GAS_ NGM24

Weekly – In a new May 2024 uptrend.  Trade pressures are up.  Volumes are now bullish.

Daily – Flat.  In the new uptrend, moving higher on Friday. Trade pressures are up.  Volumes remain bullish.

At the 2.22 target and extended well above the overbought levels.  The next target up is the 200 day MA at 2.88. The expected overbought level rises to 2.54.

A close below 2.60 would signal lower.   The expected oversold level rises to 2.09.

 

Metals

#copperfutures #goldfutures #silverfutures

COPPER_ HGN24

Weekly – Remains in the December 2023 uptrend. Trade pressures remain up. Volumes remain bullish.

Daily – Flat. Big 30 cent move up after the break above 4.70 on Friday.  Trade pressures are up. Volumes are neutral.

The spike up took price to near the extended target of 5.17. Look for a pull back to 4.80 for a new long entry. The expected overbought levels have risen to 5.04.

A close below 4.92 would signal lower.  The expected oversold levels have risen to 4.55.

 

GOLD_ GCM24

Weekly – In the December 2023 uptrend.  Trade pressures are up, but turning down.  Volumes rare bullish.

Daily – Flat. Stopped out of the long trade for a gain.  Trade pressures remain up.  Volumes are bullish.

The next target up is the upper median line at 2494. The expected overbought level has risen to 2408.

A close below 2388 would signal lower. The expected oversold level has risen to 2311.

 

SILVER_ SIN24

Weekly – In the December 2023 uptrend.  Trade pressures are remain down into the neutral zone.  Volumes have turned bullish.

Daily –Flat. Moved up thru 30.00.  Trade pressures remain up.  Volumes remain bullish.

Moved thru all resistances easily. The next target up is 31.02.  Overbought levels are 28.55.

A close below 30.57 would signal lower.  Oversold levels are 26.89.

S&P 500 Futures

#emini #spfutures #SP500 #ES

Market Summary:

Copper breaks higher after a small pullback.  Gold breaks resistance for a late week rally.  Silver, similarly, breaks the trendline resistance and moves higher.

Crude remains in consolidation, still looking weaker.  Natural gas continues the rally, but now at trendline support.

The US 30yr Treasury Bond move higher meets resistance. The 10yr yields have dropped to support levels.

The US Dollar futures continue the move down from the 106 resistance levels.

_________________

S&P 500 Futures   #ESM24

Monthly – May still retracing the April lows. Trade pressures remain up. Volumes closed the month of April as bearish.  The next target up is 5439.  A close below 5022 would confirm any weekly move lower.

Weekly – The weekly closes up off the October median line.  Trade pressures remain up, but declining.  Volumes remain bullish.  The 4986 downside target was touched at that median line. The next target up is the prior high at 5333. Closed again higher at 5246, which continues the confirmation of the daily move higher.

Daily – Long.  The lower median line at 5039 provided support for the ensuing rally starting on 5/3 which is now at 5246. Trade pressures are up.  Volumes remains bullish.  The close above 5237 new long entry provided additional confirmation.  The expected overbought level has risen to 5266.  The expected oversold level rises to 5025.

Again, near the overbought levels. Look for another dip to close the 5145 LML.

[5-6-24: Closed above the 5166 downtrend line and above the 5195 resistance for a new long entry.]

[5-8-24: Overbought levels are now 5215. Set SL at 5166.]

[5-10-24: Raise SL to 5222.]

[5-14-24: Stopped out in the AM PPI spike down; with a gain.]

___________________

Navellier Top 5 Stocks – This Top 5 model portfolio begins each year at $100,000. The Top 5 Growth stocks are tracked throughout each year. This portfolio is marked to the market and is restarted at $100,000 for the 2024 year.

The Navellier portfolio stocks closed down 35% for the 2022 Year.  The Navellier portfolio stocks closed up 17% for the 2023 Year.

Portfolio stock values for 2024.  The portfolio move up for the week to approximately $135,000. The Year-to-Date portfolio performance is now up 35%.

US$$

#usdollarfutures #ustreasurybondfutures

USD_ DXM24

Weekly –  Remains in the new April uptrend.  Trade pressures are up but declining. Volumes have returned to bullish.

Daily – Short.  Still in the move down from 105.73 on on 5/1.  Trade pressures are down.  Volumes remain bearish.

The next target down is 104.61.  The expected oversold levels decline to 104.89.

A close above 105.16 would signal higher. 106.12 is the lower expected overbought level.

 

US30YR T-BOND_ USM24

Weekly – In the April 2024 downtrend.  Trade pressures are down.  Volumes remain bearish.

Daily  – Flat . The long trade was stopped out on 5/9 at 115.93 for a gain.  Trade pressures are up but have declined to near the neutral zone. Volumes are bullish.

The next target up is 117-17.  Overbought levels are 17-28.

A close below 115-25 would signal lower. Oversold levels are 114-14.

 

Oil & Gas

CRUDE_ CLM24

Weekly – In the March 2024 uptrend . Trade pressures are down. Volumes are now bearish.

Daily – Flat. Consolidating at the 200 day MA.  Trade pressures are up into the neutral zone.  Volumes remain bearish.

The next target down is 74.06. The expected oversold level is lower to 78.02.

A close above 79.64 would signal higher. The expected overbought levels are also lower to 85.57.

 

NAT GAS_ NGM24

Weekly – In the February 2024 downtrend.  Trade pressures remain down.  Volumes remain bearish.

Daily – Long.  The break above 1.97 on 5/2 sent the market higher, now in a pull back. Trade pressures are up.  Volumes remain bullish.

At the 2.22 target.  The expected overbought level rises to 2.35.

A close below 2.23 would signal lower.   The expected oversold level rises to 1.96.

[5-10-24: Raise SL to 2.22.]

[5-12-24: Stopped out for a gain in the Sunday nite session.]

Metals

#copperfutures #goldfutures #silverfutures

COPPER_ HGN24

Weekly – Remains in the December 2023 uptrend. Trade pressures remain up. Volumes remain bullish.

Daily – Flat. Took profits at the 4.69 level, looking for a new long entry.  Trade pressures were down and have moved up to the neutral zone.  Volumes are bearish.

The next target up is 4.78. Look for a pull back to 4.60 to re-enter The expected overbought levels have risen to 4.75.

A close below 4.61 would signal lower.  The expected oversold levels have risen to 4.45.

 

GOLD_ GCM24

Weekly – In the December 2023 uptrend.  Trade pressures are up, but turning down.  Volumes rare bullish.

Daily – Long. In new the move up from the long entry at 2331 on 5/9 .  Trade pressures are up.  Volumes are bullish.

The next target up is the prior high pivot at 2385. The expected overbought level has risen to 2386.

A close below 2350 would signal lower. The expected oversold level has declined to 2299.

[Set the SL at the Friday low, 2352.]

 

SILVER_ SIN24

Weekly – In the December 2023 uptrend.  Trade pressures are remain down into the neutral zone.  Volumes have turned bullish.

Daily –Flat. The 27.01 long entry on 5/5 was rewarded with the move up to 27.32.  Trade pressures are up.  Volumes are bullish.

Now at the 28.87 upside resistance. The next target up is 29.46.  Overbought levels are 28.55.

A close below 28.07 would signal lower.  Oversold levels are 27.64.

 

S&P 500 Futures

#emini #spfutures #SP500 #ES

Market Summary:

Copper remains strong with a new long entry.  Gold correction continues, still at support.  Silver hit the profit stop and is now in correction remains near support.

Crude remains in consolidation looking weaker.  Natural gas finally rallies, but still in downtrend.

The US 30yr Treasury Bond moves slightly higher. The 10yr yields off the highs.

The US Dollar futures move down from the 106 resistance levels.

_________________

S&P 500 Futures   #ESM24

Monthly – May begins up off the April lows. Trade pressures remain up. Volumes closed the month of April as bearish.  The next target up is 5439.  A close below 5022 would confirm any weekly move lower.

Weekly – The weekly closes up off the October median line.  Trade pressures remain up, but declining.  Volumes remain bullish.  The 4986 downside target was touched at that median line. The next target down is 4771. Closed above the prior week’s high at 5146 confirms the daily move higher.

Daily – Flat.  After moving down to oversold levels started a move up and closed above the 4/29 prior pivot high and now near overbought levels. Trade pressures are up.  Volumes are bullish.  The next target up is a test of the 5195 resistance.  The overbought level is 5125.  The expected oversold level is rising to 4975.

At overbought levels. Look for another dip to close the 5092 gap to enter any new long.

[5-6-24: Closed above the 5166 downtrend line and above the aforementioned 5195 resistance for a new long entry.]

[5-8-24: Overbought levels are now 5215. Set SL at 5166.]

[5-10-24: Raise SL to 5222.]

___________________

Navellier Top 5 Stocks – This Top 5 model portfolio begins each year at $100,000. The Top 5 Growth stocks are tracked throughout each year. This portfolio is marked to the market and is restarted at $100,000 for the 2024 year.

The Navellier portfolio stocks closed down 35% for the 2022 Year.  The Navellier portfolio stocks closed up 17% for the 2023 Year.

Portfolio stock values for 2024, portfolio hold steady to remain unchanged, at approximately $130,000. The Year-to-Date portfolio performance closes up 30%.

 

 

[The author may have long or short positions in any of the securities mentioned.]