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In addition to stuffing a stocking this holiday season, why not give your portfolio a boost with the addition of some high-flying stocks. As the market continues to be in a jolly mood this November, and with a Santa Claus rally starting to form as we approach year’s end, now is a great time to review your portfolio and decide what stocks to buy as we head into 2024. The good news is that many stocks are skyrocketing as third-quarter earnings season draws to a close, outpacing the 9% gain seen in the benchmark S&P 500 index since Halloween. With markets feeling festive, why not maximize your holiday earnings with these three stocks to buy.
Deckers Outdoor (DECK)
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Sure to be a hot item this holiday season are Hoka running shoes, which continue to be a bestseller for Deckers Outdoor (NYSE:DECK). The shoemaker is flying high thanks to strong consumer demand for both its Hoka runners and Ugg boots. DECK stock jumped 10% higher immediately after the company’s last earnings print in late October and shares are now up 28% in the past month. Year-to-date, Deckers Outdoor’s share price is up 63%.
For the Q3 2023, Deckers Outdoor reported profits and sales that were both records for the company. EPS came in at $6.82, which blew away Wall Street forecasts of $4.40. Revenue rose 25% year-over-year to $1.09 billion, which beat estimates of $960 million. Heading into the holidays, Deckers direct-to-consumer sales are up 40% to $331.7 million.
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DraftKings (DKNG)
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Enjoy some football over the holidays with DraftKings (NASDAQ:DKNG). The sports betting company’s stock is up 245% on the year, rivaling the gain seen in red hot chipmaker Nvidia (NASDAQ:NVDA). The year-to-date increase in DKNG stock includes a 35% increase over the past month. Propelling the stock higher has been news that DraftKings has moved ahead of its competition to become the leader in online gambling with a 31% share of the U.S. market.
DraftKings success comes as it expands into new markets and as Americans bet more on football games. The company has 2.3 million monthly unique payers, a 40% year-over-year increase. Average revenue per user has grown 14% in the last year to $114. DraftKings recently expanded into Kentucky and is planning to enter Maine and North Carolina in the coming months. Currently, the company offers mobile sports betting in 22 U.S. states and neighboring Canada.
American Express (AXP)
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