Stocks Under $10 Portfolio: Earnings and Yellen in the Spotlight

 | Feb 19, 2017 | 10:00 AM EST
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Stock quotes in this article:

on

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sons

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gig

The following is an excerpt from the Stocks Under $10 Weekly Roundup originally sent to Stocks Under $10 subscribers on Feb. 17. Click here to learn more about this dynamic portfolio managed by David Peltier.

U.S. stocks closed higher for the sixth time out of the past seven weeks, as earnings season pressed on. We booked some profits in ON Semiconductor (ON) this week and added to our position in Sonus Networks (SONS)

Elsewhere in the model portfolio, GigPeak (GIG)  rallied 21% after receiving a $250 million cash takeover bid. We are maintaining our relatively small stake in the firm, on the chance a competing offer could materialize in the coming months.

As earnings season is considered, more than three-quarters of the companies in the S&P 500 have reported results -- and 66% have exceeded expectations, which is in line with the historical average. Growth is running at up 5.5% from the previous year, which is the highest result in eight quarters.

In addition to earnings, the focus this week was on Janet Yellen's testimony on Capitol Hill. Fed funds futures are currently pricing in an 18% chance of a rate hike at the March meeting and two rate hikes in 2017. 

Looking ahead to next week, U.S. markets will be closed on Monday for the Presidents' Day holiday. It will be relatively quiet on the economic front, where we'll receive a few regional economic reports, along with some views on the health of the housing market.

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