Best Stocks for Swing Trading in 2024

What is Swing Trading?

Swing trading is a trading trick that involves regular buying to selling, at lows and highs for a relatively shorter period, this period varies from a few days to a few weeks. It should not be confused with day trading, where trades are closed on the same day they are bought. And not even long-term trading, which often involves years. It’s about buying at a trough and selling at the crest of a stock’s price movement.

Most swing traders rely largely on technical analysis but some also combine it with a fundamental analysis, ensuring they don’t let any significant profit chunk slip away. The shorter your trading time frame, the more particular you must be with your decision-making. Swing trading is much riskier than buying and holding, so get out of bad trades quickly and set profit-taking targets for your winners.

Kellanova

Founded in 1906, Kellogg is a leading global manufacturer and marketer of cereal, cookies, crackers, and other packaged foods. Its offerings are manufactured in 21 countries and marketed in more than 180 countries. Its product mix includes well-known brands such as Special K, Frosted Flakes, Froot Loops, Rice Krispies, Pop-Tarts, Eggo, Kashi, and Morningstar Farms. The firm added the Pringles brand to its mix in 2012—sales outside its home turf account for around 40 % of Kellogg’s consolidated sales base. The firm intends to split its global snacking arm from its North American cereal and plant-based alternative segments by the end of calendar 2023.

Below is the chart of Kellanova, showing the stock performance for the current year. The stock started off the year 2024 at a price of $ 55.89. Throughout the year, the stock remained bullish. The stock price skyrocketed in August and it jumped from $ 55.18 to $ 80. The stock was last seen closing at $ 81.03 representing a 45 % appreciation to date.

Kellanova recently announced results for its second quarter of 2024:

Net sales in the second quarter were negatively impacted by adverse currency translation and the 2023 divestiture of its business in Russia. Irrespective of that, the Company’s organic-basis growth remained within its long-term target range. The Company continued to improve profit margins faster than expected and sustained double-digit operating profit growth.

• Net Sales were reported at $ 3.2 billion, a 4.7 % decline from last year’s same period.
• Operating Profit was reported at $ 493 million, an 18 % increase from last year’s same period.
• Earnings per share was reported at $ 1, as compared to $ 0.85 during the same period last year. A 17.6 % increase

Microsoft

Microsoft was founded in 1975 by Bill Gates and Paul Allen and quickly became dominant in the personal computer space. In 1985 the company developed a graphical extension for MS-DOS called Windows, its flagship operating system that would go on to power the majority of the world’s computers.

In 2001 Microsoft ventured into the gaming space with the release of the first Xbox, taking up the fight against Sony and Nintendo in the video game console market. In the following two decades, Microsoft has continually iterated on the Windows OS and developed software like the Office suite.

In terms of hardware products, Microsoft chiefly sells the Xbox console and high-end PC products like mice and keyboards. Besides the operating system Windows, Microsoft has the Office range, server software, a large range of video games, and software development software.

Below is the chart of Microsoft showing the stock performance for the current year. The stock kicked off the year 2024 at a price of $ 373.86. The stock picked up a bullish pace and went as high as $ 467 during July. From here on the stock suffered a huge dip and dropped as low as $ 395.2. Eventually, the stock recovered and was seen last closing at $ 424.73. Overall, the stock appreciated by 14 % to date.

Microsoft Corp. recently announced the following results for the quarter ended June 30, 2024, as compared to the corresponding period of last fiscal year:

• • Revenue was $ 64.7 billion and increased 15 % as compared to the previous year’s same period
    • Revenue in Productivity and Business Processes was $ 20.3 billion and increased 11 %
    • Revenue in Intelligent Cloud was $ 28.5 billion and increased 19 %
    • Revenue in More Personal Computing was $ 15.9 billion and increased 14 %
  • Operating income was $ 27.9 billion and increased 15 % as compared to the previous year’s same period
  • Net income was $ 22.0 billion and increased 10 %, as compared to the previous year’s same period

• Diluted earnings per share were $ 2.95 and increased 10 %, as compared to the previous year’s same period

Shell

Formed in 1907 through the merger of the Dutch Royal Dutch Petroleum Company and the British “Shell” Transport and Trading Company, Shell has long been one of the world’s most significant producers of oil. In 1964 Shell diversified into the natural gas industry, which has become a cornerstone of Shell’s business model.

Shell is active in all areas of the oil and gas industry, including everything from exploration and production to refining and transport, to distribution. In addition, it is the world’s largest retailer of energy, with more than 46,000 gas stations and over 9,000 car charging points.

Shell is active in over 80 markets, servicing 32 million daily customers. Since 2001, under increasing public pressure, the company has dedicated some of its efforts to green energy production. It now operates several wind farms. Currently, Shell has a market capitalization of around $2.33 billion. Most of the company’s revenues still come from fossil fuels.

Below is the chart of shell showing the stock performance for the current year. The stock kicked off the year 2024 at a price of $ 65.86. After an initial dip, the stock picked up pace and went as high as $ 74.2. The stock maintained this price level for the next few months and then pulled back and was last seen closing at $ 66.41. Overall, the stock maintained its price to date with a small 0.85 % appreciation.

Shell recently reported its second-quarter results for the year:

Shell further strengthened its leading LNG portfolio and made good progress across the Capital Markets Day 2023 financial targets, including $1.7 billion of structural cost reductions since 2022. Shell announced a further $3.5 billion buyback program for the next three months.

• Adjusted Earnings were reported at $ 6.3 billion, reflecting strong operational performance at the start of the summer season.
• Commencing a $ 3.5 billion share buyback program, expected to be completed by Q3 2024 results announcement.
• Earnings per share was reported at $ 0.55
• Dividend per share was reported at $ 0.3440

Cabaletta Bio

Cabaletta Bio Inc. is a clinical-stage biotechnology company focused on the discovery and development of engineered T-cell therapies, and exploring their potential to provide a deep and durable, perhaps curative, treatment, for patients with B cell-mediated autoimmune diseases. Its proprietary technology utilizes Chimeric AutoAntibody Receptor, or CAAR, T cells that are designed to selectively bind and eliminate only specific B cells that produce disease-causing autoantibodies, or pathogenic B cells while sparing normal B cells. Its CAAR T cell product candidate was designed based on the clinically validated and commercially approved Chimeric Antigen Receptor, or CAR, T cell technology that is marketed for the treatment of B cell cancers.

Below is the chart of Cabaletta Bio Inc., showing its stock performance for the current year. The stock kicked off the year 2024 at a price of $ 22.53. Initially, the stock price rose and reached $ 25.38. From here on the stock started its bearish journey and continued to fall for the remainder of the year. The stock last closed at $ 3.85 which represents a massive 83 % decline during the year.

Cabaletta Bio, Inc. (Nasdaq: CABA), a clinical-stage biotechnology company focused on developing and launching the first curative targeted cell therapies designed specifically for patients with autoimmune diseases, recently reported financial results for the first quarter ended March 31, 2024:

• Research and development expenses were $ 22 million for the three months ended March 31, 2024, compared to $ 12.4 million for the same period in 2023.
• General and administrative expenses were $ 6.1 million for the three months ended March 31, 2024, compared to $ 4.5 million for the same period in 2023.
• As of March 31, 2024, Cabaletta had cash, cash equivalents, and short-term investments of $ 223.8 million, compared to $ 241.2 million as of December 31, 2023.
• The Company expects that its cash, cash equivalents, and short-term investments as of March 31, 2024, will enable it to fund its operating plan into the first half of 2026.

Ingersoll Rand

Ingersoll Rand was formed through the merger of Gardner Denver and Ingersoll Rand’s industrial segment. The firm’s portfolio consists of two business lines: industrial technologies and services and precision and science technologies. Ingersoll Rand serves a variety of end markets, including industrial, medical, and energy. Its broad portfolio of products includes compression, blower vacuum, and fluid management. Ingersoll Rand generated roughly $5.2 billion in revenue in 2021.

Below is the chart of Ingersoll Rand showing the stock performance for the current year. The stock started off the year 2024 at a price of $ 77. The stock picked up a bullish stance and maintained it throughout the year. Despite multiple dips, the stock managed to recover and hit a peak of $ 101. The stock was seen last closing at $ 95.93. Overall, the stock appreciated by 25 % to date.

Ingersoll Rand reported its second-quarter results for the year 2024:

• Revenues were reported at $ 1.8 billion, as compared to $ 1.7 billion in the previous year’s same period
• Operating income was reported at $ 271.8 million, as compared to $ 272 million in the previous year’s same period
• Net income was reported at $ 185 million, as compared to $ 179.5 million in the previous year’s same period