Stocks to Watch: Capital One, Salesforce, and more...

Tax-harvesting stocks

Inside.com Part of   Network December 24, 2022

Hey Insiders,  We've spoken many times before about tax-loss harvesting for tax purposes. For those unfamiliar, tax-loss harvesting is a strategy investors use to reduce their taxable income by selling investments that have lost value and replacing them with similar investments. This allows investors to offset capital gains from other investments since any losses can be used to reduce the amount of capital gains subject to taxation. The practice is typically used to minimize the amount of taxes investors must pay on their investments, as losses can be used to offset any capital gains. Tax-loss harvesting can also be used to rebalance portfolios, as investors can use the losses to reduce their overall portfolio risk. Typically taxes that are tax-loss harvested hit a low on Friday of the week before Christmas week. This year that was Dec. 16, so today, we will look at stocks that hit their lows on Dec. 16 and are seen by Wall Street as having an upside so that you can consider these stocks when building your portfolio in early 2023. Studies show these stocks tend to rise until Feb. 15, when their movements are back in proportion to the rest of the market.  Liam

Stock to Watch: Capital One Financial Corp (NYSE: COF) Capital One is a financial stock that hit a 52-week low of $89.2o on Dec. 16.  The stock has a buy rating from 40% of Wall Street journalists.  The stock has a 36.3% upside to its average Wall Street price target.

Stock to Watch: Salesforce Inc. (NYSE: CRM) Salesforce is a technology stock that hit a 52-week low of $126.90 on Dec. 16.  The stock has a buy rating from 72.5% of Wall Street journalists.  The stock has a 52.2% upside to its average Wall Street price target.

Stock to Watch: Dominion Energy (NYSE: D) Dominion Energy is a utilities stock that hit a 52-week low of $57.20 on Dec. 16.  The stock has a buy rating from 16.7% of Wall Street journalists.  The stock has a 23.5% upside to its average Wall Street price target.

Stock to Watch: Tesla (NASDAQ: TSLA) Tesla is an automotive stock that hit a 52-week low of $150 on Dec. 16.  The stock has a buy rating from 48.8% of Wall Street journalists.  The stock has an 87.2% upside to its average Wall Street price target.

Stock to Watch: Trimble (NASDAQ: TRMB) Trimble is a technology stock that hit a 52-week low of $49.30 on Dec. 16.  The stock has a buy rating from 26.7% of Wall Street journalists.  The stock has a 53.6% upside to its average Wall Street price target.

Stock to Watch: Global Payments (NYSE: GPN) Global Payments is a finance stock that hit a 52-week low of $92.80 on Dec. 16.  The stock has a buy rating from 65.6% of Wall Street journalists.  The stock has a 55.3% upside to its average Wall Street price target.

Stock to Watch: Signature Bank (NASDAQ: SBNY) Signature Bank is a finance stock that hit a 52-week low of $113.30 on Dec. 16.  The stock has a buy rating from 77.8% of Wall Street journalists.  The stock has a 54.6% upside to its average Wall Street price target.

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Liam Gill is a founder, lawyer and investor. He previously founded Fumarii Technologies, which became a top 20 ranked cloud computing service (Yahoo Finance! 2019) valued at over $30M. He holds an LLB Laws (UK), MSc Management and Master of Laws and currently practices law in Vancouver, Canada.   Editor Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords.

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