We hit the jackpot with the casino trades.
We highlighted Penn National Gaming (PENN) at $29. It’s now up to $37.37 a share, as casinos just begin to reopen around the world. Then, we highlighted MGM Resorts (MGM), as it traded at $20.96. It’s set to open this morning at $22.84.
Recovering airline stocks did well for us, too.
On May 26, we highlighted airline stocks, like Delta (DAL) and SkyWest Airlines (SKYW). At the time, they traded at $24.48 and $30, respectively. SKYW is now up to $40. DAL is now up to $32.40, with both rocketing to higher highs.
However, DAL and SKYW aren’t the only ways to trade the recovery in airlines.
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United Airlines Holdings (UAL) is another solid opportunity.
At a current price of $39, the stock could quickly refill a bearish gap around $50, near-term. It’s also pushing higher after the Transportation Security Administration (TSA) said travel demand is only rising.
In fact, for the week ended May 30, the number of travelers returned to 293,144 – the highest number since May 15. “We expect trends to continue to improve as states ease stay at home restrictions and leisure activities resume,” wrote Cowen analyst Helane Becker in a note to clients. “Airlines with whom we’ve spoken have seen modest green shoots with improvement coming in beach and mountain destinations.”
Other hot airline stocks to consider include:
· American Airlines (AAL)
· JetBlue Airways (JBLU)
· Southwest Airlines (LUV)
With the worst seemingly over for airlines, these oversold stocks could explode higher.