Mar 01, 2021 (StockMarket.com via COMTEX) -- Are These The Best Consumer Discretionary Stocks To Buy Right Now?
Consumer discretionary stocks continue to make headlines as we start another week of trading. And it's not just the biggest winners of 2020 that investors are focusing on. Rather, they seem to be watching the industry as a whole. This is because of several key happenings now.
Firstly, the top Reddit stocks appear to be getting a second wind as they mostly closed last week on a high. The main focus would be GameStop ( NYSE: GME ) which saw its shares double in value over the past five trading sessions. Second, Johnson & Johnson's ( NYSE: JNJ ) single-dose vaccine was granted emergency use approval by the U.S. FDA over the weekend. As with most positive vaccine news, many would see it as another step towards ending the pandemic. Because of this, investors seem to be flocking towards tourism industry players like Carnival Corporation ( NYSE: CCL ). Third, Joe Biden's $1.9 trillion stimulus package was passed by the House and is now headed towards the Senate. Ideally, this is a step towards providing consumers with additional discretionary dollars to be pumped into the industry.
With these three factors in play, I could understand if you are keen to invest in the sector yourself. Well if you are, here are four top consumer discretionary stocks making moves right now.
Top Consumer Discretionary Stocks To Watch
Penn National Gaming Inc. ( NASDAQ: PENN )
Tripadvisor Inc. ( NASDAQ: TRIP )
Airbnb Inc. ( NASDAQ: ABNB )
Etsy Inc. ( NASDAQ: ETSY )
Penn National Gaming Inc.
Starting us off is casino company Penn National Gaming (PNG). In brief, PNG is an operator of casinos and racetracks. It has 43 facilities across the U.S. and Canada, most of which operate under the Hollywood Casino brand. Through its interactive entertainment arm, Penn Interactive, the company provides retail sports betting services in Pennsylvania and Michigan. For one thing, PNG would stand to benefit from both the current online sports betting and post-pandemic tourism trends. As you'd expect, this has put PENN stock in the spotlight. It has more than quadrupled in value over the past year. Given its latest sports betting portfolio update, I could see this run continue.
In particular, PNG revealed last week that it had entered into a 20-year strategic partnership with Rivers Casino in New York. This marks a groundbreaking move by PNG because of New York's potentially lucrative online betting market. Together with several other states, the Big Apple is looking towards this industry to boost state revenue.
In turn, with PNG being one of the few top players to operate in the region, it could be looking at substantial gains moving forward. If that wasn't enough, Google /zigman2/quotes/202490156/composite GOOGL +0.34% will allow real-cash gambling apps and related ads to run on U.S. smartphones starting today. Given all of this, will you be watching PENN stock?
Following that, we will be looking at the world's largest travel guidance platform, Tripadvisor. For some context, the company helps travelers with all their necessary vacation arrangements. Before the pandemic, travelers used its services to research and learn about holiday locations around the world. In terms of scale, the company operates in 49 markets and 28 languages, making the travel planning experience as easy as possible. Accordingly, investors would be looking towards TRIP stock as Tripadvisor will likely see major tailwinds in a post-pandemic market. Given the pent-up travel demand, TRIP stock is already looking at gains of over 70% year-to-date.