Wed. Apr 17th, 2024

Chinese tech leader NetEase (NTES) headlines Tuesday’s IBD Screen Of The Day, a column that focuses on top ideas in the IBD Stock Screener. Tuesday’s stocks to buy and watch come from the Global Leaders screen, which finds the best global stocks that trade in the U.S.




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Other notable stocks on the screen include Miniso (MNSO) and TechnipFMC (FTI). Only 10 stocks made the screen, which uses IBD ratings and other factors to select the best foreign-based stocks.

Keep in mind the stock market is in a correction. That means investors should be on the sidelines until a follow-through day triggers an uptrend. Instead of buying breakouts, investors should focus on finding the best stocks to buy and watch in today’s stock market.

NetEase Builds Flat Base

NetEase is one of China’s leading online games and internet services providers. Video games accounted for 78% of its revenue in the second quarter. In addition to online and mobile games, NetEase offers a search engine, streaming music and other internet services.

NTES stock is building a flat base with a 110.82 buy point, according to IBD MarketSmith chart analysis. Aggressive investors can use the Oct. 11 high at 109.88 as an early entry. Shares dipped 0.8% Tuesday afternoon.

On Aug. 24, the Hangzhou, China-based company earned an adjusted $1.93 per U.S. share on sales of $3.3 billion in the June quarter. Analysts polled by FactSet had expected NetEase earnings of $1.25 a share on sales of $3.41 billion. In the year-earlier period, NetEase earned an adjusted $1.20 per U.S. share on sales of $3.41 billion.

Amid a rebound since October 2022, along with decent earnings growth, NetEase stock boasts a solid 95 out of 99 IBD Composite Rating, according to IBD Stock Checkup. That makes the Chinese video game leader one of the best stocks to buy and watch.

Learn How To Time The Market With IBD’s ETF Market Strategy

Global Stocks Eye Buy Points: Miniso, TechnipFMC

Other global stocks to buy and watch include Miniso and TechnipFMC.

MNSO stock is building a consolidation with a 29.92 buy point. Meanwhile, the stock shows an early buy trigger at 28.28. Shares are trying to find support around their 50-day line amid a 6% decline midday Tuesday.

In late August, Chinese retailer Miniso topped fiscal fourth quarter earnings estimates, helped by faster-than-expected store openings — including a flagship store in New York’s Times Square.

Finally, FTI stock has been trying to break out past a flat base’s 21.67 buy point, but is about 2% below that entry after recent losses. Shares declined 0.5% midday Tuesday, set to extend a losing streak to three sessions. The latest base is third stage, which adds some risk to the breakout.

U.K.-headquartered TechnipFMC was created with the 2017 merger of FMC Technologies in the U.S. and Technip of France. It provides services for subsea, onshore and shallow-water operations of the energy sector. The company also manufactures high pressure valves and fittings.

Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on the best stocks to buy and watch and the Dow Jones Industrial Average.

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