Artificial intelligence powerhouse Nvidia (NVDA) continues to make headlines — and exclusive IBD stock lists. In addition to its spot on the IBD 50, Nvidia stock joins Meta Platforms (META), Axon Enterprise (AXON), MercadoLibre (MELI), Vertiv (VRT) and others on IBD Leaderboard.
But as Nvidia stock gets set to replace Intel (INTC) on the Dow Jones Industrial Average later this week, it does not join Leaderboard brethren Meta stock, Axon, Vertiv, Shopify (SHOP), Cava Group (CAVA) and Ensign (ENSG) on the latest list of new buys by the best mutual funds. The update to this monthly screen comes out on Friday.
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Nvidia, MercadoLibre Lead 5 Stocks Near Buy Points
IBD Leaderboard features three main groupings of stocks: Leaders Near A Buy Point, Leaders and Leaders Watchlist.
Meta, Axon and DoorDash (DASH) are currently featured on the Leaders list. Meta stock continued its pullback Monday, bringing the social media giant off its record high and back into buy range.
As Nvidia stock rose Monday, it sat alongside Ensign, MercadoLibre, Vertiv and Viking Holdings (VIK) on the list of leaders near a buy point.
Note that before Nvidia officially joins the Dow Jones index, the company will report earnings on Nov. 20. Although the stock got spooked on Halloween and fell below its 21-day exponential moving average, the AI giant has managed to cling to that benchmark. Shares of NVDA now trade 3% shy of a return to the 140.76 buy point it cleared last month.
Featured in this column on Oct. 28, MercadoLibre remains in buy range from a rebound off its 10-week moving average. MELI stock is also forming a flat base, offering an additional buy point at 2,161.73. On Monday, the stock held support at its 50-day line.
Ensign continues to tease a 154.94 entry, while May IPO stock Viking rebounded off the day’s lows Monday and is now extended beyond buy range from its 37.25 buy point.
Vertiv has slipped back into buy range after clearing a 103.69 entry in a first-stage cup with handle. The 115 price level is acting as short-term resistance. Vertiv specializes in digital infrastructure for cloud data centers and communications networks. The company has found gold in AI data center plumbing, with the CEO saying “this is a long-term trend.”
Cava Stock Among Three Names On The Watchlist
After soaring to a record high, Cava stock has eased back, slipping below its 21-day line. The Mediterranean cuisine restaurant chain has yet to challenge the 10-week line since the latest breakout past 100. Earnings are scheduled for Nov. 12 after the close.
Running shoe maker On Holding (ONON) has skidded below the 50-day moving average amid a broad pullback. Like Cava, the 2021 IPO is set to report earnings early on Nov. 12.
Follow Matthew Galgani on X (formerly Twitter) at @IBD_MGalgani.
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