In my previous post, I explained a new stock portfolio I have started called “The Brandon.” You can read more about the rules I am following here.
Now let me tell you about the first 2 stocks I have added and why.
Qualcomm – QCOM
Qualcomm is the number 2 supplier of smartphone processors with $16.5 billion in annual revenues.
Qualcomm’s Snapdragon processors are used in most high-end and mid-range Android phones and tablets as well as in Windows laptops including most Chromebooks.
In my estimation, QCOM is an established, stable company with great growth potential.
Which brings me to the stock price, it is currently considered undervalued with a low range of $121.05 per share and a high range of $167.94. I purchased 1 share at $124.90 on October 12th (4 days ago.)
Friday’s closing price was $130.11.
I wasn’t expecting that much of an increase this soon and of course it could always go back down but it’s a nice start.
Rocket Companies, Inc. – RKT
Rocket Companies, Inc. is the parent company of Rocket Mortgage, Rocket Homes, and Rocket Auto. These are tech-driven real estate, mortgage, and financial services businesses. Chances are you’ve seen a Rocket Mortgage Commercial on TV.
With a current stock price of $16.51 per share Rocket is also considered undervalued. The low range price for RKT is $14.94 per share with a high range price of $43.00.
I purchased 2 shares at $15.80 on October 13th. So, again, I am surprised by the nice gain of $0.71 per share so early.
I feel very confident at this point in these stocks. Even if the markets take a hit over the next few months, I feel comfortable with my positions here to see nice growth over the next 6 to 9 months.
I currently have invested $156.50 and have a little cash available in this account to take new positions in the coming days when I have researched a little further into my next picks.