Best stocks for new money
Morningstar asks its stock managers for new investment ideas, and Citigroup comes back as a top choice.
The idea was to find stocks where Morningstar managers have put new money to work. As it turns out, the firm's managers continue to overweight financials. One manager liked Citigroup (C) so much that he plowed 6% of his fund in the stock.
In fact, Citigroup leads the list of top new money purchases at Morningstar, although the firm admits that the stock's fair value uncertainty is "very high."
Here are the rest of Morningstar's top 10:
No. 2: Qualcomm (QCOM)
No. 3: Bank of NY Mellon (BK)
No. 4: Aon (AON)
No. 5: Merck (MRK)
No. 6: Clorox (CLX)
No. 7: Barrick Gold (ABX)
No. 8: Vodafone (VOD)
No. 9: Pfizer (PFE)
No. 10: OccidPetroleum (OXY)
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Stocks drift lower and bonds are hit as investors await the Fed. Prepare for higher volatility this week.
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