3 Stocks to Avoid This Week

Wall Street moved slightly lower during the third trading week of 2023. My "three stocks to avoid," which I thought were going to lose to the market in the past week -- Bed

Bath & Beyond (NASDAQ: BBBY), Alcoa (NYSE: AA), and ExxonMobil (NYSE: XOM) -- plunged 8%, dipped 7%, and closed flat, respectively, averaging out to a 5% decline. The

S&P 500 moved in the other direction, increasing 0.7% for the holiday-abridged week. It was close, but I was right. I have been correct in 43 of the past 66 weeks, or 65% of

the time. Let's turn our attention to the week ahead. I see Bed Bath & Beyond, D.R. Horton (NYSE: DHI), and Tesla Motors (NASDAQ: TSLA) as stocks you might want to

consider steering clear of this week. Let's go over my near-term concerns with all three investments. 1. Bed Bath & Beyond Singling out Bed Bath & Beyond for a

second week is a dangerous game. I'm fairly confident where this story will end, but there will be short squeezes and other spikes along the way. The housewares retailer is in

trouble. Sales growth is negative for the chain's fifth consecutive fiscal year, and losses are widening. Remember the early days of the pandemic, when folks invested

heavily in their homes to make themselves more comfortable during lockdown? Bed Bath & Beyond sales plummeted 17% that fiscal year, the first of what will be three straight

years of double-digit declines on the top line. Shoppers had abandoned the chain before the pandemic, too, even as the economy and real estate market were heading in the right

direction.