Investors piled into heavily shorted stocks last week at flabbergasting rates.
The trading volume of shares of GameStop, for example, topped behemoths like Apple, Microsoft, and Amazon on January 26.
Because hedge funds were forced to cover short positions in so-called meme stocks including GameStop, they also had to cut their most preferred positions in the market giants mentioned above, among others, causing those prices to fall.
Meanwhile, other stocks missed the trading storm altogether, and actually saw less trading on a relative basis, as investors paid less attention to them.
For investors not wanting to get caught up in the Reddit-driven trading as the squeezes continue this week, Goldman Sachs has released a list of stocks that saw "below-average surges" in trading last week, but that also have above-average revenue growth and positive year-to-date earnings or sales revisions, and are set for gains as the economy continues to recover.
"Investors wishing to sidestep the positioning cross-currents should focus on cyclical stocks that should benefit from ongoing economic acceleration and have not been ensnared in this week's forced de-grossing trading activity," the bank's US Chief Equity Strategist David Kostin said in a January 29 note.
Kostin said that the economic outlook looks favorable, considering ongoing vaccinations and healthy fiscal and monetary stimulus efforts.
"From a corporate perspective, 71% of the 184 S&P 500 firms reporting 4Q results so far have beaten earnings by more than a standard deviation of analyst estimates, on pace for the highest rate on record," Kostin said.
This makes for a prime environment for cyclical assets, he said, like the 35 stocks below, which are listed in alphabetical order.
1. Air Products and Chemicals
Ticker: APD
Sector: Chemicals
Market Cap: $61 billion
Volume in week ending Jan. 29 vs. three-month average: -21%
Consensus 2021 EPS growth: 11%
Source: Goldman Sachs
2. Allstate Corporation
Ticker: ALL
Sector: Insurance
Market Cap: $33 billion
Volume in week ending Jan. 29 vs. three-month average: +4%
Consensus 2021 EPS growth: -2%
Source: Goldman Sachs
3. Ameriprise Financial
Ticker: AMP
Sector: Capital Markets
Market Cap: $24 billion
Volume in week ending Jan. 29 vs. three-month average: +5%
Consensus 2021 EPS growth: 38%
Source: Goldman Sachs
4. Applied Materials Inc.
Ticker: AMAT
Sector: Semiconductors and Semiconductor Equipment
Market Cap: $92 billion
Volume in week ending Jan. 29 vs. three-month average: +7%
Consensus 2021 EPS growth: 22%
Source: Goldman Sachs
5. Arista Networks
Ticker: ANET
Sector: Communications Equipment
Market Cap: $23 billion
Volume in week ending Jan. 29 vs. three-month average: +8%
Consensus 2021 EPS growth: 11%
Source: Goldman Sachs
6. Ball Corporation
Ticker: BLL
Sector: Containers and Packaging
Market Cap: $29 billion
Volume in week ending Jan. 29 vs. three-month average: +1%
Consensus 2021 EPS growth: 14%
Source: Goldman Sachs
7. Broadcom
Ticker: AVGO
Sector: Semiconductors and Semiconductor Equipment
Market Cap: $183 billion
Volume in week ending Jan. 29 vs. three-month average: -4%
Consensus 2021 EPS growth: 18%
Source: Goldman Sachs
8. Caterpillar
Ticker: CAT
Sector: Machinery
Market Cap: $100 billion
Volume in week ending Jan. 29 vs. three-month average: +10%
Consensus 2021 EPS growth: 40%
Source: Goldman Sachs
9. CF Industries Holdings
Ticker: CF
Sector: Chemicals
Market Cap: $9 billion
Volume in week ending Jan. 29 vs. three-month average: +6%
Consensus 2021 EPS growth: 30%
Source: Goldman Sachs
10. Charles Schwab
Ticker: SCHW
Sector: Capital Markets
Market Cap: $97 billion
Volume in week ending Jan. 29 vs. three-month average: -4%
Consensus 2021 EPS growth: 10%
Source: Goldman Sachs
11. Chevron
Ticker: CVX
Sector: Oil Gas & Consumable Fuels
Market Cap: $171 billion
Volume in week ending Jan. 29 vs. three-month average: -23%
Consensus 2021 EPS growth: N/A
Source: Goldman Sachs
12. ConocoPhillips
Ticker: COP
Sector: Oil Gas & Consumable Fuels
Market Cap: $56 billion
Volume in week ending Jan. 29 vs. three-month average: -27%
Consensus 2021 EPS growth: N/A
Source: Goldman Sachs
13. Cummins
Ticker: CMI
Sector: Machinery
Market Cap: $36 billion
Volume in week ending Jan. 29 vs. three-month average: -3%
Consensus 2021 EPS growth: 24%
Source: Goldman Sachs
14. Deere & Company
Ticker: DE
Sector: Machinery
Market Cap: $92 billion
Volume in week ending Jan. 29 vs. three-month average: -6%
Consensus 2021 EPS growth: 52%
Source: Goldman Sachs
15. Diamondback Energy
Ticker: FANG
Sector: Oil Gas & Consumable Fuels
Market Cap: $10 billion
Volume in week ending Jan. 29 vs. three-month average: -15%
Consensus 2021 EPS growth: 74%
Source: Goldman Sachs
16. EOG Resources
Ticker: EOG
Sector: Oil Gas & Consumable Fuels
Market Cap: $31 billion
Volume in week ending Jan. 29 vs. three-month average: +5%
Consensus 2021 EPS growth: 183%
Source: Goldman Sachs
17. First Republic Bank
Ticker: FRC
Sector: Banks
Market Cap: $25 billion
Volume in week ending Jan. 29 vs. three-month average: -18%
Consensus 2021 EPS growth: 13%
Source: Goldman Sachs
18. Fortune Brands Home & Security
Ticker: FBHS
Sector: Building Products
Market Cap: $12 billion
Volume in week ending Jan. 29 vs. three-month average: -15%
Consensus 2021 EPS growth: 16%
Source: Goldman Sachs
19. Garmin
Ticker: GRMN
Sector: Household Durables
Market Cap: $22 billion
Volume in week ending Jan. 29 vs. three-month average: -26%
Consensus 2021 EPS growth: 6%
Source: Goldman Sachs
20. Hasbro
Ticker: HAS
Sector: Leisure Products
Market Cap: $13 billion
Volume in week ending Jan. 29 vs. three-month average: +10%
Consensus 2021 EPS growth: 26%
Source: Goldman Sachs
21. IDEX Corporation
Ticker: IEX
Sector: Machinery
Market Cap: $14 billion
Volume in week ending Jan. 29 vs. three-month average: -10%
Consensus 2021 EPS growth: 11%
Source: Goldman Sachs
22. Illinois Tool Works
Ticker:ITW
Sector: Machinery
Market Cap: $62 billion
Volume in week ending Jan. 29 vs. three-month average: -5%
Consensus 2021 EPS growth: 20%
Source: Goldman Sachs
23. Ingersoll Rand
Ticker: IR
Sector: Machinery
Market Cap: $18 billion
Volume in week ending Jan. 29 vs. three-month average: -3%
Consensus 2021 EPS growth: 27%
Source: Goldman Sachs
24. Intercontinental Exchange
Ticker: ICE
Sector: Capital Markets
Market Cap: $63 billion
Volume in week ending Jan. 29 vs. three-month average: -5%
Consensus 2021 EPS growth: 7%
Source: Goldman Sachs
25. Invesco
Ticker: ICE
Sector: Capital Markets
Market Cap: $63 billion
Volume in week ending Jan. 29 vs. three-month average: -5%
Consensus 2021 EPS growth: 7%
Source: Goldman Sachs
26. J.B. Hunt Transport Services
Ticker: JBHT
Sector: Road and Rail
Market Cap: $14 billion
Volume in week ending Jan. 29 vs. three-month average: -10%
Consensus 2021 EPS growth: 22%
Source: Goldman Sachs
27. LyondellBasell Industries NV
Ticker: LYB
Sector: Chemicals
Market Cap: $29 billion
Volume in week ending Jan. 29 vs. three-month average: -10%
Consensus 2021 EPS growth: 64%
Source: Goldman Sachs
28. Mosaic Company
Ticker: MOS
Sector: Chemicals
Market Cap: $10 billion
Volume in week ending Jan. 29 vs. three-month average: -13%
Consensus 2021 EPS growth: 248%
Source: Goldman Sachs
29. Norfolk Southern Corporation
Ticker: NSC
Sector: Road and Rail
Market Cap: $61 billion
Volume in week ending Jan. 29 vs. three-month average: +8%
Consensus 2021 EPS growth: 22%
Source: Goldman Sachs
30. Old Dominion Freight Line
Ticker: ODFL
Sector: Road and Rail
Market Cap: $23 billion
Volume in week ending Jan. 29 vs. three-month average: -1%
Consensus 2021 EPS growth: 23%
Source: Goldman Sachs
31. Qorvo
Ticker: QRVO
Sector: Semiconductors and Semiconductor Equipment
Market Cap: $19 billion
Volume in week ending Jan. 29 vs. three-month average: +7%
Consensus 2021 EPS growth: 13%
Source: Goldman Sachs
32. Ralph Lauren Corporation Class A
Ticker: RL
Sector: Textiles Apparel & Luxury Goods
Market Cap: $8 billion
Volume in week ending Jan. 29 vs. three-month average: -22%
Consensus 2021 EPS growth: 325%
Source: Goldman Sachs
33. Ross Stores
Ticker: ROST
Sector: Specialty Retail
Market Cap: $41 billion
Volume in week ending Jan. 29 vs. three-month average: -7%
Consensus 2021 EPS growth: 278%
Source: Goldman Sachs
34. Valero Energy
Ticker: VLO
Sector: Oil Gas & Consumable Fuels
Market Cap: $24 billion
Volume in week ending Jan. 29 vs. three-month average: -20%
Consensus 2021 EPS growth: N/A
Source: Goldman Sachs
35. Zebra Technologies Corporation Class A
Ticker: ZBRA
Sector: Electronic Equipment Instruments & Components
Market Cap: $21 billion
Volume in week ending Jan. 29 vs. three-month average: -35%
Consensus 2021 EPS growth: 19%
Source: Goldman Sachs