How Stan Wong is Navigating Market Volatility with These Stock Picks

Stan Wong reveals his top stock picks for October 2024, focusing on Alphabet, Lennox International, and the iShares Core S&P Mid-Cap ETF amid anticipated market volatility."

Editorial Team (ET)June 17, 2025

Stan Wong, portfolio manager at Scotia Wealth Management, has revealed his latest top stock picks for October 2024. With a focus on North American large-cap stocks and exchange-traded funds (ETFs), Wong’s expertise in managing portfolios is reflected in his selections: Alphabet Inc. (GOOGL NASD), Lennox International (LII NYSE), and the iShares Core S&P Mid-Cap ETF (IJH NYSE). These picks are grounded in his deep understanding of market trends and the companies' long-term growth potential.

Market Outlook: A Volatile Yet Promising October

As October unfolds, investors are bracing for heightened market volatility due to the approaching U.S. presidential election. Historically, this month has been a challenging period for the stock market during election years, with an average decline of 2.5%. Negative returns have been recorded 63% of the time, driven by political uncertainty and investor caution.

However, despite these short-term headwinds, Wong remains optimistic about the mid-term market outlook. The U.S. economy is showing strength, with GDP growth at 3% in Q2 of 2024, supported by robust consumer spending and business investment. Inflation has cooled to 2.4%, and the labor market remains stable, with an unemployment rate of 4.1%. This economic resilience, coupled with the U.S. Federal Reserve’s shift towards monetary easing, creates a favorable environment for equities, and corporate earnings projections are strong, forecasting 13% growth in 2025 and 10% in 2026.

Top Picks for October 2024

Alphabet Inc. (GOOGL NASD)

Alphabet, the parent company of Google, is a digital advertising powerhouse, commanding over 90% of the global search market. In 2024, the company is projected to generate nearly $300 billion in revenue, with digital advertising accounting for more than 75% of that total. Alphabet’s dominance in the search market translates into significant cash flow, which is reinvested in other high-growth areas such as Google Cloud and YouTube.

Alphabet’s hardware segment, including Chromebooks, Pixel smartphones, and smart home devices, also contributes to its revenue diversity. With a price/earnings-to-growth (PEG) ratio of 1.4 times, Alphabet offers investors an attractive value proposition, especially considering its projected average annual earnings growth rate of more than 15% over the next several years. After a 16% dip in its share price, Alphabet represents an attractive buying opportunity. The company is set to report its next quarterly results on October 24, 2024, making it a key stock to watch.

Lennox International (LII NYSE)

Lennox International is a leading manufacturer and distributor of heating, ventilating, air conditioning, and refrigeration (HVACR) products. The company generates 75% of its sales from replacement markets, with the remaining 25% from new construction. Residential HVAC units account for more than two-thirds of Lennox’s revenue, with almost 90% of overall revenue coming from the U.S. market.

Lennox has a strong competitive edge, thanks to its well-established brand and broad distribution network. The company is poised to benefit from increasing demand for energy-efficient HVAC systems, driven by regulatory changes, aging infrastructure, and rising global temperatures. Lennox’s shares have been trending upward since mid-2022, with analysts projecting an average annual earnings growth rate of 14% over the next several years. The company is expected to report its next quarterly earnings on October 23, 2024.

iShares Core S&P Mid-Cap ETF (IJH NYSE)

The iShares Core S&P Mid-Cap ETF (IJH) provides investors with exposure to around 400 U.S. mid-cap companies, including industry leaders like Illumina, Williams-Sonoma, and Toll Brothers. Mid-cap stocks offer a unique growth opportunity, as they are often undervalued compared to large-cap stocks but have strong earnings growth potential.

The S&P Mid-Cap 400 Index trades at a price-to-earnings (P/E) multiple of 18 times, compared to the S&P 500’s 25 times, while mid-cap companies are expected to deliver higher earnings growth of over 15% in 2025 and 17% in 2026. With interest rates expected to fall, mid-cap companies could benefit from easier access to capital and lower borrowing costs, making this ETF a compelling choice for investors seeking diversification and growth. The recent purchase of IJH at around $61 underscores its value in a well-rounded portfolio.

Why These Picks Matter

Stan Wong’s top picks for October 2024 reflect his strategy of focusing on companies with strong fundamentals and long-term growth potential. Alphabet continues to dominate the digital advertising space while expanding into cloud computing and hardware. Lennox International is well-positioned to capitalize on the growing demand for energy-efficient HVAC solutions. Finally, the iShares Core S&P Mid-Cap ETF offers a cost-effective way to gain exposure to mid-cap companies with attractive valuations and strong earnings growth prospects.

Conclusion

Stan Wong’s selections for October 2024—Alphabet, Lennox International, and the iShares Core S&P Mid-Cap ETF—provide investors with access to companies that are well-positioned for long-term growth. Despite the anticipated short-term volatility due to the U.S. presidential election, Wong’s market outlook remains optimistic. A diversified portfolio, focusing on sectors like technology, industrials, and mid-cap stocks, is essential for navigating market fluctuations and maximizing returns. With solid fundamentals and promising growth projections, Wong’s top picks offer a robust foundation for any investment strategy.

Disclaimer

This report should not be viewed as investment advice or as an offer to buy or sell any securities or as an invitation or solicitation of an offer to buy or sell any securities. Neither the author of this report, its publisher, nor any other person associated with the publication of this report, are registered brokers, investment dealers, investment advisers, or financial advisers. The information in this report has not been tailored to the particular needs or circumstances of readers and should not be relied upon as investment advice or recommendations to purchase or sell any of the securities presented in this report. Readers seeking investment advice should contact qualified and registered brokers, investment dealers, investment advisers, or financial advisers prior to making any decision to buy or sell any of the securities referred to in this report. The information in this report should not be construed as investment, legal, or tax advice. No recommendation is made as to whether an investment in the presented securities is suitable for any reader in light of the reader’s particular circumstances.

Readers are cautioned that the publisher of this report covers exclusively securities that carry a high degree of volatility. Investing in such securities is highly speculative and carries a high degree of risk. Investors in such securities could lose all or a substantial portion of their investment. Only those investors who can afford to lose all or a substantial portion of their investment should consider investing in the securities referred to in this report.

This report may include information obtained from publicly available sources, including third-party reports or analysis. Neither the author nor publisher of this report, nor www.juniorstocks.com or its owners, have undertaken any independent investigation into the factual information used in this report, and the information in this report is provided without any warranty of any kind. No representations or warranties are provided regarding the accuracy or completeness of the information provided in this report. Statements of opinion or belief are those of the authors and/or publisher of this report. These statements of opinion or belief are expressions of the author’s and/or publisher’s judgment, and there is no guarantee that those judgments will turn out to be correct. No inference should be drawn that the author and/or publisher have any special or greater knowledge about the presented companies or their securities, or any particular expertise in the industries or markets in which the company operates. Readers should conduct their own due diligence and seek professional advice prior to investing in any securities presented on Juniorstocks.com.

Certain statements in this report constitute “forward-looking” statements. Forward-looking statements often, but not always, are identified by the use of words such as “seek,” “anticipate,” “believe,” “plan,” “estimate,” “expect,” “targeting,” and “intend” and statements that an event or result “may,” “will,” “should,” “could,” or “might” occur or be achieved and other similar expressions. Forward-looking statements express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions, or future events or performance; they are not statements of historical facts and should not be viewed as any guarantee of any future result. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. The author and/or publisher of this report disclaims any obligation to update the forward-looking statements in this report, whether as a result of new information, future events, or results or otherwise. There is no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

The information provided in this report is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to applicable law or regulation, or would subject the author or publisher of this report to any registration requirement in such jurisdiction or country.

Information about the editor of this publication:
Juniorstocks.com is a service provided by Piccadilly Capital Group, Office 66, 101 Clapham High Street, London, SW4 7TB, UK. Piccadilly Capital Group is not the publisher of this report and was not paid for the publication of this report. Piccadilly Capital Group seeks to generate web traffic and a growing number of followers through the publication of articles or reports. Directors, officers, and other insiders of the publisher own an interest in Piccadilly Capital Group. Piccadilly Capital Group does not endorse or recommend the business, products, services, or securities of any company mentioned on www.juniorstocks.com. Piccadilly Capital Group will not share your information with any outside third parties. Due to the new data protection basic regulation, we ask you to read our data protection declaration carefully.

Note on copyright:
The contents published on this website and on connected media (e.g., e-mail, X, Facebook) are subject to applicable copyright and ancillary copyright laws. Any use not permitted by applicable copyright and ancillary copyright laws requires the prior written consent of the provider or the respective rights holder. In particular, this applies to the duplication, editing, translation, storage, processing, or reproduction of content in databases or other electronic media and systems. Contents and rights of third parties are marked as such. Unauthorized reproduction or transmission of individual contents or complete pages is not permitted and is punishable by law. Only the production of copies and downloads for personal, private, and non-commercial use is permitted. Links to the provider's website are always welcome and do not require the consent of the provider of the website. Photos and images on the website may not be shared unless the publisher itself has acquired the initial rights from authorized sources. The presentation of this website in external frames is only allowed with written permission. If you notice any violations, please inform us. Please note: The content of our articles, emails, or other publications or social networks such as X, LinkedIn or Facebook is exclusively intended for the designated addressee(s). If you are not the addressee of these articles, emails, or other publications in the market letter or social networks such as Twitter or Facebook or his or her legal representative, please note that any form of publication, reproduction, or distribution of the content of these articles, emails, or other publications in the market letter or social networks such as X, LinkedIn or Facebook is prohibited. Falsifications of the original content of this message during data transmission cannot be excluded in principle.