Mark Sebastian’s Stock Picks for September 2024: Intel, Occidental, Qualcomm

Mark Sebastian’s September 2024 Stock Picks: Intel, Occidental Petroleum, and Qualcomm Lead the Way in a Shifting Market

Editorial Team (ET)May 9, 2025

Mark Sebastian, the founder of Option Pit and Chief Investment Officer of Karman Line Capital, is back with his top stock picks for September 2024. With a sharp focus on U.S. stocks, indices, and options, Mark's selections highlight some of the biggest names in the industry and provide insight into the current market rotation. His picks for this month? Intel, Occidental Petroleum, and Qualcomm—three companies with immense potential and strategic positions in their respective markets.

Market Overview

The stock market has been buzzing with activity lately, especially as the S&P 500 hovers just off an all-time high after smashing expectations last Thursday. Yet, while the S&P celebrates, the tech-heavy QQQ is trailing behind, sitting five percent off its peak. This discrepancy can largely be attributed to the “Magnificent Seven,” a group of tech titans including Apple, Microsoft, and others that are losing steam. Apple may still be strong, but the rest of the group seems to be fading.

In this rapidly evolving environment, Mark Sebastian has keenly observed the rotation happening within the market. Stocks like General Electric (GE) and Carrier Global (Carr) have been exploding, while Microsoft has been treading water. Investors may need to rethink their positions as new opportunities emerge, and this is where smaller names, energy stocks, and market sectors like the IWM can come into play.

Market Outlook by Mark Sebastian

According to Mark Sebastian, the market is at a critical juncture. With interest rates dropping, the focus is shifting toward smaller stocks and energy plays. "If you’re long on QQQ and SPY equally, you are essentially 60 percent invested in just eight stocks," Sebastian notes, underscoring the risk of overconcentration in the tech-heavy indices. This has led him to reconsider the potential of certain sectors, including energy and tech.

Among the few mega-cap stocks he still likes, Amazon (AMZN) stands out. Trading at a historically low price-to-earnings (PE) ratio, Amazon appears to be a strong buy for long-term investors looking for value in a market full of inflated valuations.

Top Picks for September 23, 2024

Mark Sebastian’s top picks for September focus on three industry giants: Intel, Occidental Petroleum, and Qualcomm. Each of these stocks offers unique opportunities for growth, and their strategic importance makes them must-watch companies in the coming months.

Intel (INTC NASD)

Intel, the tech behemoth that has been a staple in the semiconductor industry, is Sebastian’s first pick. Despite facing stiff competition, Intel’s fabrication business alone, according to Sebastian, is "worth more than the whole company." This means that even if Intel's other segments were struggling, the sheer value of its fabrication arm would make the stock attractive.

What makes Intel’s fabrication business so valuable? In a world increasingly dependent on chips for everything from smartphones to electric vehicles, Intel is one of the few companies capable of large-scale chip production. With global demand soaring and countries pushing for domestic chip manufacturing, Intel’s fabrication plants are strategically positioned to capitalize on this boom.

While other chipmakers are capturing headlines, Intel is quietly setting itself up for long-term success. The company is investing heavily in research and development, ensuring that its future chips will meet the needs of an increasingly digital world. With semiconductor demand only expected to rise, Intel’s future looks bright.

Occidental Petroleum (OXY NYSE)

Sebastian’s second pick is Occidental Petroleum, a stock that has been under pressure but presents significant upside. "The stock is in the toilet," Sebastian says bluntly, but that’s exactly why it’s a buy. With interest rates falling, oil stocks like Occidental stand to benefit immensely.

The oil market is at an interesting inflection point. While renewables are gaining traction, the world is still heavily reliant on oil, and this dependence isn’t going away anytime soon. Sebastian believes that Occidental is well-positioned to take advantage of this trend, particularly as global energy demands continue to rise.

Occidental is a leader in carbon capture technology, a growing area within the energy industry that could reshape how oil companies operate. This, combined with its vast oil reserves, makes OXY a standout in the sector.

Qualcomm (QCOM NASD)

Qualcomm is Sebastian’s third pick, and while it faces challenges, especially with its relationship with Apple, the stock remains undervalued. "It has Apple issues," Sebastian admits, but when you look at the multiples on chip stocks, Qualcomm is one of the cheapest. That spells opportunity for investors.

Qualcomm's struggles with Apple have been well-documented, but this relationship is far from a dealbreaker. In fact, Qualcomm continues to dominate the chip market for mobile devices, and as 5G technology becomes more widespread, its role will only grow.

As the global chip shortage continues to affect industries across the board, Qualcomm is in a unique position to capitalize. Its advanced technologies in wireless communication and chipmaking give it a competitive edge in the market, and it could see substantial growth in the coming years.

Closing Market Thoughts

As we head into the final quarter of 2024, Sebastian remains cautiously optimistic. He believes that energy and tech will continue to be key sectors for growth, but he also stresses the importance of diversification. The days of blindly investing in the "Magnificent Seven" are over, and now is the time to look for new opportunities in smaller names and underappreciated sectors.

Conclusion

Mark Sebastian’s top picks—Intel, Occidental Petroleum, and Qualcomm—represent a diversified approach to investing in a market that is constantly evolving. Whether it's the steady growth of Intel’s fabrication business, the untapped potential of Occidental in the energy sector, or Qualcomm’s role in the future of wireless technology, these picks offer significant upside for savvy investors.

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