2 Top Stocks to Buy and Hold for 10 Years

By Newsfeedback@Fool Com (Prosper Junior Bakiny)5 days ago

Day trading is alive and well. With dozens of online brokers offering stock-trading services -- often free of charge -- anyone with an internet connection can look to make a fortune by taking advantage of daily swings in the prices of stocks. But this investment strategy is risky: No one knows when shares of a company will rise or drop, sometimes for no reason related to its fundamentals. This factor (and others) makes day trading an unreliable strategy.

Instead, investors should focus on a proven method for generating wealth: Buying shares of great companies and holding them through thick and thin. Abbott Laboratories (NYSE:ABT) and Bristol Myers Squibb (NYSE:BMY) are two excellent candidates. Both of these healthcare companies boast strong lineups and solid growth prospects. Let's dig a little deeper into each company's respective business.

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1. Abbott Laboratories

Abbott Laboratories ran into some trouble last year as sales of its medical devices fell because of the pandemic. However, the company was able to offset these declining sales by entering the COVID-19 testing market. Abbott Laboratories devised and launched several coronavirus testing kits, which had a massive impact on its financial results.

In the first quarter ending March 31, the healthcare giant recorded revenue of $10.5 billion, which grew by 35.3% year over year and included $2.2 billion in coronavirus testing-related sales. The COVID-19 testing market will probably slow as vaccines for the disease become mainstream.

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