In continuing with our top five lists, tonight I want to look at the top five high beta stocks available to investors. I previously posted about exactly what a stock beta value is and what it means. High beta stocks are certainly risky, but they do provide the potential for higher returns. Although it is never a good idea to have a portfolio full of high beta stocks, it is certainly a good idea to have a few. 
1. Allegheny Technologies Inc. (NYSE:ATI) Beta value=3.29 Allegheny trades at a P/E of just 13.59 and is a company that has established a true turnaround story. Analysts are raising earnings estimates more as time passes, and it will likely continue.
2. Las Vegas Sands Corporation (NYSE:LVS) Beta value=3.72 LVS is a stock that has a lot of momentum. The company has good profit margins and is benefiting from an overall positive picture for the gambling industry.
3. Nordstrom Inc. (NYSE:JWN) Beta value=1.90 Nordstrom has proven itself to be the crown jewel of its industry. The company achieves consistent extremely high returns on investment and has a strong balance sheet.
4. Akamai Technologies Inc. (NASDAQ:AKAM) Beta value= 4.00 This company has been riding the wave internet video demand. The stock has hit some hard times of late, but the growth is far from gone.
5. Tesoro Corporation (NYSE:TSO) Beta value=1.50 Tesoro is highly leveraged and does quite well as crude oil prices move higher. The stock trades at a P/E ratio of just 7.49 times this year's earnings so it should have room to run.
These five stocks are good stocks to consider if you are looking for some high risk high return plays. Remember, these stocks are far more likely to hurt your portfolio than are the low beta plays, but they also are far more likely to become quick double or triples.
I urge everyone to stay away from having an entire portfolio with these names in it. The portfolio is likely to do very poorly because of the risk involved. The best way to use this list is to choose one or two of the names here and do your own research on it, and if you find it appropriate add it to a well-diversified investment portfolio.
If you would also like to view the list of the top five low beta stocks, click here.
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