Check Out These 3 Trending Tech Stocks In The Stock Market Today
There’s no doubt that tech stocks have been beaten down over the last year. In fact, the tech-heavy Nasdaq Composite has plunged more than 20% year to date, putting the index in bear market territory. Although some investors may want to stay on the sidelines among all these economic uncertainties, we also need to keep in mind that there may be buying opportunities in the stock market now. Now that the index appears to be regaining some ground up about 10% in the last month, many investors may be thinking if it is a good time to get back into top tech stocks.
Of course, no investor can time a market bottom. But one thing we can pretty certain of, is that these tech firms will continue to innovate and grow their offerings. With that being said, I could see why tech stocks may be attractive to some investors at their current valuations.
Take Alphabet Inc. (NASDAQ: GOOGL) for example. Just last week, the company moved forward with its 20-1 stock split for the second time in its company’s history. The 20-for-1 split means Alphabet investors will get an additional 19 shares for each one they already own. Companies carry out stock splits with the intent of making their stock prices more attractive to retail investors. All in all, if you are keen on investing in some of the top tech stocks, be sure to look out for these top tech stocks in the stock market now.
Tech Stocks To Buy [Or Sell] Today
To start off our list today, we have social media giant Snap. The company is front and center of the news headlines on Friday. This would be thanks to Snap releasing its disappointing second quarter fiscal earnings after the market close on Thursday. In detail, SNAP stock dropped 30% in premarket trading on Friday, retreating back under its mid-June bottom. Shares of SNAP stock had closed Thursday’s trading session up 5.6% at $16.38 per share.
Snap reported a second-quarter loss that was worse than Wall Street’s consensus estimates. In detail, SNAP notched a revenue increase of 13% year-over-year, while increasing Daily Active Users by 18% year-over-year to 347 million. The revenue the company reported missed expectations. To top it off, the company also didn’t provide any guidance for the next quarter.
SNAP CEO Evan Spiegel states, “While the continued growth of our community increases the long-term opportunity for our business, our financial results for Q2 do not reflect our ambition.” He continued, “We are evolving our business and strategy to reaccelerate revenue growth, including innovating on our products, investing heavily in our direct response advertising business, and cultivating new sources of revenue to help diversify our topline growth.” As SNAP continues to face issues with top-line growth and heightening recession worries, this could continue to move shares lower in the short term. All in all, could this be an opportunity to buy SNAP stock at a discount at these prices?
Next up, we have the social networking company, Twitter. In essence, Twitter serves as a forum for real-time communication and public self-expression. Their platform offers Promoted Ads, Follower Ads, and other goods and services. Amidst the Elon Musk-Twitter saga, Elon Musk formally gave notice of termination of the $44 billion deal to buy Twitter on July 8. On July 11, Twitter lawyers responded to Mr. Musk’s attorney on the July 8 filing, saying the company hadn’t violated the merger agreement. Twitter announced it has sued Mr. Musk, with the intention to enforce the deal. Now, both parties are gearing up for a legal battle. This battle would become one of the most unusual courtroom battles in corporate-takeover history.
Moving along, the company reported its second quarter fiscal results Friday morning. The report showed the company fell short of analysts’ estimates, amid the company’s court battle with Musk. Furthermore, the company reported revenue for the quarter of $1.18 billion versus the $1.32 billion Wall Street expected. Its adjusted earnings per share (EPS) notched in at -$0.08, compared to estimates of $0.14. But, its monetizable daily active users (DAUs) slightly beat estimates coming in at 237.8 million versus estimates of 237.5 million.
In its note to shareholders, the company said, “Q2 revenue totaled $1.18 billion, a decrease of 1% year-over-year, or an increase of 2% on a constant currency basis, reflecting advertising industry headwinds associated with the macroenvironment as well as uncertainty related to the pending acquisition of Twitter by an affiliate of Elon Musk.” It’s still not clear what the results of the saga between Musk and Twitter will be. With everything surrounding TWTR stock, do you have it on your watchlist right now?
[Read More] 5 Top Dividend Stocks To Watch In A Bear Market
Verizon Communications Inc.
As far as telecommunication services go, Verizon is a force to be reckoned with. The company, through its subsidiaries, provides communications, information, and entertainment products and services to its customers. Most notably, its wireless services are provided across wireless networks in the U.S. under the Verizon brand. As an undisputed name among telecommunication companies in the U.S., it should not be surprising that investors would always have a tab on VZ stock.
Furthermore, Verizon announced its second-quarter earnings results on Friday morning. Diving in, the company reported $1.24 earnings per share and total revenue of $33.8 billion for the quarter. Though revenue was pretty much flat compared to the same quarter the previous year, the company reported a 10.7% decrease in net income, coming in at $5.3 billion. Total wireless service revenue of $18.4 billion, reflecting a 9.1% jump year over year.
“As the market leader, in a very competitive industry, we are determined to improve our operational and financial performance for the second half of the year,” stated Verizon Chairman and CEO Hans Vestberg. “With our network-as-a-service foundation, our new consumer mobility plans, and recent pricing actions, we are being deliberate in our decisions to improve our profitable growth opportunities today and into the future.” Shares of VZ stock are currently trading at $45.73 in early Friday’s trading session. With that in mind, do you think VZ stock is a top tech stock to watch today?