Are These Top Tech Stocks On Your Watchlist This Short Holiday Week?
For the past year, you can’t deny that tech stocks have been dominating the stock market. Although the coronavirus pandemic halted most industries, those in the tech industry pressed on and continued to innovate. In fact, you could say that the pandemic brought in a whole new mess of problems to be solved with tech. This year, we saw top tech stocks like Amazon (AMZN Stock Report) continue to dominate in their respective fields while branching out to others. Companies like Zoom (ZM Stock Report) found themselves in the perfect position to help those stuck at home. All of this growth is possible through tech.
As we are all aware, the term ‘tech’ is a huge umbrella under which various parts of the stock market fall under. Because of this, investors are faced with the dilemma of figuring out which of the best tech stocks to buy are worth their time. The options are endless as the coronavirus pandemic has boosted many subsections of tech. This includes but is not limited to fintech, streaming tech, and even consumer tech. With all this emphasis on tech, it is no wonder that the industry is booming on all fronts.
For today’s article we will be looking at computer tech. If anything, it is one of the few pieces of hardware that has not lost its value due to the pandemic. Whether it’s working in a physical or digital office, employees will most likely need a personal computer. Aside from that, students and teachers alike have also come to rely heavily on this tech in these times. Should tech savvy investors be looking towards computer companies to expand their tech portfolios? Here’s a list to help you decide.
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Best Tech Stocks To Watch This Week: Micron Technology
Starting us off, we have Micron (MU Stock Report). Micron is an Idaho-based tech company that produces a wide variety of computer hardware. Mainly, it specializes in the production of computer memory and computer data storage hardware. Its consumer tech products are marketed under the brands of Crucial and Ballistix. Understandably, this mode of business has benefited the company in the middle of a pandemic. Simply put, such hardware would serve as a means of data transfer for smaller companies undergoing digital acceleration. Micron’s share prices have more than doubled since the stock market crash in March.
In its recent quarter fiscal reported in September, the company saw a 24% rise in revenue year-over-year. Additionally, it also saw solid jumps of 76% in net income and 77% in earnings per share over the same period. CEO Sanjay Mehrotra commented, “Micron delivered solid fiscal fourth-quarter revenue and EPS resulting from strong DRAM sales in cloud, PC and gaming consoles, and an extraordinary increase in QLC NAND shipments,” It seems that people love what Micron is selling and investors would definitely be happy to hear that. Mehrotra also mentioned that the company will be looking towards building momentum in 2021 by growing its product portfolio further.
For one thing, Micron is not resting on its laurels right now. The company is currently making moves in India. Namely, news broke on Wednesday that it will be expanding its India division over the next three years. This will also entail the establishing of a ‘Center of Excellence’ to facilitate industry-academia collaboration in India. Locally, Amazon announced a big sale on Micron’s Crucial product line. It seems to me that this could be an interesting time for the company across the board. Would you say all this merits having MU stock in your portfolio?
Best Tech Stocks To Watch This Week: Intel Corporation
Next up, we have semiconductor chip manufacturer, Intel (INTC Stock Report). The chip giant has not had the best of years. Admittedly, it has lost market share to competitor Advanced Micro Device (AMD Stock Report) in 2020. However, Intel does not appear to be taking its losses lying down. We can see that it has to be up to something with its share prices seeing gains of over 10% since early November.
Just this week, Intel launched three new data center drives and its competitors could have a reason to be nervous. Namely, it released the ‘world’s fastest solid-state drive’. The company’s new offering is reportedly capable of reading three times as many inputs/output operations than its predecessor. This is definitely a great development for Intel. Investors may be seeing this as an opportunity for the company to catch up with its rivals. Time will tell if they hold on to this position long enough to reap the benefits.
In its recent quarter fiscal reported in October, the company generated $18.33 billion in revenue for the quarter. In light of the pandemic impacting Intel’s significant business segments, this is no easy feat. CEO Bob Swan commented, “We remain confident in our strategy and the long-term value we’ll create as we deliver leadership products.” Swan also mentioned the company’s plans to “win a share in a diversified market fueled by data and the rise of AI, 5G networks, and edge computing.” Should things go as planned, do you think INTC stock could make a comeback in 2021?
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Best Tech Stocks To Watch This Week: Dell Technologies
Following that, we have a name you are likely familiar with, Dell (DELL Stock Report). You can’t deny that Dell is a household name with its classic computer hardware offerings. Correspondingly, the company’s shares are having a fantastic year on the stock market so far. Specifically, the company’s share price reached an all-time high of $75.06 during Friday’s trading session. Investors must be curious as to what happened.
Notably, the company released its new XPS 13 laptop in the Indian market. This laptop comes with the latest generation of Intel chipsets. As a result, investors could be anticipating an increase in sales as it is a prime market for tech. Moreover, with the holiday season approaching fast, it could be a fantastic offer for those looking for a tech upgrade. On top of that, the company unveiled plans to bolster its existing security solutions earlier this week. This could explain DELL stock’s ongoing rally throughout the trading week till now. Regardless, investors seem to be watching DELL stock closely.
To add to this, the company also reported stellar results in its third-quarter fiscal. Dell managed to bring in $23.48 billion in revenue for the quarter with an impressive 63% rise in earnings per share year-over-year. Considering its great quarter and its recent moves in key markets, it could be the beginning of interesting times for the company. Will this be as good as it gets or does DELL stock still have room to grow? Your guess is as good as mine.
