The “Magnificent Seven” or “Mag 7” stocks refer to a select group of high-performing companies known for their market dominance and robust financial health. These companies are often leaders in their respective industries, with strong brand recognition, substantial market capitalization, and consistent revenue growth. The composition of Mag 7 stocks can vary over time, reflecting changes in market trends and company performance.

Investing in Mag 7 stocks comes with a set of advantages. These stocks are typically associated with stability and reliability, making them attractive to investors seeking long-term, steady growth. They often pay dividends, providing an additional income stream. However, there are disadvantages to consider. The size and established nature of these companies might limit their growth potential compared to smaller, more agile firms. High valuations of these stocks can also mean limited upside potential and greater susceptibility to market corrections.

When considering Mag 7 stocks, investors should balance their portfolios with a mix of assets. While these stocks can be a safe bet for steady returns, diversification is key in managing risk. It’s also important to stay updated on market trends and individual company performance. If this still has you keen on investing in Mag 7 stocks, here are three to watch in the stock market today.

Magnificent Seven Stocks To Watch Now

Amazon (AMZN Stock)

best tech stocks (AMZN Stock)

Starting us off, Inc. (AMZN) is a multinational technology company primarily known for its e-commerce platform, which has transformed the retail industry. Amazon has diversified its business to include cloud computing services (AWS), digital streaming, and artificial intelligence.

At the end of October, Amazon reported a beat for its third quarter 2023 financial results. Diving in, the tech giant posted a Q3 2023 earnings of $0.85 with revenue of $143.08 billion. This is compared to analysts’ consensus estimates for the third quarter which were an EPS of $0.58 and revenue estimates of $141.47 billion. Moreover, revenue increased by 12.57% versus the same period, the prior year.

In the last month of trading, shares of Amazon stock have gained slightly by 1.12%. Meanwhile, during Monday morning’s trading session, AMZN stock opened lower by 2.14%, trading at $144.26 a share.

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Tesla (TSLA Stock)

top electric vehicle stocks to buy now (tsla stock)

Second, Tesla Inc. (TSLA) is an automotive and energy company renowned for its electric vehicles (EVs) and renewable energy products. Tesla has been a pivotal player in the push toward sustainable transportation. Beyond EVs, the company’s product line extends to battery energy storage, solar panels, and solar roof tiles, emphasizing its commitment to renewable energy technologies.

Back in October, Tesla announced its Q3 2023 financial results. Diving in, the company reported earnings of $0.64 per share, on revenue of $23.35 billion for the third quarter of 2023. This is versus Wall Street’s estimates which were an EPS of $0.75, and revenue estimates of $24.26 billion.

Looking at the past month of trading activity, shares of Tesla stock are up 8.19%. While, during Monday morning’s trading session, TSLA stock opened slightly red on the day so far by 0.73% at $242.07 a share.

[Read More] 2 Quantum Computing Stocks To Watch In December 2023

Alphabet Inc. (GOOGL Stock)

GOOGL stock

Last but not least, Alphabet Inc. (GOOGL) is the parent company of Google, a multinational conglomerate known for its dominance in Internet-related services and products. Alphabet encompasses a range of subsidiaries, including the Google search engine, YouTube, and various initiatives in areas like artificial intelligence, cloud computing, and hardware.

Also in October, Alphabet reported better-than-expected third-quarter 2023 financial results. In the quarter, the company posted earnings of $1.55 per share, with revenue of $76.69 billion. Wall Street analysts had their consensus estimates at an EPS of $1.45 and revenue of $75.91 billion. Additionally, revenue advanced by 11.00% versus the same period, the previous year.

In the last month of trading, Alphabet stock is trading modestly higher by 0.42%. Meanwhile, during Monday morning’s trading action, shares of GOOGL stock opened the day red by 1.70%, currently trading at $132.70 a share.

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