Check Out These Tech Stocks In The Stock Market Today?

Tech stocks continue to be a key focus in the stock market today as investors eye Big Tech earnings. Even as markets attempt to recover from year-to-date losses, the broader tech industry seems to be on the rebound. On this front, the Nasdaq index, in particular, is currently up by over 7% since its year-to-date low from last week. Not to mention, all of this is despite industry headwinds like the Fed’s plans to raise interest rates several times this year. Nevertheless, with all the current hype around the top tech stocks, investors may want to tune in now.

For starters, Alphabet (NASDAQ: GOOGL) posted solid figures across the board in its latest quarterly report yesterday. In detail, the ad tech goliath posted an earnings per share of $30.69 on revenue of $75.33 billion. Notably, this well exceeds Wall Street estimates of $27.34 and $72.17 billion respectively. As a result, GOOGL stock continues to gain momentum in the stock market this week. If that wasn’t enough, the company is also looking to carry out a 20-for-1 stock split. Ideally, this would serve to attract additional investors.

At the same time, there is no shortage of exciting developments in the world of tech. For instance, thanks to cutting-edge tech, we now have electric vehicle (EV) firms like Li Auto (NASDAQ: LI) commercializing more eco-friendly automotive options. Namely, the company recently released its January 2022 EV delivery figures. Throughout the month, it delivered a whopping 12,268 vehicles, marking a massive 128% year-over-year jump. All in all, these are but two instances of the booming tech industry today. Could one of these names be top picks in the stock market now?

Top Tech Stocks To Watch Today

Advanced Micro Devices 

First up, we have Advanced Micro Devices (AMD), a tech company that creates high-performance computing, graphics, and visualization technologies. In fact, leading Fortune 500 businesses and cutting-edge scientific research use its products and services. Also, millions of people all over the globe own AMD products. On Monday, the company reported its fourth-quarter and full-year 2021 financial results.

Diving in, it reported a record quarterly revenue of $4.8 billion, increasing by 49% year-over-year. Its computing and graphics segment revenue made a significant chunk of this revenue, at $2.6 billion for the quarter, up 32% year-over-year. Furthermore, net income for the quarter was $974 million and diluted earnings per share was $0.80. The company also ended the quarter with $3.6 billion in cash and cash equivalents.

The company recently announced that it has received approval from the State Administration for Market Regulation (SAMR) of the People’s Republic of China for the acquisition of Xilinx. AMD also expects the acquisition to close by the first quarter of 2022. AMD President and CEO Dr. Lisa Su has this to say, “Each of our businesses performed extremely well, with data center revenue doubling year-over-year driven by growing adoption of AMD EPYC processors across cloud and enterprise customers. We expect another year of significant growth in 2022 as we ramp our current portfolio and launch our next generation of PC, gaming, and data center products.” With that being said, is AMD stock worth investing in right now?

AMD stock
Source: TradingView

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Meta Platforms 

Meta Platforms, formerly known as Facebook, is a tech company that is the parent organization of Facebook, Instagram, and Whatsapp. Today, the company builds technologies that help connect people and grow businesses. It is also moving beyond 2D screens toward immersive experiences like augmented and virtual reality to help build the next evolution in social technology. Even with gains of over 5% this week, investors will likely be tuning into FB stock today.

The company will announce its fourth-quarter and full-year financials on Wednesday, February 2, 2022, after the market closes. Ahead of that, how has the company been doing financially? In its third-quarter financials, it reported a total revenue of $29 billion, increasing 35% year-over-year. Net income for the quarter for $9.19 billion, increasing 17% compared to a year ago.

Daily active users were 1.93 billion for September 2021, increasing by 6% year-over-year. It also purchased $14.37 billion for its common stock in the third quarter and had $7.97 billion remaining in its prior share repurchase authorization as of September 30, 2021. It also ended the quarter with $58.08 billion in cash and cash equivalents. All things considered, is FB stock a top tech stock to consider adding to your portfolio today?

FB stock
Source: TradingView

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Another name to consider among tech firms now would be leading telecom player, AT&T. In brief, AT&T offers telecom and related mobile telephone services to U.S. consumers. The likes of which are becoming increasingly relevant in a world where smartphones are plentiful. For investors looking to jump on the current wave of 5G upgrades, T stock could be worth keeping an eye on now. This could be the case for some even with the company’s shares’ current year-to-date losses.

Aside from all this, AT&T appears to be restructuring and streamlining its current operations. As of earlier this week, the company is planning to spin off its WarnerMedia arm. Through the $43 billion deal, WarnerMedia will merge its media properties with Discovery (NASDAQ: DISCA). The deal will see AT&T shareholders own 71% of the new Warner Bros. According to AT&T, this would allow it to focus its “capital expenditure on building out its wireless network,” which would be its core divisions.

Sure, while the current deal may seem negative at face value, some would argue that it is a strategic play by AT&T. However, this would free up AT&T from competing in the streaming space with heavily established names such as Netflix (NASDAQ: NFLX). Moreover, the spin-off would also help to address its latest net debt of $156.2 billion. After considering all of this, would T stock be a top buy for you?

Source: TradingView

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