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Top Stocks To Buy Today? 4 Consumer Discretionary Stocks To Watch Now

Could these consumer discretionary stocks be a top pick in the stock market now?

top stocks to buy today

Are These Top Consumer Discretionary Stocks Worth Investing In Right Now?

Whether you are a firm believer in the reopening trade or looking to bet on stay-at-home trends, consumer discretionary stocks remain viable. After all, this section of the stock market today is home to a wide array of trending stocks now. This ranges from anywhere between cruise line stocks such as Carnival (NYSE: CCL) to meme stocks such as AMC Entertainment (NYSE: AMC). At the same time, consumer discretionary names that thrived throughout the pandemic continue to make headlines as well. Take Apple (NASDAQ: AAPL) and Microsoft (NASDAQ: MSFT) for instance. Both companies reported solid quarters as demand for their tech-based services and wares persist across the board.

Regarding demand, economists continue to see positive growth in the recovering U.S. economy now. Notably, a key index worth noting would be the Institute for Supply Management’s manufacturing purchasing managers index (PMI). Yesterday, the PMI registered a reading of 59.5 for July. Now, this would be slightly down from June’s reading of 60.6, however, any reading above 50 supposedly indicates sector growth. Simply put, the index still shows that demand remains on the high-end on the supply side of the economy. With this in mind, I could see investors eyeing the top consumer discretionary stocks in the stock market now. Should you be among this group, here are worth noting this week.

Best Consumer Discretionary Stocks To Buy [Or Sell] This Month

Alibaba Group Holding Ltd

Alibaba is a consumer discretionary company that has one of the largest e-commerce platforms in the world.  Its technology infrastructure and marketing help businesses to grow and reach users and customers efficiently. The company boasts over 1.5 billion consumers across its retail marketplace, Local Consumer Services, and digital media platforms globally. Alibaba’s business segments also include cloud computing and innovation initiatives. BABA stock currently trades at $195.24 as of 10:41 a.m. ET. Today, the company has just reported stellar earnings.

Diving in, revenue for its June quarter was a whopping $32.86 billion, an increase of 34% year-over-year. Non-GAAP net income for the quarter was $6.72 billion, increasing by 10% year-over-year. The company also says that it continues to invest its excess profits and additional capital in strategic areas to better serve customers and penetrate new addressable markets. It has also increased its share repurchase program from $10 billion to $15 billion as it firmly believes in its long-term growth prospects. With that in mind, will you consider buying BABA stock?

Source: TD Ameritrade TOS

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Amazon Inc.

Amazon is one of the largest tech companies in the world. The company also boasts an impressive e-commerce platform and is one of the most valuable brands in the world as well. Aside from its online marketplace, the company also distributes a variety of downloadable and streaming content, mainly through Amazon Prime Video, Amazon Music, Twitch, and Audible. Its cloud computing subsidiary, Amazon Web Services (AWS) provides on-demand cloud computing platforms and APIs to individuals, companies, and governments. AMZN stock currently trades at $3,335.78 as of 9:45 a.m. ET.

Last week, the company announced its second-quarter financials. To begin with, net sales for the quarter were $113.1 billion, an increase of 27% year-over-year. Its net income also increased to $7.8 billion for the quarter or $15.12 per diluted share. The company says that its AWS business has helped so many businesses and governments maintain business continuity.

It has also received significant customer momentum, with new commitments, and migrations from customers across many major industries. For instance, Swisscom, Switzerland’s leading telecommunications provider has selected AWS as its preferred public cloud provider to power a wide range of core applications. This includes a 5G network, business support system, and enterprise resource planning. All things considered, will you add AMZN stock to your portfolio?

Source: TD Ameritrade TOS

[Read More] 4 Semiconductor Stocks To Watch Right Now

GameStop Corporation

Next on this list is GameStop, a digital-first omnichannel retailer. In essence, the company is a consumer electronics and gaming company that offers entertainment products in its more than 4,000 stores and comprehensive e-commerce properties across 10 countries. The company also offers fans a wide variety of POP! Vinyl figures and collectibles. GME stock currently trades at $152.13 as of 10:01 a.m. ET. Last week, the company announced that it will rebrand EB Games in Canada. By the end of the year, EB Games locations in Canada and online stores will assume the GameStop brand and name.

In July, the company announced that it continues the expansion of its fulfillment network with a new facility in Reno, Nevada. This is a 530,000 square foot facility in Nevada and is expected to be operational by 2022. The company’s new presence in Reno, Nevada will position it to grow product offerings and expedite shipping across the west coast. This expansion follows the company’s entry into a lease of a 700,000 square foot facility in York, Pennsylvania. Considering that, will you be watching GME stock?

Source: TD Ameritrade TOS

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Discovery Communications Inc.

Another upcoming name to consider in the consumer discretionary industry now would be Discovery Communications. In brief, Discovery is a mass media company that primarily offers factual entertainment programs. As more older consumers would know, the company’s Discovery channel is home to a vast library of nature documentaries. Moreover, Discovery also offers other non-fiction programming via its Animal Planet, Science Channel, and TLC brands. Now, following the shift from cable TV to video streaming, Discovery brings all of this to consumers via its streaming service, Discovery Plus.

Given the company’s current focus on adapting to shifting consumer trends, could DISCA stock be worth watching? As it stands, DISCA stock currently trades at $27.52 as of 10:18 a.m. ET. Thanks to Discovery’s latest earnings figures posted earlier today, some would argue that it could have more room to run. Namely, the company reported earnings per share of $1.01 for the quarter, a massive 188% year-over-year increase. Additionally, the company also posted a total revenue increase of 21% over the same time, totaling $3.06 billion.

For the most part, Discovery cites the fast growth of its Discovery Plus service for these figures. To date, the company currently boasts 18 million paying subscribers which contributed to a 130% surge in streaming revenue quarter-over-quarter. With Discovery seemingly firing on all cylinders now, will you be investing in DISCA stock?

Source: TD Ameritrade TOS

By Brandon Michael

Brandon Michael is a financial specialist and financial contributor to the stock market. He enjoys writing about rising stocks and how the market changes over time. He specializes in multimedia and events, as well as social media management and media contributing. He has managed and marketed hundreds of events, as well as grown social media pages upwards of 200,000 followers and everything in between. As an active social media influencer in the car community, he understands how to recognize trends and curate content for niches. From an early age, Brandon was fascinated by the power of social media and how it built companies and careers for many. Over time he has developed many different strategies for different platforms on how to grow different kinds of pages. In addition to social media skills, he is passionate about events, it is second nature to him to promote them and make sure that everything is executing perfectly. This has allowed him to partner with some of the largest companies in the industry to run events for hundreds of thousands of people. Brandon has written many articles for many notable top websites for the last 3 years. His focus in his writing is generally rising stocks and emerging trends in the stock market, as well as bringing companies with market potential to the frontlines of the media. It is easy for him to identify trends and do extensive research to make sure he’s providing the most accurate research possible. In his free time, he continues to improve his research skills and financial knowledge to continue providing the best work possible.

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