tech stocks to buy right now

These Tech Stocks Are Surging; Can They Continue To Rally In 2021 & Beyond?

Tech stocks have had a good rally this year. Asa result, they have obviously gained a lot of attention. Investors are becoming increasingly comfortable in some of the top tech stocks in the stock market amid the high valuation. With the strong fundamentals shown by the tech industry, the fear of another tech bubble has slowly diminished. Even in an environment with heightened volatility, tech stocks are among the bullish movers this week. While the SPDR Technology ETF (XLK Report) jumped around 7% this week, investors have to note that tech has been one of the beaten-down industries in recent weeks. Therefore, you could say the recent gain is a necessary correction. 

However, from what we have observed in the past two trading sessions, things have turned in a positive direction. We saw the swift rebound in stock prices across the board. Don’t get me wrong though, this isn’t to say that the potential political headwinds are out of the picture. But if you’re looking for the best stocks to buy now, tech is likely an industry to watch. Most blue-chips companies like Microsoft (MSFT Stock Report) and Amazon (AMZN Stock Report) have jumped higher on Wednesday. That appears to be continuing steadily during pre-market trading on Thursday morning. Less than nine weeks before we start another year, are these tech stocks in your portfolio right now? 

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Top Tech Stocks To Watch Now: Qualcomm

Qualcomm (QCOM Stock Report) surged nearly 13% in extended trading as its revenue and adjusted earnings per share crushed Wall Street’s expectations. The company is an established player in the semiconductor industry. Specifically, Qualcomm is an industry leader in manufacturing chipsets for smartphones. Things are looking up for the company. Last month, Qualcomm won a legal battle with the Federal Trade Commission (FTC). An appeals court denied the FTC’s request for a rehearing of a previous decision. That stated that the way Qualcomm conducted its licensing business is legal. This has certainly brought relief to many investors.

tech stocks (QCOM stock)

“Our fiscal fourth-quarter results demonstrate that our investments in 5G are coming to fruition and showing benefits in our licensing and product businesses,” Steve Mollenkopf, Qualcomm CEO

The company is in a good position to benefit from the rise of 5G networks and handsets. As you may have already known, one of its modem chips is part of Apple’s iPhone 12. Analysts expect 200 million 5G smartphones to be shipped in 2020, and 500 million 5G smartphones to be shipped in 2021. There are many reasons to be optimistic with QCOM stock. Now that the stock is at least 45% higher year to date, could this rally continue to climb into the following year and beyond? The odds certainly don’t look bad to me, with Qualcomm’s indispensable position in the smartphone industry.

Top Tech Stocks To Watch Now: Facebook

The world’s largest social media company, Facebook (FB Stock Report) has been under pressure for a host of issues. These include privacy concerns and the company’s role in allowing hate speech and misinformation on its network. Yet, FB stock surged 8.3% on Wednesday and rose 3% during pre-market trading as of 6:36 am ET. This came as investors appear to be relieved that the outcome of the U.S. elections seems to be pointing at a lower risk of regulation on the social media company.

top social media stocks to watch (fb stock)

Perhaps, Big Tech stocks have once again become the safe havens. These companies will go strong no matter who the president is. Investors are again looking at Facebook’s solid operational performance and intriguing growth prospects. If you have missed out the earnings from Facebook, the digital ad titan saw its revenue and earnings per share rise by 22% and 28% respectively in the third quarter. 

And perhaps this isn’t enough for optimism for the ad titan. According to a report from eMarketer, digital ad sales could exceed $517 billion by 2023, up from $333 billion in 2019. Facebook’s wide reach through its multiple apps and potential future acquisitions plays to its benefit. The billions of active users under the company would help it profit through digital ads. Furthermore, the company is not shy about its e-commerce ambition. It plans to bring shopping features to WhatsApp, allowing users to buy items directly from the chat app. The in-app shopping functionality is especially attractive in certain emerging markets, where WhatsApp has a strong user base. With these in mind, will FB stock continue this upward trend in the years to come? 

[Read More] 3 Growth Stocks To Watch In The Stock Market Today

Top Tech Stocks To Watch Now: Uber Technologies

Uber Technologies (UBER Stock Report) got a major lift on Wednesday after a ballot win in California. Investors breathed sighs of relief after California voters said yes to a contentious ballot measure that exempts them from a law that threatened to upend their business models. Like Uber, Lyft (LYFT Stock Report) also closed up big on Wednesday’s intraday trading.

“To this point, 58% of voters in California voted YES and passed Prop 22, which will send a ripple impact as investors were worried if Prop 22 did not pass this would significantly impact the core DNA of the Gig Economy and ultimately the revenue model for Lyft and Uber,” – Daniel Ives, Wedbush Analyst

The analyst was of course referring to Proposition 22. With that, companies will not need to classify app-based drivers as employees. That means Uber and Lyft drivers can remain as contractors. Nevertheless, there will be some health benefits and pay guarantees in the picture. With this proposition, the affected companies are exempted from a California law called Assembly Bill 5, which previously reclassified many contractors as employees.

That gave these employees benefits such as sick leave and overtime pay. Moving forward, the companies need to guarantee a minimum level of hourly wage and provide workers with vouchers for purchasing subsidized health insurance. Granted, this is not a home run for Uber. There will be some expenses involved. But it is a move in a favorable direction for the company nonetheless. With legal uncertainty out of the way, will UBER stock be back on its upward trajectory? 


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