Are These 2 Top Tech Stocks A Buy In July?
Tech stocks have been a very interesting sector of the market to watch. Technology is always advancing in our society which opens new doors for companies. Many new tech companies show up in the market all the time. Some tech stocks are promising while others are not so much. Many top tech stocks have been able to survive the economic crisis as well.
A good example of a tech company changing the world is SpaceX. It developed space technology that has got American astronauts into space for the first time in a long while. Investors are always searching for the next tech stocks to buy that will do well in the market.
Some tech stocks have been able to make a full recovery in the share price. Tesla (TSLA stock report) and AAPL (AAPL stock report) are great examples of companies that recovered from the economic crisis. The economy is still rebuilding so it is unsure where tech stocks will go. With that being said let’s look at two tech stocks to watch that look promising in the market.
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Top Tech Stock To Watch In July 2020: Microsoft
We all know this first tech stock to watch, Microsoft Corporation (MSFT stock report). Microsoft sells computers, cell phones, software, Xbox, and more. It was founded by Bill Gates and Paul Allen in 1975. Currently, it is the third public US company to be valued over $1 trillion. The only other two are Amazon (AMZN stock report) and Apple.
MSFT stock price just hit an all-time high on June 23rd. Even after MSFT stock fell with the rest of the market back in February, it has reached this height. This has been due to MSFT stock price rising ever since the fall. Microsoft has been able to continue and improve sales in the last few months. So investors who bought the dip of MSFT stock were able to make a profit. As of June 23rd, MSFT stock price is at $203.47 a share on average. This is right around the high it reached on the same day. Since March, MSFT stock has grown over 50%.
Many products that Microsoft offers can be used at home during the stay at home orders. This includes computers, software, Xbox units and more. This could explain why Microsoft has managed to stay afloat and grow. It will be interesting how Microsoft adapts to the new normal in the world.
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Top Tech Stock To Watch In July 2020: Square
Square Inc. (SQ stock report) is the next tech stock to watch due to it reaching a new record high on June 23rd. Square is a mobile payment company that was founded in 2009. SQ stock has been publicly traded since 2015. Square is one of the largest up and coming mobile payment companies around. One of the founding members, Jack Dorsey, is also a co-founder of Twitter. In 2019, Square’s revenue was $4.7 billion. Its services are offered in many countries worldwide.
SQ stock just reached a new height at its share price. Mobile payments are a big service due to the stay at home orders. SQ stock price is around $105 as of June 23rd. This is after a $38 a share low for SQ stock in March. This 176% increase in SQ stock price is great news for the company. As mobile payments continue to be more relevant in our society, SQ stock will benefit from it. Square is still making moves, including acquisitions. Square acquired Verse, a Spanish payment company that works in a similar fashion. SQ stock was positively affected by this news as well.
These tech stocks to watch are reaching record highs on the market. This shows that tech stocks are able to strive in dark economic times. SQ stock and MSFT stock have soared due to their persistence in the market. It’s always good to look out for trending tech stocks as it can be a potential opportunity to invest and make a profit.