top tech stocks to buy

Top Tech Stocks Are Releasing Their Earnings This Week

Tech stocks were under pressure last week, leading to a sell-off that dragged the Nasdaq Composite lower. After most top tech stocks seeing a strong rally for months, it is expected that they will take a breather and fall back occasionally. And when that happens, we often see mutual funds and other big institutional players come into space and scoop up some shares.

You know it, the top tech stocks turbulence won’t be here for a long time, and therein lies this week’s opportunity. Tech stocks, especially the mega-caps, are usually still attractive during bullish markets. In the face of the coronavirus pandemic, we are still seeing strong performance in tech. The resilience shown thus far is showing the technology sector is equipped with strong fundamentals. Buying in the dips has been infallible. This couldn’t possibly go far off as the world shifts towards more digitization. That said, are these the top tech stocks to buy during the dips?

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Top Tech Stocks To Buy In July [Or Avoid]: Facebook

tech stocks to watch (FB stock)

First, up the list, Facebook (FB Stock Report) is set to report its earnings on July 29. The social media giant could witness a jump in their usage of various platforms amid the pandemic. As you may have noticed, the ad-boycott by more than 400 companies towards Facebook last month was worth the attention of potential investors. From the ad-boycott, investors should brace themselves for a hit from the lower ad-sales, which could significantly hurt the company’s earnings.

Amongst other sectors, the travel and automotive industries are likely to report lower ad spending as these sectors show no signs of recovery just yet. FB stocks are trading 10% higher year to date and trading at $230 per share on last week’s closing.

Top Tech Stocks To Buy In July [Or Avoid]: Shopify

e-commerce stocks to buy (SHOP stock)

Shopify Inc. (SHOP Stock Report) will report its second-quarter earnings on July 29 too. One thing to note from the report is the gains from the introduction of contactless payment hardware for Canadian retailers using the new point of sales (POS) system. The newly launched system is expected to integrate online and in-person sales to aid merchants to keep their business afloat.

Of course, the shift towards digital space has accelerated during the pandemic. It’s safe to assume that it would have contributed significantly to top-line growth and increased user base in the second-quarter performance. The acceleration in digital shops has sent SHOP stocks soaring more than 120% year to date. The stock traded at $930 on Friday’s close.

[Read More] Netflix Or Roku: Which Is A Better Tech Stock?

Top Tech Stocks To Buy In July [Or Avoid]: Spotify

SPOT stock

The largest music-streaming provider Spotify (SPOT Stock Report) is also releasing the second-quarter earnings on Wednesday. The main growth driver of Spotify seems to be its singular focus on music streaming. But the company has recently added podcasts to increase their offerings to stay at the leading spot. Of course, the addition of podcasts is unlikely to bring huge profits to the company anytime soon. We know podcasts could be big, but many think that it will be huge in the long run.

So, offering such a service could provide a competitive advantage as the company moves forward. In the event podcasts really do reach their full potential, Spotify will benefit immensely. That’s because the more users the company can attract, the more users will listen to Spotify-owned podcasts, and their accompanying ads. SPOT stock rallied more than 70% year to date and last traded at $268 per share.

[Read More] Are These 2 Top Tech Stocks A Buy In 2020?

Top Tech Stocks To Buy In July [Or Avoid]: Apple

AAPL stock

Apple (AAPL Stock Report) no longer looks to its iPhone device sales as its main growth driver. The company is reporting the second-quarter earnings on July 30. As you may already know, the company is shifting towards wearables and services. Yes, Apple may no longer emphasize on its iPhone sales, but that doesn’t mean the device isn’t integral to its long-term business strategy. The company’s hardware products are the best ways for consumers to tap into the growing ecosystem.

AAPL stocks slid last week after the company delayed its iPhone launch to October. Even though Apple’s iPhones may no longer be in their prime, the upside potential from the services, wearables, and 5G is still very significant. AAPL stock has climbed 20% this year and last traded at $370. Even at such a price tag, analysts are still bullish and some even gave it a $500 price target.

Top Tech Stocks To Buy In July [Or Avoid]: Amazon

faang stocks to watch Amazon (AMZN stock)

Of course, no list of top tech stocks is complete without Amazon (AMZN Stock Report). The largest e-commerce company is slated to report its earnings on July 30. Amazon has been quite successful in capitalizing on its e-commerce dominance to secure more than 150 million Prime members worldwide. With the coronavirus pandemic, e-commerce has seen a huge uptick in demand, which then explains Amazon’s meteoric rise this year. But it’s not e-commerce that’s going to be the major growth driver.

Rather it’s the cloud segment Amazon Web Services (AWS) which is likely to do most of the heavy lifting in the future. AMZN stock has climbed more than 50% this year and could grow even further in the long term. The question here is, would you buy AMZN stocks during the dips

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