U.S. equities are drifting lower again on Friday amid ongoing pressure from weak energy prices, the threat of a September rate hike from the Federal Reserve and a batch of weak economic data. But a number of mega-cap tech stocks continue to stand resolute, resisting downside pressure of the past few weeks to push higher.
Some of this is a function of specific tailwinds (such as exploding cell phone batteries, which I’ll explain later) and a general sense that investors are still in the mood to chase momentum gainers wherever they appear.
While overall market volatility is likely to continue for at last a few more days, until we get a resolution on the Bank of Japan and Federal Reserve policy decisions next week, these three tech stocks are good bets for additional gains.
Tech Stocks That Won’t Stay Down: Facebook Inc (FB)
Facebook Inc (NASDAQ:FB) has been enjoying a nearly unbroken uptrend since 2013 thanks to solid user growth, steady ad revenue and excitement about new initiatives like key mergers and acquisitions deals and its push into virtual reality with Oculus. The company is making a move into mobile payments as well, confirming on Sept. 12 that it will integrate this feature into the next version of its Messenger platform.
The company will next report results on Nov. 2 after the bell. Analysts are looking for earnings of 96 cents per share on revenues of $6.9 billion.
Tech Stocks That Won’t Stay Down: Apple Inc. (AAPL)
Apple Inc. (NASDAQ:AAPL) shares tested above $116 on Friday for the first time since late 2015 as the iPhone 7 goes on sale and investors look for the company to benefit from Samsung’s disastrous recall of its Galaxy Note 7 for exploding batteries (with the official advice from the company and the U.S. government to switch the phones off and leave them off). As for the iPhone 7, initial demand doesn’t seem as bad thanks to aggressive carrier discounts and offers.
The company will next report results on Oct. 25 after the bell. Analysts are looking for earnings of $1.65 per share on revenues of $46.7 billion.
Tech Stocks That Won’t Stay Down: Intel Corporation (INTC)
Intel Corporation (NASDAQ:INTC) shares tested above $38 on Friday, incredibility returning to levels not seen since 2000. That’s a 16-year round trip, and a reminder why buy-and-hold isn’t always a good idea.
Investors are encouraged by positive signs from the PC market as well as the company’s iPhone supplier wins. That led management to raise its Q3 revenue and gross margin guidance.
The company will next report results on Oct. 18 after the close. Analysts are looking for earnings of 66 cents per share on revenues of $14.9 billion.
Anthony Mirhaydari is founder of the Edge and Edge Pro investment advisory newsletters. A two-week and four-week free trial offer has been extended to InvestorPlace readers.
