3 Tech Stocks Leading the Charge Past Nasdaq 6,000

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The Nasdaq Composite surged past the 6,000 mark for the first time ever on Tuesday — hitting new highs for the first time since March — capping an epic gapped move higher. By gapped, I mean that stocks jumped above the prior day’s range at the open and then extended its rise during trading. And for “chartists”, that’s a sign of serious, intense buying pressure.

3 Tech Stocks Leading the Charge Past Nasdaq 6,000

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The surge puts a dramatic end to a quiet two-month downtrend as investors burned off some of their post-election ebullience in calm, controlled fashion.

Concerns focused on a lack of legislative progress from the Trump administration, weakness in “hard” economic data points like retail sales, a renewed decline in crude oil prices and geopolitical tension.

While most of these remain in play — although President Trump is pushing hard on tax reform efforts this week — stocks had drifted enough that the situation was primed for a relief rally on any positive surprise catalyst. That was delivered on Sunday night after the first round of the French president election went as expected.

With that in mind, here are three big tech stocks driving the charge higher:

Tech Stocks to Buy: Microsoft Corporation (MSFT)

Tech Stocks to Buy: Microsoft Corporation (MSFT)Microsoft Corporation (NASDAQ:MSFT) shares are rising up and out of a four-month consolidation range near the $66-level, popping to new highs. New leadership and a fresh focus on the cloud and changing to a software-as-a-service business model has helped MSFT nearly triple its share price from its 2013 lows.

The company will next report results on April 27 after the close. Analysts are looking for earnings of 72 cents per share on revenues of $23.4 billion. RBC analysts are positive on MSFT shares as they see an improving server product cycle, good commercial cloud margins and modestly better PC demand.

Tech Stocks to Buy: Alphabet Inc (GOOGL)

Tech Stocks to Buy: Alphabet Inc (GOOGL)Alphabet Inc (NASDAQ:GOOG, NASDAQ:GOOGL) shares have pushed up and over its March high near $855 to push above $873.50 in trading Tuesday. This represents a near 70% rise form its summer 2015 high — an impressive run for a mature tech giant with diversified interests in everything from smartphone hardware and software to self-driving vehicle technology and virtual reality products.

GOOGL has also successfully braved some advertiser losses from alleged “hate channels” on its YouTube platform.

The company will next report results on April 27 after the close. Analysts are looking for earnings of $7.57 per share of GOOGL on revenues of $19.7 billion.

Tech Stocks to Buy: Facebook Inc (FB)

Tech Stocks to Buy: Facebook Inc (FB)Facebook Inc (NASDAQ:FB) shares have ended a two-month sideways crawl with a big move to the upside, pushing the stock up nearly 30% from its late December low. The company was in the news recently for launching its Camera Effects Platform, which looks to make every smartphone camera enabled for augmented reality uses. FB stock was recently upgraded by analysts at Aegis Capital in anticipation of two big catalysts: New technology areas like VR/AR and messaging and the expectation of solid Q1 earnings.

The company will next report results on May 3 after the close. Analysts are looking for earnings of $1.12 per share of FB on revenues of $7.8 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.


Article printed from InvestorPlace Media, https://investorplace.com/2017/04/3-tech-stocks-leading-charge-nasdaq-6000-fb-googl-msft/.

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