Mere weeks have passed since the most harrowing market decline in history, and already, it feels like nothing happened. While the major averages are still off of their record highs, a number of popular stocks have already hit or are nearing new highs after suffering only modest pullbacks.
These are the “momo” or momentum favorites that powered the market to a seemingly unstoppable melt from November 2016 to the high set in late January. And if markets are going to continue to grind higher from here — after a short-lived volatility explosion has now come and gone — these are the names that are going to get it done.
Here are seven of the largest momentum stocks to buy that any market bull has just got to own.
Momentum Stocks to Buy: Amazon (AMZN)
Amazon.com, Inc. (NASDAQ:AMZN) shares are once again closing in on the $1,500 a share level after a picture-perfect test of its 50-day moving average on an intra-day basis on Feb. 9. Shares are up an incredible 50% from the lows seen in October and were trading for as little as $300 as recently as early 2015.
The company will next report results on May 3, after the close. Analysts are looking for earnings of $1.19-per-share on revenues of $49.9 billion. When the company last reported on Feb. 1, earnings of $2.19 beat estimates by 36-cents-per-share on a 38.2% rise in revenues.
Momentum Stocks to Buy: Nvidia Corporation (NVDA)
Nvidia Corporation (NASDAQ:NVDA) shares are pushing to new highs, popping over the $250-a-share threshold, after rebounding from its 50-day moving average. Shares have gained nearly 80% from the lows seen in early July as the company has benefited from tailwinds from its exposure to hot areas, including crypto currencies, AR/VR and self-driving cars.
The company will next report results on May 10, after the lose. Analysts are looking for earnings of $1.48-per-share on revenues of $2.9 billion. When the company last reported on Feb. 8, earnings of $1.72-per-share beat estimates by 40 cents on a 34% rise in revenues.
Momentum Stocks to Buy: Cisco (CSCO)
Cisco Systems, Inc. (NASDAQ:CSCO) shares have pushed to new highs, testing near the $45-a-share level, after gaping higher in response to earnings last week. Not only did results beat estimates, but forward guidance was raised as well.
The company will next report results on May 16, after the close. Analysts are looking for earnings of 59-cents-per-share on revenues of $12.4 billion. When the company last reported on Feb. 14, earnings of 63-cents-per-share beat estimates by 4 cents on a 2.7% rise in revenues.
Momentum Stocks to Buy: Mastercard (MA)
Mastercard Inc (NYSE:MA) shares are pushing to new highs, up more than 10% from the lows set earlier this month. The company has seen its share price more than double from the lows seen in early 2016 thanks to solid revenue growth and ongoing innovation in the digital payments space as cash money dies a slow death.
The company will next report results on May 3, before the bell. Analysts are looking for earnings of $1.25-per-share on revenuers of $3.2 billion. When the company last reported on Feb. 1, earnings of $1.14 beat estimates by 2 cents on a 20.2% rise in revenues.
Momentum Stocks to Buy: Netflix (NFLX)
Netflix, Inc. (NASDAQ:NFLX) shares are nearing the prior high set on Jan. 29, up nearly 20% from the panic lows. Shares have gained more than 50% from the trading range seen back in December as investors had become foam-at-the-mouth excited over its persistent subscriber growth and ability to push through subscription price increases.
The company will next report results on April 23, after the close. Analysts are looking for earnings of 63-cents-per-share on revenues of $3.69 billion. When the company last reported on Jan. 22, earnings of 41-cents-per-share matched estimates on a 32.6% rise in revenues.
Momentum Stocks to Buy: Boeing (BA)
Boeing Co (NYSE:BA) has been the darling stock of the Dow Jones Industrial Average during the post-Trump rally. Shares have been churning in the mid-$300s recently, but they look ready to push to new highs, above $360, after rallying more than 12% from their panic lows. Furthermore, they have doubled from the lows set last summer.
The company will next report results on May 2, before the bell. Analysts are looking for earnings of $2.73-per-share on revenues of $22 billion. When the company last reported Jan. 31, earnings of $3.04 beat estimates by 16 cents-per-share on an 8.9% rise in revenues.
Momentum Stocks to Buy: Nike (NKE)
Nike Inc (NYSE:NKE) has enjoyed a 10% rise off of its panic lows to zoom back up to its January highs and continue the near 40% gain off of the October low that took prices up and over the late 2015 high. Analysts at Stifel recently raised their price target to $80 on hopes for the key February/March selling season.
The company will next report results on Mar. 22, after the close. Analysts are looking for earnings of 54-cents-per-share on revenues of $8.8 billion. When the company last reported on Dec. 21, earnings of 46-cents-per-share beat estimates by 6 cents on a 4.6% rise in revenues.
Anthony Mirhaydari is the founder of the Edge (ETFs) and Edge Pro (Options) investment advisory newsletters. Free two- and four-week trial offers have been extended to InvestorPlace readers.
