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InvestorPlace Roundup: Snap, Canopy Are Among Today’s Top Stocks

Tech stocks caught the eye of our readers today, with SNAP and 5G stocks in the spotlight

As the markets wait with bated breath for news from the Federal Reserve’s latest meeting, stocks overall traded right around breakeven. Maybe everyone is just tired of so many big headlines causing so much volatility? Whatever the cause, the market didn’t want to commit in a big way to the bulls or the bears.

InvestorPlace Roundup: Snap, Canopy Are Among Today's Top Stocks
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But that didn’t mean individual complacency. On the charts, Kraft Heinz (NASDAQ:KHC) dropped more than 4% on news that 3G Capital sold over $700 million worth of shares. Meanwhile, Chipotle (NYSE:CMG) gained more than 3% as the rollout of carne asada across the U.S. signaled that Chipotle may be able to target higher-end customers.

And on InvestorPlace.com, readers focused particularly on tech stocks. In no particular order, some of today’s top stocks were:

The One Thing SNAP Stock MUST Do

Investors have had a feast-or-famine approach to Snap (NYSE:SNAP) stock. As Chris Markoch pointed out, after its initial public offering, SNAP stock went into a general downtrend. Despite perking up a couple times, it spent much of 2018 in a tailspin.

But all that turned around in 2019. The company has spent most of the year making notable gains. So what’s it going to take for the good times to continue?

Basically, SNAP stock needs to show it can monetize its growing user base.

“The argument for Snap stock is that their target audience is devoted to technology and loyally uses the app. But this is not a captive audience and they can’t be marketed to as such,” says Markoch. “Growing their user base is not enough for Snap stock. For the company to really grow, they have to find a way to monetize that base.”

A Podcast? On MY InvestorPlace?

Matt McCall focuses on getting investors into upcoming trends on the ground floor, and he’s sharing his insights every week on his Moneyline podcast. This week’s topic? 5G stocks and how to invest for its future.

Do you want a single stock that’ll benefit? McCall discusses the impact of 5G on Apple (NASDAQ:AAPL) stock. More of an exchange-traded fund fan? He talks with Paul Dellaquila, president of Defiance ETFs, about their new fund, the Defiance 5G Next Gen Connectivity ETF (NYSEARCA:FIVG). And if you just want to know more about the opportunity as a whole, he’s still got you covered.

The $53 trillion trend should not only encompass telecommunication stocks, but another big area of tech — autonomous vehicles. As said in the write-up, “picture a connected web of Tesla (NASDAQ:TSLA) cars.”

Wait for Next Season if You Want to Buy ROKU Stock

Roku (NASDAQ:ROKU) devices enabled millions of users to cut the cord, but Chris Tyler believes that investors should cut the cord on buying ROKU stock … for now.

Looking at the ROKU stock chart, Tyler says, “If ever there was a mover and shaker on the price chart, ROKU would undoubtedly be in the running for top honors. That said, volatility is a two-way street. And while just a short time ago shares of Roku could have been played profitably for upside momentum, today is a very different story and the odds are stacked against bullish investors.”

The shares have been on a fairly consistent upward journey through most of 2019, and it looks like they are ready for a pullback. Tyler thinks you should wait that pullback out, then get back in once Roku begins climbing the charts again.

Canopy Growth Stock Is One of the Top Marijuana Stocks

Marijuana stocks have been showing some weakness in recent months, but Canopy Growth (NYSE:CGC) may be turning the corner.

James Brumley says that Canopy looks better than most of its marijuana stock peers, and that the time may have come for investors to buy. As he put it:

“Don’t misread the message. Canopy still has much to prove, and even with the recent selloff, the stock remains outrageously overvalued. That’s not a particularly big liability in this instance though. While Canopy Growth admittedly spent too aggressively on acquisitions, those acquisitions do improve the company’s capacity to connect with consumers and secure more supply. Canopy just needs to get more out of those assets.”

In other words, it’s not a sure thing, but Canopy is looking like one of the more stable of the marijuana stocks and is addressing its shortcomings.

That’s it for today’s commentary. Please feel free to drop us a note at editor@investorplace.com to let us know what we got right and what we got wrong. Happy investing!

Article printed from InvestorPlace Media, https://investorplace.com/2019/09/investorplace-roundup-snap-stock-canopy-growth-stock/.

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