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5 Stocks Powering the S&P 500 to New Highs

A number of large-cap stocks, particularly in the tech space, are perking up nicely into fresh rallies

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A combination of positive factors is helping push the S&P 500 to new record highs on Monday, closing in on the 3,050 level for the first time ever. This move pushes the index up and out of a consolidation range going back to July and ends what has been months of listlessness thanks to more favorable views on growth and global trade.

The flow of third quarter earnings has been good. As are expectations of additional interest rate cuts from the Federal Reserve later this week.

As a result, a number of large-cap stocks, particularly in the tech space, are perking up nicely into fresh rallies. Here are five worth a look:

Alphabet (GOOGL)

Google parent Alphabet (NASDAQ:GOOGL,NASDAQ:GOOG) is making a push to challenge its previous record high near $1,400 set in late April. This marks a potential end to the two-year-old consolidation range that has kept a lid on the price action since early 2018.

The company recently unveiled its new Pixel 4 smartphone and is expected to report solid results after the close. Credit Suisse analysts recently raised their price target to $1,700 per share as 2020 comes into view.

Microsoft (MSFT)

Microsoft (NASDAQ:MSFT) shares are emerging from a multi-month consolidation range to push to a new all-time record high — something that has helped founder Bill Gates reclaim the mantle of the world’s richest man from Amazon (NASDAQ:AMZN) CEO and founder Jeff Bezos over the past week.

The company reported better-than-expected results on Oct. 23, with earnings of $1.38 beating estimates by 14 cents on a 13.7% rise in revenues.

AT&T (T)

Shares of AT&T (NYSE:T) are pushing to fresh highs on Monday, testing towards the $39-a-share level after once again finding support near its 50-day moving average. This well and truly eclipses the prior high near $36 that was toyed with multiple times between 2015 and 2016.

The company reported in-line results before the open despite a 2.5% drop in revenues. Forward guidance was positive, however, with management looking for earnings of up to $3.70 per share vs. the $3.58 analysts were looking for.

Qualcomm (QCOM)

Qualcomm (NASDAQ:QCOM) shares are breaking higher, returning to levels not seen since May to exit a six-month consolidation range. The company has been at the center of a lot of the attention surrounding the rollout of 5G wireless data networks. The recent launch of the Qualcomm Ventures 5G Ecosystem Fund helps support that with investments of up to $200 million in companies with unique use cases for the technology.

The company will next report results on Nov. 6 after the close. Analysts are looking for earnings of 71 cents per share on revenues of $4.7 billion.

Netflix (NFLX)

Netflix (NASDAQ:NFLX) shares are perking back up above their 50-day moving average, rising up and off of a two-month consolidation range in what looks like the preparation of a move back towards its 200-day moving average. There has been a lot of focus on incoming competitive pressure from the likes of Apple (NASDAQ:AAPL) and Disney (NYSE:DIS), but a growing awareness that users are bundling multiple “over-the-top” providers rather than limiting themselves to just one ecosystem given cheap switching costs.

The company will next report results on Jan. 16 after the close. Analysts are looking for earnings of 53 cents per share on revenues of $5.4 billion.

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