4 Big Tech Stocks Ready to Rebound  

These tech stocks look like they may be ready for better days

tech stocks - 4 Big Tech Stocks Ready to Rebound  

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Suddenly, there are glimmers of hope on Wall Street, among tech stocks and beyond. Thursday, President Donald Trump announced that the Food and Drug Administration was pushing ahead with multiple treatment options for COVID-19, including a cheap and widely available malaria drug that’s been around for some 70 years.

This, in combination with antibiotics, has shown great promise in treating the disease.

Investors are wasting no time in reacting to the positive news, helping the major equity averages stabilize and push off of newly formed support near the 20,000 level on the Dow Jones Industrial Average. Mega-cap technology stocks are leading the rebound.

Here are four worth a look right now:

Big Tech Stocks: Amazon (AMZN)

Big Tech Stocks: Amazon (AMZN)
Source: Chart courtesy of StockCharts.com

Amazon (NASDAQ:AMZN) shares finished the day up nearly 3%, blitzing back up and over their 200-day moving average to close in on its 50-day moving average at one point. This capped a near-20% rally off of the low near $1,625 set last week as COVID-19 fears peaked.

The company has benefited from the outbreak, as demand has surged as people hunker down at home and do their shopping online. Earlier this week, the company announced it is opening up 100,000 new full- and part-time positions in response to the demand.

When the company last reported results in early January, profitability continued to accelerate as years of investment pay off. North American sales grew 22% to nearly $54 billion as Prime membership hit 150 million globally. The company is expected to next report results on April 23 after the close.

Apple (AAPL)

Apple (AAPL)
Source: Chart courtesy of StockCharts.com

Apple (NASDAQ:AAPL) shares are rebounding back up and over the 200-day moving average, recovering from a loss of nearly 30%, as the company gets back to normal with the recently launch of new iPad Pros and the coming launch of new iPhone handsets. The company was at the center of supply chain concerns after COVID-19 spread in China and forced a manufacturing slowdown.

Things are slowly getting back to normal, as evidenced by multiple real-time economic data.

Analysts at Canaccord Genuity lowered their price target to $300, which would be a gain of 20% from here, as they remain excited about the 5G rollout. This would be associated with a return to the 50-day moving average.

Facebook (FB)

Facebook (FB)
Source: Chart courtesy of StockCharts.com

Facebook (NASDAQ:FB) shares rebounded more than 4% on Thursday, looking ready to enjoy the first major relief rebound since the coronavirus- and oil-related selloff started in the middle of February.

The pullback remains within the confines of the trading range seen in 2018 related to privacy concerns. The company has been in the news recently for announcing it would issue $1,000 bonuses to employees as well as introduce a $100 million program to help small businesses impacted by COVID.

When the tech stock last reported results on Jan. 29, earnings of $2.56 beat estimates by two cents on an impressive 25% rise in revenues. The stock was recently upgraded by analysts at Edward Jones. Watch for a rebound to the 200-day moving average, which would be worth a gain of nearly 30% from here.

Microsoft (MSFT)

Microsoft (MSFT)
Source: Chart courtesy of StockCharts.com

Microsoft (NASDAQ:MSFT) stock attempted to push back above its 200-day moving average in what could be the first significant recovery since the near 30% peak-to-trough decline from the early February highs. Shares of the company have been strong performers heading into the downturn thanks to its strong growth prospects and solid balance sheet.

The pullback returned prices to the mid-2019 trading range, a solid base of support from which to build a nice rebound. The company, headquartered near the Washington State COVID-19 outbreak in the city of Kirkland, went to a work-from-home model early after two employees tested positive for the virus.

As of this writing, William Roth did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/03/4-big-tech-stocks-ready-to-rebound/.

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