The outlook for 2024 may be a bit uncertain due to current macroeconomic and geopolitical events, not to mention the whole issue of monetary policy currently being implemented by the United States with the desired inflation targets. Even so, the current market cycle is presenting very good opportunities to position yourself and take the best deals out there. If you want to be well-positioned for 2024 you should consider starting positions in these three stocks.
PayPal (PYPL)
PayPal Holdings (NASDAQ:PYPL) is a well-known company that makes online payments and financial services easy and secure. It is a great choice for your investment portfolio in 2024. In Q3 2023, PayPal showed strong growth with $387.7 billion in total payment volume, an 8% increase in net revenue, and 20% growth in non-GAAP EPS. They maintain this momentum by anticipating revenue growth in Q4’23 and repurchasing $5 billion worth of shares in FY23.
But it’s not just about numbers; the company also focuses on trust and confidence. It has joined the BBB Institute for Marketplace Trust, collaborating with companies like Amazon (NASDAQ:AMZN) and Capital One (NYSE:COF) to create a community of trustworthy businesses and protect consumers. They are dedicated to preventing fraud and scams.
In addition, PayPal is a cryptocurrency pioneer with PayPal USD (PYUSD), a regulated stablecoin. This digital currency makes online transactions smoother, cheaper and faster. It is already available on Venmo, making transfers between millions of users fast and free, and is gaining traction on several exchanges and wallets. The New York State Department of Financial Services has also included PYUSD on its green list, making it easier for licensed entities in New York to support it.
In essence, PayPal’s strong financial performance, commitment to online security and innovative initiatives like PYUSD position it as a promising addition to your investment portfolio in 2024. It’s not just about numbers; it’s about trust and pioneering the world of digital finance.
Entegris (ENTG)
Entegris Inc. (NASDAQ:ENTG) is a company specializing in the supply of advanced materials and solutions for the semiconductor and high-tech industries. It recently announced strong financial results for the second quarter, with revenues of $901 million, a year-on-year increase of 30%. This demonstrates the company’s strong presence in the semiconductor sector, a cornerstone of modern technology.
One of the most interesting developments for Entegris is the sale of its electronic chemicals business to Fujifilm, which brought in $700 million in cash. This strategic move allows them to focus on core operations and reduce debt, paving the way for future growth.
In addition, they are investing in a state-of-the-art manufacturing center in Colorado Springs. This facility is vital for producing key components in the semiconductor manufacturing process, an industry expected to reach $1 trillion by 2030. In doing so, Entegris is positioning itself for substantial growth as it addresses the growing demands of the industry.
The new manufacturing facility will begin operations in 2025 and is expected to create hundreds of new jobs. Entegris is committed to investing approximately $600 million in this facility over several years, contributing to the success of the semiconductor community and ecosystem.
Alibaba (BABA)
Alibaba Group (NYSE:BABA) is a famous Chinese conglomerate engaged in everything from e-commerce to high-tech. It is a massive player in the tech world and has earned a reputation for its influential role in various industries.
In the latest financial report for the quarter ended June 30, 2023, Alibaba Group reported impressive results. Revenue reached a staggering RMB 234.156 billion (over $32 billion), representing a 14% increase over the previous year. The corporation’s operating income shot up by over 70%, and its non-GAAP net income was also up 48% compared to last year.
Alibaba Cloud, the technology and intelligence arm of Alibaba, introduced a new AI model called Tongyi Qianwen. This ingenious AI tool will be integrated into Alibaba’s various businesses, promising an enhanced user experience. Customers and developers will soon have access to this model. They can then create customized AI functions while reducing costs, making AI innovation more accessible.
The integration of Tongyi Qianwen will affect various aspects of Alibaba’s ecosystem, improving business communication, voice assistance and e-commerce, among others.
Not only that, Alibaba’s retail subsidiary Freshippo has been busy making connections with more than 40 brands in Australia. Its mission is to enhance its product offering and expand its global supply chain.
As of this writing, Gabriel Osorio-Mazzilli did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
