The overall stock market has been reeling over the last week or so. The S&P 500 index and NASDAQ have fallen by 4% and 6%, respectively, since July 16 due to uncertainty regarding the future of artificial intelligence. This has caused major tech sell-offs among oversold giants such as Tesla (NASDAQ:TSLA), Alphabet (NASDAQ:GOOGL) and Nvidia (NASDAQ:NVDA). Investors are also buying into small and mid-cap stocks in hopes of gains following interest rate cuts expected this year.
Even though many investors seek out large-cap stocks with high trading volume, specifically within the tech sector, many other industries are experiencing an inflow of investments. It is important for investors not to overreact and make rushed decisions in a market downturn.
Many companies are still performing well, and investors are excited about their future. Of the stocks with 52-week highs during this dip in the stock market, three are well-known by investors and offer substantial upside.
Thermo Fisher Scientific (TMO)
Thermo Fisher Scientific (NYSE:TMO) is a life science service company that offers specialty laboratory and diagnostics equipment for industries such as pharmaceuticals, genetic sciences, agriculture and government.
Over the past fifty-two weeks, its share price has risen by 6%. Within the last few days, it has started trading at 52-week highs due to an earnings beat and updated guidance.
On July 24, TMO reported its earnings for the second quarter of 2024, stating that total revenue remained practically unchanged and net income rose by 14% compared to the year before. It also raised full-year revenue guidance for 2024, which ranges between $42.4 and $43.3 billion.
Since its latest earnings results, Thermo Fisher Scientific’s share price has increased by 12%. Invest is excited to see how Thermo Fisher Scientific can continue to grow following its strong earnings results.
3M (MMM)
3M Company (NYSE:MMM) is an industrial conglomerate that offers a wide range of products, including abrasive technology for metalworking applications, packaging materials, thermal control technology for vehicles, semiconductor materials, paint products and stationery.
On July 26, MMM released its earnings for the second quarter of 2024, in which total sales remained practically unchanged and adjusted earnings per share increased by 39% year-over-year. 3M also raised its guidance for 2024, and its adjusted EPS expectations are now between $7.00 and $7.30.
MMM beat earnings expectations, and investors are excited about the upbeat news regarding 3M’s future. Its share price surged by 23% on the news, the most its share price has ever risen in a single day, while many other companies struggled.
3M is now trading at 52-week highs and shows no signs of stopping. With its raised full-year outlook for the remainder of 2024 and strong earnings beat, investors are interested in where 3M is headed.
Infosys (INFY)
Infosys (NYSE:INFY) is an information technology consulting company that provides outsourcing and other digital services related to data analytics, artificial intelligence, blockchain, cloud computing, cyber security and business applications.
On July 18, Infosys reported earnings for the first quarter of 2024. The total increased by 2%, and net income rose by 5% compared to the previous year. It also beat analyst predictions on revenue.
Infosys also offers a decent dividend yield of 2.42% annually. Its most recent annual distribution was thirty-four cents per share.
Infosys reported on July 9 that it had entered a five-year partnership deal with Sector Alarm, a home security company partly owned by KKR & Co. (NYSE:KKR). This partnership deal aims for Infosys to assist Sector Alarm in modernizing its business model.
Over this past year, its share price has increased by 37%. It recently hit its 52-week high following a positive earnings report and the partnership deal, which leaves investors with plenty to be excited about going forward with Infosys and its continued potential.
As of this writing, Noah Bolton 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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
