Good Stocks To Buy Right Now? 4 Tech Stocks To Know

Tech stocks have experienced a rough year in the stock market so far. This is mainly due to macroeconomic events, such as rising inflation, and increasing interest rates. In brief, tech stocks, or technology stocks, are shares of companies that produce or use technology. They can be found in a variety of industries, including computer hardware and software, semiconductors, the internet, telecom, and consumer electronics. Meanwhile, top tech stocks have generally outperformed the broader market in recent years, as technological innovations have driven rapid growth in many sectors.

However, these stocks can be volatile, and their performance is often linked to the overall health of the economy. For example, during an economic downturn, spending on tech products and services is often one of the first areas to be cut back. As a result, investors need to carefully consider the risks and potential rewards before investing in tech stocks. With that, here are four tech stocks to check out in the stock market today.

Tech Stocks To Watch Right Now

NVIDIA (NVDA Stock)

Leading off today, NVIDIA Corporation (NVDA) is an American multinational technology company headquartered in Santa Clara, California. It designs graphics processing units (GPUs) for the gaming and professional markets, as well as system on-chip units (SoCs) for the mobile computing and automotive market. NVIDIA’s primary GPU product line, labeled “GeForce”, is in direct competition with Advanced Micro Devices (NASDAQ: AMD) “Radeon” products. NVIDIA also supplies the majority of capacitors used in electronic products including desktop computers, laptops, and smartphones. Just last week, the company announced it financial results for Q2 fiscal 2023.

In the report, the company posted better-than-expected figures for the quarter. Specifically, NVDA reported earnings of $0.54 per share, with revenue of $6.7 billion. Though, the compnay did revise their guidance lower for the third quarter. In detail, the company reported it expects Q3 revenue of $5.782 billion to $6.018 billion. Meanwhile, they also reported they estimate earnings per share to betwween the range of $0.68 to $0.77 per share. For context, Wall street analysts estimates for Q3 is earnings of $0.94 per share, on revenue of $7.02 billion.

With that, shares of NVDA are down over 50% year-to-date, which could present an opportunity for investors who believe in the company’s long term growth potential. Furthermore, on Wednesday morning, shares of NVDA stock are down 2.74% at $150.68 per share. Considering this, do you think NVDA is undervalued right now?

Source: TD Ameritrade TOS

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Snap (SNAP Stock)

Next, Snap Inc, (SNAP) is a camera company. Snap Inc.’s flagship product is the popular social media application Snapchat. In addition to Snapchat, Snap Inc. also sells Spectacles, sunglasses with an integrated video camera that can record and share first-person videos on Snapchat. Also, the company offers advertisers a wide range of self-serve advertising products that they can use to reach our their targeted audience. In July, SNAP reported weaker-than-expected financial results for its second quarter 2022.

Diving in, Snap recorded a loss of $0.06 per share, along with revenue of $1.1 billion. Next, the company posted in a 13.1% revenue increase during the same period, in 2021. However, the company did not provide any guidance for Q3. SNAP announced in its press release that was due to “uncertainties related to the operating environment“. Shares of SNAP stock are down over 70% year-to-date. Though in the last month of trading, SNAP stock has recovered over 12% and is up over 7% on Wednesday morning at $10.78 per share. Given this, could now be a good time to be watching SNAP stock?

SNAP Stock
Source: TD Ameritrade TOS

Alphabet (GOOG Stock)

Following that, Alphabet Inc. (GOOG), which is the parent company for the tech giant Google. For the unitiated, Alphabet Inc. has a diversified business portfolio that includes several major companies, such as Google, YouTube, Android, Alphabet Aerospace, and Calico. Alphabet’s mission is “to organize the world’s information and make it universally accessible and useful.” Moving along, just last month the tech giant reported its second quarter 2022 financial results.

Diving into the report, GOOG came in under analysts’ expectations on earnings and revenue. In detail, Alphabet reported earnings per share of $1.21, along with revenue of $69.7 billion. Meanwhile, Wall Street analysts’ consensus earnings estimates were $1.27 per share on revenue of $70.8 billion. However, it wasn’t all bad for Alphabet. The company was able to beat estimates on ad revenue. Specifically, GOOG reported ad revenue at $56.29 billion for Q2 2022. This came in better-than-estimates of $56.14 billion.

Moving on, shares of GOOG stock are still down 24% so far this year. As of Tuesday morning’s trading session shares of GOOG stock are trading at $110.23 per share. Considering all of this, it wouldn’t surprise me if investors were keeping close tabs on GOOG stock at these current price levels. All in all, do you think GOOG stock is a good tech stock to buy [or sell] in the stock market today?

GOOG Stock
Source: TD Ameritrade TOS

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Microsoft (MSFT Stock)

Last but not least, Microsoft Corporation (MSFT) is an American multinational technology company with headquarters in Redmond, Washington. It develops,manufactures, licenses, supports and sells computer software, consumer electronics, personal computers, and related services. Its best known software products are the Microsoft Windows line of operating systems, the Microsoft Office suite to name a few.

Continuing on, also in July Microsoft announced its 4th Quarter 2022 financial results. In the report, the company notched earnings per share of $2.23, along with revenue of $51.9 billion. This is compared with, the Street’s analysts consensus estimates of earnings per share of $2.28, and revenue of $52.9 billion. Year-to-date shares of MSFT are still down over 20%, while the stock is trading at $262.85 as of Wednesday morning’s trading session. Do you think now is the time to add MSFT to your long-term portfolio?

MSFT Stock
Source: TD Ameritrade TOS

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Midam Ventures, LLC | (305) 306-3854 | 1501 Venera Ave, Coral Gables, FL 33146 | news@stockmarket.com



Midam Ventures, LLC | (305) 306-3854 | 1501 Venera Ave, Coral Gables, FL 33146 | news@stockmarket.com

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