Buy Nvidia & Alibaba Stock Before Earnings as Big Tech Continues to Climb?
Zacks Investment Research | Aug 17, 2020 04:14AM ET
On today’s episode of Full Court Finance here at Zacks, Ben Rains takes a look at both Nvidia and Alibaba ahead of their upcoming earnings releases. NVDA and BABA are two of the last big tech names left to report, and investors need to know what to expect from the chip power and the Chinese e-commerce giant to help figure out what might be next.
The S&P 500 rests just below its February highs and the Nasdaq jumped over 1% through late afternoon trading to a new record. Monday’s climb was driven by familiar coronavirus standouts such as Tesla (NASDAQ:TSLA) ZM . The pop to start the week continues the market’s steady run higher, as Wall Street responds positively to signs of economic recovery and better-than-expected earnings results, as well as an improving earnings outlook.
Investors will be looking to quarterly results from Walmart (NYSE:WMT) BABA are a few of the last high-profile names in tech left to report.
Nvidia stock has skyrocketed in 2020 to crush its semiconductor industry’s average. Looking ahead, the GPU firm’s continued expansion into data centers is expected to pay off in a major way.
Alibaba, on the other hand, has lagged Chinese rival JD (NASDAQ:JD).com AMZN during the market’s rally. Yet its growth prospects remain strong as it grows beyond e-commerce in the world’s second-largest economy.
5 Stocks Set to DoubleEach was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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