It appears this article was written a couple weeks ago and has been updated. Still a good overview of what's what. Re: Tesla Yesterday Adam Jonas at Morgan Stanley made Tesla his best buy, knocking Ford out of the slot. We didn't post because, well, who cares? The stock was up double digits and is now giving that back.
Re: Nvidia the concern is that MSFT and the rest of the gang that have been buying chips by the containerload might announce they are scaling back, perhaps until the Blackwell chip begins shipping.
From Investor's Business Daily, July 30:
Dubbed the Magnificent Seven stocks, Apple, Microsoft, Google parent Alphabet, Amazon, Nvidia, Meta Platforms and Tesla lived up to their name in 2023 with big gains. But the start of the third quarter of 2024 showed a big divergence of returns. The Magnificent Seven stocks are among the best stocks to watch on the stock market today.
Due to their outsized market capitalizations, Magnificent Seven stocks hold a disproportionate influence on the market-cap weighted Nasdaq composite and S&P 500 indexes.
For an in-depth look at this issue, check out IBD's page on the Magnificent Seven weightings, market capitalizations and the companies' latest news stories.
Magnificent Seven Stocks Performance
Company Name Symbol 2024 YTD Performance Alphabet (GOOGL) +24.0% Amazon (AMZN) +28.4% Apple (AAPL) +18.2% Meta Platforms (META) +44.9% Microsoft (MSFT) +20.9% Nvidia (NVDA) +157.3% Tesla (TSLA) -3.0% Alphabet Slides On Earnings
Source: IBD Data As Of July 12, 2024
Google parent Alphabet (GOOGL) set new highs in recent weeks, sharply above a 153.78 entry. The stock inched higher Tuesday, still sharply below its 50-day line after last week's decline.Last week, Google-parent Alphabet reported second-quarter earnings and revenue that topped analyst estimates as operating margins improved. Management also signaled higher expenses in the September quarter, curtailing margin growth.
Nvidia Stock Leads Magnificent Seven
Among the Magnificent Seven stocks, Nvidia (NVDA) is the top performer in 2024, with a scorching 157% year-to-date return through July 12.Nvidia stock tumbled 5.8% Tuesday, further below the 50-day moving average line, a key level to watch. A breach of that level in heavy volume is a sell signal.
In recent weeks, the stock soared after the AI giant beat Wall Street's targets for its fiscal first quarter and guided higher than views for the current period. It also announced a 10-for-1 stock split that took effect on June 10.
The tech titan is an IBD Leaderboard stock. Nvidia stock topped a split-adjusted handle buy point at 92.22, and shares gapped up to all-time highs. Nvidia stock also moved above a split-adjusted entry at 97.40.
Tesla Stock Falls
Tesla (TSLA) dropped 3.9% Tuesday. Shares closed last week at their lowest level since early July following the company's Q2 earnings report.Last week, electric-vehicle giant Tesla announced mixed second-quarter earnings and revenue. Earnings plummeted by more than 40% while sales came in above expectations.
Dow Jones Stocks In Magnificent 7: Apple, Microsoft
Two Dow Jones names among the Magnificent Seven stocks, Apple (AAPL) and Microsoft (MSFT), traded lower on the stock market today.Apple stock moved down 0.3% Tuesday, still out of buy range above a 199.62 entry. Apple hit a record high on July 15....
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