Big 5 tech companies gearing up for earnings reports with strong track records
From Nasdaq: 2024-10-28 15:48:00
This week, the Magnificent 7 stocks are reporting earnings, with Alphabet Inc., Apple Inc., Microsoft Corp., Meta Platforms, Inc., and Amazon.com, Inc. in the spotlight. Tesla reported strong earnings last week, and NVIDIA Corp. will report later in November.
The “Mag 5” have strong earnings surprise track records, with at least 6 beats in a row. Analysts are bullish on some companies, like Alphabet, with 2 upward revisions this week. The analysts’ confidence in raising estimates ahead of the report speaks volumes.
Alphabet, Apple, Microsoft, Meta Platforms, and Amazon are gearing up for earnings reports. Alphabet is the cheapest stock, trading at 21.6x forward earnings. Apple has a strong record with an 8.5% earnings increase expected this year. Microsoft has lagged as the poorest performer, with a forward P/E of 32.9.
Meta Platforms is the best performer of the Mag 5, up 66.5% year-to-date. It remains attractively priced at a forward P/E of 26.7. Amazon has a strong earnings surprise streak and is up 26.3% year-to-date. While not cheap, it is expected to grow earnings by double digits this year and next.
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5. Lastly, in technology news, Apple has unveiled its latest product lineup, including the new MacBook Air and MacBook Pro with Apple’s M1 chip. The company also announced updates to its iPad and iPhone models, highlighting improved performance and battery life. Apple’s stock price surged following the announcement.
Read more at Nasdaq: Earnings Charts of the Big 5: Alphabet, Apple, Microsoft, Meta Platforms and Amazon