3 Top Tech Stocks That Investors Are Watching Now
Tech stocks continue to gain attention in the stock market this week thanks to several ongoing factors. In fact, stocks, in general, are now mostly unchanged even after a record start to November. By and large, all of this is likely due to the Federal Reserve’s mostly expected deceleration of its bond-buyback program. This would be in line with the current pace of the economic recovery now. At the same time, continuous hikes in inflation could possibly fuel this narrative moving forward.
Now, how would all this relate to tech stocks might you ask? Well, for the most part, should the Fed unwind its monthly bond-buying plans, we could also see a potential rise in interest rates as well. Even if this means higher overall costs for businesses and consumers moving forward, the tech industry continues to power on. For instance, even major financial institutions such as Goldman Sachs (NYSE: GS) are heavily focusing on tech. So much so that Starling, a digital bank backed by Goldman Sachs plans to go public.
Elsewhere, the Rogers Corporation (NYSE: ROG), a specialty materials engineering tech firm is making waves in the stock market today. To highlight, DuPont (NYSE: DD) is reportedly looking to acquire the firm in an all-cash deal worth $5.2 billion. According to Rogers CEO Bruce Hoechner, the move could serve to accelerate the company’s long-term growth in key markets. This would, in theory, be possible because of the synergy between both companies’ tech-based material solutions. All in all, these are but two instances of the constantly growing and evolving tech industry today. With that said, here are three tech stocks to keep on your radar this week.
Best Tech Stocks To Buy [Or Sell] This Week
- OLB Group Inc. (NASDAQ:OLB)
- Arista Networks Inc. (NYSE:ANET)
- Qualcomm Inc. (NASDAQ: QCOM)
OLB Group Inc.
OLB Group is a tech company that provides e-commerce merchant services and also operates as a Bitcoin crypto mining enterprise. The company’s platform delivers cloud-based services, providing a comprehensive digital commerce solution to over 9,500 merchants in all 50 states. Its DMint subsidiary engages in the mining of Bitcoin utilizing sustainable natural gas and has an initial deployment of 1,000 ASIC-based S19j Pro 96T mining computers projected by the end of 2021. OLB stock closed Tuesday’s trading session up an impressive 87.36% at $8.60 a share.
This latest rally seems to be coming from a piece of news that the company released today. Notably, OLB Group announced it is ready to process Mastercard (NYSE: MA) Bitcoin payments immediately. Merchants utilizing OLB’s OmniSoft business management platform and the company’s SecurePay Payment Gateway Platform will be able to activate Mastercard cryptocurrency transaction processing at any time.
OLB’s platform supports the processing of multiple cryptocurrencies including Bitcoin, Ethereum, USDC, and DAI across all merchant platforms. The gateway provides traditional credit and debit card processing, digital wallet services, and crypto commerce functions including conversion to fiat currencies, as well as end-to-end cryptocurrency transactions. “The recent announcement from Mastercard that it is supporting cryptocurrency should accelerate public acceptance of Bitcoin and other currencies for conducting everyday business,” said OLB CEO Ronny Yakov. “We have enabled crypto commerce throughout our OmniSoft and SecurePay portfolio which enables merchants to offer a broad choice of payment options that match customer’s expectations.” Given this piece of news, will you consider adding OLB stock to your portfolio?
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Arista Networks Inc.
Moving on, we have Arista Networks, a computer networking company that designs and sells multilayer network switches. In fact, the company has pioneered software-driven, cognitive cloud networking for large-scale datacenters and campus environments. Arista’s award-winning platforms have and continue to redefine and deliver on automation, analytics, and security. ANET stock currently trade at $491.87 as of Tuesday’s closing bell, and saw gains of 20.39% from this morning’s opening bell.
Investors are likely responding to two pieces of news. Firstly, it reported its third-quarter financials on Monday. Revenue for the quarter was $748.7 million, increasing by 23.7% from a year ago. GAAP net income was $224.3 million. “We are experiencing strong demand for our pioneering client to cloud networking portfolio across all of our customer sectors. Despite a challenging supply chain environment, I am pleased with our delivery of another record quarter of Arista’s financial results in Q3 2021,” stated Jayshree Ullal, Arista’s President, and CEO.
Secondly, the company announced today the next major expansion of the Arista EOS network stack for data-driven cloud networking. This also includes the introduction of the EOS Network Data Lake (NetDL). Coupled with the AI-driven Autonomous Virtual Assist (Arista AVA), the company is extending the EOS network stack architecture to provide a high-fidelity data lake capability of next-generation data-driven networking. With that being said, should investors consider ANET stock a buy?
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Qualcomm Inc.
Qualcomm is the world’s leading wireless technology innovator and has driven the expansion of 5G. Its foundational technologies currently enables the mobile ecosystem and are present in virtually every 3G, 4G, and 5G smartphone. It also continues to push the boundaries in the automotive, computing, and communications industries.
The company announced that it will be posting its fourth-quarter financials after the market closes on November 3, 2021. What can we expect ahead of tomorrow’s earnings? Well, for starters, in its third-quarter financials, the company posted a revenue of $8.06 billion, up by 65% year-over-year. Net income for the quarter was $2.03 billion, increasing by 140% compared to a year earlier, or a diluted earnings per share of $1.77.
On Monday, the company also announced the goal to achieve net-zero emissions by 2040. Its strategy to achieve this goal will be to transition to renewable energy via long-term Power Purchase Agreements, decarbonizing its operations, and using a minimal amount of Renewable Energy Credits and carbon offsets for residual emissions. It also continues to make more energy-efficient products, like its Snapdragon platform which has industry-leading power consumption optimization. All things considered, will you add QCOM stock to your list of top tech stocks?
