The stock market is a place where people buy and sell shares of public companies. Among the many types of stocks, blue chip stocks represent shares in large, established companies known for their financial stability and consistent performance. These stocks are often components of major stock indices and are preferred by investors seeking reliable dividends and long-term growth potential.
Investing in blue chip stocks offers several advantages, including steady dividend income and potential for long-term capital appreciation. These companies usually have a proven track record of weathering economic downturns, making their stocks less volatile. However, the disadvantages include higher purchase prices and slower growth rates compared to emerging companies. Blue chips might also be heavily impacted by market cycles affecting their specific industries, which could limit short-term gains.
Overall, blue chip stocks are a cornerstone of conservative investment strategies, especially suited for risk-averse investors aiming for gradual wealth accumulation. They provide a foundation of stability within a diversified portfolio, although they may not offer the high growth potential of newer, less established companies. Taking this into consideration, here are three blue chip stocks for your stock market watch list today.
Blue Chip Stocks To Watch In The Stock Market Today
- Alphabet Inc. (NASDAQ: GOOGL)
- Colgate-Palmolive Company (NYSE: CL)
- Waste Management Inc. (NYSE: WM)
Alphabet (GOOGL Stock)
Starting off, Alphabet Inc. (GOOGL) is a global technology company. The company primarily operates through its subsidiaries, including Google, which provides a range of products from search engines to cloud computing and advertising services. Alphabet also invests in various sectors such as hardware, mobile operating systems, and digital content through platforms like YouTube.
Just this week, Alphabet announced better-than-expected first-quarter 2024 financial results. Diving in, the tech giant posted Q1 2024 earnings of $1.89 per share, with revenue of $80.54 billion. This is compared to analysts’ consensus estimates for the quarter which were an EPS of $1.49 per share, on revenue estimates of $78.61 billion. In addition, the company notched in a 15.41% increase in revenue versus the same period, the previous year.
Meanwhile, during Friday’s afternoon trading action, shares of GOOGL stock are trading up 10.02% on the day so far, at $171.62 a share.
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Second, Colgate-Palmolive Company (CL) is a worldwide consumer products company focused on the production, distribution, and provision of household, health care, and personal care products. Its portfolio includes famous brands like Colgate for oral care, Palmolive for dishwashing soaps, and Speed Stick for deodorants. Colgate-Palmolive’s products are available in over 200 countries.
Today, Friday, Colgate-Palmolive notched in better-than-expected first quarter 2024 financial results. Getting right into it, the company reported earnings of $0.86 per share, with revenue of $5.07 billion for Q1 2024. This came in better than Wall Street’s consensus estimates for the quarter which were an EPS of $0.82 and revenue estimates of $4.95 billion.
Moreover, during Friday’s afternoon trading session, shares of CL stock are trading green on the day, up 1.90%, currently trading at $91.02 a share.
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Waste Management (WM Stock)
Finally, Waste Management Inc. (WM) is North America’s leading provider of waste management environmental services. The company offers services that range from recycling and garbage collection to renewable energy generation. Waste Management is noted for its large network of landfills, transfer stations, and recycling facilities.
Earlier this week, Waste Management also reported a beat for its first quarter 2024 financial results. In detail, the company announced Q1 2024 earnings of $1.75 per share, versus earnings estimates of $1.52 per share. Along with revenue for the quarter of $5.16 billion, versus consensus revenue estimates of $5.20 billion. The company saw revenue increases by 4.54% on a year-over-year basis.
While on Friday afternoon, shares of Waste Management stock are trading slightly lower on the day by 0.69%. WM stock is currently trading at $211.21 per share as of 2:17 pm EST.
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