Are These The Top Tech Stocks To Buy Now?
For investors looking for the most active stocks this week, tech stocks would be a segment to consider. In fact, we kicked off mega-cap tech earnings in the stock market Tuesday after the closing bell. There’s no doubt, that this is the busiest and arguably the most important week of corporate earnings investors will receive in 2022. With things such as interest rates, GDP data, and earnings from roughly a third of the entire S&P 500 in play this week, it’s no surprise investors are watching top tech stocks in the stock market today.
Investors got earning reports from top stocks in the stock market now such as General Motors (NYSE: GM) and Mcdonald’s (NYSE: MCD). In the report, GM reported earnings of $1.14 per share on revenue of $35.8 billion for the second quarter. Wall Street’s consensus earnings estimate was $1.39 per share on revenue of $37.2 billion. Next, McDonald’s (MCD) reported earnings per share of $2.55 on revenue of $5.7 billion. Compared to Wall Street’s consensus earnings estimate of $2.45 per share on revenue of $5.9 billion. As the tech industry continues to gain momentum heading towards the second half of the year, here are three tech stocks to check out in the stock market today.
Best Tech Stocks To Buy [Or Sell] Now
- Alphabet Inc. (NASDAQ: GOOGL)
- Microsoft Corporation (NASDAQ: MSFT)
- Raytheon Technologies (NYSE: RTX)
Alphabet Inc. (NASDAQ: GOOGL)
First, let’s check out Alphabet, the parent company of Google. For the uninitiated, Google is a web search and online advertising company. The Company offers search, online advertising, operating systems and platforms, and enterprise and hardware products. Alphabet kicked off big tech earnings by reporting its second quarter fiscal earnings report after the market closed on Tuesday.
In the report, Google notched in earnings of $1.21 per share on revenue of $69.7 billion. Compared with, Wall Street’s consensus earnings estimate of $1.27 per share on revenue of $70.8 billion. Meaning Alphabet missed on earnings estimates, despite beating estimates on ad revenue. In detail, ad revenue came in at $56.29 billion for the quarter, beating the $56.14 billion consensus estimates had projected. However, Google Services’ revenue fell short of estimates at $62.84 billion versus estimates of $63.34 billion. Shares of GOOGL stock gained 4% in after-hours trading on Tuesday.
Sundar Pichai, CEO of Alphabet and Google, stated, “In the second quarter our performance was driven by Search and Cloud. The investments we’ve made over the years in AI and computing are helping to make our services particularly valuable for consumers, and highly effective for businesses of all sizes. As we sharpen our focus, we’ll continue to invest responsibly in deep computer science for the long-term.” Given all of this, does GOOGL deserve a spot on your watchlist?
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Microsoft Corporation (NASDAQ: MSFT)
Moving along, we will be taking a look at the Microsoft Corporation. As a whole, most would be familiar with this tech giant and its broad offerings. From Microsoft’s wide selection of productivity and enterprise software solutions to its home computing offerings, this is obvious. With countless organizations depending on Microsoft’s services, some investors may debate that MSFT stock is trading at a discount right now. As the broader stock market attempts to rebound, investors across the board are keeping tabs on MSFT stock.
On Tuesday afternoon, Microsoft (MSFT) reported its fourth quarter 2022 earnings. In the report, the company showed a $2.23 per share on revenue of $51.9 billion. The consensus earnings estimate was $2.28 per share on revenue of $52.9 billion. This means MSFT missed modestly on earnings and revenue estimates. As a result, shares of MSFT stock gained 3.97% during Tuesday’s post-market trading session at $261.90 per share.
“In a dynamic environment we saw strong demand, took share, and increased customer commitment to our cloud platform. Commercial bookings grew 25% and Microsoft Cloud revenue was $25 billion, up 28% year over year,” said Amy Hood, executive vice president, and chief financial officer of Microsoft. “As we begin a new fiscal year, we remain committed to balancing operational discipline with continued investments in key strategic areas to drive future growth.” All in all, would you consider MSFT a top stock to buy in the stock market now?
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Raytheon Technologies (NYSE: RTX)
At number three, let’s look at Raytheon Technologies (RTX). The aerospace and defense company provides advanced systems and services to commercial, military, and government customers around the globe. Also, its Pratt & Whitney segment supplies aircraft engines to aviation customers. Meanwhile, it has a Missiles & Defense segment that designs and produces integrated air and missile defense systems. On Tuesday, Raytheon reported its second quarter fiscal earnings.
In detail, the company beat on earnings but fell short of revenue estimates. RTX notched in earnings per share of $1.16 on revenue of $16.3 billion. In comparison, Wall Street estimates were $1.12 per share on revenue of $16.6 billion. Furthermore, the company said it continues to expect full-year 2022 fiscal earnings of $4.60 to $4.80 a share on revenue of $67.75 billion to $68.75 billion. For context, the current Wall Street consensus earnings expectation is $4.76 per share on revenue of $68.34 billion.
“A strong start to the summer travel season drove continued top-line growth and adjusted EPS that exceeded our expectations,” stated Raytheon Technologies Chairman and CEO Greg Hayes. “Resilient end-market demand along with our differentiated technology solutions generated over $24 billion of awards in the quarter.” Considering all of this, is RTX now on your radar this week?
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