On today’s episode of Full Court Finance here at Zacks, Ben Rains previews a busy week of earnings reports from some big names in tech to help investors see if they should consider buying Snap, Microsoft, and Intel stock.
The Nasdaq surged over 1.6% through mid-afternoon trading on Monday, driven by big names that have soared during the coronavirus comeback, including Tesla TSLA, Zoom ZM, and Amazon AMZN. The jump comes as Wall Street awaits another busy week of earnings that will hopefully help provide a better understanding of what’s to come and help confirm that the worst of the pandemic’s economic impact is over.
That said, our current Zacks estimates call for total S&P 500 earnings to tumble -44.9% from the same period last year on -10.5% lower revenues. However, the tech sector is only expected to see its earnings sink -13% on -1% lower sales, which helps highlight its broader coronavirus immunity.
The first stock we dive into is Snap SNAP ahead of its Q2 release on Tuesday. The social media company has expanded its reach to include video games and more, and its stock price is up 200% since March 18 to destroy Zoom, Netflix NFLX, and Facebook FB.
Next up is Microsoft MSFT. The tech powerhouse continues to be one of the best bets on the market alongside Apple AAPL and others, and its cloud computing business is likely to take center stage again on Wednesday.
The episode then closes with Intel INTC to see what investors should do with the chip giant ahead of its second quarter earnings release on Thursday.
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