Nvidia Corp. (NVDA) made waves in the technology and growth stock investing worlds with its strong earnings and stock reaction, but there are other promising picks to consider. Mark Skousen recommends the Technology Select Sector SPDR ETF (XLK), which has seen substantial gains in the first half of 2024, benefiting from the recent market trends. Companies are focusing on stock buybacks to boost investor value, with Apple Inc. (AAPL) recently announcing a record stock buyback plan and dividend increase.
Despite concerns around stagflation, the market has been performing well, with commodities like gold, silver, copper, uranium, and Bitcoin experiencing a bull market. While Wall Street expected strong economic growth, the first-quarter GDP number fell short of expectations. However, investors like Skousen are keeping an eye on total spending metrics like gross output (GO) to gauge the health of the economy. Skousen’s recommended action is to buy XLK as it continues to perform well in 2024.
Michael Cintolo of Cabot Top Ten Trader highlights On Holding AG (ONON) as a top pick, comparing it to successful athletic footwear brands like Nike Inc. (NKE) and Under Armour Inc. (UA). On Holding’s innovative running shoes have gained popularity among various demographics, with new technology set to be unveiled at the upcoming Olympics. The company’s expansion into other areas like tennis and training, as well as apparel and accessories, presents growth opportunities, although currency issues may affect financials.
Michael Murphy of New World Investor discusses QuickLogic Corp. (QUIK), which reported strong revenue growth and pro forma earnings, driven by new product revenue and eFPGA technology for AI acceleration. The company’s projections for continued revenue growth in 2024 and profitability indicate a positive outlook. QUIK’s eFPGA technology is seen as a valuable solution for AI applications, with the potential for rapid growth in this sector. Murphy recommends buying QUIK based on its performance and market potential.
Pete Najarian, co-founder of Market Rebellion, shares insights on the economy, Federal Reserve policy, and investment opportunities in a MoneyShow MoneyMasters Podcast episode. He discusses the evolving rate outlook, corporate earnings, and the technology sector, emphasizing the individual stock drivers over conglomerates. Najarian also explores ways to play the AI boom beyond popular stocks like Nvidia Corp. (NVDA) and Alphabet Inc. (GOOGL), as well as his picks in the financial sector and commodities. He provides tips for options traders and previews his participation in the MoneyShow Masters Symposium in Las Vegas.
