On today’s episode of Full Court Finance here at Zacks, Ben Rains dives into some of the last big tech names left to report their quarterly financial results this earnings season. The goal is to help see what might be next for Lyft, Cisco, and Applied Materials to help investors decide what to do with the stocks.
Technology stocks have largely continued to climb as the market rallies on the back of better-than-expected earnings results and some positive economic signs. The Nasdaq climbed over 11,000 for the first time ever last week, driven by Apple (AAPL - Free Report) , Amazon (AMZN - Free Report) , and other giants. And the overall third quarter earnings outlook has improved.
That said, there are clearly growing concerns about valuation and the massive run up of stocks, despite the broader coronavirus economic downturn. There are also mounting tensions between the U.S. and China, along with other worries. But Wall Street might still decide that riding the don’t fight the Fed wave is the best course of action.
With this in mind, we dive into what’s going on with Lyft (LYFT - Free Report) ahead of its upcoming earnings release, after rival Uber (UBER - Free Report) reported its Q2 results last week.
We then discuss why some investors might want to consider Cisco (CSCO - Free Report) stock despite its tough near-term outlook.
And we close with semiconductor standout Applied Materials (AMAT - Free Report) , which might hope it can recreate some of the positive price movement that the likes of AMD (AMD - Free Report) and others have experienced recently.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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