On today’s episode of Full Court Finance here at Zacks, Ben Rains dives into what investors can expect from Salesforce (CRM - Free Report) and Square (SQ - Free Report) ahead of their upcoming fourth quarter earnings releases. Both stocks had been on strong runs in 2020, until the recent market pullback. So, is now the time to buy either of the two growth-focused tech stocks?
The Dow, S&P 500, and the Nasdaq all plummeted over 3.3% through morning trading Monday, with the tech-heavy Nasdaq down nearly 4%. This market pullback comes as the coronavirus spreads outside of China more quickly, highlighted by South Korea, Italy, and Iran. Monday’s decline comes a week after Apple (AAPL - Free Report) sent a warning signal to Wall Street regarding the Chinese economy.
The significant downturn hit Salesforce and Square, which had both been on solid runs in 2020 after what were rough years in 2019, based on their own lofty standards.
Salesforce is set to release its Q4 fiscal 2020 financial results after the market closes on Tuesday, February 25. CRM shares have surged 125% in the last three years to crush its industry’s average that includes Adobe (ADBE - Free Report) , Oracle (ORCL - Free Report) , VMware (VMW - Free Report) , Intuit (INTU - Free Report) , and others.
Salesforce executives said last quarter that the firm is on track to double its revenue in five years. This growth comes as more business, big and small, digitalize their offerings.
Square is scheduled to report its Q4 fiscal 2019 earnings after the closing bell on Wednesday, February 26. SQ has expanded its portfolio in recent years to better compete against the likes of JPMorgan Chase (JPM - Free Report) , PayPal (PYPL - Free Report) , and others. The fintech firm is expected to continue to grow as part of a broader industry climb and it has tried to address some of Wall Street’s profit concerns more recently.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>