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Tech Players Forge Ahead in Coronavirus Fight: 4 Stocks to Buy
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Technology and Internet companies, which have been under scrutiny of regulators for various issues including personal data privacy and security, have come forward to fight the spread of the deadly coronavirus. Their involvement in developing applications for contact tracing and handling fake news related to Covid-19 is commendable.
Taking another step forward, Alphabet, Inc.’s (GOOGL - Free Report) Google and Apple, Inc. (AAPL - Free Report) , on Apr 10, said that they will work together in developing contact tracing technology to help health authorities combat the coronavirus pandemic. The idea is to slow the spread of the infection by allowing users to opt into a system that will be able to catalogue other nearby phones.
Google, Apple to Come Together
Google and Apple on Friday said that they will allow mobile devices to exchange information via Bluetooth connections that will enable users to get alerts whenever they come in close proximity with someone who has tested positive for coronavirus. The technology is likely to be first available in mid-May in the form of software tools available to contact tracing apps approved by public health authorities.
The companies also said that the technology will not track the identity of users or their location but only collect data when a user’s phone has been in close proximity to a coronavirus patient. GPS data won’t be part of the project. Also, Apple and Google plan to build the technology directly into their operating system in the future so that users don’t have to download any app to begin logging nearby phones.
Tech Giants Rebuilding Image
Health technology experts have been saying that the involvement of Google and Apple would be a massive boost to their efforts to fight the pandemic. A number of other countries are making similar efforts to come up with contact tracing apps. However, contact tracing apps from the Massachusetts Institute of Technology haven’t tasted much success.
Other tech companies too have been making efforts to help the government fight COVID-19. Tech companies, which have often been held responsible for fake news and criticized for the way they handle personal data, are also trying to rebuild their image by curbing misinformation related to the spread of the virus. Facebook, Inc. said that it is working with Italy’s Facta, which will be analyzing content circulated on WhatsApp, including photos, video and audio. Twitter, Inc. has removed more than 1,100 misleading and potentially damaging tweets since Mar 18 after it announced a new guidance that bars content which could prove to be harmful.
Needless to say, technology and Internet companies have all of a sudden gained prominence given the effort they are putting in to help health authorities fight the pandemic.
Our Choices
Given the various initiatives that Internet and tech companies are taking amid the coronavirus outbreak, it would be prudent to watch out for these five stocks that are likely to rally in the near future.
Dropbox, Inc. (DBX - Free Report) is a service company. It offers a platform which enables users to store and share files, photos, videos, songs and spreadsheets.
The company’s expected earnings growth rate for the current year is 40%. The Zacks Consensus Estimate for the current year has improved 22.8% over the past 60 days. Dropbox sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Zoom Video Communications, Inc. (ZM - Free Report) is a provider of video and web conferencing services. The company unifies cloud video conferencing, online meetings, group messaging and a software-defined video conference room solution on one platform.
The company’s expected earnings growth rate for the current year is 20%. The Zacks Consensus Estimate for the current year has improved 55.6% over the past 60 days. Zoom flaunts a Zacks Rank # 1.
Akamai Technologies, Inc. (AKAM - Free Report) is a global provider of content delivery network and cloud infrastructure services. The company’s solutions accelerate and improve the delivery of content over the Internet, enabling faster response to requests for web pages, streaming of video and audio, and business applications among others.
The company’s expected earnings growth rate for the current year is 8.7%. The Zacks Consensus Estimate for the current year has improved 2.3% over the past 60 days. Akamaicarries a Zacks Rank #2 (Buy).
Chegg, Inc. (CHGG - Free Report) rents and sells print textbooks, and provides eTextbooks, supplemental materials, homework help, textbook buyback, courses, and college admissions and scholarship services, as well as offers enrollment marketing and brand advertising services.
The company’s expected earnings growth rate for the current year is 19.8%. The Zacks Consensus Estimate for the current year has improved 2.8% over the past 60 days. Chegg carries a Zacks Rank #2.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.5% per year. These 7 were selected because of their superior potential for immediate breakout.
Image: Bigstock
Tech Players Forge Ahead in Coronavirus Fight: 4 Stocks to Buy
Technology and Internet companies, which have been under scrutiny of regulators for various issues including personal data privacy and security, have come forward to fight the spread of the deadly coronavirus. Their involvement in developing applications for contact tracing and handling fake news related to Covid-19 is commendable.
Taking another step forward, Alphabet, Inc.’s (GOOGL - Free Report) Google and Apple, Inc. (AAPL - Free Report) , on Apr 10, said that they will work together in developing contact tracing technology to help health authorities combat the coronavirus pandemic. The idea is to slow the spread of the infection by allowing users to opt into a system that will be able to catalogue other nearby phones.
Google, Apple to Come Together
Google and Apple on Friday said that they will allow mobile devices to exchange information via Bluetooth connections that will enable users to get alerts whenever they come in close proximity with someone who has tested positive for coronavirus. The technology is likely to be first available in mid-May in the form of software tools available to contact tracing apps approved by public health authorities.
The companies also said that the technology will not track the identity of users or their location but only collect data when a user’s phone has been in close proximity to a coronavirus patient. GPS data won’t be part of the project. Also, Apple and Google plan to build the technology directly into their operating system in the future so that users don’t have to download any app to begin logging nearby phones.
Tech Giants Rebuilding Image
Health technology experts have been saying that the involvement of Google and Apple would be a massive boost to their efforts to fight the pandemic. A number of other countries are making similar efforts to come up with contact tracing apps. However, contact tracing apps from the Massachusetts Institute of Technology haven’t tasted much success.
Other tech companies too have been making efforts to help the government fight COVID-19. Tech companies, which have often been held responsible for fake news and criticized for the way they handle personal data, are also trying to rebuild their image by curbing misinformation related to the spread of the virus. Facebook, Inc. said that it is working with Italy’s Facta, which will be analyzing content circulated on WhatsApp, including photos, video and audio. Twitter, Inc. has removed more than 1,100 misleading and potentially damaging tweets since Mar 18 after it announced a new guidance that bars content which could prove to be harmful.
Needless to say, technology and Internet companies have all of a sudden gained prominence given the effort they are putting in to help health authorities fight the pandemic.
Our Choices
Given the various initiatives that Internet and tech companies are taking amid the coronavirus outbreak, it would be prudent to watch out for these five stocks that are likely to rally in the near future.
Dropbox, Inc. (DBX - Free Report) is a service company. It offers a platform which enables users to store and share files, photos, videos, songs and spreadsheets.
The company’s expected earnings growth rate for the current year is 40%. The Zacks Consensus Estimate for the current year has improved 22.8% over the past 60 days. Dropbox sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Zoom Video Communications, Inc. (ZM - Free Report) is a provider of video and web conferencing services. The company unifies cloud video conferencing, online meetings, group messaging and a software-defined video conference room solution on one platform.
The company’s expected earnings growth rate for the current year is 20%. The Zacks Consensus Estimate for the current year has improved 55.6% over the past 60 days. Zoom flaunts a Zacks Rank # 1.
Akamai Technologies, Inc. (AKAM - Free Report) is a global provider of content delivery network and cloud infrastructure services. The company’s solutions accelerate and improve the delivery of content over the Internet, enabling faster response to requests for web pages, streaming of video and audio, and business applications among others.
The company’s expected earnings growth rate for the current year is 8.7%. The Zacks Consensus Estimate for the current year has improved 2.3% over the past 60 days. Akamaicarries a Zacks Rank #2 (Buy).
Chegg, Inc. (CHGG - Free Report) rents and sells print textbooks, and provides eTextbooks, supplemental materials, homework help, textbook buyback, courses, and college admissions and scholarship services, as well as offers enrollment marketing and brand advertising services.
The company’s expected earnings growth rate for the current year is 19.8%. The Zacks Consensus Estimate for the current year has improved 2.8% over the past 60 days. Chegg carries a Zacks Rank #2.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.5% per year. These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>