Post Nvidia Earnings, Market Is 'Broadening Out' Beyond Magnificent 7 Stocks, Says Piper Sandler Analyst
Portfolio Pulse from Benzinga Neuro
Piper Sandler's Craig Johnson notes the market is expanding beyond the 'Magnificent 7' stocks, including Nvidia, Apple, Alphabet, Meta, Microsoft, and Tesla. Despite Nvidia's strong earnings, its stock dipped, but analysts see a buying opportunity due to its robust data center performance.
August 30, 2024 | 2:14 pm
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NEUTRAL IMPACT
Apple is part of the 'Magnificent 7' stocks, which are not reaching highs as they used to. The market is broadening beyond these stocks.
Apple is mentioned as part of the 'Magnificent 7', which are not leading the market as before, indicating a neutral impact.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Alphabet is part of the 'Magnificent 7' stocks, which are not reaching highs as they used to. The market is broadening beyond these stocks.
Alphabet is mentioned as part of the 'Magnificent 7', which are not leading the market as before, indicating a neutral impact.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Alphabet is part of the 'Magnificent 7' stocks, which are not reaching highs as they used to. The market is broadening beyond these stocks.
Alphabet is mentioned as part of the 'Magnificent 7', which are not leading the market as before, indicating a neutral impact.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Meta Platforms is part of the 'Magnificent 7' stocks, which are not reaching highs as they used to. The market is broadening beyond these stocks.
Meta is mentioned as part of the 'Magnificent 7', which are not leading the market as before, indicating a neutral impact.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Microsoft is part of the 'Magnificent 7' stocks, which are not reaching highs as they used to. The market is broadening beyond these stocks.
Microsoft is mentioned as part of the 'Magnificent 7', which are not leading the market as before, indicating a neutral impact.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Tesla is part of the 'Magnificent 7' stocks, which are not reaching highs as they used to. The market is broadening beyond these stocks.
Tesla is mentioned as part of the 'Magnificent 7', which are not leading the market as before, indicating a neutral impact.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
Nvidia's strong Q2 earnings exceeded expectations, but the stock dipped 3.6% in after-hours trading. Analysts view this as a buying opportunity due to strong data center performance and positive revenue forecast.
Despite Nvidia's strong earnings, the stock dipped, which analysts see as a buying opportunity due to strong data center performance and positive revenue forecast.
CONFIDENCE 95
IMPORTANCE 85
RELEVANCE 90