Magnificent Seven Stocks To Buy And Watch

Magnificent Seven Stocks Performance

Source: IBD Data As Of July 12, 2024

Magnificent Seven Stocks: Amazon Below Buy Point

Amazon.com (AMZN) is trying to break out past a 191.70 buy point in a flat base. Amazon declined 3.4% Wednesday, below the entry.

In late April, the e-commerce giant reported first-quarter earnings and sales that exceeded expectations, helped by strong growth for its cloud-computing and advertising businesses.

Through its Amazon Bedrock platform, the e-commerce and cloud giant provides a fully managed service offering a choice of high-performing foundation models (FMs) from leading AI companies like AI21 Labs, Anthropic, Cohere, Meta and Stability AI.

Alphabet Hits New Highs

Google parent Alphabet (GOOGL) set new highs last week, sharply above a 153.78 entry. The stock moved down 1.7% Wednesday.

On April 26, Alphabet reported first-quarter earnings and revenue that handily beat analyst estimates. The company announced its first-ever dividend.

Alphabet surged on March 18 after Bloomberg reported that Apple is in talks with the Google parent over licensing its “Gemini” artificial intelligence training model for use in iPhones.

Nvidia Stock Leads Magnificent Seven

Among the Magnificent Seven stocks, Nvidia (NVDA) is the top performer in 2024, with a scorching 157% year-to-date return through July 12.

Nvidia stock tumbled 6.7% Wednesday, at its 10-week moving average line, a key level to watch. A breach of that level in heavy volume would be a sell signal.

In recent weeks, the stock soared after the AI giant beat Wall Street’s targets for its fiscal first quarter and guided higher than views for the current period. It also announced a 10-for-1 stock split that took effect on June 10.

The tech titan is an IBD Leaderboard stock. Nvidia stock topped a split-adjusted handle buy point at 92.22, and shares gapped up to all-time highs. Nvidia stock also moved above a split-adjusted entry at 97.40.

Tesla Stock Rebounds

Tesla (TSLA) skidded 3% Wednesday, threatening to snap a three-day win streak.

In late April, Tesla surged on news reports that Beijing has given preliminary approval for the electric-vehicle giant to launch its Full Self-Driving in China.

On April 23, Tesla announced worse-than-expected earnings and revenue for the first quarter, with the electric-vehicle giant reporting its lowest quarterly per-share earnings since 2021. But Tesla stock soared as it signaled “more affordable” new models are still coming.

Dow Jones Stocks In Magnificent 7: Apple, Microsoft

Two Dow Jones names among the Magnificent Seven stocks, Apple (AAPL) and Microsoft (MSFT), traded lower on the stock market today.

Apple stock moved down 2.7% Wednesday, still out of buy range above a 199.62 entry. Apple hit a record high on July 15.

In early May, Apple narrowly beat Wall Street’s estimates for its fiscal second quarter. The iPhone maker also raised its quarterly dividend and stock buyback plan.