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Wall Street logged strong gains last week, with the Nasdaq Composite Index outperforming. The tech-heavy index climbed 5.9%, marking the best week of this year. Invesco QQQ QQQ, which serves as a proxy to the Nasdaq Index, gained 5.9% last week.
We have highlighted the five stocks of QQQ that led the way higher in the portfolio last week. These are Warner Bros. Discovery WBD, ARM Holdings PLC Sponsored ADR ARM, Micron Technology MU, On Semiconductor ON and Constellation Energy Corporation CEG.
The gains were driven by the tech stocks that resumed their momentum on looming rate cuts this week. The Fed is expected to deliver its first interest rate cut since 2020 in its meeting, scheduled to start tomorrow. Markets are pricing in 50% chances of a 50-bps rate cut and 50% odds of a 25-bps rate cut, according to CME Group's FedWatch tool.
When the Fed starts cutting rates, technology stocks will receive a boost. As the tech sector relies on borrowing for superior growth, borrowing more money for further initiatives is cheaper when interest rates are low (read: Sector ETFs Set to Explode as Fed Rate Cut Bets Gain Steam).
The AI boom will continue to fuel the rally in the sector, with companies investing considerable sums in this technology. The expansion of AI applications holds the promise of ushering in fresh growth opportunities in the tech sector and beyond. Per a new report by Grand View Research, the global artificial intelligence market is expected to witness a CAGR (2024-2030) of 36.6% to reach $811.75 billion by 2030.
The three stocks — NVIDIA, Apple (AAPL) and Microsoft (MSFT) — are in a race to become the world’s most valuable company and hit a market capitalization of $4 trillion on surging enthusiasm over AI capabilities.
Let us take a closer look at the fundamentals of QQQ.
QQQ in Focus
Invesco QQQ offers exposure to the 101 largest domestic and international non-financial companies listed on the Nasdaq. Information technology accounts for 61.5% of the assets, while consumer discretionary makes up 17.5% share.
Invesco QQQ is one of the largest and most popular ETFs in the large-cap space, with an AUM of $278.1 billion and an average daily volume of around 36 million shares. Invesco QQQ charges investors 20 bps in annual fees and has a Zacks ETF Rank #2 (Buy) with a Medium risk outlook (read: 5 Technology ETFs at the Forefront of the August Rebound).
Below, we have highlighted the abovementioned five stocks in the ETF with their respective positions in the fund’s basket.
Top-Performing Stocks in QQQ
Warner Bros. Discovery is a premier global media and entertainment company that combines WarnerMedia Business’s premium entertainment, sports and news assets with Discovery’s leading non-fiction and international entertainment and sports businesses. The stock rose 10.8% last week. WBD makes up for 0.14% of the assets in QQQ and currently carries a Zacks Rank #3 (Hold). It has a Growth Score of B.
ARM Holdings provides processor designs and software platforms. The stock makes up for 0.11% of the assets in the QQQ portfolio. Arm Holdings gained 5.9% last week and currently has a Zacks Rank #3.
Micron Technology has established itself as one of the leading worldwide providers of semiconductor memory solutions. The stock makes up for 0.68% of the assets in the QQQ portfolio. Micron Technology has gained 4.6% and carries a Zacks Rank #3 at present. It has a Growth Score of B.
On Semiconductor is an original equipment manufacturer of a broad range of discrete and embedded semiconductor components. The stock rose 3.4% last week and makes up for 0.2% of QQQ. On Semiconductor currently has a Zacks Rank #3.
Constellation Energy generates and markets electricity. It sells natural gas, renewable energy and other energy-related products and services. The stock grew 3.2% last week and makes up 0.41% of the assets in the QQQ portfolio. Constellation Energy presently has a Zacks Rank #3 and a Value Score of B.
Zacks Investment Research
Monolithic Power Systems, Inc. , headquartered in Kirkland, Washington, designs, develops, markets, and sells semiconductor-based power electronics solutions for the storage and computing, automotive, enterprise data, consumer, communications, and industrial markets. With a market cap of $44.5 billion, the company offers power management IC, isolated gate drivers, power modules, battery and chargers, load switches, inductors, analog input devices, sensors, motor drivers and controllers, and electronic components.
Companies worth $10 billion or more are generally described as “large-cap stocks,” and MPWR perfectly fits that description, with its market cap exceeding this mark, underscoring its size, influence, and dominance within the semiconductors industry. MPWR’s fabless manufacturing model enables a focus on semiconductor design while minimizing capital expenditures and fixed costs by partnering with third-party foundries. This approach has strengthened its balance sheet, allowing for significant cash reserves and manageable debt levels, providing financial stability to invest in R&D and growth opportunities.
Despite its notable strength, MPWR slipped 4.7% from its 52-week high of $959.64, achieved on Aug. 29. Over the past three months, MPWR stock has gained 11.9%, outperforming the Nasdaq Composite’s ($NASX) marginal gains during the same time frame.
In the longer term, shares of MPWR rose 44.9% on a YTD basis and climbed 94.3% over the past 52 weeks, outperforming NASX’s YTD gains of 17.8% and solid 28% returns over the last year.
MPWR has recently been trading above its 50-day moving average and over its 200-day moving average since November 2023, indicating a long-term bullish trend.
MPWR has outperformed the market this year thanks to strong revenue growth driven by demand for AI-related data center solutions, offsetting weaker performance in other areas. The company is strategically positioned in AI data centers, poised to benefit as enterprises upgrade their cloud infrastructure. With innovative power management technologies and partnerships, including one with NVIDIA Corporation to enhance AI capabilities, the company is well-positioned for growth in the semiconductor industry.
On Aug. 1, MPWR shares closed down more than 9% after reporting its Q2 results. Its adjusted EPS of $3.17 beat Wall Street expectations of $3.07. The company’s revenue was $507.4 million, exceeding Wall Street forecasts of $489.9 million.
Highlighting the contrast in performance, MPWR’s rival, ON Semiconductor Corporation , has had a rough ride. ON's shares plummeted 14.1% in 2024 alone and 25.9% over the past 52 weeks.
Wall Street analysts are highly bullish on MPWR’s prospects. The stock has a consensus “Strong Buy” rating from the 12 analysts covering it, and the mean price target of $951.30 suggests a potential upside of 4.1% from current price levels.
On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
Shares of Arm Holdings PLC had spiked last week on prospects of the company’s V9 architecture being used in the new A18 chip for Apple Inc's NASDAQ:AAPL iPhone 16.
The company has a proven growth track record and opportunities to continue growing faster than Street expectations, according to Benchmark.
The Arm Holdings Thesis: While the company is a "strong AI play," the elevated growth expectations are already priced into its stock, analyst Cody Acree said in a note Monday.
“For now, we are initiating coverage with a Hold rating and setting no price target, as is Benchmark's standard practice,” Acree said.
Check out other analyst stock ratings.
"We believe the company is a unique investment property with solid leverage to the industry's fastest growth drivers, a growing position in the rapidly expanding AI and Data Center markets, and a dominant player in key industry verticals, such as smartphones and a growing participation in the AI PC market," the analyst wrote.
He added, however, that Apple's iPhone 16 will follow a "piece-meal AI strategy," with Apple Intelligence being launched sometime next month in the U.S. followed by a staggered rollout globally.
Arm's stock trades at twice the forward multiples of direct AI peers, such as Nvidia Corp , Advanced Micro Devices Inc , Broadcom Inc and Marvell Technology Inc , Acree further stated.
ARM Price Action: Shares of Arm Holdings had declined by 4.92% to $140.12 at the time of publication on Monday.
Read More:
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
In the race for semiconductor supremacy, three giants stand tall: Broadcom Inc , Micron Technology Inc , and Marvell Technology Inc .
But which stock is winning the tech wars, and who's stuck in the slow lane? Let's break it down.
Broadcom: The Dominator
Broadcom stock has been on fire lately, and there's no sign of cooling down. Up 97.28% over the past year and 54.5% year-to-date, The stock is making waves, with analysts eyeing a potential price target as high as $2,400. That's a staggering 925.2% expected movement!
Source: Benzinga Stock Report – AVGO
And with a Sharpe ratio of 2.7687 over five years, Broadcom stock is leaps ahead of its peers in risk-adjusted returns.
Chart created using Benzinga Pro
Broadcom stock is flashing strong bullish signals on all fronts—its eight-day, 20-day, 50-day, and 200-day moving averages are all below the current price of $167.69, signaling strong bullish momentum.
But beware: Options sentiment has recently shifted a bit more negative, so don't rule out some turbulence.
Micron Technology: Memory Struggles
Micron, one of the leaders in memory chips, hasn't had quite the same success as Broadcom. Its stock up a respectable 29.39% over the past year and 10.78% YTD, the future looks a little murkier.
Analysts project a more modest price range, topping out at $225, with a 99.3% expected movement.
Source: Benzinga Stock Report – MU
The bad news? Micron's Sharpe ratio of 0.9228 suggests it's underperforming in risk-adjusted returns, and its stock price has dropped below key moving averages.
Chart created using Benzinga Pro
Technically, it's sitting in bearish territory, with bearish signals on the 20-day, 50-day and 200-day SMAs. Despite a short-term bullish signal from its eight-day moving average, Micron stock needs more than just a memory reboot to turn the tide.
Read Also: Jim Cramer Sees Opportunity In Micron Stock As Death Cross, Earnings Approach
Marvell Technology: Quietly Building Momentum
Marvell, the fabless chip designer known for its networking tech, has been quietly gaining steam. With the stock up 35.96% over the past year and 28.04% YTD, Marvell stock is also riding a bullish wave.
Source: Benzinga Stock Report – MRVL
Analysts see upside potential with a 12-month target of $101 and 45.59% expected movement.
Chart created using Benzinga Pro
Technically, Marvell stock is looking solid, with bullish signals on all its moving averages and a Sharpe ratio of 1.4239 that beats the peer average.
Although options sentiment has recently shifted negative, its stock price of $74.48 remains above all its key moving averages, making Marvell stock a steady performer with room to grow.
The Verdict
While all three are leaders in their respective segments, Broadcom stands out with its strong price action, bullish technicals, and stellar risk-adjusted returns.
Marvell is a close contender with consistent buy signals, while Micron lags behind in technical strength and risk-adjusted performance.
If you're looking for momentum in the semiconductor space, Broadcom is leading the charge, but Marvell might just be the underdog to watch.
Will Broadcom’s $2,400 price target be the semiconductor story of the year, or can Marvell sneak in with a surprise rally?
One thing’s for sure: the chip wars are far from over!
Read Next:
Image: Edited via Canva
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The S&P 500 Index today is down by -0.18%, the Dow Jones Industrials Index is up by +0.47%, and the Nasdaq 100 Index is down by -0.84%.
Stocks today are mixed, with the Dow Jones Industrials posting a new record high. Apple is down more than -3% today to weigh on the overall market on signs of weak demand for the new iPhone. Also, the weakness in chip makers today is a drag on the broader market. However, Intel is up more than +3% to lift the Dow Jones Industrials after the chipmaker officially qualified for as much as $3.5 billion in federal grants to make semiconductors for the Pentagon.
Today’s US economic news was hawkish for Fed policy after the Sep Empire manufacturing survey general business conditions index rose +16.2 to a 2-1/3 year high of 11.5, stronger than expectations of -4.0.
Corporate news today is mixed for stocks. On the negative side, Apple is down more than -3% after TF International said weekend pre-order sales show demand for the company’s iPhone 16 Pro series is weaker than expected. On the positive side, Oracle is up more than +4% after Melius Research upgraded the stock to buy.
The market’s focus this week will be on Tuesday’s US Aug retail sales report to see if consumer spending is holding up. The consensus is that Aug retail sales will fall by -0.2% m/m, but that Aug retail sales ex-autos will increase by +0.2% m/m. The markets will also look to the 2-day FOMC meeting that begins Tuesday and whether policymakers will decide that a -25 bp cut in the fed funds target range would be adequate for a US economy that has shown signs of losing momentum, or whether they will decide for a larger -50 bp rate cut instead. Post-meeting comments from Fed Chair Powell on Wednesday will also be scrutinized regarding the Fed’s future policy intentions.
The markets are discounting the chances at 100% for a -25 bp rate cut for the September 17-18 FOMC meeting and at 69% for a -50 bp rate cut at that meeting.
Signs of weakness in China’s economy are negative for global growth prospects. China Aug industrial production rose +4.5% y/y, weaker than expectations of +4.7% y/y. Also, China Aug retail sales rose +2.1% y/y, weaker than expectations of +2.5% y/y. In addition, China Aug new home prices fell -0.73% m/m, the largest decline in 9-3/4 years.
Overseas stock markets today are lower. The Euro Stoxx 50 is down -0.27%. China's Shanghai Composite was closed for the Mid-autumn Festival holiday. Japan's Nikkei Stock 225 was closed for the Respect-for-the Aged Day holiday.
Interest Rates
December 10-year T-notes (ZNZ24) today is up +1 tick. The 10-year T-note yield is down -0.2 bp at 3.649%. Dec T-notes today are slightly higher on heightened speculation the Fed will cut interest rates by -50 bp at this week’s 2-day FOMC meeting. Swap markets showed the chances of a -50 bp rate cut rose to 69% today from 52% last Friday. T-notes fell back from their best levels today after the US Sep Empire manufacturing survey general business conditions index rose more than expected to a 2-1/3 year high. Also, rising inflation expectations are negative for T-notes after the 10-year breakeven inflation rate rose to a 1-1/2 week high today of 2.098%.
European government bond yields today are mixed. The 10-year German bund yield is down -0.9 bp at 2.139%. The 10-year UK gilt yield is up +0.3 bp at 3.771%.
ECB Governing Council member Kazaks said, "There's still more risk inflation will be higher over the medium term than we expect," and the ECB "will almost surely need to wait until December for a clearer picture before making its next move" on interest rates.
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 31% for the October 17 meeting.
US Stock Movers
Apple is down more than -3% to lead losers in the Dow Jones Industrials after TF International said demand for the company’s iPhone 16 Pro series is weak, with first-weekend pre-order sales of about 37 million units, down about -12.7% y/y from last year’s iPhone 15 series first-weekend sales.
Chip makers are under pressure today and are weighing on the broader market. Micron Technology is down more than -5% to lead losers in the Nasdaq 100, and ARM Holdings Plc is down more than -4%. Also, Nvidia , Broadcom , and KLA Corp are down more than -3%. In addition, Lam Research and Applied Materials are down more than -2%.
Elf Beauty is down more than -3% after Piper Sandler cut its price target on the stock to $162 from $260.
MKS Instruments is down more than -2% after Citigroup downgraded the stock to neutral from buy.
Nova Ltd is down more than -5% after Citigroup downgraded the stock to neutral from buy.
Yelp Inc is down more than -2% after Bank of America Global Research initiated coverage on the stock with a recommendation of underperform with a price target of $30.
Oracle is up more than +4% to lead gainers in the S&P 500 after Melius Research upgraded the stock to buy from hold with a price target of $210.
Intel is up more than +3% to lead gainers in the Dow Jones Industrials and Nasdaq 100 after the chipmaker officially qualified for as much as $3.5 billion in federal grants to make semiconductors for the Pentagon.
Exact Sciences is up more than +4% after releasing data from a study of its blood-based colon cancer screening that showed sensitivities of 88% for colorectal cancer and 31% for advanced precancerous lesions at 90% specificity.
Nuvalent is up more than +21% after presenting updated data from two early-stage trials of its lead cancer programs that impressed analysts.
Builders FirstSource is up more than +2% after Truist Securities upgraded the stock to buy from hold with a price target of $220.
Zillow is up more than +2% after Wedbush upgraded the stock to outperform from neutral with a price target of $80.
Earnings Reports (9/16/2024)
None.
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
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