Magnificient 7: AMZN surged 6.19% as Bezos plans $16B stock sale in 2024
AInvestFriday, Nov 1, 2024 7:00 pm ET
1min read
AMZN --
1. Amazon (Nasdaq: AMZN)
Amazon surged by 6.19%. Jeff Bezos plans to cash out over $16 billion from Amazon stock in 2024, having already sold significant shares earlier this year. Amazon's quarterly revenue grew by 11.2% to $450.17 billion. Deutsche Bank, BMO Capital, Truist Securities, Scotiabank, and Baird have maintained their positive ratings on Amazon.

2. Nvidia (Nasdaq: NVDA)
Nvidia gained mildly by 1.99%. Tesla's Cybercab Robotaxi, highly reliant on its comprehensive FSD autonomous system, was unveiled, sparking industry interest. Nvidia and Sherwin-Williams Co. will join the Dow Jones Industrial Average, replacing Intel and Dow Chemical respectively, effective November 8. Index revisions aim to enhance exposure to semiconductor and materials sectors.

3. Microsoft (Nasdaq: MSFT)
Microsoft gained mildly by 0.99%. Microsoft reported Q1 2025 revenue of $65.58 billion, up 16.04% year-over-year, and net profit of $24.67 billion. UBS maintains a "buy" rating with a target of $500, while JP Morgan gives it an "overweight" rating with a $465 target.

4. Alphabet (Nasdaq: GOOG)
Alphabet dipped mildly by -0.02%. Alphabet Inc. faces significant challenges as OpenAI enters the search market with ChatGPT search, intensifying competition. Additionally, Alphabet was fined an unprecedented amount by a Russian court for not complying with an order related to Russian media on YouTube.

5. Meta (Nasdaq: META)
Meta dipped mildly by -0.07%. Meta posted Q3 revenue of $1161.16 billion, up 22.5% annually, and net profit of $415 million. Analysts maintain positive ratings, citing AI-driven growth in user engagement and advertising. Meta's innovations and investment in AI position it as a leader in GenAI.

6. Tesla (Nasdaq: TSLA)
Tesla dipped mildly by -0.35%. Tesla's new Cybercab, a Robotaxi model, eliminates steering wheels and pedals, relying entirely on Tesla's Full Self-Driving tech. Additionally, Tesla issued $4.99 billion in ABS bonds, backed by solar equipment loans, with Deutsche Bank managing the bond's sale completion.

7. Apple (Nasdaq: AAPL)
Apple dipped mildly by -1.33%. Apple's 2024 annual report shows $391 billion revenue and $937 billion net profit for year ending September 28. Apple developed Wi-Fi 7 chip for iPhone 17. Barclays maintains underweight rating, target $184. Maxim targets $215. Needham targets $260. Analysts mixed on Q4 results.
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