Wedbush: Microsoft, Alphabet, Amazon, etc. are expected to "stand out" in the earnings season.
AInvestTuesday, Jul 16, 2024 11:10 am ET
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Wedbush expects tech stocks including Microsoft, Alphabet, Amazon, Palantir and Meta to "shine" in the second-quarter earnings season. Analyst Dan Ives said in a note to investors: "We believe Q2 will be the main positive catalyst for the tech sector, with tech stocks expected to rise another 15% for the rest of the year after a strong 24% rise in the first half of the year as the broader tech growth story centered around software, cybersecurity, digital advertising and semiconductors now takes center stage." The firm's global tech survey showed that cloud deployment and corporate AI spending outperformed Wall Street expectations, which bodes well for the tech giants. The firm also likes Zscaler, Palo Alto Networks, Crowdstrike, CyberArk, Checkpoint and Tenable.

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