Meta Platforms (META) gapped up more than 20% on earnings last week, while Nvidia (NVDA) flies to yet another record high ahead of it next performance report on Feb. 21. But a busy week of Fedspeak and a slew of earnings reports from fellow IBD Leaderboard stocks loom for Wall Street watchers.
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IBD Leaderboard stocks reporting this week include ELF Beauty (ELF), ARM Holdings (ARM), Trex (TREX), Spotify (SPOT) and Uber Technologies (UBER). Investment management firms KKR (KKR) and Apollo Global Management (APO) are also on deck.
From the IBD Leaderboard watchlist, travel stock Expedia (EXPE) will let fly its numbers on Thursday, while industry peer Booking Holdings (BKNG) is scheduled for Feb. 22.
Uber, Nvidia Stock Lead Different Crop Of Magnificent Seven Stocks
Wall Street hails Nvidia and Meta as Magnificent Seven stocks. But the latest list of new buys by the best mutual funds, which comes out Friday, highlights a different set of seven stocks showing magnificent demand.
In addition to Nvidia and Meta, Uber also makes this stock screen as well as IBD Leaderboard. Top money managers on the list scooped up a massive $12.4 billion in Uber stock. They also invested an estimated $5.5 billion in Nvidia and $1.4 billion in Meta.
Microsoft (MSFT) also joins other members of this crop of seven companies raking in more than $1 billion in this month’s report, including Fair Isaac (FICO), Arista Networks (ANET) and Fiserv (FI).
Top Growth Stocks In Or Near Buy Zones
With the Dow and S&P 500 trading right around their all-time highs and the Nasdaq looking to join them, IBD’s recommended stock market exposure level stands at the highest-possible 80% to 100% range.
As a result, Nvidia, Meta, Uber stock and many other IBD Leaderboard companies are now extended beyond their buy ranges. ServiceNow (NOW), Novo Nordisk (NVO), Spotify, ELF, Apollo and ARM stock fit that bill. Cybersecurity stock Zscaler (ZS) also joins that group. But ZS stock is down nearly 6% Monday on news the company’s chief operating officer suddenly resigned amid management changes.
With earnings due Tuesday, KKR stock has cleared an 85.66 buy point in a flat base. The alternative asset management giant currently trades right around the top of the buy zone. Earlier, KKR cleared a trendline near 83.
ELF Beauty, which also reports Tuesday, completed a three-weeks-tight pattern near 161. Clearing this level is an opportunity to add some more shares. But note that the follow-up buy should only be a fraction of the full-size position, and it’s always risky to make new stock purchases right before a company reports.
Follow Matthew Galgani on X (formerly Twitter) at @IBD_MGalgani.
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