Tech stocks have returned to the IBD 50 list with a vengeance, with semiconductor, software, networking and biotech stocks accounting for nearly half the list. Several are in proper bases that offer buying opportunities for investors.
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AI chip leader Nvidia (NVDA) is a notable stock in the IBD 50 as it hovers just above the 50-day moving average. Nvidia stock is also in a new base with the all-time high of 140.76 serving as a buy point.
The relative strength line is near highs, too. The stock holds perfect Composite and EPS Ratings of 99.
Pure Storage (PSTG), part of the data storage industry group, is also just above the 50-day line and forming a new base. The buy point is at 70.41.
Both companies report earnings on Aug. 28.
Arista Networks (ANET) is rebounding from its 50-day line after rival Cisco Systems (CSCO) reported positive results and a robust outlook for networking demand on Wednesday.
The provider of networking products and services for cloud and data centers reported second-quarter results on July 30 that beat expectations. Sales growth has ranged from 16% to 57% over the past eight quarters, with earnings growth ranging from 33% to 72%. Shares are approaching an all-time high of 376.45.
Software Stocks Near Buy Points
In cybersecurity software, Fortinet (FTNT) rallied after earnings topped expectations. The stock is near a buy point of 73.91 from a long pattern.
Samsara (IOT), which makes software that tracks industrial and fleet operations, is near a handle entry of 39.21. Fiscal second-quarter results are due Sept. 5.
Meanwhile, ServiceNow (NOW) climbed back above a buy point of 815.32 after rebounding from the 50-day line a couple of weeks ago. Shares broke out after second-quarter results were announced on July 25. The stock pulled back after that, but never triggered a sell signal.
Q2 sales grew 22% to $2.627 billion, while earnings of $3.13 per share were 32% higher. Subscription revenue, which is its core revenue stream, is seen rising 20% in the third quarter and 22% for the full year.
Other software leaders are extended after their earnings reports.
Palantir (PLTR) continues to rally since gapping up on Aug. 6 following its earnings report. Both sales and earnings accelerated in the second quarter, and the provider of AI analytics for businesses increased its revenue guidance for the full year to $2.75 billion.
Meanwhile, Monday.com (MNDY) gapped up to the highest level since January 2022 after second-quarter results were released last Monday.
Biotech Stocks In IBD 50
Among biotechs, TG Therapeutics (TGTX) is near a 23.12 buy point. Investors could also consider the Aug. 7 high at 22.15 as another buy point.
The company makes drugs to treat certain autoimmune diseases. Second-quarter sales grew 357% to $73.5 million while earnings of 4 cents per share reversed two quarters of losses.
Rhythm Pharmaceuticals (RYTM) is adding an alternative entry at 53.92. The company provides treatments for diseases associated with the nervous and endocrine systems. It reported a 51% increase in sales to $29.1 million in its most recent quarter. But it continued to report losses for an eighth straight quarter, according to data from IBD MarketSurge.
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