U.S. equities are rallying to fresh record highs on Monday thanks, yet again, to positive China trade headlines right before the open. The focus is shifting from whether a deal actually gets done — as well as specifics around thorny issues like intellectual property protection — to where President Donald Trump would like to get the deal signed. Iowa has been mentioned as a candidate.
This, of course, is like pure sugar to the market bulls, whipping them into a mania. With the Federal Reserve’s three recent interest rate cuts just starting to percolate into the economy, the removal of the drag from trade tensions could kick the economy back into gear.
As a result, these four consumer-oriented technology stocks are rallying and look good for new money:
Facebook (NASDAQ:FB) shares are emerging from a multimonth consolidation range to return to highs not seen since late July. A push back towards the prior high near $210 would be worth a 6% gain from here and potentially mark the end of a sideways range going back to the summer of 2018.
The company is expected to next report results around Jan. 29 after the close. Analysts are looking for earnings of $2.47 per share on revenues of $20.1 billion. On Halloween, the company reported better-than-expected third quarter results thanks to ongoing success with Instagram.
Snapchat parent Snap (NYSE:SNAP) is enjoying a share price move back above its 50-day moving average, setting up a run to its prior high near $18.50 which would be worth a gain of nearly 20% from here. This traces out an epic head-and-shoulders reversal pattern that started in late 2017 and traces a possible price target of as high as $30, which would be a new post-IPO high.
The company is expected to next report around Feb. 4, with analysts looking for earnings of a penny per share on revenues of $560.9 million.
HP (NYSE:HPQ) shares are also emerging back above their 50-day moving average, setting up a run at the 200-day average that was only briefly crossed back in July. Shares have been in a persistent downtrend pattern since late 2018, but with Black Friday approaching and the company attracting attention for its well-designed Envy computer models, a sustained rebound appears to be in order.
The company is expected to next report results around Nov. 27 after the close. Analysts are looking for earnings of 58 cents per share on revenues of $15.3 billion.
GoPro (NASDAQ:GPRO) shares are rallying back above their 50-day moving average, setting up a run at the 200-day average that proved intractable back in late September. Shares have gone nowhere fast after the last four years as the action camera marketplace died down. But new initiatives like 360-degree photography are generating fresh excitement.
The company will next report results on Nov. 7 after the close. Analysts are looking for a loss of 48 cents per share on revenues of $126.4 million.
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