Best Tech Stocks to Buy Before Thanksgiving

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best thanksgiving tech stocks

The holiday season is upon us. While most people are thinking about getting the latest gadgets, traders are shopping for the best tech stocks. Now is the perfect time to buy the companies that have a strong outlook for holiday sales.

Tech stocks have been performing excellently since the start of this rally. They helped lift the NASDAQ Composite, S&P 500, and DIJA to new highs last week. But should you be buying? These are the top tech stocks on our Christmas list this year.

Latest Tech Sector News

Tech stocks have had a fantastic 2019 so far, in spite of the ongoing trade war between China and the United States. The Technology Select Sector SPDR Fund (XLK), which tracks 68 of the leading tech stocks, is up by 37% since the start of the year. In fact, tech stocks are out-performing the S&P 500 this year, which is only up 23% year-to-date.

Over the past few weeks, news coming out from Washington and Beijing suggests that a phase-one trade deal is drafted and ready to sign. A deal could result in tariff roll-backs on both sides. The de-escalation of tensions between the world’s two largest economies helped lift stocks to new highs, and tech stocks are leading the way.

Top Tech Stocks to Buy Before Thanksgiving

With tech stocks performing well over the past few weeks, here are a few stocks you should consider buying before the holiday season kicks off.

uber tech stocks
The holiday season is usually good for ride-share companies. Many party-goers and travelers will rely on Uber for transportation, and it could result in better revenues for the firm.

Uber (UBER)

The ride-sharing company, Uber has had a not-so-great 2019 by industry standards. The stock has been on a bear market since the start of the year due to challenges in several aspects of its businesses.

However, the stock might perform well before the end of the year. Historically, the holiday period is kind to ride-sharing revenues. Many people travel or party for the holidays, and those people need rides. It could result in increased demand for Uber rides. This trend could play into Uber’s hand.

Additionally, Uber could be coming off of a bottom. The stock sold-off last week after its post-IPO lock-up agreements expired, causing share prices to hit an all-time low. The market is very down on this stock right now, perhaps too down. If it gets low enough, buyers will start to coming back in. Just a little bit of good news could send this high-powered growth stock into a rally.

Amazon (AMZN)

Retail giant Amazon has had a positive year so far, but it has underperformed the S&P 500. The stock is currently trading at $1,785 per share but could be set to surge higher as spending picks up for the holidays.

According to Adobe data analysis, U.S online sales could reach $143 billion this holiday season, and Amazon is in prime position to capture a substantial share of the market. The company didn’t live up to Wall Street’s expectations in its last earnings reports, but share prices recovered since then.

amazon christmas
Amazon will be a major player in the retail space this holiday season. The company could take a significant portion of the forecasted $143 billion Americans are expected to spend on retail this holiday season.

The company is expecting a revenue of $80 billion-$86.5 billion in the fourth quarter of the year, which is below analysts’ expectations of $87 billion. However, Amazon is sure to be a major player this holiday season.

Fortinet (FTNT)

The software sector experienced a sell-off in recent weeks, but Fortinet earnings told a different story. The company topped Wall Street estimates in its latest earnings report. The software company recorded a net income of $79.8 million in the third quarter of the year, 35% higher than the $58.7 million it reported during the same time last year. Revenues also increased by 20% YoY to $547.5 million last quarter.

The company’s excellent performance is attracting institutional investors. Janney Montgomery Scott LLC, State of Alaska Department of Revenue, Parallel Advisors LLC, Cavalier Investments LLC, and a few other firms recently increased their stakes in the company.

More on The Best Tech Stocks

Tech stocks led markets higher over the past few weeks, and they’re showing no signs of slowing down. For more on tech stocks and all the latest stock market news, follow The Dork on Facebook and Twitter. Also, don’t forget to sign up for Dork Alerts to get all the latest hot stock picks, insights, and analysis delivered right to your inbox.

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Hassan Maishera is a cryptocurrency expert and a Stock Dork freelance contibutor.

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