Tech stocks have been the primary drivers behind this year’s stock market rally. Stocks such as Apple, Microsoft, Advanced Micro Devices, and others have experienced massive gains in 2019, which has allowed the broader market to perform well.
Despite the ongoing trade talks between the US and China, some tech stocks could go higher over the coming days and weeks.
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The Dow Jones was up by 77 points prior to Monday’s open. It could open higher by 102 points when the trading begins. The S&P 500 and NASDAQ are also traded higher ahead of December’s first trading session.
HP Inc. (HPQ)
HP recently rejected a takeover offer from Xerox, claiming that Xerox’s offer significantly undervalued the company. The impasse sets the stage for a hostile takeover. Xerox plans to take the offer directly to shareholders so it can complete the deal without getting approval from HP’s board.
On the business side, HP is doing well. The firm recently released better-than-expected FY2019 fourth-quarter earnings. HP generated $15.4 billion in revenues during the last quarter, narrowly topping consensus estimates of $15.3 billion. EPS came in at $0.60, also higher than consensus estimates of $0.58.
Moving forward, short-term price movements will largely depend on the Xerox takeover attempt. Keep a close eye on the story to get a feel for the market’s sentiment towards the deal.
Micron Technology (MU)
Shares of Micron Technology’s gained over46% since the start of the year. It could be set to surge higher over the coming weeks as the general stock market resumes its upward movement.
By 2020, Micron is expected to dominate the DRAM technology market. It is expected to account for 28% of bit shipments at the 1z nm node, which would be twice what Samsung Electronics currently controls.
The DRAM market is notoriously very cyclical, so share prices could fluctuate significantly if the crowded market starts to encounter over-supply issues. However, with IoT and 5G mass adoption coming around the corner, the long-term outlook for chip stocks looks bright. These technologies should create a robust demand for chips for the foreseeable future.
Seagate Technology PLC (STX)
This California-based semiconductor company is up 43% year-to-date. Share prices could ride a tailwind of positive market sentiment to continued gains over the next month.
The company doesn’t have any upcoming events to help push its stock price higher. However, some hedge funds believe it is a buy at its current price, and they could be set to increase their portfolio in the company.
More Tech Stocks That Could Go Higher
Tech stocks have been the primary drivers of the market rally and here are some that could go higher soon. Subscribe to the Dork and keep track of the best tech stocks. You can also follow Stock Dork on Twitter and Facebook to track of all the current stock market news. Furthermore, remember to sign up for mobile Dork Alerts to get all the hottest stock picks, insights, and analysis delivered to your phone.