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Happy first week of May, everyone. Last week was all about Big Tech’s big earnings, with record-breaking results confirming that the pandemic was technology’s time to shine.
Earnings szn isn’t over yet, though, with Moderna (NASDAQ:MRNA), Pfizer (NYSE:PFE), Uber (NYSE:UBER), and more set to report their first-quarter earnings this week.
Other noteworthy events that could impact the market include the US releasing its latest employment report, and virtual corporate events from Dell (NYSE:DELL), CarMax (NYSE:KMX), and Union Pacific (NYSE:UNP).
No matter which way the market goes, though, here are some companies that are worth a look right now.
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Big Tech’s earnings last week stunned Wall Street with their incredible growth—and Facebook (NASDAQ:FB) was no exception. The company reported an advertising revenue growth of 46%, its largest increase in years, alongside a massive 93% rise in quarterly profit. It also reported an increase of 8% in daily users and 10% in monthly users.
While the company definitely has its issues—antitrust lawsuit and privacy concerns, to name a few—in the aftermath of its reportings, there is still a good reason to befriend stocks of FB right now.
Hut 8 Mining
Even though Charlie Munger said on Saturday that he hates Bitcoin, we can all agree that cryptocurrency is taking the world by storm lately. And with Ethereum’s price jumping by over 50% in the last month, it doesn’t seem to be slowing down.
You don’t only have to buy crypto to make money from the boom, though. One of the best ways to capitalize on cryptocurrency is through investing in crypto companies.
Hut 8 Mining (TSXV:HUT) is a Toronto-headquartered Bitcoin mining firm and, being one of the most experienced Bitcoin miners out there and holding over 3,000 self-mined Bitcoins, is positioned well for growth. HUT stock is currently cheaper than usual, having lost 33% of its value due to Bitcoin’s recent volatility, making it a great stock to buy on the dip.
A lot of people got stoned last year—and cannabis investors were rewarded for it. And with the US continuing to get closer to fully legalizing cannabis across the country, pot stocks are where it’s at right now.
But which cannabis company should you invest in? Massachusetts-based Curaleaf (OTC:CURLF) has a market cap of $9.1 billion and has spent the last year rapidly expanding its physical presence in the US, increasing its amount of dispensaries from 54 to 101.
Last month, Curaleaf opened two more retail stores in Pennsylvania, and most recently announced one in Maine. Curaleaf is set to report its (likely impressive) Q1 results on May 10, making now a favourable time to invest ahead of the crowds.
Roblox (NYSE:RBLX) is disrupting the gaming industry with its online gaming platform that sets itself apart from others by enabling users to make their own games. The platform had a massive 32.6 million daily active users at the end of last year, up 85% from the year prior.
Roblox only just went public in March and has caught the attention of Gen Z investors. The stock has been volatile to trade, but with many touting it as the next big growth stock, it’s a hot target on many investors’ watch lists right now.
The company has seen three consecutive quarters of soaring sales growth—from 68% to 92% to 110%. And with Roblox reporting its Q1 results on May 10, it’s likely we’ll see an increase once more.
The current demand for electric vehicles (EVs) continues to skyrocket, but there are more ways to capitalize on the trend than just investing in Tesla. Magna International (TSX:MG) is the world’s third-largest supplier of auto components (think roof systems, seating, etc). The Canadian-based company has factories in the world’s biggest automotive markets, including China, the US, and Europe.
While other EV stocks might be expensive right now, Magna is a great value stock to buy with a lot of growth potential. With the company generating $10.6 billion of sales, and 12% year-over-year, the company is in good order to deliver solid long-term growth.
Disclaimer: Market Buzz contributor has no position in any of the stocks mentioned.
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