Sign In  |  Register  |  About Menlo Park  |  Contact Us

Menlo Park, CA
September 01, 2020 1:28pm
7-Day Forecast | Traffic
  • Search Hotels in Menlo Park

  • ROOMS:

3 Magnificent Seven Stocks Outperforming the Rest logo

As the year's second quarter gets well underway, we're gearing up for earnings season, where significant players in the market will be unveiling their first-quarter results. This year presents a distinct shift from the previous one. In 2023, the market was propelled by what was dubbed the "Magnificent Seven" - a select group of global tech giants dominating the scene. Their dominance was fueled by their significant market share and advancements in AI, cloud computing, online gaming, and cutting-edge hardware and software. These seven stocks outperformed and infused the market with a substantial dose of confidence.

However, the situation has changed as we reach the four-month mark of 2024. The disparity in performance among the seven members is striking. Tesla, one of the members, is down nearly 40% and is the worst performer in the S&P 500. Apple is in correction territory and is rapidly approaching bear market territory, with its stock down 13.5%. And Nvidia, despite being up 70% on the year, has retreated 13% from its 52-week high. 

Despite the underperformance of several Magnificent Seven members, three of them have stood out for their remarkable resilience in recent weeks. These companies have managed to maintain their positions in the market, showcasing their ability to weather market storms and their potential for higher moves if the market were to stabilize in the short term. 

3 Magnificent Seven Members Showcasing Resilience

Alphabet Inc.


Shares of Alphabet (NASDAQ: GOOGL) have displayed remarkable relative strength and resilience in recent weeks, with its stock only off from its 52-week high by roughly 2%. The broader tech sector, however, has fallen almost 6% from its 52-week high. 

The search engine giant has a moderate buy rating based on thirty-three analyst ratings and is among the most upgraded and followed names. While the overall market trades below key Simple Moving Averages (SMAs), GOOGL has maintained its position near highs and is consolidating above rising SMAs, making it a potential breakout candidate should the market firm up. The company is expected to report earnings on April 25 after the market closes, and the anticipation for its performance is high.


Similar to GOOGL, shares of Amazon (NASDAQ: AMZN) have shown resilience and strength recently amidst the broader market’s selloff. While the market and the tech sector have fallen in recent weeks, AMZN has firmly maintained its position, up almost 18% on the year and nearly 2% over the previous month. While the stock has pulled back slightly from its 52-week high, its uptrend remains intact as it aims to put in a higher low above its rising 50-day SMA.

The stock is a firm favorite amongst analysts, possessing a buy rating based on forty-five ratings. Impressively, the stock's consensus price target forecasts an additional 13.16% upside. Like GOOGL, should AMZN continue to display relative strength to its sector and the overall market, it might continue to outperform and even achieve new heights should the market firm up and catch a bid. The online retail and web services giant will report its first-quarter earnings on April 30th. 

Meta Platforms Inc.


Meta’s turnaround and recovery have been nothing short of remarkable. Meta Platforms (NASDAQ: META) is up over 140% from its 52-week low, and adding to its impressive gains in 2023, it's up an additional 42% so far in 2024. Since its bottom and turning point in late 2022, the stock has risen almost 400%. 

Even though META has been one of the top-performing stocks in the S&P 500 this year, significantly outperforming the market and sector, analysts are still forecasting additional upside for the stock based on the consensus $519.53 price target. META is one of the most upgraded stocks, with a moderate buy rating based on forty-three analyst ratings. After the market closes, the company will report its earnings next week, on Apri 24. 

Data & News supplied by
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Copyright © 2010-2020 & California Media Partners, LLC. All rights reserved.