Magnificent Seven Stocks To Buy And Watch: Tesla Dives On Earnings

Dubbed the Magnificent Seven stocks, Apple, Microsoft, Google parent Alphabet, Amazon, Nvidia, Meta Platforms and Tesla lived up to their name in 2023 with significant gains. Magnificent Seven stocks are among the best stocks to buy and watch in the stock market today.


Due to their outsized market capitalizations, Magnificent Seven stocks have a disproportionate influence on the market-cap-weighted Nasdaq and S&P 500 Composite Indices.

For an in-depth look at this issue, see IBD's page on Magnificent Seven weightings, market caps and latest company news.

Magnificent performance of the seven stocks

Company Name Symbol Performance since the start of 2023
Alphabet (GOOGLE) +50%
Amazon (AMZN) +79%
Apple (AAPL) +52%
Metaplatforms (META) +178%
Microsoft (MSFT) +55%
Nvidia (NVDA) +235%
You're here (TSLA) +106%
Source: MII data as of December 15, 2023

Magnificent Seven Stocks: Amazon jumps on its profits

Amazon (AMZN) is significantly out of buy range above the cup base's 145.86 buy point, with shares falling 0.2% on Monday.

Last week, Amazon reported quarterly results, beating earnings and revenue expectations.

Thanks to his Amazonian base platform, the e-commerce and cloud giant provides a fully managed service offering a choice of high-performance Core Models (FM) from leading AI companies like AI21 Laboratories, Anthropic, Join, Meta And Stability AI.

Alphabet in the purchase range

Parent Google Alphabet (GOOGLE) breaks out of buy range above a 139.42 buy point in a cup with handle amid a recent rebound. Google stock fell 0.6% on Monday.

On January 30, Alphabet reported fourth-quarter earnings and revenue that beat analyst estimates. But shares fell as the search giant's core advertising business slightly missed views.

Google launched its Gemini AI model on December 6. However, the demo video showcasing the AI's capabilities was found to have been altered, Bloomberg reported. Google admitted that the demo was created using still images from the sequence with additional prompts via text, as well as modified to speed up Gemini's response times.

Nvidia stock leads the Magnificent Seven

Among the Magnificent Seven, Nvidia (NVDA) has been the best performer, with a scorching 235% return year-to-date through December 15.

The AI ​​giant rose above the new buy point of 505.48 on a flat base after a breakout move on January 8. Nvidia stock rose 0.6% on Monday, hitting new record highs. NVDA is an IBD Ranking Stock.

On November 28, the company expanded its efforts into AI, unveiling business intelligence for chatbots, co-pilots, and summarization tools with its enterprise-grade generative AI microservice.

NeMo Salvage — a new offering from the Nvidia NeMo family of frameworks and tools for generative AI models — helps organizations improve their generative AI applications. NeMo Retriever helps generative AI applications provide more accurate answers using algorithms powered by Nvidia.

Tesla Stock Rebounds

You're here (TSLA) gained 0.1% on Monday, rebounding from its lowest level since May 2023.

On January 24, the electric vehicle giant announced that its profit fell 40% to 71 cents per share, while its revenue was $25.17 billion, up 3.5%. compared to the previous year. Wall Street expected earnings of 73 cents per share on revenue of $25.62 billion. For 2023, Tesla's earnings fell 23% to $3.12 per share, while revenue rose 19% to $96.77 billion, compared with estimates of $3.05 per share. $97.5 billion business.

Dow Jones Stocks in Magnificent 7: Apple, Microsoft

Two Dow Jones names among the Magnificent Seven, Apple (AAPL) And Microsoft (MSFT) is trading lower on the stock market today.

Apple stock fell 0.6% on Monday. Shares are below their 50-day line as a new double bottom shows a buy point of 196.38.

In recent weeks, Apple has exceeded Wall Street targets for its fiscal first quarter, thanks to growth in sales and services of iPhone 15 phones.

According to MacRumors and other outlets, Apple could make a generative AI feature — known internally as Apple GPT — available on iPhone and iPad late next year.

Meanwhile, Microsoft stock is out of buy range above the 384.30 buy point on a flat basis. The stock fell 0.9% on Monday, moving away from last week's new highs.

Microsoft on Jan. 30 topped Wall Street targets for its fiscal second quarter on strong cloud computing business.

Meta actions increase on profits

Actions of Metaplatforms (META) continue to reach new highs after a strong rebound from their 50-day line in recent weeks. Meta stock rose 1.7% on Monday.

Meta reported better-than-expected fourth-quarter results and announced plans to pay its first-ever dividend.

META Action has a perfect IBD Composite Score of 99, according to the Checking ITN stocks.

In recent months, Chief Executive Mark Zuckerberg said Threads was now available to users in the European Union. Facebook's parent company launched Threads as a separate app in July. It is a competitor to X, formerly Twitter, owned by Elon Musk. The European deployment was would have been delayed by regulatory uncertainty in the EU on the use of personal data on the application.


Magnificent Seven Weighting and News

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