Alphabet

Momentum

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<p class="has-drop-cap">In today’s market, three notable stocks are making headlines for different reasons. Google parent Alphabet Inc. (NASDAQ: GOOG) has reached new heights, Advanced Micro Devices (NASDAQ: AMD) received a significant analyst upgrade, and Southwest Airlines (NYSE: LUV) adopted defensive measures against activist investors. Here’s a closer look at these companies’ key developments and price movements as of this morning.</p>
<h3 id="google-soars-to-all-time-high-before-q2-earnings-report">Google Soars to All-Time High Before Q2 Earnings Report</h3>
<p>Alphabet Inc. (GOOGL) hit an all-time high in intraday trading on July 5, 2024, with shares up 2.16% to $191.44. The stock has surged 36% year-to-date, outpacing the broader market. <br><br>Investors are bullish on Google’s AI initiatives, including integrating its Gemini AI model into its search engine and new AI-powered ad products <a href="https://blog.google/products/ads-commerce/ai-creativity-google-marketing-live/" target="_blank" aria-label="unveiled (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">unveiled</a> at Google Marketing Live 2024. The company’s Performance Max ad platform and YouTube Shorts, which now generates 70 billion daily views, are also boosting results. <br><br>With a market cap of $2.355 trillion and a <a href="https://tokenist.com/investing/p-e-ratio/" rel="noopener noreferrer nofollow" class="deco-link">P/E ratio</a> of 28.74, Google appears well-positioned as it approaches its Q2 earnings report, due around July 30, where analysts expect 27% <a href="https://tokenist.com/investing/how-to-value-a-stock/" class="deco-link" rel="noopener noreferrer nofollow">EPS growth</a>. The company also anticipates expanding operating margins in 2024, despite a 91% jump in Q1 capital spending to $12 billion.</p>
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<h3 id="amd-dubbed-top-pick-by-analyst-continues-to-gain-ai-driven-momentum">AMD Dubbed “Top Pick” by Analyst, Continues to Gain AI-Driven Momentum</h3>
<p>Advanced Micro Devices (AMD) saw its stock climb 4.28% to $170.91 after Piper Sandler analyst Harsh Kumar elevated the company to “<a href="https://finance.yahoo.com/video/amd-named-top-pick-piper-201027559.html" target="_blank" aria-label="top pick (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">top pick</a>” status. <br><br>The semiconductor giant has gained momentum in the AI space, boasting over 100 customers for its AI accelerators. AMD’s <a href="https://www.forbes.com/sites/davealtavilla/2023/12/08/amd-unveils-ai-accelerators-from-cloud-to-client-with-mi300-leading-the-charge/" target="_blank" aria-label="MI300 AI chip (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">MI300 AI chip</a> is expected to generate over $4 billion in sales this year. <br><br>With supply constraints easing in the second half of 2024 and the potential to penetrate the sovereign AI market, analysts are optimistic about AMD’s prospects. Kumar set a $175 price target, about 13% above current levels, citing a favorable valuation compared to peers. <br><br>AMD’s market cap stands at $276.244 billion, with a high P/E ratio of 237.54 reflecting growth expectations. The stock has returned 15.94% year-to-date and 47.57% over the past year.</p>
<h3 id="southwest-airlines-adopts-poison-pill-defense-against-activist-investor-shares-dip">Southwest Airlines Adopts “Poison Pill” Defense Against Activist Investor, Shares Dip</h3>
<p>Southwest Airlines (LUV) shares dipped 3.46% to $27.59 after the company announced adopting a <a href="https://tokenist.com/southwest-airlines-poison-pill-fails-to-impress-amid-activist-battle/" rel="noopener noreferrer nofollow" class="deco-link">“poison pill” defense strategy</a>. <br><br>This move aims to counter activist investor Elliott Management, which recently <a href="https://tokenist.com/stocks-to-watch-today-southwest-airlines-kkr-and-general-motors/" class="deco-link" rel="noopener noreferrer nofollow">acquired a $1.9 billion stake in the airline</a>. Elliott is seeking to replace CEO Bob Jordan and Chairman Gary Kelly. The poison pill allows other shareholders to dilute Elliott’s stake if it reaches 12.5%. <br><br>Southwest’s stock has underperformed <a href="https://tokenist.com/investing/spx-vs-spy/" class="deco-link" rel="noopener noreferrer nofollow">the S&amp;P 500</a> over 1, 3, and 5-year periods, with a year-to-date return of -3.32% and a one-year return of -23.72%. The company’s market cap is $16.517 billion, with a P/E ratio of 44.66.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
<h3 id="br"><br></h3>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/stocks-to-watch-today-google-amd-and-southwest-airlines/">Stocks to Watch Today: Google, AMD, and Southwest Airlines</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Stocks to Watch Today: Google, AMD, and Southwest Airlines

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