Top Four S&P 500 Stocks To Watch This Week: Oracle, Adobe, Broadcom, Google
Adobe Systems Incorporated ADBE | 0.00 | |
Broadcom Limited AVGO | 0.00 | |
Casey's General Stores, Inc. CASY | 0.00 | |
Core & Main, Inc. Class A CNM | 0.00 | |
Alphabet Inc. Class C GOOG | 0.00 |
The S&P 500 Index retreated sharply on Friday, its lowest level since May 20th, as technology companies plunged. It retreated to $7,618 on June 1 to $7,383, erasing billions of dollars of value. This article highlights some of the top SPX Index stocks to watch this week, including Oracle (NASDAQ:ORCL), Adobe (NASDAQ:ADBE), Broadcom (NASDAQ:AVGO), and Alphabet (NASDAQ:GOOG).
Alphabet Stock in Focus Ahead of SpaceX IPO
Alphabet, the parent company of Google and YouTube, has more than doubled in the last 12 months, bringing its market capitalization to over $4.43 trillion. It has become one of the best-performing Magnificent 7 companies.
Alphabet will be in focus this week because of the upcoming SpaceX IPO. The company invested in SpaceX a few years ago, and now owns a 5% stake. If the IPO values it at $2 trillion, its stake in the company will be worth $100 billion. This is a major win as Alphabet invested $1 billion in the company.
Oracle Stock to React to Its Quarterly Earnings
Larry Ellison's Oracle has been in a recovery mode in the past few months, moving from $135 in April to $213. This recovery will be put to the test this week as it releases its financial results on Wednesday.
The most recent report showed that the Remaining Performance Obligations (RPO) rose by 325% to $553 billion as its AI business jumped. Its third-quarter revenue rose by 22% to $17.2 billion. However, the company also announced a plan to raise $50 billion in debt and equity financing to fund its large projects.
The upcoming numbers are expected to show that its revenue rose by 20% to $19 billion, bringing its annual figure to $66 billion. Its forward guidance is expected to show that its annual revenue will be $88.6 billion, up by 31% YoY.
Adobe Earnings to Provide Color on SaaS
Adobe stock has been one of the top laggards in Wall Street in the past few years. It retreated to $251, down by 60% from its highest point in 2024.
The upcoming earnings will provide more information its business amid the ongoing disruption by artificial intelligence tools. Analysts expect these results to show that its revenue rose by 9.84% to $6.45 billion, with its annual figure expected to come in at $26 billion. Strong results and guidance will likely be bullish for the stock as it will reduce the SaaSpocalypse fears.
Broadcom Stock in Focus After Last Week's Earnings
Broadcom is another top S&P 500 Index company to watch this week. AVGO has retreated by over 20% from its highest point this year, erasing billions of dollars in value in this period.
Broadcom published strong financial results last week. They showed that its revenue jumped by 48% in the second quarter to $22 billion, while its EBITDA rose by 69%. Its AI revenue jumped by 148% YoY to $10.8 billion, with its guidance showing that its revenue will jump to $29.4 billion.
There will be some more top companies to watch this week, including Lennar (NYSE:LEN), Casey's General Stores (NYSE:CASY), J.M Smucker (NYSE:SJM), and Core & Main (NYSE:CNM).
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