Markets kicked off the trading week with the S&P 500 (IVV) closing at another record high. Traders are betting that the earnings per share expansion for the most heavily weighted companies will fuel the uptrend.
While active traders watch companies like Nvidia (NVDA), Microsoft (MSFT), and Meta Platforms (META), readers have other hot stocks to consider.
SanDisk (SNDK) gained 8.11% to close at $1,070.20, a new high. Ahead of its fiscal third-quarter results post-market on April 30, Morgan Stanley raised its price target. Analysts at the firm are forecasting NAND average selling prices to rise by around 90% in the first quarter and 70-75% in the second quarter. Their price target is $1,100, up sharply from $690.
Albemarle (ALB) is another stock that investors are buying. ALB stock added 5.95% to close at $199.53. It is fighting a recent downtrend that formed after the lithium miner’s stock peaked at $215.71.
Micron (MU) closed at another all-time high, adding 5.6% on Monday. There is a high chance that the memory chip maker expanded its profit margins. Strong demand for AI-related hardware created a shortage. In response, Micron, S.K. Hynix, and Samsung (SSNLF) diverted their chip output to serve the AI server market. Still, the shortage persisted, allowing them to raise prices.
