The Magnificent 7 stocks are performing admirably but Apple (AAPL) has room to rise. Its price-to-earnings is below 30 times (at 28.97x). The iPad refresh is a starting step for getting consumers interested in its hardware again. As it rolls out the Vision Pro hardware outside of the U.S., fans will appreciate the company’s strategy in the VR headset market.
Bristol-Myers (BMY) earned the title of being the only S&P 500 (SPY) stock dragging the index’s earnings growth lower.
BMY stock traded at 52-week lows after posting a loss related to its acquisition of Karuna Therapeutics. It spent a massive $14 billion, betting that the firm’s schizophrenia drug will become a blockbuster product.
In the first quarter, Bristol-Myers lost $4.40 a share.
Gilead Sciences (GILD) is the other stock to watch. It bounced off a $65 low on no news. The firm reported a $1.32 non-GAAP EPS loss on revenue of $6.69 billion (+5.4% Y/Y). Trade GILD stock, knowing that the weak guidance limits the upside. The Immunomedics acquisition in 2020 cost Gilead around $21 billion. For the full year of 2024, the firm expects a non-GAAP EPS of $3.45 to $3.85. It previously expected $6.85 - $7.25.
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