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Here's My Top "Magnificent Seven" Stock to Buy in the Nasdaq Stock Market Correction
The Nasdaq is officially in correction territory, with the Nasdaq-100 index down by more than 12% from its recent high. A big driver of this has been the "Magnificent Seven" stocks, many of which are down by 20%, or much more, in just a few weeks.To be fair, there's a solid case to be made that some of the megacap technology stocks are still a bit on the expensive side, even after the recent declines. But one that looks especially attractive right now is Google parent company Alphabet (NASDAQ: GOOGL)(NASDAQ: GOOG), which is down by about 20% from its all-time high reached just over a month ago.Alphabet's latest results show strong momentum throughout its business. Fourth-quarter revenue grew 12% year over year, and earnings per share grew by 31%. Within the business, YouTube revenue was higher than expected, and traffic acquisition costs were lower than Wall Street had been looking for.Continue reading
The Nasdaq is officially in correction territory, with the Nasdaq-100 index down by more than 12% from its recent high. A big driver of this has been the "Magnificent Seven" stocks, many of which are down by 20%, or much more, in just a few weeks.
To be fair, there's a solid case to be made that some of the megacap technology stocks are still a bit on the expensive side, even after the recent declines. But one that looks especially attractive right now is Google parent company Alphabet (NASDAQ: GOOGL)(NASDAQ: GOOG), which is down by about 20% from its all-time high reached just over a month ago.
Alphabet's latest results show strong momentum throughout its business. Fourth-quarter revenue grew 12% year over year, and earnings per share grew by 31%. Within the business, YouTube revenue was higher than expected, and traffic acquisition costs were lower than Wall Street had been looking for.
