It’s “MAGA,” for the markets.
But the title of “greatest” can only be bestowed upon one name.
“Amazon to me is really the best of the four, ” Newton Advisors’ Mark Newton said Thursday on CNBC’s “Trading Nation.” “It’s had a huge trajectory over the last 10 years, [it] has done a lot better than some of these other stocks, and still maintains, you know, very attractive technicals.”
The stock rose 1.5% in early trading Friday after the e-commerce company beat first-quarter profit forecasts by a wide margin and posted 17% in revenue growth. Amazon also predicted a 13% to 20% increase in second-quarter sales, although the company’s operating profit guidance did fall short of analyst estimates.
Shares of the tech giant have already rallied nearly 50% since their steep slide at the end of 2018. But the stock still hasn’t regained its September 2018 $2,050 all-time high, which Newton says means there’s still opportunity in the name.
“I think it does get back to former highs. It might stall out briefly, but it would be one of the four that I still like. And you know I think the group still does fine in the weeks and months to come,” he added.
Strategic Wealth Partners’ Mark Tepper agrees that Amazon