CMC - Here are your stock picks for the week: March 1 2021
Up this week on Wall street, investors will be closely watching how the Ukraine invasion impacts the stock market, as well as energy prices and commodities. As the political turmoil continues to unfold this week, earnings reports from HP (NYSE:HPQ), Lucid Group (NASDAQ:LCID), Target (NYSE:TGT), and Costco (NASDAQ:COST) are also due to be revealed.
In other happenings, the Federal Open Market Committee (FOMC) speakers and Fed Chairman Jerome Powell are set to give testimony this week. The central bank will continue to try and fight inflation, and OPEC will announce its stance on production boosts.
Without further ado, here are your weekly stock picks for the week.
Apple
Apple (ticker: AAPL ) recently announced its first-quarter earnings, revealing $123.9 billion in revenue and $34.6 billion in profit. This was its most profitable quarter of all time—NBD.
In its September quarter, Apple’s services revenue—from services including the App Store, AppleCare, iCloud, Apple Pay, Apple Music, Apple TV+, and Apple Arcade—increased 26% year over year to $18.3 billion.
One differentiating factor that sets Apple apart from other tech giants is its tendency to continue to make new products. With whispers that the firm is set to unleash a self-driving electric car in 2025, there’s no wonder investors are piling on the monolith’s bandwagon.
Datadog
Software-as-a-service (SaaS) monitoring and analytics company Datadog (ticker: DDOG ) recently reported its earnings had skyrocketed 233% and revenue 84% to $326.2 million. The company’s December earnings quarter was its third consecutive in accelerating growth.
The company, which started in 2010, recent strong performance is in part due to its partnership with the cloud computing unit of Amazon.com, Amazon Web Services. Institutional investors like Goldman Sachs have since been buying up stock of Datadog.
Palo Alto Networks
Websites of Ukraine’s defense, foreign, and interior ministries were attacked this week, the U.S. and U.K. governments quickly blaming on Russia’s GRU military intelligence agency. Cyber experts have warned that as sanctions against Russia increase, cyber warfare against the US will increase, too.
As the Russian conflict spurs fears of cybersecurity attacks in the US, cybersecurity company Palo Alto Networks (ticker: PANW ) has been surging, soaring 13%, on Thursday. For its current quarter ending in April, the company predicts per-share earnings in a range of $1.65 to $1.68 on revenue of $1.355 billion. With analysts projecting earnings of $1.63 a share on revenue of $1.346 billion. Palo Alto forecast billings of $1.6 billion compared with analyst estimates of $1.587 billion.
Commercial Metals Co
As Commercial Metals Co (ticker: CMC ) has announced it’s building its third and fourth micro mills, which it says produce steel with higher strength and at lower cost than mini mills.
In Arizona, its third mill will reportedly replace a much higher-cost facility in California that the company plans to sell to pay half the construction costs. With both new mills set to be ready to go in time for the $1.2-trillion infrastructure bill approved last year, the company is in good stead for some solid returns.
“The new micro mill will fortify our position in the large construction markets within the region and optimize CMC’s existing Eastern U.S. operational footprint through enhanced production flexibility, improved service capabilities, and logistical efficiencies,” CEO Barbara Smith said in a statement.
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