Sat, Jun 29, 2024 11:55 AM
Weekend Wrap: From Indus Towers to JSW Infrastructure, top market movers
A Flip by Avya Verma
Nvidia's stock has surged over 150% in the first half of 2024, driven by the growth of artificial intelligence (AI) and high demand for its graphic processing units (GPUs). Alphabet, however, is poised to lead the market higher in the second half, with its cloud computing business reaching profitability and strong growth potential in its AI-powered ad formats.
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Broadcom's share price has surged 45% in 2024, making some investors hesitant to buy due to its high price (over $1,600). To address this, the company will undergo a 10-for-1 stock split on July 12, 2024. Historically, stocks tend to rise 25% after such an announcement, but Broadcom has only seen an 8% increase, suggesting potential for further growth.
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Carrier Global, Owens Corning, and Freeport-McMoRan have received Wall Street analyst upgrades. Carrier's stock is expected to grow due to its focus on sustainable climate technologies and smart building solutions, with a free cash flow of $3.1 billion in 2025. Owens Corning's acquisition of Masonite is seen as a value-add, with the company trading at less than 12 times estimated 2024 earnings.
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