New coronavirus cases in the United States crossed the 50,000 mark on Jul 1, once again raising fear in millions. Fresh coronavirus cases have been on the rise since the economy started reopening and now experts claim that the numbers could further rise in the days to come.
Fears of a second wave of coronavirus are looming already and it won’t come as a surprise if people once again start staying at home. Two months of at-home orders following the coronavirus outbreak have changed the way lives were led in the pre-COVID-19 era. With no signs of the virus receding, life has become a lot more technology dependent and in all likelihood will remain so.
New COVID-19 Cases Hit Record High
On Jul 1, United States recorded a whopping 52,000 new COVOD-19 cases, according to a Johns Hopkins University tally. Several states also imposed 14-day quarantines on visitors in the buildup to Jul 4 celebrations and the long weekend. The record follows a warning by Dr. Anthony Fauci — head of the National Institute of Allergy and Infectious Diseases — that the number could soon double to 100,000 cases a day if Americans do not take necessary action to contain the spread of the virus.
More than 50% of new U.S. cases come from Arizona, California, Florida and Texas, which is home to 30% of the country’s population. The recent increase can be traced back to the Memorial Day holiday celebrations in late May. Health experts are worried about Independence Day celebrations this weekend, when Americans traditionally flock to beaches and campgrounds to watch fireworks’ displays.
Will Tech Dependence Surge?
The world has witnessed how technology has become mankind’s savior and a favorite companion in the peak of the outbreak. The pandemic over the last couple of months has led to record sales of laptops, tablets, video games, and computer hardware and networking software. Also there has been an unprecedented spike in downloading of video-streaming apps, and those that aid in working and learning from remote locations.
Moreover, technology has also helped save the retail sector from a total collapse, thanks to e-commerce. It has also saved to some extent major industries like travel, aviation and automobiles that took a massive hit due to the pandemic.
With many states now contemplating pushing back the reopening phase, people are once again likely to spend more time in their homes and depend on technology to fulfill their daily tasks. Many at the beginning of the COVID-19 outbreak had predicted that the tech rally would come to a halt after more than two years of driving the markets. Clearly, they have been proven wrong.
Increased dependence on technology has once again boosted the prospects of these stocks. The Technology Select Sector SPDR (XLK) has advanced 36.7% in the past 90 days compared with the S&P 500’s increase of 28.1%.
Increasing cloud-dependency to safely stay afloat makes this a suitable time to invest in tech stocks. Each of the stocks handpicked by us has a Zacks Rank #1 (Strong Buy) or 2 (Buy) and a Growth Score of A or B. You can see the complete list of today’s Zacks #1 Rank stocks here.
Logitech International S.A.LOGI is a global leader in peripherals for personal computers and other digital platforms, which develops and markets innovative products in PC navigation, Internet communications, digital music, home-entertainment control, video security, interactive gaming and wireless devices.
The company’s expected earnings growth rate for the current year is 5.1%. The Zacks Consensus Estimate for current-year earnings has improved 3.7% over the past 60 days. The company has a Growth Score of B and Zacks Rank #1.
SAP SE SAP is one of the largest independent software vendors in the world and the leading provider of enterprise resource planning software. Its solutions are designed to cater to the needs of organizations, ranging from small and medium businesses to large, global enterprises.
The company’s expected earnings growth rate for next year is 13.2%. The Zacks Consensus Estimate for current-year earnings has improved 0.5% over the past 60 days. The company has a Growth Score of B and Zacks Rank #2.
Zoom Video Communications, Inc. ZM has been benefiting from work-from-home and online learning. Zoom uses AI to schedule video meetings and for a host of other things such as organizing attendee details and transcripting details.
The company’s expected earnings growth rate for the current year is more than 100%. The Zacks Consensus Estimate for current-year earnings has improved 174% over the past 60 days. Zoom has a Growth Score of A and sports a Zacks Rank #1.
Box, Inc. BOX is a provider of a cloud content management platform. The platform enables internal and external collaboration on content, automation of content-driven business processes, development of custom applications, data protection, security and compliance features.
The company’s expected earnings growth rate for the current year is more than 100%. The Zacks Consensus Estimate for current-year earnings has improved 35.1% over the past 60 days. Box has a Growth Score of A and Zacks Rank #2.
Snap Inc. SNAP is a mobile camera application that helps people to communicate through short videos and images called Snaps. The application is one of the most popular messaging and social media applications in the United States.
The company’s expected earnings growth rate for the current year is 37.5%. Its shares have gained 21.3% in the past 30 days. Snap has a Growth Score of A and Zacks Rank #2.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
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Logitech International S.A. (LOGI) : Free Stock Analysis Report
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