META stock (NASDAQ:META) was among the stocks on the list of stocks to watch, trading at $138.59 as of 09:57 AM EDT.
The month of October has arrived, and in addition to customs like the baseball playoffs and Halloween, it will also include a number of quarterly financial releases from some of the largest names in technology.
Investors will be interested in what numerous bellwethers have to say about their businesses during the past three months, as well as how they see things developing for the remainder of 2022 and, in some cases, what the future holds for next year. This is true of all tech earnings seasons. The situation is different from last year. First off, this year’s inflation has reached levels unseen in forty years, which has dampened consumer enthusiasm for spending their disposable income.
Businesses have been affected by the unsteady economy as well; there have been increasing reports of supply chain problems and agreements being delayed as a result of significant budget cuts made by corporations after two years of a COVID-related tech spending boom in numerous sectors.
More than at any other time in recent memory, multiple tech businesses have highlighted a strong U.S. dollar and fluctuating foreign exchange rates as having a detrimental influence on their quarterly revenue figures.
But in addition to all of that, this earnings season also follows the achievement of a number of significant, though unfavorable, milestones by a number of tech sector leaders, which stand out to demonstrate how sentiment has changed against tech stocks: Stock prices will end the third quarter of the year at 52-week lows.
Of course, any stock will experience a 52-week high and low point throughout the course of a year. The difference in price between those points might vary greatly, often appearing to be miles apart. However, the unfavorable events that occurred at the end of September stood out because so many IT giants’ shares fell at once to their lowest levels in the previous year.
Top 10 IT stocks to watch
Here are 10 of the biggest brands in technology that have recently experienced 52-week lows and will soon find out whether their forthcoming quarterly reports will inspire confidence in their investors.
On September 27, Meta Platforms (NASDAQ:META) reached a 52-week low of $134.12 per share. Meta has since recovered to a share price of about $139 but is still down more than 58% for the year.
On September 29, Nvidia (NASDAQ:NVDA) also hit a 52-week low of $119.46 and has lost more than 52% of its value this year, while Advanced Micro Devices (NASDAQ:AMD) sank to a low of $62.83 per share on the same day.
The final day of the quarter, September 30, was particularly fortunate for tech equities, as they set fresh 52-week lows. On that day, Google fell to $96.03 per share and has lost 30% of its value this year, while Intel (NASDAQ:INTC) reached a low of $25.74 per share and has lost 46% of its value since the end of 2021.
Also on September 30, Qualcomm (NASDAQ:QCOM), AT&T (NYSE:T), Verizon (NYSE:VZ), and Salesforce (NYSE:CRM) all hit 52-week lows. Microsoft (NASDAQ:MSFT) recorded a 52-week low of $232.73 per share, Qualcomm (QCOM) sank to 112.92 per share, and Salesforce (NYSE:CRM) shares bottomed out for the past year at $142.75 per share.
Apple (NASDAQ:AAPL), one of the only tech behemoths to avoid hitting a 52-week bottom as it approached its earnings, actually reached its lowest point of the year on June 16 at $129.04 per share. The U.S. Supreme Court struck Apple, which finished Wednesday at $146.40 a share, a setback earlier this week in a battle with Qualcomm over smartphone technology patents.
Featured Image- Megapixl @ Colour59
Author Jowi Kwasu