Data News > Pre Market Movers: Top Stocks to Watch in April 2024

Pre Market Movers: Top Stocks to Watch in April 2024

By KlickAnalytics Data Insights  |   April 3, 2024 09:30AM ET

Key Points

- Top-ranked stocks Deckers Outdoor, Five9, Openlane Inc, Air Lease, and NVIDIA are expected to beat earnings
- Super Micro Computer, Nvidia, and Constellation Energy were the top 3 performers of the S&P 500 in Q1 2024
- Small-cap stocks may soon see a rotation as large-cap stocks in the technology sector exhaust momentum trade
- Nvidia's supply chain is under scrutiny after an earthquake in Taiwan
- Nvidia, Microsoft, and Amazon are leaders in AI, but other stocks like HubSpot are also worth considering

As we enter the fourth month of 2024, the stock market rally continues to show strength, with several top-ranked stocks expected to beat earnings in their upcoming releases. Deckers Outdoor, Five9, Openlane Inc, Air Lease, and NVIDIA are all likely to outperform in the near future.

In the first quarter of 2024, Super Micro Computer, Nvidia, and Constellation Energy emerged as the top performers of the S&P 500. While Super Micro's business is growing rapidly, there are concerns about the sustainability of its current margins. Nvidia's rally was driven by fundamentals, and the stock may still be undervalued, but some analysts are waiting for a correction before buying.

Large-cap stocks, especially in the technology sector, have seen significant momentum, with names like Nvidia reaching new all-time highs. However, some experts believe that a rotation into small-cap stocks may be on the horizon, as large-cap stocks exhaust their momentum trade.

Nvidia's stock faced a drop after an earthquake in Taiwan raised concerns about its supply chain. The company's efforts to diversify its supply chain are likely to come under scrutiny in the coming months.

In the AI sector, Nvidia, Microsoft, and Amazon are considered leaders, but other stocks like HubSpot are also worth considering. As generative AI continues to drive growth in the sector, investors are looking for opportunities beyond the well-known giants.

Despite its impressive performance, some hedge fund managers have sold shares of Nvidia in the fourth quarter, opting to buy shares of Amazon and HubSpot instead. This has led to speculation about which stocks are poised for massive growth in 2024, with investors searching for the "next Apple" in the market.

With Nvidia trading at 75 times its trailing earnings, some investors are questioning whether it's the right time to buy or if they should wait for a dip. The growth opportunities in artificial intelligence could make Nvidia's valuation more reasonable in the future, leading to potential opportunities for investors.

About NVDA
NVIDIA Corporation provides graphics, and compute and networking solutions in the United States, Taiwan, China, and internationally. The company's Graphics segment offers GeForce GPUs for gaming and PCs, the GeForce NOW game streaming service and related infrastructure, and solutions for gaming platforms; Quadro/NVIDIA RTX GPUs for enterprise workstation graphics; vGPU software for cloud-based visual and virtual computing; automotive platforms for infotainment systems; and Omniverse software for building 3D designs and virtual worlds. Its Compute & Networking segment provides Data Center platforms and systems for AI, HPC, and accelerated computing; Mellanox networking and interconnect solutions; automotive AI Cockpit, autonomous driving development agreements, and autonomous vehicle solutions; cryptocurrency mining processors; Jetson for robotics and other embedded platforms; and NVIDIA AI Enterprise and other software. The company's products are used in gaming, professional visualization, datacenter, and automotive markets. NVIDIA Corporation sells its products to original equipment manufacturers, original device manufacturers, system builders, add-in board manufacturers, retailers/distributors, independent software vendors, Internet and cloud service providers, automotive manufacturers and tier-1 automotive suppliers, mapping companies, start-ups, and other ecosystem participants. It has a strategic collaboration with Kroger Co. NVIDIA Corporation was incorporated in 1993 and is headquartered in Santa Clara, California.

For more information:
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  • Price Distribution
  • Analyst Recommendations
  • Earning Price Impact Analysis
  • Seasonality

  • Disclaimer: the above is a summary showing certain market information. KlickAnalytics is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from various resources and more. Communications displaying market prices, data and other information available in this post are meant for purely for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.