3 Tech Sectors to Buy When Inflation Rises
Inflation is rising at the fastest pace in over 30 years.
And Federal Reserve Chairman Jerome Powell just told us to expect high inflation in the future.
Normally, that’s bad news for the stock market. But inflation actually helps certain tech stocks.
In today’s video, I explain what inflation means for the market, and why this is a good time to add to some of your favorite tech positions.
(If you’d prefer to read a transcript, click here.)
Research Analyst, Strategic Fortunes
From open till noon Eastern time.
Marvell Technology Inc. (Nasdaq: MRVL) designs analog, mixed-signal, digital signal processing and embedded and standalone integrated circuits. It is up 17% this morning on receiving a series of analyst upgrades after reporting results for Q3 showing strength across all segments.
Krispy Kreme Inc. (Nasdaq: DNUT), the doughnut shop franchise, is up 11% this morning on a rebound. Investors saw a buying opportunity after the stock slumped on a Goldman Sachs downgrade citing the company’s challenges with inflation.
Zillow Group Inc. (Nasdaq: Z), the digital real estate company, is up 8% this morning. The move came after the company announced a stock buyback plan and that it was raising its Q4 revenue guidance from $1.9 million to $2.6 million.
Smartsheet Inc. (NYSE: SMAR) enables teams and organizations to plan, capture, manage, automate and report on work through a cloud-based platform. It is up 7% after reporting better-than-expected results for Q3 that sets it up for strong growth in the future.
Sendas Distribuidora S.A. (NYSE: ASAI) engages in the retail and wholesale sale of food products, bazaar items and other products in Brazil. It has no company-specific news to report; rather, it is up 6% as part of an uptrend in consumer staples stocks today.
Huaneng Power International Inc. (NYSE: HNP) is a Chinese electrical utility company. It is up 6% on the news that the Chinese authorities plan on raising the benchmark price for long-term coal contracts in 2022. This would translate into higher electricity prices for industrial and residential customers.
Kose Corp. (OTC: KSRYY) is a Japanese company that manufactures and sells cosmetics primarily in Asia and the United States. It is up 5% this morning but has no significant news tied to the move.
Hong Kong Exchanges and Clearing Ltd. (OTC: HKXCY) owns and operates stock exchanges, futures exchanges and related clearing houses in Hong Kong, mainland China and the U.K. It is up 5% on the news that a former executive and consultant was acquitted of corruption charges in a bribery trial.
Evolution AB (OTC: EVVTY) develops, markets and licenses live casino and slots solutions to gaming operators primarily in Europe and the U.S. It is up 5% after the company announced a buyback plan of $226 million worth of shares.
Tandem Diabetes Care Inc. (Nasdaq: TNDM) is a medical device company that designs and commercializes various products for people with insulin-dependent diabetes. It is up 5% on the news that it is expanding its senior leadership team with new positions designed to help with its longer-term product pipeline strategy.