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Buy Netflix and Snap Stock Before Earnings for Big Growth Upside?

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Benjamin Rains
·2-min read
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On today’s episode of Full Court Finance at Zacks we look at why the market and technology stocks have continued to climb in April. The episode then dives into Netflix NFLX and Snap SNAP ahead of their earnings releases next week to see if either stock might be worth buying as a long-term growth play.

The Nasdaq popped roughly 0.80% through late-afternoon trading on Tuesday, as it tries to reclaim its mid-February records. The tech-heavy index is now up 11% since it fell into a correction on March 8, having surged 7% since March 30. The recent positivity comes as Wall Street decided it was time to buy beaten-down tech stocks from high-flyers such as Pinterest PINS to titans like Apple AAPL.

Meanwhile, the S&P 500 touched yet another new peak Tuesday. The return of the cyclical trade that includes finance, energy, construction, and more has seen JPMorgan JPM, Caterpillar CAT, and others crush the likes of Tesla TSLA in 2021. The broader fundamentals that include 6% or stronger U.S. GDP growth, improving earnings, and more have outweighed inflation worries (also read: Looking Ahead to Big Banks' Q1 Earnings).

With the first quarter earnings season set to kick into high-gear, some technology companies will soon show if they can keep pace against an impressive pandemic-driven year.

Netflix is set to release its Q1 FY21 earnings results on Tuesday, April 20. The streaming TV stock has lagged the market over the last six months, up just 2% vs. the S&P 500’s 20% climb. But NFLX has popped 12% since March 8 and it’s coming off a blockbuster year. The question going forward will be can Netflix continue to shine in a crowded space alongside Disney, HBO, Amazon AMZN, and others?

Next up is Snap, which reports its first quarter results on Thursday, April 22. The social media company has expanded far beyond its famous disappearing photos and videos and attracted far more digital advertising dollars. Snap has transformed itself into a diversified entertainment platform built for the smartphone age, and it trades around 13% below its February records.

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