Software stocks were beating the market every year … until now.
The industry fell 40% as part of the tech sell-off.
But that drawdown doesn’t tell the entire story.
In fact, I think software stocks are headed for a huge rebound.
In today’s video, I explain why I’m bullish on this industry.
I also share a software ETF you should add to your portfolio.
(If you’d prefer to read a transcript, click here.)
Regards,
Research Analyst, Strategic Fortunes
Morning Movers
From open till noon Eastern time.
DiDi Global Inc. (NYSE: DIDI) is a mobility technology and ride-hailing platform in China. It is one of the Chinese stocks that is up 51% today after Chinese regulators said they would work with U.S. officials to keep Chinese stocks from being delisted from the U.S.
StoneCo Ltd. (Nasdaq: STNE) provides financial technology services and e-commerce solutions to merchants across Brazil. The stock is up 40% after the company reported fourth-quarter results showing rapid growth in its customer base and increased profitability in 2022.
Zhihu Inc. (NYSE: ZH) operates an online content community platform in China and is up 38% this morning. It is another Chinese stock that is benefiting from Beijing’s new stance on easing audit restrictions, allowing U.S. regulators to gain more transparency on U.S.-listed Chinese stocks.
111 Inc. (Nasdaq: YI) sells medical and wellness products through online and offline channels in China. It is up 35% partly due to the run-up in Chinese stocks and partly due to its strong fourth-quarter earnings report.
Veon Ltd. (Nasdaq: VEON) provides mobile and fixed-line telecommunications services, primarily in eastern Europe. The stock is up 35%, with investors responding positively to the company providing further details on its outstanding ruble denominated notes amid the turmoil in the Russian currency.
UP Fintech Holding Ltd. (Nasdaq: TIGR) is a Chinese online brokerage firm focusing on global investors. It is up 31% after the company reported strong revenue growth for the fourth quarter and showed that it was improving its global reach, with 90% of its new accounts coming from outside China.
Eastman Kodak Co. (NYSE: KODK) provides hardware, software, products and services primarily to the print, packaging, publishing, manufacturing and entertainment industries. It is up 28% after reporting results for 2021, with revenue growth across all segments for the first time in years.
Rent the Runway Inc. (Nasdaq: RENT) rents designer dresses, clothing and accessories for women through its stores and online platform. The stock rose 28% after analysts at Jeffries initiated coverage on the stock with a buy rating based on strong sentiments from consumer surveys about the fashion resale industry.
Iqiyi Inc. (Nasdaq: IQ) provides online entertainment and streaming services in China. It is another Chinese stock that is up 27% as investors lose some of their worries from earlier in the week that U.S.-listed Chinese stocks could soon be delisted.
PagSeguro Digital Ltd. (NYSE: PAGS) provides financial technology solutions and services for consumers, individual entrepreneurs and micro-merchants in Brazil. It has no specific news to report; rather, it is up 20% as it trades in sympathy with its rival, StoneCo.
