October wasn’t really a good month for the stock market, yet the new month will provide you with three growth stocks that you should buy. Investors have been growing concerned about the coronavirus pandemic and its effects on the stock market- as it led to a sell-off in the latter half of the month. There have been many sectors that have already felt the impact, which has led to several growing stocks being sold at really low prices.
There are three growth stocks currently which were down last month- NYSE:TDOC, NASDAQ:MSFT, and NYSE:MA. These companies currently are the top growth stocks in the market- with a lot of growing left to do. So, this could be the best time for you to start adding them to your portfolio.
NYSE:TDOC as a Top Growing Stock
The shares of NYSE:TDOC have seen a decline of over 13% last month when the S&P 500 dropped just 2%. Nevertheless, this is still an excellent growing stock where one can invest in- since it has already signed the $18.5 billion merger with Livongo. There are several significant opportunities with this company, as the focus Livongo devotes to its diabetes patients has been complimenting the generic telehealth services that NYSE:TDOC provides. Since the companies don’t share more than 25% of their customers, there is no chance of overlapping. And this, in the end, leads to major upselling opportunities.
The shares of NASDAQ:MSFT fell around 4% during October, but this is yet another stock where one can spend their money on. If you think that the market is going to be further affected by the coronavirus pandemic, then you should definitely invest here. This is one of the three stocks that are growing rapidly, and this company’s products have been helping businesses connect easily with their employees so that work continues.
This business which has its HQ at Washington last reported its quarterly results on the 27th of October, where the revenue was around $37.2 billion, and the net income was about $13.9 billion. Azure, the cloud business of Microsoft registered the highest sales growth at a rate of 48%.
Another growing stock, this credit card company is also one you should add to your portfolio. While the company has not been doing much business during the pandemic, it is still recovering from the loss at quite a good rate. The last quarterly result of this company was released on the 28th of October where the net revenue was close to $3.8 billion, with a net income of $1.5 billion. The CEO of this company noted that the company was seeing quite substantial progress in the matters of domestic spending- but travel spending has been quite difficult due to the travel restrictions.
The three growing stocks are the most prized stocks in the stock market, and you would be on the winning side, if you ended up buying the stocks of these companies.