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Highlights
- The tech-heavy Nasdaq 100 Index increased by over three per cent on Friday, January 28, with Apple and Microsoft among the top gainers.
- This rebound in U.S. tech stocks came after the two tech giants announced robust financial results for the latest quarter and strong outlooks.
- In Canada, the S&P/TSX Capped Information Technology Index also jumped by over four per cent on Friday.
The tech-heavy Nasdaq 100 Index increased by over three per cent on Friday, January 28, with Apple and Microsoft among the top gainers. This rebound in U.S. tech stocks came after the two tech giants announced robust financial results for the latest quarter and strong outlooks.
In Canada, the S&P/ TSX Capped Information Technology Index also jumped by over four per cent on Friday.
On that note, let us explore two TSX tech alternatives that can make a comeback.
1. Shopify Inc (TSX:SHOP)
Stocks of Shopify galloped by over seven per cent in a day on Friday and closed at C$ 1,113.98 apiece. The e-commerce infrastructure stock increased by 12.52 per cent from its 52-week low of C$ 990 apiece on January 24, 2022.
The $ 126 billion market cap company recorded a top line growth of 46 per cent year-over-year (YoY) to US$ 1.12 billion in the third quarter ended on September 30, 2021. Shopify recorded sales of US$ 6.3 billion (C$ 8.02 billion) during the 2021 Black Friday/Cyber Monday weekend worldwide.
Also read: 2 TSX growth stocks that can outperform the market in the long run
On January 26, Shopify, which presently has a return on equity of 39.04 per cent, planned to disclose its financial results for Q4 FY2021 before the market opening hours on February 16.
Image source: ©2022 Kalkine Media®
Data source: Shopify Inc
2. Nuvei Corp (TSX:NVEI)
Stocks of Nuvei soared by over five per cent on Friday and closed at C$ 73.60 apiece. The financial technology stock grew by over 12 per cent in the past one year.
Nuvei Corporation, on January 24, said that a Non-Fungible Token (NFT) marketplace, Kreatorhood, selected the company to pay digital content creators and sellers globally.
On January 13, the Montreal-based payment solutions company partnered with Wix to enhance the payment processing experience for their merchants and customers in North America. The $10 billion-market cap payment service company saw its third-quarter net income at US$ 28 million in 2021, US$ 105.9 million up from Q3 2020.
Bottom line
Technology stocks, including Shopify and Nuvei, have struggled in the recent past with mounting inflationary pressure and interest rate hike fears. However, investors looking for tech stocks should look at operational growth and financial figures among other things.
Also read: Rogers (RCI.B) & BCE Inc: 2 TSX telecom stocks to watch in 2022
