Nasdaq in the Red; Colgate-Palmolive Shines

Undoubtedly, Mountain View-based Google's parent company, Alphabet Inc. (GOOG), is a tech titan that needs no introduction. Over the years, Alphabet has seamlessly integrated AI into its flagship products like Gmail and Google Maps, augmenting their utility for everyday consumers. With a colossal market cap of $2 trillion, Alphabet primarily derives its revenue from Google Search, a dominant force in the global search engine arena.

Having surged by 27.6% over the past 52 weeks, Alphabet's stock has slightly outperformed the S&P 500 Index's gain of 26% during the same period. In 2024, the company has witnessed a 17% upsurge, aligning closely with the SPX's 16.4% YTD return.

Trading at 21.78 times forward earnings, Alphabet's stock is relatively cheaper compared to its five-year average of 25.81x. The company paid its shareholders a debut dividend of $0.20 per share on June 17, followed by another $0.20 per share dividend on July 23, concurrent with its impressive Q2 earnings release.

Alphabet's Q2 results surpassed Wall Street's estimates on both top and bottom lines, propelling the company's total revenue by nearly 14% annually to $84.7 billion. A noteworthy achievement was Google Cloud's milestone, surpassing $10 billion in quarterly revenues and $1 billion in operating profit for the first time.

CEO Sundar Pichai emphasized innovation throughout Alphabet's AI stack, with earnings projections for fiscal 2024 expected to reach $7.62 per share, marking a 31.4% yearly increase. Analysts have a consensus "Strong Buy" rating on GOOG stock, suggesting substantial upside potential.

Valued at approximately $1.3 trillion, Meta Platforms, Inc. (META) stands as a global social media leader headquartered in California. The company, formerly known as Facebook, has revolutionized social connectivity since its inception in 2004, leveraging platforms like Messenger, Instagram, and WhatsApp.

Meta, renowned for its expansive reach, now focuses on immersive augmented and virtual reality experiences, shaping the future of social technology. META stock has surged by almost 80% over the past 52 weeks, outperforming the SPX during this period.

On June 26, META paid its shareholders a quarterly dividend of $0.50 per share, amounting to an annualized dividend of $2.00 per share. Despite trading at 24.85 times forward earnings, META's stock has demonstrated impressive growth, although it appears relatively pricier compared to industry peers.