Including Apple, Microsoft, Amazon.com, Nvidia and Meta Platforms, six of the Magnificent Seven stocks made Time's World's Best Companies 2024 list. Corporate payments specialist Corpay not only joined them — it also made two more elite screens where Nvidia, Apple and all their Mag 7 peers were conspicuously absent.
Corpay earns a spot on the IBD Breakout Stocks Index as well as this month's list of new buys by the best mutual funds.
Corpay Joins Apple, Nvidia Among 'World's Best'
Alongside all of the Magnificent Seven stocks except Tesla, Time named Corpay to its 2024 list of the "World's Best Companies."
Conducted in conjunction with Statista, the Time survey focused on three dimensions: employee satisfaction, revenue growth and sustainability. The latter was based on Statista's ESG database of environmental, social and governance data.
Apple topped the list, while Microsoft, Amazon and Meta also ranked in the Top 10. Nvidia and Google parent Alphabet made the Top 25.
To compile the list of 1,000 companies, surveys were conducted in over 50 countries, with data collected from roughly 170,000 participants.
See All Names On The IBD Breakout Stocks Index
Corpay In Demand Among Top Funds As Breakout Nears
With a suite of payment solutions, Corpay helps businesses and consumers manage and pay expenses in a simple, controlled manner. Customers use Corpay's technology to manage vehicle-related expenses, travel costs and payments to vendors.
In the second quarter, the Atlanta-based firm generated $975.7 million in revenue, a 3% year-over-year rise. Analysts expect Corpay to top the $1 billion mark in sales for each of the next three quarters.
Q2 earnings rose 9% to $4.55 per share. For the full year, Wall Street sees 12% growth to $18.97 a share, followed by a 17% gain to $22.19 per share in 2025.
That positive outlook has Corpay stock in demand among top money managers. Both Corpay and industry peer Clearwater Analytics made this month's list of new buys by top-performing funds.
Both stocks also popped onto the IBD Breakout Stocks Index, which gets updated weekly.
Corpay Eyes Buy Point — With This Positive Indicator
While Corpay has experienced its share of volatility, the stock has soared 921% since closing out its first month as a public company in December of 2010 through the end of August.
Corpay is now looking to launch a fresh breakout. The daily chart in MarketSurge shows the stock crafting a cup with handle showing a 317.31 buy point.
In addition to the institutional demand for Corpay mentioned earlier, investors should also note Corpay's potential breakout comes from a first-stage base. Early-stage patterns have the highest likelihood producing solid gains.
It's a first-stage pattern because Corpay reset its base count by undercutting the low in its prior pattern that formed from February to March.
Corpay stumbled Wednesday, falling below its 21-day exponential moving average. But its cup-with-handle formation remains intact. Corpay came off its lows to close 4% shy of the buy point.
Although none of Magnificent Seven stocks made the latest list of new buys by top funds nor the IBD Breakout Stocks Index, several are setting up new buy points. Apple, Nvidia, Amazon, Microsoft and Meta all fit that bill.
Meta stock, for example, trades around the very top of its buy range after recently getting featured as the IBD Stock Of The Day and in the Find The Best Stocks To Buy column.
Nvidia — Wednesday's IBD Stock Of The Day — continued its rebound after popping back above its 50-day lline.
IBD Breakout Opportunities ETF
The IBD Breakout Opportunities ETF from Innovator Capital Management tracks the IBD Breakout Stocks Index. As with other index ETFs, this fund allows you to invest in the entire index in addition to, or rather than, buying individual stocks. Learn more here about the ETF and Innovator.
Follow Matthew Galgani on X (formerly Twitter) at @IBD_MGalgani.
