The Nasdaq 100 index retreated to the lowest level since November 2020 as worries of rising interest rates and recession continued. The tech-heavy index has retreated by 30% this year as investors wonder about whether the bubble is bursting. Here are some of the best-performing tech stocks this year amid the sell-off.
Baker Hughes Corporation
Baker Hughes (NASDAQ: BKR) is a leading company valued at over $36 billion. It is a company that provides solutions in the oil and gas sector. Some of the most popular products it provides are in oilfield operations, turbomachinery and process solution, software and analytics, and measurement and controls.
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Baker Hughes provides its solutions across multiple brands like Bentley Nevada, Druck, Panametrics, and Nexus Controls. The Baker Hughes stock price has soared by more than 32% in 2022 as demand for its products rise. This has been helped by the rising oil and natural gas prices. The stock has also perform well as the company implements its restructuring process.
Aspen Technology
Aspen Technology (NASDAQ: AZPN) is a technology company that creates software for companies. It operates in key industries like bulk chemicals, pharmaceuticals, consumer packaged goods, and transport among others. Its key products are Apen Basic Engineering, Aspen Connect Family, and Aspen Enterprsie Insights.
The Aspen Technology stock price has surged by more than 26% this year. This increase is in part because of last year’s combination with Emerson’s industrial software business. Analysts also believe that the company will continue doing well in the coming months as demand for industrial software rise.
In the most recent earnings, the company said that its revenue rose to $187 million while its annual spend increased to just $655 million.
Alliance Resource Partners
Alliance Resource Partners (NASDAQ: ARLP) is a relatively small company in the Nasdaq 100 index. It is valued at over $2.5 billion. In the past 12 months, the Alliance Resource Partners stock price has surged by 165%. It has gained by 47% this year alone.
The shares have been in a strong uptrend because of the business that Alliance is in. It is a coal mining company that also makes money from the oil and gas sector. As such, the stock has done well because of the strong performance of the energy sector.
APA Corp
APA Corp (NASDAQ: APA) is a company that owns Apache Corp, which is a large energy player. It has a market cap of over $16 billion. The shares have almost doubled in the past 12 months and risen by 58% this year alone. This makes it one of the best performing stock in the Nasdaq 100 index. The stock will likely continue rising as the price of oil and natural gas continues rising.
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