Tech stocks got off to a poor start again Tuesday morning. The Nasdaq was down about 1.4% in the first few minutes of trading. The situation in Eastern Europe continues to weigh on markets, as do worries about the Federal Reserve’s expected interest rate hikes.
Tech stocks added 0.5% on Monday, after dropping by more than 4% at midday. Stocks bounced in the afternoon on no specific news. Presumably, there was some short covering and, if ARK Invest is any model, there were some big buyers in exchange-traded funds. ARK’s Innovation ETF bought more than 800,000 shares on Monday after selling about 400,000. ARK’s Autonomous Tech and Robotics fund added more than 350,000 shares and sold just over 10,000.
After markets close Tuesday, Microsoft will report quarterly results, with Intel and Tesla on deck for Wednesday afternoon and Apple in the hole for Thursday afternoon.
Here are the five tech stocks that made the biggest moves Tuesday morning.
Nvidia Corp. (NASDAQ: NVDA) traded down more than 3.5%, at $225.60 in a 52-week range of $115.1 to $219.94. A report at Bloomberg cites unnamed sources who say that Nvidia is going to give up its proposed $40 billion acquisition of U.K. chip designer Arm. The news likely caused shares in many semiconductor equipment makers to slide in early trading.
Applied Materials Inc. (NASDAQ: AMAT) traded down about 5.0% to $132.60, in a 52-week range of $96.07 to $167.06. The company was removed from BofA’s US 1 List of stock picks on Monday.
Xilinx Inc. (NASDAQ: XLNX) traded down about 5.5%, at $175.29 in a 52-week range of $111.84 to $239.79. The company’s acquisition by AMD has been postponed from the end of 2021 to the end of the first quarter of 2022. Chinese regulators have yet to give their approval, however.
Atlassian Corp. (NASDAQ: TEAM) traded down more than 6.0% to around $281.94, in a 52-week range of $198.80 to $483.13. BofA resumed coverage of the Australia-based application software provider with a Buy rating and a drop in the price target from $490 to $430. That brings the target closer to reality and still implies an upside of around 52%.
Moderna Inc. (NASDAQ: MRNA) led the few stocks putting up increases Tuesday morning. The stock traded up by about 2.0%, at $160.75 in a 52-week range of $117.34 to $497.49. Moderna’s stock dropped nearly as much on Monday for no good reason.
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