Tech stocks got off to a lower start Wednesday morning, driven in part by reports that Russia may not be withdrawing troops from near its border with Ukraine. U.S. retail sales jumped last month by 3.8%, adding to inflation concerns. At last look, the Nasdaq traded down by about 1.2%, the S&P 500 down by around 0.7% and the Dow Jones industrials down by 0.56%. All three major indexes closed with solid gains on Tuesday.
Wednesday afternoon, the Federal Reserve will publish minutes of its January meeting, and that nearly always causes markets to move. U.S. 10-year Treasury notes traded down a couple of basis points at 2.022%, while two-year notes traded down by about one basis point at 1.556%.
Energy stocks were the early winners (up 1.7%) with materials, real estate, consumer staples and utilities also posting small gains. Communications services (down 1.3%) and technology stocks (down 0.9%) were the biggest losers.
Here are 14 tech stocks that made the biggest moves early Wednesday.
Advanced Micro Devices Inc. (NASDAQ: AMD) traded down about 3.7%, at $117.15 in a 52-week range of $72.50 to $164.46. The company announced a new EPYC chip optimized for Amazon’s AWS service.
Akamai Technologies Inc. (NASDAQ: AKAM) traded down by about 3.4%, at $107.22 in a 52-week range of $92.64 to $120.67. The cloud technology company beat top-line and bottom-line estimates Tuesday but issued downside guidance for the current quarter. Akamai also announced a $900 million acquisition of infrastructure-as-a-service provider Linode.
Analog Devices Inc. (NASDAQ: ADI) traded up by about 0.6%, at $162.94 in a 52-week range of $142.25 to $191.95. The company beat top-line and bottom-line estimates when it reported results Wednesday morning. Second-quarter guidance also topped estimates for both earnings and revenues.
Atlassian Corp. PLC (NASDAQ: TEAM) traded down by 4.3%, at $316.07 in a 52-week range of $198.80 to $483.13. The company had no specific news.
CrowdStrike Holdings Inc. (NASDAQ: CRWD) traded down by about 3.0%, at $183.61 in a 52-week range of $150.02 to $298.48. The company had no specific news.
DocuSign Inc. (NASDAQ: DOCU) traded down about 3.3%, at $121.37 in a 52-week range of $108.06 to $314.76. The company had no specific news.
Enphase Energy Inc. (NASDAQ: ENPH) traded down about 3.7%, at $148.59 in a 52-week range of $108.88 to $282.46. The company had no specific news.
Fortnet Inc. (NASDAQ: FTNT) traded down by about 3.5%, at $311.11 in a 52-week range of $161.13 to $371.77. The company had no specific news.
Hewlett Packard Enterprise Co. (NYSE: HPE) traded up 1.32%, at $17.63 of $12.99 to $17.76. The company announced a strategic partnership on Tuesday with Striim, a real-time data integration platform for hybrid cloud applications.
Okta Inc. (NASDAQ: OKTA) traded down 3.4%, at $188.76 in a 52-week range of $171.86 to $292.50. The company had no specific news.
Paycom Software Inc. (NYSE: PAYC) traded down about 3.7%, at $335.39 in a 52-week range of $296.68 to $558.97. The company had no specific news.
SolarEdge Technologies Inc. (NASDAQ: SEDG) traded down about 4.5%, at $250.56 in a 52-week range of $199.33 to $389.71. The company missed earnings estimates when it reported quarterly results Tuesday evening. Even upside guidance for the current quarter could not overcome the big earnings miss.
Workday Inc. (NASDAQ: WDAY) traded down by about 3.7%, at $226.83 in a 52-week range of $217.60 to $307.81. The company had no specific news.
Zoom Video Communications Inc. (NASDAQ: ZM) traded down by around 5.3%, at $139.16 in a 52-week range of $134.70 to $451.77. The company had no specific news.
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