Tech stocks got off to a lower start again Thursday morning, driven in part by reports that Russia has not withdrawn troops from the Ukraine border. New claims for unemployment benefits came in at 248,000, above the consensus and above last week’s revised total of 225,000. Continuing claims totaled 1.593 million, lower than the prior week’s total of 1.621 million. Housing starts came in at 1.638 million, below January’s revised total of 1.708 million. New building permits rose from 1.885 million to 1.889 million
At last look, the Nasdaq traded down by about 0.8%, the S&P 500 traded down by around 0.66% and the Dow was 0.55% lower. All three major indexes closed lower on Wednesday.
All 11 market sectors traded lower in the early going. Technology and financials were both down 1.1%, while energy and real estate were showing the smallest loss of 0.1%.
Here are 14 tech stocks that were making the biggest moves early Thursday.
Cisco Systems Inc. (NASDAQ: CSCO) traded up by around 4.76%, at $56.780 in a 52-week range of $44.15 to $64.28. The company reported quarterly earnings after markets closed Wednesday that beat estimates on both the top and bottom lines. Cisco also raised its quarterly dividend to $0.38 and increased its share buyback program by $15 billion, raising the available total to $18 billion. That is nearly 8% of the company’s market cap. Among tech stocks included in the S&P 500, only Cisco was trading in the green Thursday morning.
Read the key takeaways from the #CSCOQ2FY22 Earnings Call. $CSCO pic.twitter.com/Ky5wtUcuzQ
— Cisco (@Cisco) February 16, 2022
Nvidia Corp. (NASDAQ: NVDA) traded down by 6.9%, at $246.88 in a 52-week range of $115.67 to $346.47. The company’s earnings report on Wednesday was not too hot, not too cold and not too just-right. Investors apparently expected more. After all, revenue only increased by 53% year over year.
Marvell Technology Inc. (NASDAQ: MRVL) traded down about 2.6%, at $70.54 in a 52-week range of $37.92 to $93.85. The company had no specific news.
Okta Inc. (NASDAQ: OKTA) traded down 3.5%, at $181.90 in a 52-week range of $171.86 to $290.60. The company had no specific news.
Autodesk Inc. (NASDAQ: ADSK) traded down 2.6%, at $277.66 in a 52-week range of $223.81 to $344.39. Analysts at Citigroup have resumed coverage of the stock with a Buy rating and a $305 price target.
Analog Devices Inc. (NASDAQ: ADI) traded down by about 2.5%, at $164.12 in a 52-week range of $142.25 to $191.95. Six analysts weighed in on the company Thursday morning. All reiterated ratings of Hold or Buy and three raised price targets while the other three lowered them
CrowdStrike Holdings Inc. (NASDAQ: CRWD) traded down by about 2.1%, at $179.53 in a 52-week range of $150.02 to $298.48. The company had no specific news.
KLA Corp. (NASDAQ: KLAC) traded down 2.4%, at $376.29 in a 52-week range of $273.24 to $457.12. The company had no specific news.
NXP Semiconductors N.V. (NASDAQ: NXPI) traded down about 2.7%, at $194.20 in a 52-week range of $164.19 to $239.91. The company had no specific news.
Applied Materials Inc. (NASDAQ: AMAT) traded down about 2.7%, at $137.11 in a 52-week range of $105.50 to $167.06. Four analysts reiterated their evenly split Buy and Neutral ratings in the morning. Three of the four also raised their price targets.
Cognizant Technology Solutions Corp. (NASDAQ: CTSH) traded down by about 2.9%, at $86.57 in a 52-week range of $66.19 to $92.44. The company had no specific news.
Cadence Design Systems Inc. (NASDAQ: CDNS) traded down by 2.5%, at $142.16 in a 52-week range of $118.11 to $192.70. The company had no specific news.
Zscaler Inc. (NASDAQ: ZS) traded down 2.5%, at $274.35 in a 52-week range of $157.03 to $376.11. The company had no specific news.
Qualcomm Corp. (NASDAQ: QCOM) traded down about 2.2%, at $165.68 in a 52-week range of $122.17 to $193.58. The company had no specific news.
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