Tech Weekly for the Week Ended July 14, 2017
Tech stocks are still bouncing back
The tech (technology) sector (QQQ) continued to bounce back in the week ended July 14, 2017, outperforming the broader market after a decline in June. The S&P 500 Information Technology Index rose 3.8% during the week compared to a 1.5% rise for the iShares Core S&P 500 (IVV).
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Top movers in the tech sector
The Russian ride-hailing company Yandex (YNDX) was the biggest gainer in the week ended July 14, 2017. The stock rose a whopping 20.5%. The company has signed a $3.7 billion deal with its rival, Uber.
NetApp (NTAP) shares rose 12.9% in the previous week after Goldman Sachs upgraded the stock to its “conviction buy” list. The stock has risen 23.7% YTD (year-to-date).
The biggest loser in the tech sector for the week ended July 14 was Snap (SNAP). Snap stock fell 11.1% and is now trading below its IPO (initial public offering) price. F5 Networks (FFIV) and BlackBerry (BBRY) fell 3.0% and 1.2%, respectively.
Facebook to display sponsored ads
Facebook (FB) will start showing ads in its Messenger app (application). It will insert them between user messages. The company wants to boost its stalling revenues since it’s running out of space to display ads in its news feed segment.
Twitter has a new CFO
Twitter (TWTR) announced last week that it has hired a new CFO (chief financial officer), Ned Segal. He served as vice president of finance at Intuit (INTU). The move comes after the company saw a host of vacancies in recent months.
Intel launches new generation of microprocessor chips
Last week, Intel (INTC) announced a new generation of microprocessor chips in the Xeon Scalable family. That comes after rival Advanced Micro Devices (AMD) began selling its own new generation of processors in June.