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Tech Weekly for the Week Ended July 14, 2017

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Tech Weekly for the Week Ended July 14, 2017 PART 1 OF 1

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).

Quarterly earnings announcements worth noting in the coming week include Netflix (NFLX), Ericsson (ERIC), International Business Machines (IBM), Qualcomm (QCOM), and Microsoft (MSFT).

Tech Weekly for the Week Ended July 14, 2017

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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).

Nvidia (NVDA) continues its stellar run with a 12.4% rise during the week ended July 14. The stock has returned a mouth-watering 209.3% in the last 12 months.

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.

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