From Briefing.com: Tech Stocks from Briefing.com
News flow was comparatively light while today's action ended split as a modest sell-off into the close took the Dow into the red. By contrast, the Nasdaq Composite finished up 23.31 points (+0.38%) to 6176.39. The S&P 500 added 2.25 points (+0.09%) to 2427.43, and the Dow Jones Industrial Average lost 5.82 points (-0.03%) to 21408.52. Volume was slightly less than average as about 799.0 mln shares traded hands on the NYSE floor (vs average near 1,000.7 mln) with the NASDAQ floor moving about 1,662.8 mln shares being traded (vs average near about 1,995.6 mln).
The Technology (XLK 55.41, +0.40 +0.73%) space was the best performing S&P ETF today. Component NVIDIA (NVDA 153.70, +6.94 +4.73%) was the best performer on Monday as bullish analyst commentary drove the stock higher. Following tech, the Materials XLB +0.64% sector outperformed, followed by XLI +0.29%, XLE +0.28%, XLY +0.19%, XLU -0.08%, XLF -0.12%, XLV -0.19%, IYZ -0.22%, XLP -0.66%, XLRE -0.79%.
In the S&P 500 Information Technology (953.28, +7.71 +0.82%) space, trading finished off highs as some sellers emerged into the close. Component HP (HPQ 17.87, +0.52 +3.00%) was among the better performers today after the stock was upgraded to a Buy rating at Mizuho ahead of the open. Other names in the space which outperformed included FLIR +3.00%, XLNX +2.80%, WDC +2.68%, JNPR +2.64%, EBAY +2.37%, SYMC +2.08%, PYPL +1.83%, LRCX +1.83%, AMAT +1.54%, FB +1.36%, V +1.25%, KLAC +1.12%.
Other notable news items among sector components:
Alibaba (BABA 143.81, +1.38 +0.97%) and Tencent (TCEHY 35.05, +0.39 +1.13%) partner with on-line payment firm Stripe.
Cincinnati Bell (CBB 18.00, -1.35 -6.98%) to combine with Hawaiian Telcom (HCOM 29.03, +4.59 +18.78%) and privately-held OnX Enterprise Solutions.
Best Buy (BBY 54.23, -3.64 -6.29%) shares were weaker today after a Recode report which suggested
Amazon (AMZN 996.47, +17.71 +1.81%) is working to establish a Geek Squad-like service of its own.
Nxt-ID (NXTD 1.60, -0.12 -6.98%) entered into a definitive agreement with existing institutional investors to purchase an aggregate of about $3,432,000 of shares of common stock in a registered direct offering and common stock purchase warrants in a concurrent private placement.
Westell Tech (WSTL 3.05, flat) appointed Matthew Brady as its new President and CEO, effective July 17, 2017.
Analyst actions:
HPQ was upgraded to Buy from Neutral at Mizuho,
PYPL was upgraded to Outperform from Mkt Perform at Bernstein,
CDK was upgraded to Outperform from In-Line at Evercore ISI,
JNPR was upgraded to Outperform from Market Perform at BMO Capital,
XLNX and CAVM were upgraded to Buy from Hold at Jefferies,
FLIR was upgraded to Strong Buy from Mkt Perform at Raymond James;
INTC was downgraded to Underperform from Hold at Jefferies,
PAYC was downgraded to Neutral from Buy at Mizuho;
QLYS was initiated with a Neutral at Monness Crespi & Hardt,
SSTI was initiated with a Buy at Roth Capital,
VSM was initiated with a Buy at Needham
