Recent news regarding the US Federal Reserve hinting at cutting interest rates is hardly helping tech companies take advantage. Moreover, the rise in tech companies’ stock come behind news circulating that the Department of Justice and the Federal Trade Commission is conducting probes on Big Tech companies such as Google and Facebook.
Advanced Micro Devices — AMD rose 7.9% after Morgan Stanley upgraded the stock to equal weight from underweight and raised the price target to $28 from $17, saying being cautious on AMD has “obviously been the wrong call.” The bank said AMD has consistently performed well among its competitors Intel and Nvidia.
Tesla — Tesla shares jumped 7.3% with the company releasing an impressive sales report from last year. Tesla sales rose 73% last month compared to last year that outperformed electric vehicle sales from Audi, BMW, Jaguar, Chevrolet, and Nissan. Tesla shares were marked 5.4% higher Thursday at $207.41 per share, the highest since May 17 and a move that lifts the stock some 15.9% higher over the past three days.
Dermira — Shares of the dermatology drug company rose 4.8% after an analyst at Mizuho upgraded them to buy from neutral. The analyst cited expectations — its lebrikizumab will get its license for commercialization in the European Union later this year.
MongoDB — Database platform vendor MongoDB beat expectations for fiscal first-quarter results but projected a loss that analysts were expecting, and shares fell 0.8%. Revenue grew 78% to $89.4 million, well ahead of the $83.1 million analysts were forecasting.
Cloudera — Shares of the cloud company plunged more than 40%. The company announced CEO, Tom Reilly, is retiring from his post. Moreover, the previous gains, reported from Cloudera, resulted from its merger with Hortonworks — revenue increased 81% to $187.5 million, about $1 million below analysts’ expectations.
Uber — A new stock under NYSE posted its stock price higher than its initial IPO price of $45—rising at a high of $45.75 per share before dropping back at $45.07. The ride-hailing company hovered between $40 per share to $43 per share in the past three weeks.
