Stocks fluctuated Monday after Wall Street posted its fifth consecutive week of gains, while the tech-heavy Nasdaq index reached a record. Here are a few of the top tech movers for Aug. 31.
Shares of high-flying chip stock AMD rose 6.8% to $91.34 on Monday. Over the weekend, AMD quietly launched a new entry-level Radeon RX 5300 GPU, a graphics card for gaming and a competitor to Nvidia’s GeForce GTX 1650. AMD shares are up 85% year to date.
Apple shares rose 3.5% to $129.20 on Monday, the day its stock split went into effect. The company said on July 30 that it would split its stock 4-for-1, with the objective of making shares more affordable to a broader swath of investors. Apple’s market cap has grown 66% year to date.
Shares of PagerDuty , which sells incident-response software to IT departments, rose 4.9% to $32.23 ahead of its second-quarter earnings, scheduled for Sept. 2. Analysts polled by FactSet are expecting non-GAAP earnings of 7 cents per share on total revenue of $50.7 million.
Shares of Overstock gave up 10% to $87.20 on Monday, extending a decline over the past several trading sessions. Covid-19 tailwinds had lifted its shares by more than a factor of 12 year to date, to a 52-week high of $128.50 as of Aug. 19. Since then, factors including shifting consumer sentiment and positive developments on a potential Covid-19 vaccine have pressured Overstock’s shares.
Shares of Fastly fell 4.6% to $90.36, despite a price-target bump from Credit Suisse on Monday. Analysts at the bank raised their price target for Fastly shares to $110 from $100, writing that its recent acquisition of Signal Sciences will boost its security offerings. Fastly’s shares have more than quadrupled year to date, signaling high expectations for the stock, but its reliance on TikTok for revenue remains a key debate, with the latter tied up in geopolitical turmoil.
This article was originally published by TheStreet.
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