Major stock indexes were mixed amid earnings reports from major banks and a rollback of reopening plans in California on Tuesday. Here are some of the biggest tech stock movers in the S&P 500 for July 14:
Shares of Adobe (ADBE) - Get Report fell 3.71% to $426.05 as high-growth, high-price-to-earnings-multiple software stocks continued to get hit this week. In June, Adobe posted better-than-expected results for its fiscal second quarter but pulled its guidance for the full fiscal year.
Cybersecurity firm F5 Networks (FFIV) - Get Report rose 2.1% to $143.17. Morgan Stanley last week upgraded the stock from equal weight to overweight and raised its price target from $135 to a Wall Street high of $175. Morgan Stanley analysts cited “uncaptured value” in its software business and diminished hardware challenges in their outlook for F5.
Meanwhile, HP (HPQ) - Get Report was up 1.93% to $17.41. Research firms have pointed to strong PC shipments in the second quarter, with Gartner recently estimating that global PC shipments rose 28% year-over-year in the second quarter. In March, Xerox (XRX) - Get Report ended a hostile takeover bid for HP owing to COVID-19 uncertainty.
Shares of Intuit (INTU) - Get Report, which sells financial and tax preparation software, fell 3.6% to $289.90. In its fiscal third quarter earnings call in May, Intuit management identified COVID-19 business closures, payroll reductions and rising unemployments as headwinds for Intuit's business, potentially leading to higher attrition and lower revenue.